Patent ID: 8775311

Claim:
A method for facilitating money transfer transactions which fund on request of a receiving party, the method comprising: registering a sender, under the control of a processing device; determining, under control of the processing device, a total amount of money that is pre-authorized for transfer to the receiving party, wherein said determining comprises generating a score that indicates reliability that said total amount of money that is pre-authorized for transfer is later collectable from the sender, wherein said generating includes using (1) information regarding money transfer history of said sender, (2) information regarding type of transfer being pre-authorized, and (3) information from at least one third-party source, wherein said information from said at least one third party source comprises information regarding validity of a banking account of said sender and information regarding credit-worthiness of said sender; receiving from the sender, a criterion comprising a transaction code which allows the receiving party to receive transferred money; receiving a first request by the receiving party at the processing device to transfer money in a first transaction from the sender to the receiving party; authenticating, by the processing device, the first requested money transfer transaction to insure that the first requested money transfer is below the pre-authorized total amount; upon the first requested money transfer transaction being authenticated, completing the transaction and providing money, for the first request, to the receiving party; receiving a second request by the receiving party at the processing device to transfer money in a second transaction from the sender to the receiving party; authenticating, by the processing device, the second requested money transfer transaction to insure that a total amount of money requested in the first and second request is below the pre-authorized total amount; and upon the second requested money transfer transaction being authenticated, completing the second requested transaction and providing money, for the second request, to the receiving party.