Item-specific money transfer methods and systems

Abstract

The invention provides various systems and methods for implementing item-specific money transfers. The method includes receiving identification of an item, determining a vendor and a price of the item, and receiving, from a receiver, a money transfer request for an amount of the price of the item. The money transfer request identifies a sender. The method further includes sending the money transfer request to the sender, receiving, from the sender, authorization for a money transfer in an amount of the price of the item. The authorization includes an indication that funds from the money transfer are restricted for use only for the item.

What is claimed is: 
     
         1 . A method of generating an item-specific money transfer identifier, the method comprising:
 receiving, by a money transfer system, from a first sender, identification of an item or a substitute for the item for purchase, a geographical location of the item or a substitute for the item, and a money transfer request for an amount of the item or a substitute for the item;   pre-staging, by the money transfer system, a money transfer for the amount of the item or a substitute for the item;   generating, by the money transfer system, an identifier for the money transfer, wherein the identifier comprises at least one of an item identifier identifying the item or a substitute for the item, a location identifier identifying the geographical location, and a first funding identifier;   securely sending the identifier to a receiver;   receiving, by the money transfer system, from the receiver the identifier; and   in response to receiving the identifier from the receiver, providing the receiver with funds from the money transfer.   
     
     
         2 . The method of generating an item-specific money transfer identifier as in  claim 1 , further comprising prior to providing the receiver with funds from the money transfer, comparing the receiver's location with the location identifier from the money transfer identifier to determine if the receiver's location matches the location identified by the location identifier. 
     
     
         3 . The method of generating an item-specific money transfer identifier as in  claim 2 , further comprising:
 in response to the receiver location matching the location identified by the location identifier, providing the funds from the money transfer to the receiver; and   in response to the receiver's location not matching the location identified by the location identifier, denying the funds from the money transfer to the receiver.   
     
     
         4 . The method of generating an item-specific money transfer identifier as in  claim 1 , further comprising receiving, by the money transfer system, from a second sender of a plurality of senders, a money transfer request associated with the money transfer identifier. 
     
     
         5 . The method of generating an item-specific money transfer identifier as in  claim 4 , wherein the money transfer identifier comprises the first funding identifier and a second funding identifier, wherein the second funding identifier comprises the money transfer from the second sender. 
     
     
         6 . The method of generating an item-specific money transfer identifier as in  claim 1 , wherein the securely sending of the money transfer identifier to the receiver comprises sending the money transfer identifier via at least one of near-field communication, text message, e-mail, and telephone call. 
     
     
         7 . A non-transitory computer-readable medium having sets of instructions for generating an item-specific money transfer identifier which, when executed by a computer, cause the computer to:
 receive, by a money transfer system, from a first sender, identification of an item or a substitute for the item for purchase, a geographical location of the item or a substitute for the item, and a money transfer request for an amount of the item or a substitute for the item;   pre-stage, by the money transfer system, a money transfer for the amount of the item or a substitute for the item;   generate, by the money transfer system, an identifier for the money transfer, wherein the identifier comprises at least one of an item identifier identifying the item or a substitute for the item, a location identifier identifying the geographical location, and a first funding identifier;   securely send the identifier to a receiver;   receive, by the money transfer system, from the receiver the identifier; and   in response to receiving the identifier from the receiver, provide the receiver with funds from the money transfer.   
     
     
         8 . The non-transitory computer-readable medium for generating an item-specific money transfer identifier as in  claim 7 , wherein the sets of instruction when further executed by the computer, cause the computer to prior to providing the receiver with funds from the money transfer, compare the receiver's location with the location identifier from the money transfer identifier to determine if the receiver's location matches the location identified by the location identifier. 
     
     
         9 . The non-transitory computer-readable medium for generating an item-specific money transfer identifier as in  claim 8 , wherein the sets of instruction when further executed by the computer, cause the computer to:
 in response to the receiver location matching the location identified by the location identifier, provide the funds from the money transfer to the receiver; and   in response to the receiver's location not matching the location identified by the location identifier, deny the funds from the money transfer to the receiver.   
     
     
         10 . The non-transitory computer-readable medium for generating an item-specific money transfer identifier as in  claim 7 , wherein the sets of instruction when further executed by the computer, cause the computer to receive, by the money transfer system, from a second sender of a plurality of senders, a money transfer request associated with the money transfer identifier. 
     
     
         11 . The non-transitory computer-readable medium for generating an item-specific money transfer identifier as in  claim 10 , wherein the money transfer identifier comprises the first funding identifier and a second funding identifier, wherein the second funding identifier comprises the money transfer from the second sender. 
     
     
         12 . The non-transitory computer-readable medium for generating an item-specific money transfer identifier as in  claim 7 , wherein the securely sending of the money transfer identifier to the receiver comprises sending the money transfer identifier via at least one of near-field communication, text message, e-mail, and telephone call. 
     
     
         13 . A system for generating an item-specific money transfer identifier, the system comprising:
 a storage device having sets of instruction stored thereon; and   a computer processor in communication with the storage device, wherein when the computer processor executes the sets of instructions, the computer processor is caused to:
 receive, by a money transfer system, from a first sender, identification of an item or a substitute for the item for purchase, a geographical location of the item or a substitute for the item, and a money transfer request for an amount of the item or a substitute for the item; 
 pre-stage, by the money transfer system, a money transfer for the amount of the item or a substitute for the item; 
 generate, by the money transfer system, an identifier for the money transfer, wherein the identifier comprises at least one of an item identifier identifying the item or a substitute for the item, a location identifier identifying the geographical location, and a first funding identifier; 
 securely send the identifier to a receiver; 
 receive, by the money transfer system, from the receiver the identifier; and 
 in response to receiving the identifier from the receiver, provide the receiver with funds from the money transfer. 
   
     
     
         14 . The system for generating an item-specific money transfer identifier as in  claim 13 , wherein the sets of instruction when further executed by the computer processor, cause the computer processor to prior to providing the receiver with funds from the money transfer, compare the receiver's location with the location identifier from the money transfer identifier to determine if the receiver's location matches the location identified by the location identifier. 
     
     
         15 . The system for generating an item-specific money transfer identifier as in  claim 14 , wherein the sets of instruction when further executed by the computer processor, cause the computer processor to:
 in response to the receiver location matching the location identified by the location identifier, provide the funds from the money transfer to the receiver; and   in response to the receiver's location not matching the location identified by the location identifier, deny the funds from the money transfer to the receiver.   
     
     
         16 . The system for generating an item-specific money transfer identifier as in  claim 13 , wherein the sets of instruction when further executed by the computer processor, cause the computer processor to receive, by the money transfer system, from a second sender of a plurality of senders, a money transfer request associated with the money transfer identifier. 
     
     
         17 . The system for generating an item-specific money transfer identifier as in  claim 16 , wherein the money transfer identifier comprises the first funding identifier and a second funding identifier, wherein the second funding identifier comprises the money transfer from the second sender. 
     
     
         18 . The system for generating an item-specific money transfer identifier as in  claim 13 , wherein the securely sending of the money transfer identifier to the receiver comprises sending the money transfer identifier via at least one of near-field communication, text message, e-mail, and telephone call.