System and method for automated debiting and settling of financial transactions
A method and system for automated settlement and on-line debiting of a financial transaction, such as an emergency-cash transaction, is provided. A bank customer enters a foreign-branch bank and indicates a need for emergency cash. The customer is given a telephone by which the customer communicates with an interactive-voice response system in the customer's language. The system bridges the customer with the customer's home bank, which approves the requested emergency cash. A network in communication with the voice response system and with the issuer automatically initiates an on-line debiting of an account of the customer. The network also initiates and carries out settlement between the acquirer and the issuer by way of settlement accounts.
1. A method for automated settlement of a financial transaction, comprising:
receiving an identification of a currency-dispensing entity via an interactive voice response system in connection with a financial transaction comprising an emergency cash transaction for a caller;
receiving an identification of a caller language via the interactive voice response system and thereafter prompting the caller in the identified language;
receiving an identification of the caller and the caller's home bank via the interactive voice response system;
bridging the caller to the caller's home bank by the interactive voice response system;
receiving a request from the caller for the financial transaction by the caller's home bank via the interactive voice response system consisting at least in part of dispensing of a currency by the currency-dispensing entity to the caller;
communicating with the caller by the caller's home bank in the caller's language via the interactive voice response system at least in part to identify a settlement account for the caller;
calculating an amount of the currency approved for dispensing to the caller by the caller's home bank based at least in part on a check of the caller's settlement account balance via the interactive voice response system and a shared central network;
communicating to the currency-dispensing entity via the interactive voice response system the amount of currency approved for dispensing to the caller in a language and currency associated with the currency-dispensing entity; and
automatically initiating a settlement of the financial transaction consisting at least in part of communicating an approval by the currency-dispensing entity of the financial transaction to the caller's home bank via the interactive voice response system and on-line debiting of the caller's settlement account and corresponding credit of a currency-dispensing entity account via the interactive voice response system and the central network.
2. The method of claim 1 , wherein receiving the identification of the caller language further comprises receiving the identification telephonically.
3. The method of claim 2 , wherein receiving the identification of the caller language telephonically comprises receiving the identification as a dual tone multi-frequency signal.
4. The method of claim 3 , wherein communicating with the caller in the caller's language comprises communicating with the caller with an automatic voice.
5. The method of claim 4 , wherein communicating to the currency-dispensing entity the amount of currency approved for dispensing to the caller comprises communicating to the currency-dispensing entity with an automatic voice.
6. The method of claim 5 , further comprising automatically accessing at least one foreign-exchange rate.
7. The method of claim 6 , wherein automatically initiating the settlement of the transaction further comprises communicating with the caller's settlement account.
8. The method of claim 7 , further comprising logging the financial transaction.
9. The method of claim 8 , wherein logging the transaction further comprises logging an identification of an issuer and the identification of the currency-dispensing entity in a database.
10. The method of claim 9 , wherein automatically initiating the settlement of the financial transaction further comprises automatically initiating a movement of funds between the issuer and the currency-dispensing entity.
11. The method of claim 9 , wherein the currency-dispensing entity further comprises an acquirer.
12. The method of claim 1 , wherein automatically initiating the on-line debit of the account of the caller comprises automatic communication with the settlement account of the caller.
13. The method of claim 12 , wherein automatically initiating the on-line debit of the caller's account further comprises communicating with an issuer.
14. The method of claim 13 , wherein the automatically initiating the online debit of the caller's account further comprises forwarding a debit message to the issuer.
15. The method of claim 14 , wherein forwarding the debit message to the issuer further comprises forwarding the debit message to a business unit of the home bank.
16. The method of claim 15 , wherein forwarding the debit message to the business unit of the home bank further comprises forwarding a cash withdrawal message to the business unit of the home bank.
17. The method of claim 1 , wherein automatically initiating an on-line debit of an account of the caller further comprises communicating debiting information from the interactive voice system to the central network.
18. The method of claim 17 , further comprising determining if an issuing front-end system is available.
19. The method of claim 18 , further comprising communicating with the issuing front-end system.
20. The method of claim 19 , further comprising receiving a response from the issuing front-end system.
21. The method of claim 20 , wherein the response is received by the central network.
22. The method of claim 21 , further comprising communicating to the home bank that the home bank should not debit an account of the caller.
