Abstract:
Systems and methods which allow for a money transfer transaction to be funded without providing payment at the point in time when the transaction is originated and which also do not require a customer to undertake a separate transaction with a separate entity prior to initiating the money transfer transaction with a money transfer service are provided. Embodiments may therefore allow for money transfers, such as in emergency situations, when customers would not otherwise have payment readily available at the time of the transaction.

Description:
TECHNICAL FIELD 
     The present application relates to money transfer transactions, and more specifically to systems and methods for facilitating emergency money transfer transactions. 
     BACKGROUND 
     Generally speaking, money transfers are real-time transactions in that a transaction begins when a sender initiates the transaction at the time the money is to be sent to a receiving party. For example, a money transfer may be utilized in an emergency setting such as when a receiving party has an immediate need for funds. In such a transaction, a sender initiates a money transfer transaction with a money transfer service, such as with a local agent located within a MoneyGram® location. When the transaction information is gathered and the structure of the transaction is finalized, the sender provides the funds to a money transfer agent at or before the time that the funds of the transaction are actually transferred. 
     Once the funds are received at the time of the transaction, the agent may then provide a transaction code or some other form of transaction identifier to the sender. The sender will then provide the transaction code or identifier to the receiver. With this code the receiver may enter an agent location and complete the transaction and receive the transferred funds. 
     When dealing with money transfer transactions, many customers are among a category of people which can be considered “under banked.” For example, many customers solely use cash for purchases, are unable to obtain credit, have poor credit ratings, etc. Because of this, a full range of payment options are typically not available to fund a money transfer request for many customers. As a result, in an emergency situation where such a customer needs to quickly send money to a recipient, the customer may not have the ability to fund the transaction at the point of the transaction origination, and therefore may be unable to provide the emergency funds. In such situations, the customer may be left with the only option of taking on additional transactions/obligations such as taking out a high interest payday loan. 
     BRIEF SUMMARY 
     The present application provides systems and methods which allow for a money transfer transaction to be funded without providing payment at the point in time when the transaction is originated and which also do not require a customer to undertake a separate transaction with a separate entity prior to initiating the money transfer transaction with a money transfer service. Embodiments therefore allow for emergency money transfers when customers would not otherwise have payment readily available at the time of the transaction. 
     In one embodiment, a money transfer service may utilize transaction reliability criteria based on history with a customer, loyalty program information, and the like, in order to make a determination to allow the transaction to proceed without immediate funding. In another embodiment a money transfer service may utilize a third party to provide reliability information in order to allow the transaction to proceed without funding, or to facilitate other means (e.g., funding by the third party) for allowing the transaction to proceed. Embodiments may also utilize a combination of these features. 
     In accordance with one embodiment, a method for facilitating a money transfer is provided. The method includes receiving transaction information from a sending party by a money transfer service. Additionally, transaction reliability data is reviewed to determine whether the sending party is eligible to establish the money transfer transaction. Further, the method includes sending funds to a receiving party pursuant to the money transfer transaction without receiving the funds from the sending party at the time of the transaction. 
     Another embodiment provides for a method for facilitating a money transfer transaction. The method includes initiating a money transfer transaction by a money transfer service. Transaction information regarding a sending party is obtained which may include information regarding the sending party, the transaction amount, and the receiving party. The method further includes determining whether payment for the money transfer transaction will be provided at the point-of-sale. In the event that payment will not be provided, reliability information may be reviewed for the transaction in order to determine whether to establish an unfunded money transfer transaction. Additionally, the method includes establishing a payment plan for the money transfer transaction. 
     In accordance with yet another embodiment, a method includes initiating an unfunded money transfer transaction. Upon such initiation, a determination is made by a money transfer service regarding whether to establish a payment plan to later fund the money transfer transaction. Upon a positive determination, the method establishes the unfunded transaction and payment plan. Further, the method executes the money transfer transaction prior to receiving payments from a sending party. 
     The foregoing has outlined rather broadly the features and technical advantages of the present invention in order that the detailed description that follows may be better understood. Additional features and advantages will be described hereinafter which form the subject of the claims. It should be appreciated by those skilled in the art that the conception and specific embodiment disclosed may be readily utilized as a basis for modifying or designing other structures for carrying out the same purposes of the present application. It should also be realized by those skilled in the art that such equivalent constructions do not depart from the spirit and scope of the application as set forth in the appended claims. The novel features which are believed to be characteristic of embodiments described herein, both as to its organization and method of operation, together with further objects and advantages will be better understood from the following description when considered in connection with the accompanying figures. It is to be expressly understood, however, that each of the figures is provided for the purpose of illustration and description only and is not intended as a definition of the limits of the present embodiments. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
       For a more complete understanding, reference is now made to the following descriptions taken in conjunction with the accompanying drawings, in which: 
         FIG. 1  illustrates a system for facilitating one or more money transfer transactions in accordance with an embodiment of the present application; 
         FIG. 2  illustrates a flowchart of a method for facilitating a money transfer transaction in accordance with an embodiment of the present application; and 
         FIG. 3  illustrates a flowchart of a method for facilitating a money transfer transaction in accordance with another embodiment of the present application. 
