Method and system for transferring funds from an account to an individual

Abstract

Methods and system for transferring funds supports funds transfers from a source account to a cash access file which can be accessed virtually twenty-four hours a day by both customers and non-customers. Cash may be transferred across international borders and dispensed in a currency different than that of the sender's source account and is made available to a recipient virtually as soon as the requested transfer is approved and confirmed by the sender. A subset of payees that is uniquely associated with the sender and includes a payee and a destination account for the payee is presented in a payee list database. Thereafter, a payee list is displayed for the sender at a terminal in response to entry of a request by the sender for a transfer of funds, and upon selection by the sender of a payee from the payee list and entry of a requested transfer amount, the requested amount is transferred e.g. to a branch of the sender's bank located in a different country via the network switch and, for example, thereafter routed to the payee's destination account in a different bank for withdrawal by the payee.

What is claimed is: 
     
         1 . A method comprising:
 upon receiving an input from a first electronic terminal operated by a first user, generating, by a server hosting the first electronic terminal, a unique transaction code, the input comprising an indication of a second user, a transfer amount, an expiration date for the transfer amount, and a passcode;   generating, by the server, a transfer initiation file comprising at least one of the indication of the second user, transfer amount, and expiration date;   upon receiving the unique transaction code and the passcode before the expiration date from a second electronic terminal operated by the second user:
 debiting, by a second server hosting the second electronic terminal using the transfer initiation file, the transfer amount from the first user's account; 
 crediting, by the second server using the transfer initiation file, the transfer amount to the second user's account; 
   upon receiving a request from the second electronic terminal, causing, by the second server, the second electronic terminal to dispense an amount of currency corresponding to the transfer amount received from the first electronic terminal.   
     
     
         2 . The method of  claim 1 , wherein the first user transmits at least one of the unique transaction code or the passcode to the second user. 
     
     
         3 . The method of  claim 1 , wherein the first server displays a prompt onto the first electronic terminal displaying a list of authorized second users. 
     
     
         4 . The method of  claim 1 , wherein the first electronic terminal is an automated teller machine or a computer executing an online banking session. 
     
     
         5 . The method of  claim 1 , further comprising:
 transmitting, by the first server, the transfer initiation file to the second server.   
     
     
         6 . The method of  claim 1 , wherein a single server operates as the first server and the second server. 
     
     
         7 . The method of  claim 1 , wherein crediting the transfer amount to the second user's account comprises routing the transfer amount to the second user's account via a destination location clearing house network. 
     
     
         8 . The method of  claim 1 , wherein crediting the transfer amount to the second user's account comprises routing the transfer amount to the second user's account via a financial messaging system. 
     
     
         9 . The method of  claim 1 , wherein the amount of currency dispensed from the second electronic terminal is in a different currency than the first user's account. 
     
     
         10 . The method of  claim 9 , wherein the first server or the second server apply a currency exchange rate to calculate the amount of currency dispensed. 
     
     
         11 . A computer system comprising:
 a first electronic terminal; and   a first server in communication with the first electronic terminal, the first server configured to:
 upon receiving an input from the first electronic terminal operated by a first user, generate a unique transaction code, the input comprising an indication of a second user, a transfer amount, an expiration date for the transfer amount, and a passcode; 
 generate a transfer initiation file comprising at least one of the indication of the second user, transfer amount, and expiration date; 
 upon receiving the unique transaction code and the passcode before the expiration date from a second electronic terminal operated by a second user, a second server hosting the second electronic terminal is configured to:
 debit, using the transfer initiation file, the transfer amount from the first user's account; 
 credit using the transfer initiation file, the transfer amount to the second user's account; 
 
   upon receiving a request from the second electronic terminal, cause, the second electronic terminal to dispense an amount of currency corresponding to the transfer amount received from the first electronic terminal.   
     
     
         12 . The system of  claim 11 , whereby the first user transmits at least one of the unique transaction code or the passcode to the second user. 
     
     
         13 . The system of  claim 11 , wherein the first server displays a prompt onto the first electronic terminal displaying a list of authorized second users. 
     
     
         14 . The system of  claim 11 , wherein the first electronic terminal is an automated teller machine or a computer executing an online banking session. 
     
     
         15 . The system of  claim 11 , wherein the first server is further configured to:
 transmit the transfer initiation file to the second server.   
     
     
         16 . The system of  claim 11 , wherein a single server operates as the first server and the second server. 
     
     
         17 . The system of  claim 11 , wherein crediting the transfer amount to the second user's account comprises routing the transfer amount to the second user's account via a destination location clearing house network. 
     
     
         18 . The system of  claim 11 , wherein crediting the transfer amount to the second user's account comprises routing the transfer amount to the second user's account via a financial messaging system. 
     
     
         19 . The system of  claim 11 , wherein the amount of currency dispensed from the second electronic terminal is in a different currency than the first user's account. 
     
     
         20 . The system of  claim 19 , wherein the first server or the second server apply a currency exchange rate to calculate the amount of currency dispensed.