Patent ID: 8407140
Filing Date: 2013-03-26
Classification: G06Q

Abstract:
1. A system that remits funds from a remitter to a beneficiary, the system being provided by an enterprise, the system comprising: at least one of a store vision teller system (SVT) and a phone bank component for receiving and transmitting transaction data for a remittance transaction; a database configured to store account data for bank accounts associated with account holders; an enterprise financial system that receives said transaction data from either said SVT and said phone bank component and that processes said transaction data and outputs processed transaction data; a remittance network member account that receives and stores said processed transaction data to reconcile and settle said remittance transaction; an international remittance engine (IRE) that receives and processes said processed transaction data to create a first output file in a predetermined message format and to output said first output file to an external remittance network member system; an enterprise remittance general ledger system that receives a second output file from said IRE and uses said second output file to send a reconcile and settlement message to said remittance network member account for reconcilement and settlement; and a demand deposit account that receives funds associated with said remittance transaction from said enterprise remittance general ledger system resulting in funds being available in said external remittance network member system; wherein the system is configured to support a plurality of types of remittance transactions, including cash-to-cash, account-to-cash, cash-to-account, and account-to-account remittance transactions; and wherein for account-to-account and account-to-cash transactions, the funds are retrieved from one of the bank accounts; and wherein for account-to-cash transactions, the account-to-cash transaction is not anchored to a particular account of the beneficiary and the beneficiary does not have an account with the enterprise.