     
    
    
     DETAILED DESCRIPTION 
       FIG. 1  illustrates a system  100  for facilitating one or more money transfer transactions in accordance with an embodiment of the present application. System  100  includes agent devices  101   a - 101   n , transaction reliability information database  102 , third party transaction reliability information database  103 , and user devices  104   a - 104   n , each in communication with others over communication network  105 . 
     Communications between devices in system  100  may be facilitated in whole, or in part, by communication network  105 . Communication network  105  may comprise the Internet, WiFi, mobile communications networks such as GSM, CDMA, 3G/4G, WiMax, LTE, and the like. Further, communications network  105  may comprise a combination of network types working collectively. 
     Agent devices  101   a - 101   n  may correspond to computer systems within a money transfer agent location. Agent devices  101   a - 101   n  could include special purpose computers programmed to implement steps described herein, or could be conventional processing devices configured to run software which facilitates the described money transfer transactions. For example, such devices may be computer systems which are accessible by an agent at an agent location, may be automated machines such as an Automated Teller Machine (ATM), and the like. Agent devices  101   a - 101   n  may be located throughout the world and one or more devices may be utilized within a single money transfer transaction. Agent devices  101   a - 101   n  are configured to send and receive information over communication network  105 . In some embodiments, agent devices  101   a - 101   n  may also have a direct connection with transaction reliability information database  102 . Agent devices  101   a - 101   n  may be configured to transmit transaction information between respective devices of system  100 . 
     Transaction reliability information database  102  may be implemented as a computing device, as a network of computing devices, or in any manner that facilitates one or more of the storage, compilation and communication of reliability information within system  100 . In some embodiments, transaction reliability information database  102  may be distributed among agent locations within agent devices  101   a - 101   n . Transaction reliability information database  102  is configured to compile, store and provide transaction reliability information regarding a sending party in a money transfer transaction. Transaction reliability information may include information regarding the type of transfer being made, the previous transfer history of the sender, credit ratings, financial accounts or any other information pertinent to the reliability of the sending party. Transaction reliability information may be compiled using data received from agent devices regarding the user, the user&#39;s transaction history, etc. 
     It is noted that when taking into account the type of transfer being made, some embodiments may also utilize information regarding the intended recipient of transferred funds. For example, it may be notable in a money transfer transaction if the receiving party is a known family member or dependent of the sender. This information would be indicative of the transaction and sender being more reliable party as the sending party could be less prone to fail to provide payment for such transactions. As such, information regarding the transfer being made may include situational information surrounding the transaction. 
     Transaction reliability information database  102  may also include a transaction reliability decision engine  106 . Transaction decision engine  106  may utilize information compiled by database  102  in order to make a determination as to whether a sender may be extended the courtesy of implementing a money transfer transaction prior to providing payment to a money transfer agent. Further, transaction decision engine  106  may pre-authorize a maximum amount of money which a sending party may send prior to providing such payment. Transaction decision engine  106  may also maintain an accounting of transactions sent by a sending party in order to determine whether payment has been made for previous transactions, and the like. As with transaction reliability information database  102 , transaction decision engine  106  may also be part of a distributed network. Additionally, in some embodiments, transaction decision engine  106  may be implemented in whole or in part within agent devices  101   a - 101   n.    
     In one embodiment, transaction decision engine  106  includes a customer loyalty database. Such a loyalty database may be utilized to maintain information regarding a customer that participates in a loyalty program. For example, customers that are part of a loyalty program may provide personal information to establish a loyalty account and subsequently tie that account to later money transfer activity. The knowledge of a customer&#39;s history/transfer activity, personal information regarding family or other close ties, etc., can be utilized as described above to make reliability determinations. Additionally, in some embodiments, points awarded as part of a loyalty program may be used to fund a money transfer transaction in whole or in part. 
     Transaction reliability information may be further compiled utilizing one or more services corresponding to third party transaction reliability database  103 . Third party transaction reliability database  103  may correspond to services which report on the validity of a banking account of the sending party and credit-worthiness of an individual, such as TeleCheck. Further, third party transaction reliability database  103  may correspond to credit reporting services such as Equifax, Experian, Transunion, and the like. Information from third party databases may be sent to transaction reliability information database  102 , or directly to one or more agent devices  101   a - 101   n  to assist in facilitating reliability determinations. 
