Computerized Money Transfer System and Method

Abstract

A computerized money transfer system implements a money transfer service for transferring money from a sending entity to at least one receiving entity. A plurality of agent terminals operable by agents of the money transfer service are interconnected by a communications network. A money transfer control system is connected to the communications network for controlling the implementation of the money transfer service. The money transfer control system includes an agent account data store storing account data for each agent and a transaction data store storing transaction data for transactions by agents implementing money transfers from a sending entity to at least one receiving entity.

What is claimed is: 
     
         1 . A computerized money transfer control system for connection to a plurality of agent terminals over a communications network for controlling the implementation of a money transfer service for transferring money from a sending entity to at least one receiving entity, said agent terminals being interconnected by the communications network and being operable by agents to instigate a money transfer requested by a sending entity to at least one receiving entity, the system comprising:
 an agent account data store storing account data for each agent;   a transaction data store storing transaction data for transactions by agents implementing money transfers from a sending entity to at least one receiving entity;   receiving means for receiving data from a said agent terminal, wherein the input data identifies the sending and receiving entities, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiving entity;   recording means for recording the input data in said transaction data store as a transaction from a sending agent to at least one receiving agent for a sending entity and at least one receiving entity;   account data update means for updating the agent account data in the agent account data store for the sending and receiving agents on the basis of the transaction; and   transaction control means adapted to control the transaction by comparing the transaction to money laundering compliance regulatory data representing money laundering compliance regulations, and to block the transaction if the comparison determines that the transaction contravenes the money laundering compliance regulations.   
     
     
         2 . A computerized money transfer control system according to  claim 1 , wherein the money transfer requested is from a sending currency to a receiving currency,
 said computerized money transfer control system includes an exchange rate data store storing exchange rate data,   said agents account data store stores account data for each agent in a local currency for the agent, and   said computerized money transfer control system includes currency conversion means for using the exchange rate data in said exchange rate data store to convert currency values for transactions to determine an amount in the receiving currency based on an amount in the sending currency, and for storing the amounts as part of the transaction stored in said transaction data store, and   said account data update means is adapted to update the agent account data in the agent account data store for the agents in the local currencies based on the exchange rate data.   
     
     
         3 . A computerized money transfer control system for connection to a plurality of agent terminals over a communications network for controlling the implementation of a money transfer service for transferring money from a sending entity to at least one receiving entity, said agent terminals being interconnected by the communications network and being operable by agents to instigate a money transfer requested by a sending entity to at least one receiving entity, the system comprising:
 an agent account data store storing account data for each agent;   a transaction data store storing transaction data for transactions by agents implementing money transfers from a sending entity to at least one receiving entity;   receiving means for receiving data from a said agent terminal, wherein the input data identifies the sending and receiving entities, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiving entity;   recording means for recording the input data in said transaction data store as a transaction from a sending agent to at least one receiving agent for a sending entity and at least one receiving entity;   account data update means for updating the agent account data in the agent account data store for the sending and receiving agents on the basis of the transaction; and   a transaction monitoring means for monitoring transactions, for sending a request for further information from the sending entity to the agent terminal operated by the sending agent if the transaction fits a predetermined criteria, for receiving the further information from the agent terminal, and for associating the further information with the transaction in the transaction data store.   
     
     
         4 . A computerized money transfer control system according to  claim 3 , including a transaction control means to control the transaction on the basis of a comparison of the returned further information and predetermined criteria, and to block the transaction if the transaction matches predetermined criteria. 
     
     
         5 . A computerized money transfer control system according to  claim 1 , wherein said transaction control means is adapted to transmit a message to the agent terminal operated by the sending agent to inform the sending agent that the money transfer has been blocked. 
     
     
         6 . A computerized money transfer control system according to  claim 1 , including an interface to allow agents operating agent terminals to be registered as a master agent and other agents to be registered as sub agents, wherein said account data update means is adapted to link the account data in the account data store for the sub agents to the master agent. 
     
