Patent Publication Number: US-2018032977-A1

Title: Method and system for transferring funds from a sender account to a receiver account

Description:
TECHNICAL FIELD 
     The following discloses a method and server for transferring funds from a sender account to a receiver account. 
     BACKGROUND 
     POS (point of sale) terminals provide a means to make electronic cash payment for a good or service provided by a merchant. While POS terminals may be commonplace in large department stores, small merchants may not have them as their profit margin may not justify the cost to implement and maintain POS terminals. 
     Further, POS terminals require customers to have payment cards, such as stored value cards, debit cards or credit cards, before they can be used to purchase a good or service provided by a merchant. Such payment cards have limitations which include topping up the stored value card when its stored value gets depleted or ensuring that the credit card limit is not exceeded. In addition, not all customers carry payment cards. These customers are not able to make electronic cash payment when purchasing goods or services and have to use physical cash. 
     The available electronic cash payment options between end users, such as through bank transfers, are also inconvenient in that a sender of the funds needs to locate an ATM (automated teller machine) or log into his internet banking account to perform the transfer. Both of these approaches requires the receiver to provide the sender with the receiver account details and the receiver may not be comfortable to provide such sensitive details to the sender. 
     There is thus a need to improve upon the several disadvantages associated with the above electronic payment means set out above. 
     SUMMARY 
     According to a first aspect of the invention, there is provided a method for transferring funds from a sender account to a receiver account, the method comprising: generating a token in one of a sender device or a receiver device, the token comprising data of either the sender account or the receiver account; transmitting, to the other of the sender device or the receiver device, the token for inclusion of data of the other of the sender account or the receiver account, wherein the transmission of the token occurs in response to the sender device being in proximity to the receiver device; including, into the token, data of the other of the sender account and the receiver account; and forwarding the token to a payment network system administering the transfer of funds from the sender account to the receiver account. 
     According to a second aspect of the invention, there is provided a payment network system configured to administer the transfer of funds from a sender account to a receiver account, the payment network system comprising: at least one processor; and at least one memory including computer program code; the at least one memory and the computer program code configured to, with the at least one processor, cause the payment network system at least to: receive a token comprising data of the sender account and the receiver account; and route the transferred funds from the sender account to the receiver account, wherein the token originates from a token management application operating in either a sender device or a receiver device, the token management application requiring proximity between the sender device and the receiver device to generate the token. 
     According to a third aspect of the invention, there is provided a non-transitory computer readable medium having stored thereon a token management application for installation into a sender device and a receiver device, the token management application causing the sender device or the receiver device to perform steps comprising generating a token in one of a sender device or a receiver device, the token comprising data of either the sender account or the receiver account; transmitting, to the other of the sender device or the receiver device, the token for inclusion of data of the other of the sender account or the receiver account, wherein the transmission of the token occurs in response to the sender device being in proximity to the receiver device; including, into the token, data of the other of the sender account and the receiver account; and forwarding the token to a payment network system administering the transfer of funds from the sender account to the receiver account. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
       Embodiments of the invention will be better understood and readily apparent to one of ordinary skill in the art from the following written description, by way of example only, and in conjunction with the drawings, in which: 
         FIG. 1  shows a schematic of a system in which funds are transferred, in accordance with one embodiment of the invention. 
         FIG. 2  shows a method, in accordance with one embodiment of the invention, which is implemented in the system of  FIG. 1 . 
         FIG. 3  shows a schematic of a computing device used to realise the payment network system shown in  FIG. 1 . 
     
    
    
     DETAILED DESCRIPTION 
     Embodiments of the present invention will be described, by way of example only, with reference to the drawings. Like reference numerals and characters in the drawings refer to like elements or equivalents. 
     Some portions of the description which follows are explicitly or implicitly presented in terms of algorithms and functional or symbolic representations of operations on data within a computer memory. These algorithmic descriptions and functional or symbolic representations are the means used by those skilled in the data processing arts to convey most effectively the substance of their work to others skilled in the art. An algorithm is here, and generally, conceived to be a self-consistent sequence of steps leading to a desired result. The steps are those requiring physical manipulations of physical quantities, such as electrical, magnetic or optical signals capable of being stored, transferred, combined, compared, and otherwise manipulated. 
