Money Remittance Method

Abstract

A system wherein a customer is provided with a debit card, cash value is loaded onto the customer's card and a customer account is set up. To allow money remittance, specific information is obtained of the customer and the recipient. These include their names, address, phone number and a recognizable government identification number. The personal information of the customer and the recipient is verified with a government agency. Once the personal information has been verified as acceptable, a recipient's account is established related to the customer's account. The amount of money requested by customer is transferred from the customer's account to the recipient's account. The recipient may be provided with a card providing access to the recipient's account. The recipient may be in the same country or in a foreign country.

1 . A method for remitting money comprising: 
 providing a customer with a debit card;    loading cash value on the customer's card and setting up a customer account;    obtaining from the customer a) their name, address, phone number, and recognizable government identification number and b) a recipient's name, address, phone number, and recognizable government identification number;    verifying the personal information of the customer and the recipient with the government;    establishing a recipient account related to the customer's account after verification;    transferring requested amount of money from the customer's account to the recipient's account; and    providing the recipient access to the recipient's account.    
   
   
       2 . The method according to  claim 1 , wherein the account is established in a foreign country and the recipient's access is provided in the foreign country.  
   
   
       3 . The method according to  claim 1 , including limiting the amount of money that may be loaded onto the customer's card and the number of cards issued to the customer.  
   
   
       4 . The method according to  claim 1 , including recording and tracking all card to account transfers.  
   
   
       5 . The method according to  claim 1 , including obtaining state and federal licenses for money remittance and authorizing agents to sell debit cards and load cash value on the customer cards at point of sale devices under the licenses.  
   
   
       6 . The method according to  claim 1 , including using a central location for obtaining, verifying, establishing and transferring money as well as the creation of all operational links.  
   
   
       7 . The method according to  claim 1 , including providing the recipient a card which provides access to the recipient's account.