     
         7 . A computerized money transfer control system according to  claim 1 , wherein said receiving means is adapted to receive input data from an agent terminal identifying a sending entity and a plurality of receiving entities, and said recording means is adapted to store transaction data in the transaction data store as a single sending transaction indexed for the sending entity and as a plurality of receiving transactions indexed for each receiving entity. 
     
     
         8 . A computerized money transfer control system according to  claim 1 , wherein said receiving means is adapted to receive input data from an agent terminal identifying a sending entity, a sending agent, a plurality of receiving entities and a plurality of receiving agents, and said recording means is adapted to store transaction data in the transaction data store as a single sending transaction indexed for the sending agent and as a plurality of receiving transactions indexed for each receiving agent. 
     
     
         9 . A computerized money transfer control system according to  claim 1 , implemented as a web service over an Internet Protocol network, and each said agent terminals implements a web browser application to communicate with said money transfer control system. 
     
     
         10 . A computerized money transfer control system according to  claim 1 , including an administration interface to allow agents to access respective agent account data in said agent account data store and transaction data in said transaction data store. 
     
     
         11 . A computerized money transfer control system according to  claim 1 , including account netting off means for allowing agents to determine a nett off of their accounts in the accounts data store against any other agent. 
     
     
         12 . An agent terminal for use with a central computerized money transfer control system, the agent terminal operated by an agent registered as a master agent with the central computerized money transfer control system, the agent terminal comprising:
 a domain money transfer control system to control the implementation of the money transfer service between agents in a set of agent terminals operated by agents registered as sub agents of the master agent, and to send transaction data to the central computerized money transfer control system for the implementation of the money transfer service between an agent in the set of agents and at least one other agent not in the set of agents and connected to the central computerized money transfer system, wherein said transaction data identifies the sending and receiving entities, the sending agent and at least one receiving agent;   a domain agent account data store storing account data for the set of agents; and   a domain transaction data store storing transaction data for transactions between agents in the set of agents.   
     
     
         13 . A method of controlling the implementation of a money transfer service for transferring money from a sending entity to at least one receiving entity using a computerized money transfer control system connected to a plurality of agent terminals over a communications network, said agent terminals being interconnected by the communications network and being operable by agents to instigate a money transfer requested by a sending entity to at least one receiving entity, the method comprising:
 storing account data for each agent in an agent account data store;   receiving data from a said agent terminal, wherein the data identifies the sending and receiving entities, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiving entity;   recording the input data in a transaction data store as a transaction from a sending agent to at least one receiving agent for a sending entity and at least one receiving entity;   updating the agent account data in the agent account data store for the sending and receiving agents on the basis of the transaction; and   controlling the transaction by comparing the transaction to money laundering compliance regulatory data representing money laundering compliance regulations, and blocking the transaction if the comparison determines that the transaction contravenes the money laundering compliance regulations.   
     
     
         14 . A method according to  claim 13 , wherein
 the money transfer requested is from a sending currency to a receiving currency,   said agents account data store stores account data for each agent in a local currency for the agent, and the method includes   using the exchange rate data in an exchange rate data store to convert currency values for transactions to determine an amount in the receiving currency based on an amount in the sending currency,   storing the amounts as part of the transaction stored in said transaction data store, and   updating the agent account data in the agent account data store for the agents in the local currencies based on the exchange rate data.   
     
     
         15 . A method of controlling the implementation of a money transfer service for transferring money from a sending entity to at least one receiving entity using a computerized money transfer control system connected to a plurality of agent terminals over a communications network, said agent terminals being interconnected by the communications network and being operable by agents to instigate a money transfer requested by a sending entity to at least one receiving entity, the method comprising:
 storing account data for each agent in an agent account data store;   receiving data from said agent terminal, wherein the data identifies the sending and receiving entities, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiving entity;   recording the input data in a transaction data store as a transaction from a sending agent to at least one receiving agent for a sending entity and at least one receiving entity;   updating the agent account data in the agent account data store for the sending and receiving agents on the basis of the transaction; and   monitoring transactions, sending a request for further information from the sending entity to the agent terminal operated by the sending agent if the transaction fits a predetermined criteria, receiving the further information from the agent terminal, and associating the further information with the transaction in the transaction data store.   
     