     Unless specifically stated otherwise, and as apparent from the following, it will be appreciated that throughout the present specification, discussions utilizing terms such as “scanning”, “calculating”, “determining”, “replacing”, “generating”, “initializing”, “outputting”, or the like, refer to the action and processes of a computer system, or similar electronic device, that manipulates and transforms data represented as physical quantities within the computer system into other data similarly represented as physical quantities within the computer system or other information storage, transmission or display devices. 
     The present specification also discloses apparatus for performing the operations of the methods. Such apparatus may be specially constructed for the required purposes, or may comprise a computer or other computing device selectively activated or reconfigured by a computer program stored therein. The algorithms and displays presented herein are not inherently related to any particular computer or other apparatus. Various machines may be used with programs in accordance with the teachings herein. Alternatively, the construction of more specialized apparatus to perform the required method steps may be appropriate. The structure of a computer will appear from the description below. 
     In addition, the present specification also implicitly discloses a computer program, in that it would be apparent to the person skilled in the art that the individual steps of the method described herein may be put into effect by computer code. The computer program is not intended to be limited to any particular programming language and implementation thereof. It will be appreciated that a variety of programming languages and coding thereof may be used to implement the teachings of the disclosure contained herein. Moreover, the computer program is not intended to be limited to any particular control flow. There are many other variants of the computer program, which can use different control flows without departing from the spirit or scope of the invention. 
     Furthermore, one or more of the steps of the computer program may be performed in parallel rather than sequentially. Such a computer program may be stored on any computer readable medium. The computer readable medium may include storage devices such as magnetic or optical disks, memory chips, or other storage devices suitable for interfacing with a computer. The computer readable medium may also include a hard-wired medium such as exemplified in the Internet system, or wireless medium such as exemplified in the GSM mobile telephone system. The computer program when loaded and executed on a computer effectively results in an apparatus that implements the steps of the preferred method. 
       FIG. 1  shows a schematic of a system  100  in which funds are transferred, in accordance with one embodiment of the invention. 
     The system  100  comprises a sender device  102 , a receiver device  104 , a server  116  that administers a sender account  106 , a server  118  that administers a receiver account  108  and a payment network system  110  that administers the transfer of funds from the sender account  106  to the receiver account  108 . 
     The sender device  102  and the receiver device  104  may for example be a mobile terminal (such as a smart phone, a smart watch or a tablet) with an advanced mobile operating system, such as iOS of Apple Inc. or Android of Google Inc. The operating system may host one or more applications, where one or more of these applications is a token management application used to facilitate the transfer of funds from the sender account  106  to the receiver account  108 . 
     The sender account  106  is a banking account to which the sender device  102  is linked, i.e. an account that the owner of the sender device  102  has opened with a financial institution. Accordingly, the server  116  that administers the sender account  106  may be part of a network of computer terminals that the financial institution uses to manage the sender account  106  and any accounts opened by other users that are not shown in  FIG. 1 . For the sake of simplicity, this server  116  may be interchangeably referred to as the “sender&#39;s bank”. 
     Similarly, the receiver account  108  is a banking account to which the receiver device  104  is linked, i.e. an account that the owner of the receiver device  104  has opened with a financial institution. Accordingly, the server  118  that administers the receiver account  108  may be part of a network of computer terminals that the financial institution uses to manage the receiver account  108  and any accounts opened by other users that are not shown in  FIG. 1 . For the sake of simplicity, this server  118  may be interchangeably referred to as the “receiver&#39;s bank”. 
     The payment network system  110  that administers the transfer of funds from the sender account  106  to the receiver account  108  refers to a network of computers that are tapped upon when making electronic transfer of funds from the sender account  106  to the receiver account  108  or when making electronic payment using a payment instrument. The network of computers may thus include computer systems used to implement the four party model used by Visa® or MasterCard® to process a payment transaction made using their card. The notable components of the payment network thus include an acquirer, an issuer and a switch that routes information between the acquirer and the issuer. In the present disclosure, it is the switching function of the payment network system  110  that is harnessed and used to route funds transferred from the sender account  106  to the receiver account  108 . 
