Send and receive side control of money transfer parameters

Abstract

A computer system in a money transfer transaction. A request is received from a sender on a send computer to send a money transfer having a send amount. The sender is prompted on the send computer to select one or more parameters associated with the money transfer, the one or more parameters comprising money transfer receiver information including a receiver location. Money transfer fees associated with the money transfer are analyzed for a plurality of receive locations proximate the receiver location based on the selected one or more parameters. A receive location offering a lowest money transfer fee is selected from the plurality of receive locations. The send amount and fee for the selected receive location are collected from the sender. Information related to the money transfer is then stored, including the selected one or more parameters and the receive location, in a money transfer server.

The following is claimed:  
     
         1 . A system for generating and processing a money transfer transaction, the system comprising:
 a send computer configured to:
 receive a request from a sender to send a money transfer having a send amount; 
 prompt the sender on the send computer to select one or more parameters associated with the money transfer, each of the one or more parameters comprising receiver information concerning the money transfer, the one or more parameters including a receiver location; 
 analyze money transfer fees associated with the money transfer for a plurality of receive locations proximate the receiver location based on the selected one or more parameters; and 
 select a receive location from the plurality of receive locations offering a lowest money transfer fee; and 
   a money transfer server including a memory configured to store information related to the money transfer including the selected one or more parameters in a money transfer server.   
     
     
         2 . The method of  claim 1 , wherein the send computer is further configured to allow the sender to set the one or more parameters that are selectable or modifiable by the receiver. 
     
     
         3 . The system of  claim 1 , and further comprising
 a receive computer configured to:
 receive money transfer identification information from a receiver; 
 verify the money transfer identification information; 
 retrieve the information related to the money transfer upon verification of the money transfer identification information; and 
 prompt the receiver to select or modify the one or more parameters associated with the money transfer. 
   
     
     
         4 . The system of  claim 3 , wherein the receive computer is further configured to:
 recalculate the fee associated with the money transfer based on the one or more parameters selected or modified by the receiver; and   adjust the send amount of the money transfer by a difference between the recalculated fee and the fee associated with the money transfer based on the one or more parameters selected by the sender.   
     
     
         5 . The system of  claim 4 , wherein the receive computer is further configured to add the difference between the recalculated fee and the fee collected from the sender to the send amount. 
     
     
         6 . The system of  claim 1 , wherein the receive computer is further configured to:
 allow the receiver to split the money transfer into multiple transactions with different recipients.   
     
     
         7 . The system of  claim 6 , wherein the receive computer is further configured to:
 allow the receiver to select a delivery option for each of the multiple transactions.   
     
     
         8 . The system of  claim 1 , wherein the receive computer is further configured to calculate the fee as a function of the receive location selected.