     In some embodiments, decision engine  106  may utilize a scoring system to generate a reliability score. In some embodiments, such a reliability score may exclusively take into account information known to the money transfer agent. Additionally, in some embodiments a generated reliability score may also take into account third party reliability information. Moreover, while some third party reliability information may be taken into account, some embodiments may authorize transactions without the use of information from standard credit reporting agencies. 
     Some embodiments may utilize third party financial institution  107  to complete the money transfer transaction. Third party financial institution  107  may include any type of institution such as a credit card companies, banks, payday lending institutions, and the like. In such embodiments, when system  100  is in use and a customer is establishing a money transfer transaction, financial institution  107  may create a loan to fund the money transfer transaction as part of an overall money transfer transaction. Third party financial institution  107  may utilize information from reliability server  102 , third party reliability server, resources available to financial institution  107 , or a combination of the above in order to make reliability determinations. Using this information, financial institution  107  may provide an approval for the money transfer transaction, or an approval up to a specified amount. 
     As such, in the context of a single money transfer transaction, a user may establish a payment mechanism without having to maintain separate transactions and separate agreements. It is noted that example embodiments a customer may not have any preexisting relationship with third party financial institution  107  and financial institution  107  may utilize the transaction information provided to a money transfer service to establish such a relationship. Additionally, it is noted that financial institution  107  may serve merely as an underwriter for the transaction, and a customer&#39;s obligation to pay for the money transfer transaction will be to the money transfer service and not to financial institution  107 . Accordingly, embodiments may enable large interest charges to be avoided such as are typical of payday-style lenders. In general, the money transfer service will collect a fee for the money transfer transaction such as is done in the normal course of money transfer transactions. Such fees may vary based on transaction specifics (e.g., details regarding reliability, amounts, prior history, etc.). 
     In some embodiments, financial institution  107  may correspond to an entity having a loyalty/reward program. Such a program may be utilized to provide reliability information for the transaction. Further, in some embodiments, rewards from a loyalty program belonging to a third party may be utilized to fund the money transfer transaction in whole or in part. 
     User devices  104   a - 104   n  may be any type of device which would facilitate the exchange of information within system  100 . For example, client devices may include computer systems, tablet devices, mobile telephones, and the like. Different embodiments may utilize different aspects of the types of client devices. For example, mobile telephones and tablet devices may have the ability to connect with various communications networks and may have different application execution capabilities. User devices  104   a - 104   n  may be utilized before, during and after a money transfer transaction in any manner to facilitate convenient and secure transactions. 
     For example, a user device  104  may be utilized to initiate a transaction and to begin the process of compiling reliability information corresponding to a sender. The initial information may be sent to an agent location to facilitate an expedient transaction. Further, in some embodiments, applications executed on user devices  104   a - 104   n  may initiate the described money transactions and send the funds with the assistance of one or more of transaction reliability information database  102  or an agent device  101 . 
     Further, a user device  104  may be utilized to provide transaction information to a sender or receiver. For example, once a money transfer transaction is initiated, a transaction code may be sent to the sender or receiving party. In the event that the transaction code is sent to the sender, the sender may convey that code to the receiver. Such a transaction code may be utilized by the receiving party to initiate the receipt of the money transfer transaction in order to complete the transaction. 
       FIG. 2  illustrates a flowchart of a method  200  for facilitating a money transfer transaction in accordance with an embodiment of the present application. Method  200  may be implemented within a system such as system  100  or any other suitable system. Additionally, while method  200  is set forth in steps, it is noted that nothing in this application necessarily limits the order in which the illustrated steps are implemented. In fact, some steps may be implemented in different orders, simultaneously, at multiple points in time, or not at all. 
     Method  200  begins by initiating a money transfer transaction at block  201 . Such a money transfer transaction may be initiated by customer using a personal computing device, visiting a money transfer service location in person and using an on-site device or an agent, etc. The money transfer service obtains transaction information at block  202 . Transaction information may originate from a user and include identifying information for the user, destination information for the money transfer transaction, and the like. Additionally, in some embodiments transaction information may be retrieved from a customer database which maintains information about a particular customer such as personal information and transaction history information. The customer database may be linked to a customer loyalty database which maintains such information and administers a loyalty program. 
     Decision block  203  analyzes whether payment will be provided for the money transfer transaction at the point-of-sale. In the event that payment will be provided, money transfer service collects transaction funds at block  204 . After obtaining the funds, the transaction is completed wherein the funds are sent to a receiving party at block  209 . 
     In the event that payment will not be provided at the point-of-sale, reliability information for the customer will be compiled and reviewed at block  205 . As noted above, reliability information may be compiled within the money transfer service organization, by using a third-party service, or combination of multiple information gathering resources. Such reliability information may include anything that is probative of the ability of the customer initiating the money transfer transaction to provide payment for the transaction at a later point in time. For example, prior history of the user, information regarding the amount of the money transfer, information regarding the destination of the money transfer, etc., could be utilized. 