     Before the system  100  can be used to effect fund transfer from the sender account  106  to the receiver account  108 , a token management application has to be installed in both the sender device  102  and the receiver device  104 . The token management application initiates the creation of tokens that subsequently flow between the various components of the system  100 . Each of the sender device  102  and the receiver device  104  may obtain the token management application through an application repository such as the Apple Inc. application store or the Google Inc. play store. In one implementation, the tokens that are transmitted between the sender device  102  and the receiver device  104  have data formats that are compatible with various operating systems. Accordingly, the token management application installed in the sender device  102  may be different from the token management application installed in the receiver device  104 , such as if the sender device  102  uses the iOS operating system and the receiver device  104  uses the Android operating system. The token management application installed in both the sender device  102  and the receiver device  104  would still be able to process the received tokens. 
     After the token management application is installed in the sender device  102 , the sender device  102  may be linked to the sender account  106  maintained by the server  116  (i.e. the sender&#39;s bank) through the token management application. This linkage may be done, for example, by registering details of the sender device  102  with an input portal hosted by the server  106 . Similarly, after the token management application is installed in the receiver device  104 , the receiver device  104  may be linked to the receiver account  108  maintained by the server  118  (i.e. the receiver&#39;s bank). This linkage may be done, for example, by registering details of the receiver device  104  with an input portal hosted by the server  118 . The sender device  102  may be linked to more than one sender account maintained by the server  116  or each maintained in different servers (not shown). Similarly, the receiver device  104  may be linked to more than one receiver account maintained by the server  118  or each maintained in different servers (not shown). 
     Data that allows the identification of the linked sender accounts and the linked receiver accounts is stored in one or more tokens at the sender device  102  and the receiver device  104  respectively. For example, there may be one token for each of the linked sender accounts at the sender device  102  and one token for each of the linked receiver accounts at the receiver device  104 . In one approach, the token is created at the sender device  102  when the sender device  102  is linked to the sender account  106  or at the receiver device  104  when the receiver device  104  is linked to the receiver account  108  for use when funds are to be transferred. In another approach, the token is created only when funds are to be transferred from the sender account  106  to the receiver account  108 . The data that allows the identification of the linked sender accounts and linked receiver accounts can be retrieved from a data cloud by the sender device  102  and the receiver device  104  respectively, for inclusion into one or more tokens at the sender device  102  and the receiver device  104  respectively. The data cloud may be administrated by the payment network  110  or be independently managed. Alternatively, the data that allows the identification of the linked sender accounts and linked receiver accounts can be stored directly in the token management application installed in the sender device  102  and the receiver device  104  respectively. 
     In a first implementation, it is the receiver device  104  that initiates the process that allows the transfer of funds from the sender account  106  to the receiver account  108 . During this process, the receiver device  104  transmits  114  a token  112  to the sender device  102 . This token  112  contains data of the receiver account  108 , i.e. data that allows identification of the receiver account  108  as the destination of the funds for the fund transfer. This data can be retrieved from the data cloud by the receiver device  104  or directly retrieved from the token management application installed in the receiver device  104 , for inclusion into the token  112 . 
     Upon receipt of the token  112 , the sender device  102  includes into the token  112  data of the sender account  106 , i.e. data that allows identification of the sender account  106  as the source of the funds for the fund transfer. This data can be retrieved from the data cloud by the sender device  102  or directly retrieved from the token management application installed in the sender device  102 , for inclusion into the token  112 . The token  112  is then forwarded  120  to the payment network system  110 . In the system  100 , the token  112  is forwarded  120  to the payment network system  110  by the server  116 . Accordingly, when the token  112  is received by the payment network system  110 , the token  112  contains data of both the sender account  106  and the receiver account  108 . The payment network system  110  is then able to route  122  the transferred funds from the sender account  106  to the receiver account  118 . 
     The token  112  may be processed in both the sender device  102  and the receiver device  104  by the token management application installed in both the sender device  102  and the receiver device  104 . For example, the token management application installed in the receiver device  104  generates the token  112  for transmission to the sender device  102 . The token management application installed in the sender device  102  may then receive the token  112  for the inclusion of the data of the sender account  106  and forward the token  112  to the payment network system  110 . 
     Further, the transmission  114  of the token  112  occurs in response to the sender device  102  being in proximity to the receiver device  104 . The transmission  114  of the token  112  may occur after the token management application is activated in both the sender device  102  and the receiver device  104 . 