     
         16 . A method according to  claim 15 , including controlling the transaction on the basis of a comparison of the returned further information and predetermined criteria, and blocking the transaction if the transaction matches predetermined criteria. 
     
     
         17 . A method according to  claim 13 , including transmitting a message to the agent terminal operated by the sending agent to inform the sending agent that the money transfer has been blocked. 
     
     
         18 . A method according to  claim 13 , including controlling the transaction by reference to the transaction and account data in said account data store for the sending agent. 
     
     
         19 . A method according to  claim 13 , including providing an interface to allow agents operating agent terminals to be registered as a master agent and other agents to be registered as sub agents, and linking the account data in the account data store for the sub agents to the master agent. 
     
     
         20 . A method according to  claim 13 , wherein said received input data from an agent terminal identifies a sending entity and a plurality of receiving entities, and the transaction data is stored in the transaction data store as a single sending transaction indexed for the sending entity and as a plurality of receiving transactions indexed for each receiving entity. 
     
     
         21 . A method according to  claim 13 , wherein said received input data from an agent terminal identifies a sending entity, a sending agent, a plurality of receiving entities and a plurality of receiving agents, and the transaction data is stored in the transaction data store as a single sending transaction indexed for the sending agent and as a plurality of receiving transactions indexed for each receiving agent. 
     
     
         22 . A method according to  claim 13 , including providing an interface as a web service over an Internet Protocol network, wherein each said agent terminals implements a web browser application to communicate with said money transfer control system. 
     
     
         23 . A method according to  claim 13 , including providing an administration interface to allow agents to access respective agent account data in said agent account data store and transaction data in said transaction data store. 
     
     
         24 . A method according to  claim 13 , including providing an interface to allow agents to determine a nett off of their accounts in the accounts data store against any other agent. 
     
     
         25 . A method of operating an agent terminal for use with the central computerized money transfer control system, the agent terminal operated by an agent registered as a master agent with the central computerized money transfer control system, the method comprising:
 implementing a domain money transfer control system to control the implementation of the money transfer service between agents in a set of agent terminals operated by agents registered as sub agents of the master agent, and to send transaction data to the central computerized money transfer control system for the implementation of the money transfer service between an agent in the set of agents and another agent not in the set of agents and connected to the central computerized money transfer system, wherein said transaction data identifies the sending and receiving entities, the sending agent and at least one receiving agent;   storing account data for the set of agents; and   storing transaction data for transactions between agents in the set of agents.   
     
     
         26 . A computerized money transfer control system for connection to a plurality of agent terminals over a communications network for controlling the implementation of a money transfer service for transferring money from a sending entity to at least one receiving entity, said agent terminals being interconnected by the communications network and being operable by agents to instigate a money transfer requested by a sending entity to at least one receiving entity, the system comprising:
 an agent account data store storing account data for each agent;   program memory storing processor implementable instructions;   a processor for implementing the instructions stored in the program memory;   wherein the processor implementable instructions comprise instructions for controlling the processor to implement the method of  claim 14 .   
     
     
         27 . A computerized money transfer system implementing a money transfer service for transferring money from a sender to a plurality of receivers, the system comprising:
 a plurality of terminals interconnected by a communications network;   a money transfer control system connected to the communications network for controlling the implementation of the money transfer service, the money transfer control system including a transaction data store storing transaction data for transactions implementing money transfers from a sender to the receivers;   wherein a said terminal is adapted to be responsive to data, input to instigate a money transfer from a sender to at least one receiver, to transmit the input data to the money transfer control system; wherein the input data identifies the sender and receivers; and wherein the money transfer control system is adapted to record the input data in said transaction data store as a transaction from a sender to the plurality of receivers, to apportion the transaction to each said receiver, and to send data identifying the apportionment for respective receivers to at least one terminal to enable the completion of the money transfer to the respective receivers.   
     
