Patent ID: 8738518
Filing Date: 2014-05-27
Classification: G06Q

Abstract:
1. A method for executing a plurality of money transfers, the method comprising: providing a money-transfer system comprising a host processing system having a host processor with associated memory, wherein the money transfer system is operated by a service provider; receiving from a customer at the money-transfer system information related to a first money transfer to be executed by the service provider, wherein at least one term of the money transfer is dependent on the value of a fluctuating parameter; including in the fluctuating parameter one or more of an exchange rate between a first currency in which funds are provided by the customer and a second currency in which funds are received at a receiving destination; charging a service fee to the customer for executing a money transfer, or a currency spread between a wholesale exchange rate paid by the service provider and a retail exchange rate the service provider offers to customers; associating the fluctuating parameter with the customer's loyalty program identification number, wherein the customer's loyalty program identifier is a unique repeat customer identifier, wherein the unique repeat customer identifier does not have associated monetary value; using the customer's loyalty program identification number for subsequent transactions which involve the same currencies over the same send-receive corridor for which the fluctuating parameter is configured to be locked in; determining a first value of the fluctuating parameter at a first point in time; executing, by the host processing system, the first money transfer using the first value of the fluctuating parameter; receiving, at the host processing system from the customer, a unique lock-in value identifier to lock-in the fluctuating parameter; storing, by the host processing system, in the memory of the host processing system the customer provided unique lock-in value identifier that associates the first value of the fluctuating parameter with the customer; receiving from the same customer at the money-transfer system information related to a second money transfer to be executed by the service provider, wherein at least one of the terms of the second money transfer is dependent on the value of the fluctuating parameter; determining, by the host processing system, a second value of the fluctuating parameter at a second point in time when making the second money transfer; retrieving, by the host processing system, the first value of the fluctuating parameter from the host processor's memory using the customer provided lock-in value identifier; determining that the first value of the fluctuating parameter is more favorable to the customer for executing the second money transfer; executing, by the host processing system, the second money transfer with the money-transfer system using the first value of the fluctuating parameter, wherein the risk of loss associated with using the more favorable value of the fluctuating parameter is assumed by the service provider; and notifying the customer of the completion of the money transfer by electronic means.