     An indication of an amount of the funds to be transferred from the sender account  106  to the receiver account  108  may be included into the token  112  by the receiver device  104  before the receiver device  104  transmits the token  112  to the sender device  102 . For instance, this indication may be included during generation of the token  112  by the receiver device  104 . Alternatively, this indication of the amount of the transferred funds may be included into the token  112  by the sender device  102  before the sender device  102  forwards the token  112  to the payment network system  110 . 
     In a second implementation, it is the sender device  102  that initiates the process that allows the transfer of funds from the sender account  106  to the receiver account  108 . During this process, the sender device  102  transmits  124  a token  112  to the receiver device  104 . This token  112  contains data of the sender account  106 , i.e. data that allows identification of the the sender account  106  as the source of the funds for the fund transfer. This data can be retrieved from the data cloud by the sender device  102  or directly retrieved from the token management application installed in the sender device  102 , for inclusion into the token  112 . 
     Upon receipt of the token  112 , the receiver device  104  includes into the token  112  data of the receiver account  108 , i.e. data that allows identification of the receiver account  108  as the destination of the funds for the fund transfer. This data can be retrieved from the data cloud by the receiver device  104  or directly retrieved from the token management application installed in the receiver device  104 , for inclusion into the token  112 . The token  112  is then forwarded  126  to the payment network system  110 . In the system  100 , the token  112  is forwarded  126  to the payment network system  110  by the server  118 . Accordingly, when the token  112  is received by the payment network system  110 , the token  112  contains data of both the sender account  106  and the receiver account  108 . The payment network system  110  is then able to route  122  the transferred funds from the sender account  106  to the receiver account  118 . 
     The token  112  may be processed in both the sender device  102  and the receiver device  104  by the token management application installed in both the sender device  102  and the receiver device  104 . For example, the token management application installed in the sender device  102  generates the token  112  for transmission to the receiver device  104 . The token management application installed in the receiver device  104  may then receive the token  112  for the inclusion of the data of the receiver account  108  and forward the token  112  to the payment network system  110 . 
     Further, the transmission  124  of the token  112  occurs in response to the sender device  102  being in proximity to the receiver device  104 . The transmission  114  of the token  112  may occur after the token management application is activated in both the sender device  102  and the receiver device  104 . 
     An indication of an amount of the funds to be transferred from the sender account  106  to the receiver account  108  may be included into the token  112  by the sender device  102  before the sender device  102  transmits the token  112  to the receiver device  104 . For instance, this indication may be included during generation of the token  112  by the sender device  102 . Alternatively, this indication of the amount of the transferred funds may be included into the token  112  by the receiver device  104  before the receiver device  104  forwards the token  112  to the payment network system  110 . 
     The token created by the token management application thus provides a means for bank account numbers to be exchanged between the sender device  102  and the receiver device  104 , wherein the exchanged account numbers are not externally revealed to the sender or the receiver. The fund transfer is done conveniently, since all that is required is for the sender device  102  and the receiver device  104  to be in proximity, and for the token management application to be activated. The backend processing of the token which occurs at the payment network system  110  then allows for a direct account to account transfer, without the need for a digital wallet application installed in either or both of the sender device  102  and the receiver device  104 . Further, the system  100  is implementable by generic smart devices, providing merchants with an additional mode of electronic payment to their clients. Moreover, as a POS (point of sale) terminal is not required to implement the system  100 , the system  100  is accessible to merchants which do not use POS terminals. The system  100  also finds application beyond the customer and a merchant context and allows for any two parties to transfer money to each other, as long as each party has a smart device. 
     Any one or more of the following wireless technologies may be used to transmit the token between the sender device  102  and the receiver device  104 : near field communication (NFC) or Bluetooth. The proximity in which the sender device  102  and the receiver device  104  are to be placed thus depends on the range over which these wireless technologies transmit data. 
     In both of the above first and second implementations, approval is sought from the sender device  102  before routing  122  the transferred funds from the sender account  106  to the receiver account  108 . Both the sender device  102  and the receiver device  104  may also receive confirmation of the fund transfer from the sender account  106  to the receiver account  108 . The token  112  may also be encrypted to provide an additional measure of security. 