     
         28 . A computerized money transfer system according to  claim 27 , wherein said money transfer control system is adapted to store the input data as a single transaction indexed by the sender. 
     
     
         29 . A computerized money transfer system according to  claim 28 , wherein a said terminal is adapted to receive the input data as data representing a single transaction, and said money transfer control system is adapted to store the input data as a plurality of associated transactions associated by the sender and indexed by the receiver. 
     
     
         30 . A computerized money transfer system according to  claim 27 , wherein the senders comprise agents of the money transfer system acting on instruction from sending entities, or the senders comprise sending entities; and the receivers comprise agents of the money transfer system empowered to remit the transferred money to the receiving entities, or the receivers comprise receiving entities. 
     
     
         31 . A computerized money transfer control system for connection to a plurality of terminals over a communications network for controlling the implementation of a money transfer service for transferring money from a sender to a plurality of receivers, said terminals being interconnected by the communications network and being operable to instigate a money transfer from a sender to a plurality of receivers, the system comprising:
 a transaction data store storing transaction data for transactions implementing money transfers from a sender to the receivers;   receiving means for receiving data from a terminal to instigate a money transfer from a sender to a plurality of receivers, wherein the received data identifies the sender and receiver; and   transaction processing means to record the received data in said transaction data store as a transaction from a sender to the plurality of receivers, to apportion the transaction to each said receiver, and to send data identifying the apportionment for respective receiver to at least one terminal to enable the completion of the money transfer to the respective receiver.   
     
     
         32 . A computerized money transfer control system according to  claim 31 , wherein said transaction processing means is adapted to store the input data as a single transaction indexed by the sender. 
     
     
         33 . A computerized money transfer control system according to  claim 32 , wherein said receiving means is adapted to receive the input data as data representing a single transaction, and said transaction processing means is adapted to store the input data as a plurality of associated transactions associated by the sender and indexed by the receiver. 
     
     
         34 . A computerized money transfer control system according to  claim 31 , wherein the senders comprise agents of the money transfer system acting on instruction from sending entities, or the senders comprise sending entities; and the receivers comprise agents of the money transfer system empowered to remit the transferred money to the receiving entities, or the receivers comprise receiving entities. 
     
     
         35 . A method of controlling the implementation of a money transfer service for transferring money from a sender to a plurality of receivers using a computerized money transfer control system connected to a plurality of terminals over a communications network, said terminals being interconnected by the communications network and being operable to instigate a money transfer from a sender to a plurality of receivers, the method comprising:
 receiving data from a terminal to instigate a money transfer from a sender to a plurality of receivers, wherein the received data identifies the sender and receiver;   recording the received data in a transaction data store as a transaction from a sender to the plurality of receivers;   apportioning the transaction to each said receiver; and   sending data identifying the apportionment for respective receiver to at least one terminal to enable the completion of the money transfer to the respective receiver.   
     
     
         36 . A method according to  claim 35 , wherein the input data is stored as a single transaction indexed by the sender. 
     
     
         37 . A method according to  claim 36 , wherein the input data is received as data representing a single transaction, and the input data is stored as a plurality of associated transactions associated by the sender and indexed by the receiver. 
     
     
         38 . A method according to  claim 35 , wherein the senders comprise agents of the money transfer system acting on instruction from sending entities, or the senders comprise sending entities; and the receivers comprise agents of the money transfer system empowered to remit the transferred money to the receiving entities, or the receivers comprise receiving entities. 
     