23. The method of claim 22 , further comprising transmitting a confirming facsimile to the home bank.
24. The method of claim 22 , further comprising transmitting a confirming facsimile to the currency-dispensing entity.
25. The method of claim 22 , further comprising sending a summary of the financial transaction to the home bank.
26. The method of claim 20 , further comprising logging the transaction.
27. The method of claim 26 , wherein the database is in communication with the central network.
28. The method of claim 1 , further comprising logging the transaction.
29. The method of claim 28 , wherein logging the transaction comprises logging an issuer and an acquirer.
30. The method of claim 29 , wherein automatically initiating a settlement of the financial transaction comprises automatically initiating movement of funds between logged acquirers and issuers.
31. The method of claim 30 , wherein automatically initiating a settlement of the financial transaction further comprises communicating with the settlement account.
32. The method of claim 30 further comprising generating a settlement report.
33. The method of claim 32 , wherein the settlement report comprises the financial transaction separated from other transactions.
34. A system for automated settlement of a financial transaction, comprising:
an interactive voice response system preprogrammed for receiving an identification of a currency-dispensing entity in connection with a financial transaction comprising an emergency cash transaction for a caller, receiving an identification of a caller language and thereafter prompting the caller in the identified language, and receiving an identification of a caller and the caller's home bank;
wherein the interactive voice response system is also preprogrammed for bridging the caller to the caller's home bank, receiving a request for the caller for the financial transaction consisting at least in part of dispensing of a currency by the currency-dispensing entity to the caller, and communicating with the caller in the caller's language at least in part to identify a settlement account for the caller;
a home bank system for calculating an amount of the currency approved for dispensing to the caller based at least in part on a check of the caller's settlement account balance via the interactive voice response system and a shared central network; and
wherein the interactive voice response system is further preprogrammed for communicating to the currency-dispensing entity the amount of currency approved for dispensing to the caller in a language and currency associated with the currency-dispensing entity and automatically initiating a settlement of the financial transaction consisting at least in part of communicating an approval by the currency-dispensing entity of the financial transaction to the caller's home bank and on-line debiting of the caller's settlement account and corresponding credit of a currency-dispensing entity account via a central network.
35. The system of claim 34 , further comprising a telephonic device for receiving the identification of the caller language.
36. The system of claim 35 , wherein the telephonic device further comprises an automatic voice.
37. The system of claim 36 , further comprising means for automatically initiating the on-line debit of the account of the caller.
38. The method of claim 37 , wherein the means for automatically initiating the on-line debit of the caller's account further comprises means for forwarding a debit message to an issuer.
39. The system of claim 38 , wherein the means for automatically initiating the on-line debit of the account of the caller further comprises means for communicating debiting information from the interactive voice response system to the central network.
40. A system for automated settlement of a financial transaction, comprising:
an interactive voice response system comprising scripts in at least two languages and preprogrammed for receiving an identification of a currency-dispensing entity in connection with a financial transaction comprising an emergency cash request for a caller, receiving an identification of a caller language and thereafter prompting the caller in the identified language, receiving an identification of a caller and the caller's home bank, and bridging the caller to the caller's home bank;
wherein the interactive voice response system is also preprogrammed for automatically initiating a settlement of the financial transaction consisting at least in part of communicating an approval by the currency-dispensing entity of the financial transaction to the caller's home bank and for on-line debiting of the caller's settlement account and corresponding credit of a currency-dispensing entity account via a central network in communication with the interactive voice response system;
an issuer maintaining the caller's settlement account in communication with the home bank via the central network;
a foreign acquirer in communication with the home bank via the interactive voice response system; and
a database in communication with the caller's home bank, the issuer, and the foreign acquirer via the central network and storing data related to financial transactions occurring over a pre-defined time period, wherein the central network is preprogrammed to automatically initiate settlement of the emergency cash transaction.
41. The system of claim 40 , wherein the database further comprises issuer data and acquirer data for the emergency cash transaction.
42. A method for automated settlement of a financial transaction, comprising:
receiving information identifying a foreign branch bank, a caller language, and a caller;
bridging the caller to a home bank;
receiving a request for a financial transaction consisting at least in part of dispensing of a currency by a foreign branch bank to the caller;
communicating with the caller in the caller's language;
calculating an amount of the currency approved for dispensing to the caller;
communicating to the foreign branch bank the amount of currency approved for dispensing to the caller in a language associated with the foreign branch bank;
communicating an approval of the financial transaction by the foreign branch bank to the caller's home bank via an interactive voice response system;
receiving an on-line debit message for the financial transaction by a shared central network from the interactive voice response system; and
simultaneously crediting an amount for the financial transaction to a settlement account associated with the foreign branch bank and debiting the amount for the transaction to the settlement account associated with the caller's home bank by the shared central network.