       FIG. 2  shows a method, in accordance with one embodiment of the invention, which is implemented in the system  100  of  FIG. 1 . 
     The method of  FIG. 2  uses a process  200  that includes the steps  202 ,  204 ,  206  and  208 . The process  200  is described with reference to the system  100  as described above in respect of  FIG. 1 . 
     As mentioned above, with respect to the system  100  of  FIG. 1 , the token  112  can be generated by either of the sender device  102  or the receiver device  104 . If the first implementation is adopted, it is the receiver device  104  that generates the token  112 , whereby the token  112  contains data of the receiver account  108 . If the second implementation is adopted, it is the sender device  102  that generates the token  112 , whereby the token  112  contains data of the sender account  106 . Thus, in step  202 , a token  112  is generated in one of a sender device  102  or a receiver device  104 , the token  112  comprising data of either the sender account  106  or the receiver account  108 . 
     In the first implementation, the receiver device  104  transmits the token  112  to the sender device  102 . The token  112  is transmitted to the sender device  102  so that the sender device  102  can include data of the sender account  106  into the token  112 . This data can be retrieved from the data cloud by the receiver device  104  or directly retrieved from the token management application installed in the receiver device  104 , for inclusion into the token  112 . Similarly, in the second implementation, the sender device  102  transmits the token  112  to the receiver device  104  so that the receiver device  104  can include data of the receiver account  108  into the token  112 . Likewise, this data can be retrieved from the data cloud by the sender device  102  or directly retrieved from the token management application installed in the sender device  102 , for inclusion into the token  112 . Thus, in step  204 , the token  112  is transmitted to the other of the sender device  102  or the receiver device  104 , for inclusion of data of the other of the sender account  106  or the receiver account  108 . Transmission of the token  112  occurs in response to the sender device  102  being in proximity to the receiver device  104 . The transmission of the token  112  may also occur after a token management application is activated in both the sender device  102  and the receiver device  104 . The token management application installed in the sender device  102  may be different from the token management application installed in the receiver device  104 . The token management application may be downloaded from an application repository. 
     In step  206 , data of the other of the sender account  106  and the receiver account  108  is included into the token  112 . This data may be retrieved from the data cloud by the other of the sender account  106  and the receiver account  108  respectively, or directly retrieved from the token management application installed in the other of the sender account  106  and receiver account  108  respectively. 
     In step  208 , the token  112  is forwarded to a payment network system  110  administering the transfer of funds from the sender account  106  to the receiver account  108 . 
     To realise the first implementation of the system  100 , steps  202 ,  204  and  206  have the token  112  generated at the receiver device  104  to have data of the receiver account  108 . This data may be retrieved from the data cloud by the receiver device  104  or directly retrieved from the token management application installed in the receiver device  104 . The token  112  is transmitted to the sender device  102 , where the sender device  102  includes data of the sender account  106  into the token  112 . This data may be retrieved from the data cloud by the sender device  102  or directly retrieved from the token management application installed in the sender device  102 , before forwarding the token  112  to the payment network system  110 . 
     To realise the second implementation of the system  100 , steps  202 ,  204  and  206  have the token  112  generated at the sender device  102  to have data of the sender account  106 . This data may be retrieved from the data cloud by the sender device  102  or directly retrieved from the token management application installed in the sender device  102 . The token  112  is transmitted to the receiver device  104 , where the receiver device  104  includes data of the receiver account  108  into the token  112 . This data may be retrieved from the data cloud by the receiver device  104  or directly retrieved from the token management application installed in the receiver device  104 , before forwarding the token  112  to the payment network system  110 . 
     The token  112  forwarded to the payment network system  110  may include an indication of an amount of the funds to be transferred from the sender account  106  to the receiver account  108 . The indication of the transferred funds amount may be included into the token during generation of the token which occurs in the step  202 . Alternatively, this indication may be included before forwarding of the token to the payment network system, such as in the step  206 . 
     As described in  FIG. 1 , the token  112  may be forwarded to the payment network system by a server  116 ,  118  administering either of the sender account  106  or the receiver account  108 . This server  116 ,  118  first receives the token  112  from the sender device  102  or the receiver device  104 , respectively. For instance, in the first implementation, the token  112  is forwarded to the server  116  that administers the sender account  106 . In the second implementation, the token  112  is forwarded to the server  118  that administers the receiver account  108 . 