     
         39 . A computerized money transfer control system for connection to a plurality of terminals over a communications network for controlling the implementation of a money transfer service for transferring money from a sender to a plurality of receivers, said terminals being interconnected by the communications network and being operable to instigate a money transfer from a sender to a plurality of receivers, the system comprising:
 program memory storing processor implementable instructions;   a processor for implementing the instructions stored in the program memory;   wherein the processor implementable instructions comprise instructions for controlling the processor to implement the method of  claim 35 .   
     
     
         40 . A computerized money transfer system implementing a money transfer service for transferring money from a sender to at least one receiver, the system comprising:
 a plurality of agent terminals operable by agents of the money transfer service, said agent terminals being interconnected by a communications network, the agents being registered with a central money transfer control system as parent agents and daughter agents, the parent agents operating a sub money transfer service for a group of daughter agents;   a central money transfer control system connected to the communications network for controlling the implementation of the money transfer service between daughter agents in different groups and between master agents, and including a transaction data store storing transaction data for transactions between daughter agents in different groups and between master agents implementing money transfers from a sender to at least one receiver, and an agent data store containing agent relationships identifying a hierarchy of parent and daughter agents;   wherein at least one agent terminal operable by a parent agent comprises a sub money transfer control system for controlling the implementation of the money transfer service for money transfers between daughter agents in a group; a local transaction data store storing transaction data for transactions between the daughter agents in the group implementing money transfers from a sender to at least one receiver; and an agent data store containing agent relationships identifying a hierarchy of parent and daughter agents;   wherein a said terminal is adapted to be responsive to data, input by a sending agent instigating a money transfer at the request of a sender to at least one receiver and identifying the sender and receiver, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiver, and to transmit the input data:   to the central money transfer control system if a receiving agent identified in the data is not in the same group as the sending agent; wherein the hub money transfer control system is adapted to record the input data in said transaction data store as a transaction from a sending agent to at least one receiving agent for a sender and at least one receiver, and to transmit information on the transaction to the or each agent terminal operated by the or each receiving agent; or   to a said sub money transfer control system if a receiving agent identified in the data is in the same group as the sending agent; wherein the sub money transfer control system is adapted to record the input data in said local transaction data store as a transaction from a sending agent to at least one receiving agent for a sender and at least one receiver, and to transmit information on the transaction to the or each agent terminal operated by the or each receiving agent.   
     
     
         41 . A computerized money transfer system according to  claim 40 , wherein said central money transfer control system includes transaction data synchronization means for synchronizing the transaction data in the transaction data store in the central money transfer control system and the transaction data store in the sub money transfer control system. 
     
     
         42 . A computerized sub money transfer system for use with a computerized central money transfer system for controlling the implementation of the money transfer service between daughter agents in a same group, agents being registered with the computerized central money transfer control system as parent agents and daughter agents, the parent agents operating a sub money transfer service for a group of daughter agents, the computerized sub money transfer system being operated as a master agent, the system comprising:
 a transaction data store storing transaction data for transactions between daughter agents implementing money transfers from a sender to at least one receiver in the same group;   an agent data store containing agent relationships identifying a hierarchy of parent and daughter agents;   receiving means for receiving data, input by a sending daughter agent in the group at a sending terminal instigating a money transfer at the request of a sender to at least one receiver and identifying the sender and receiver, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the or each receiver;   transaction processing means for, if at least one receiving agent is in the group, recording the input data in said transaction data store as a transaction from a sending agent to at least one receiving agent for a daughter sender in the group and at least one receiver, and to send information on the transaction to the or each receiving agent, and for transmitting information on the transaction to the or each agent terminal operated by the or each receiving agent, and for, if the at least one receiving agent is not in the group, sending the received data to the computerized central money transfer system.   
     
     
         43 . A computerized hub money transfer system according to  claim 42 , including transaction data synchronization means for synchronizing the transaction data in the transaction data store in the central money transfer control system and the transaction data store in the sub money transfer control system. 
     
     
         44 . A carrier medium carrying computer readable code for implementation by a computer to carry out the method of  claim 35 .