     Upon obtaining and reviewing the reliability information at block  205 , a determination is made whether to allow the money transfer transaction to continue without receiving funds for the transaction at the point-of-sale at block  206 . This determination may comprise a straight approval or denial for the transaction or may comprise providing a maximum amount which may be transferred without providing funds. In the event that additional funds are needed or that a denial of the transaction is presented, the customer is notified that funds are needed at the point-of-sale at block  207 . 
     In the event that a transaction may be fully or partially unfunded at the point-of-sale, an unfunded transaction is established at block  208 . When establishing an unfunded transaction, embodiments may utilize a multitude of future payment options. For example, the money transfer service may require payment to be provided, along with a transaction fee, at a specified point in time. Additionally, the money transfer service may set up a payment plan wherein multiple payments are provided at a later point in time. Establishing an unfunded transaction may also comprise utilizing a third party financial institution to either administer the payment for the money transfer transaction or to underwrite the transaction and work in conjunction with the money transfer service. In one embodiment, the third-party financial institution may be a payday lender which uses similar methods to make determinations regarding the advisability of a transaction which are utilized in the normal course of a payday lending business. Moreover, in some embodiments establishing an unfunded transaction may include establishing known repayment techniques. For example the unfunded transaction may retrieve banking information from a customer and set up an automated clearing house (ACH) payment to be withdrawn as specified point in time from the customer. It is noted that the type of transaction and later payment which is established may be implemented in any manner which accomplishes the concepts set forth in the present application. 
     Further, in some embodiments the type of unfunded transaction which is established may also have bearing on the amount of fees charged for the money transfer. For example, in instances when a customer is willing to establish an ACH payment method, such transactions are marginally more secure for the money transfer service. As such, the money transfer service may determine to charge a lower transaction fee for such an unfunded transaction. 
     With the establishment of the unfunded transaction being completed, method  200  may then complete the money transfer transaction and send funds to a receiving party at step  209 . Such a completed transaction may utilize normal techniques known to money transfer services. For example, a sender may transmit a transaction code to receiver for later use in receiving the money transfer funds, etc. 
       FIG. 3  illustrates a flowchart of a method  300  for facilitating a money transfer transaction in accordance with an embodiment of the present application. As was the case with respect to the flowchart of  FIG. 2 , method  300  may be implemented within a system such as system  100  or any other suitable system. Additionally, while method  300  is set forth in steps, it is noted that nothing in this application necessarily limits the order in which the illustrated steps are implemented. In fact, some steps may be implemented in different order, simultaneously, at multiple points in time, or not at all. 
     Method  300  begins with initiating an unfunded money transfer transaction at block  301 . As stated above, this initiation may include receiving and compiling information regarding the transaction, the sending party, and the like. With the transaction information, a determination is made by the money transfer service whether to establish a payment plan in order to fund the transaction at a later point in time at block  302 . 
     In some embodiments, when making the determination as to whether to allow the transaction  303  the money transfer service may also make a determination as to whether a third-party service should be utilized to establish such a payment plan at block  304 . In a circumstance where the money transfer service and/or a third party service is unwilling to underwrite an unfunded transaction and to accept payment at a later date the customer is notified that funds are needed at the point-of-sale in order to generate the requested money transfer transaction at block  305 . 
     When a determination is made that the customer initiating the unfunded money transfer transaction is authorized to make such a transaction (either by the money transfer service or by the third party service), an unfunded transaction and payment plan is established at block  306 . Such a payment plan and unfunded transaction may be implemented as described above. For example, the transaction may allow a user to return to the money transfer service and provide payment at a later point in time, the transaction may allow for an automated withdrawal from a user account, the transaction may provide for multiple payments and a timetable for such payments from the sending party, and the like. 
     Upon establishing the unfunded transaction and payment plan, method  300  may execute the money transfer transaction in transfer funds to a receiving party at block  307 . As noted, such a money transfer transaction may be implemented in any manner, such as those currently utilized by money transfer services. 
     Although embodiments of the present application and their advantages have been described in detail, it should be understood that various changes, substitutions and alterations can be made herein without departing from the spirit and scope of the embodiments as defined by the appended claims. Moreover, the scope of the present application is not intended to be limited to the particular embodiments of the process, machine, manufacture, composition of matter, means, methods and steps described in the specification. As one of ordinary skill in the art will readily appreciate from the above disclosure, processes, machines, manufacture, compositions of matter, means, methods, or steps, presently existing or later to be developed that perform substantially the same function or achieve substantially the same result as the corresponding embodiments described herein may be utilized. Accordingly, the appended claims are intended to include within their scope such processes, machines, manufacture, compositions of matter, means, methods, or steps.