     After the token  112  is forwarded to the payment network system  110 , approval from the sender device  102  for the fund transfer may be sought before the funds are transferred from the sender account  106  to the receiver account  108 . In addition, after the funds transfer, both the sender device  102  and the receiver device  104  may receive confirmation. The token  112  may be encrypted. 
       FIG. 3  depicts an exemplary computing device  300 , hereinafter interchangeably referred to as a computer system  300 , where one or more such computing devices  300  may be used to execute the method of  FIG. 2 . The exemplary computing device  300  can be used to implement the payment network system  110  shown in  FIG. 1 . The following description of the computing device  300  is provided by way of example only and is not intended to be limiting. 
     As shown in  FIG. 3 , the example computing device  300  includes a processor  307  for executing software routines. Although a single processor is shown for the sake of clarity, the computing device  300  may also include a multi-processor system. The processor  307  is connected to a communication infrastructure  306  for communication with other components of the computing device  300 . The communication infrastructure  306  may include, for example, a communications bus, cross-bar, or network. 3   
     The computing device  300  further includes a main memory  308 , such as a random access memory (RAM), and a secondary memory  310 . The secondary memory  310  may include, for example, a storage drive  312 , which may be a hard disk drive, a solid state drive or a hybrid drive and/or a removable storage drive  317 , which may include a magnetic tape drive, an optical disk drive, a solid state storage drive (such as a USB flash drive, a flash memory device, a solid state drive or a memory card), or the like. The removable storage drive  317  reads from and/or writes to a removable storage medium  377  in a well-known manner. The removable storage medium  377  may include magnetic tape, optical disk, non-volatile memory storage medium, or the like, which is read by and written to by removable storage drive  317 . As will be appreciated by persons skilled in the relevant art(s), the removable storage medium  377  includes a computer readable storage medium having stored therein computer executable program code instructions and/or data. 
     In an alternative implementation, the secondary memory  310  may additionally or alternatively include other similar means for allowing computer programs or other instructions to be loaded into the computing device  300 . Such means can include, for example, a removable storage unit  322  and an interface  350 . Examples of a removable storage unit  322  and interface  350  include a program cartridge and cartridge interface (such as that found in video game console devices), a removable memory chip (such as an EPROM or PROM) and associated socket, a removable solid state storage drive (such as a USB flash drive, a flash memory device, a solid state drive or a memory card), and other removable storage units  322  and interfaces  350  which allow software and data to be transferred from the removable storage unit  322  to the computer system  300 . 
     The computing device  300  also includes at least one communication interface  327 . The communication interface  327  allows software and data to be transferred between computing device  300  and external devices via a communication path  326 . In various embodiments of the inventions, the communication interface  327  permits data to be transferred between the computing device  300  and a data communication network, such as a public data or private data communication network. The communication interface  327  may be used to exchange data between different computing devices  300  which such computing devices  300  form part an interconnected computer network. Examples of a communication interface  327  can include a modem, a network interface (such as an Ethernet card), a communication port (such as a serial, parallel, printer, GPIB, IEEE 1394, RJ45, USB), an antenna with associated circuitry and the like. The communication interface  327  may be wired or may be wireless. Software and data transferred via the communication interface  327  are in the form of signals which can be electronic, electromagnetic, optical or other signals capable of being received by communication interface  327 . These signals are provided to the communication interface via the communication path  326 . 
     As shown in  FIG. 3 , the computing device  300  further includes a display interface  302  which performs operations for rendering images to an associated display  330  and an audio interface  332  for performing operations for playing audio content via associated speaker(s)  337 . 
     As used herein, the term “computer program product” may refer, in part, to removable storage medium  377 , removable storage unit  322 , a hard disk installed in storage drive  312 , or a carrier wave carrying software over communication path  326  (wireless link or cable) to communication interface  327 . Computer readable storage media refers to any non-transitory, non-volatile tangible storage medium that provides recorded instructions and/or data to the computing device  300  for execution and/or processing. Examples of such storage media include magnetic tape, CD-ROM, DVD, Blu-ray™ Disc, a hard disk drive, a ROM or integrated circuit, a solid state storage drive (such as a USB flash drive, a flash memory device, a solid state drive or a memory card), a hybrid drive, a magneto-optical disk, or a computer readable card such as a PCMCIA card and the like, whether or not such devices are internal or external of the computing device  300 . Examples of transitory or non-tangible computer readable transmission media that may also participate in the provision of software, application programs, instructions and/or data to the computing device  300  include radio or infra-red transmission channels as well as a network connection to another computer or networked device, and the Internet or Intranets including e-mail transmissions and information recorded on Websites and the like. 
     The computer programs (also called computer program code) are stored in main memory  308  and/or secondary memory  310 . Computer programs can also be received via the communication interface  327 . Such computer programs, when executed, enable the computing device  300  to perform one or more features of embodiments discussed herein. In various embodiments, the computer programs, when executed, enable the processor  307  to perform features of the above-described embodiments. Accordingly, such computer programs represent controllers of the computer system  300 . 
     Software may be stored in a computer program product and loaded into the computing device  300  using the removable storage drive  317 , the storage drive  312 , or the interface  350 . The computer program product may be a non-transitory computer readable medium. Alternatively, the computer program product may be downloaded to the computer system  300  over the communications path  326 . The software, when executed by the processor  307 , causes the computing device  300  to perform the necessary operations to execute the method  100  as shown in  FIG. 1 . 
     It is to be understood that the embodiment of  FIG. 3  is presented merely by way of example to explain the operation and structure of the network switch  202 . Therefore, in some embodiments one or more features of the computing device  300  may be omitted. Also, in some embodiments, one or more features of the computing device  300  may be combined together. Additionally, in some embodiments, one or more features of the computing device  300  may be split into one or more component parts. 
     When used to realise the payment network system  110  of  FIG. 1 , the processor  307  and computer program code stored in the memory  308  are configured to cause the payment network system  110  to receive an indication of the beneficiary account to which a monetary amount is to be credited. The processor  307  and computer program code stored in the memory  308  are further configured to cause the payment network system  110  to receive a token  112  comprising data of the sender account  106  and the receiver account  108 . The processor  307  and computer program code stored in the memory  308  are further configured to cause the payment network system  110  to route the transferred funds from the sender account  106  to the receiver account  108 . The token  112  originates from a token management application operating in either a sender device  102  or a receiver device  104 , the token management application requiring proximity between the sender device  102  and the receiver device  104  to generate the token  112 . Generation of the token  112  may occur when a token management application is activated in both the sender device  102  and the receiver device  104 . 
     The token  112  may be received from a server  116 ,  118  administering either of the sender account  106  or the receiver account  108 , the server  116 ,  118  having received the token  112  from the sender device  102  or the receiver device  104 , respectively. 
     The payment network system  110  may be further configured to receive approval from the sender device  102  for the fund transfer before routing  122  the transferred funds from the sender account  106  to the receiver account  108 . 
     The payment network system  110  may also be further configured to transmit to both the sender device  102  and the receiver device  104  confirmation of the fund transfer from the sender account to the receiver account. 
     As mentioned above, the token management application which facilitates the creation of the token  112  may be downloaded from an application repository. The application repository will have a non-transitory computer readable medium stored thereon the token management application for installation into a sender device  102  and a receiver device  104  (i.e. the non-transitory computer readable medium stores the token management application in an uncompiled state). Upon installation, the token management application causes the sender device  102  or the receiver device  104  to perform steps comprising a) generating a token  112  in one of a sender device  102  or a receiver device  104 , the token comprising data of either the sender account  106  or the receiver account  108 ; and b) transmitting, to the other of the sender device  102  or the receiver device  104 , the token  112  for inclusion of data of the other of the sender account  106  or the receiver account  108 . Transmission of the token  112  occurs in response to the sender device  102  being in proximity to the receiver device  104 . The further steps are: c) including, into the token  112 , data of the other of the sender account  106  and the receiver account  108 ; and forwarding the token  112  to a payment network system  110  administering the transfer of funds from the sender account  106  to the receiver account  108 . 
     It will be appreciated by a person skilled in the art that numerous variations and/or modifications may be made to the present invention as shown in the specific embodiments without departing from the spirit or scope of the invention as broadly described. The present embodiments are, therefore, to be considered in all respects to be illustrative and not restrictive.