Method and apparatus for money transfer
View Patent ↗A method of performing a money transfer transaction involves receiving information at an automated kiosk from a user for a money transfer transaction, including a transaction type selection and, responsive to the information from the user received at the kiosk, building a staging record for the transaction. The staging record includes at least a retrieval key to identify the staging record and a transaction type identifier. The method provides to the sender from the kiosk a machine readable staged transaction token with staging information stored thereon, including the retrieval key for use in transaction fulfillment.
1. A method of performing a money transfer send transaction comprising:
receiving send transaction information from a sender at a user terminal, including sender and recipient location information, a proposed send amount, and compliance data;
staging the send transaction including building a staging record for the send transaction, said staging record comprising the send transaction information and the applicable compliance window for the send transaction;
identifying an applicable compliance window for the send transaction based on the sender and recipient location information, proposed send amount, and a set of compliance rules, the set of compliance rules based at least in part on at least one of laws or regulations for money transfer send and receive transactions;
testing the compliance data for consistency with the identified compliance window;
if the compliance data is consistent with the identified compliance window, finalizing the send transaction and preparing a send transaction record; and
if the compliance data is not consistent with the identified compliance window, at least one of rejecting the send transaction or requiring further processing of the send transaction.
2. The method of claim 1 , wherein the identified compliance window comprises one or more compliance data requirements for a range of transaction amounts.
3. The method of claim 1 , wherein further processing of the send transaction comprises modification to the send transaction information.
4. The method of claim 3 , wherein modification to the send transaction information comprises reducing the proposed send amount.
5. The method of claim 3 , wherein modification to the send transaction comprises receiving additional compliance data from the sender based on compliance data requirements of the identified compliance window.
6. The method of claim 1 , wherein further processing of the send transaction comprises identifying a different applicable compliance window and testing the compliance data for consistency with the different compliance window.
7. The method of claim 1 , wherein the compliance rules cover two or more jurisdictions and compliance rules of each jurisdiction have two or more compliance windows for send transactions.
8. The method of claim 1 , wherein the user terminal is a personal computer interface.
9. The method of claim 1 , wherein the user terminal is a kiosk.
10. The method of claim 1 , further comprising providing a staged transaction token to the user, wherein the staged transaction token bears information readable to request retrieval of the staging record to facilitate fulfillment of the send transaction.
11. A system for performing a money transfer send transaction, the system comprising:
a processor configured to communicate with a user terminal;
a program component for receiving send transaction information from a sender at the user terminal, including sender and recipient location information, a proposed send amount, and compliance data;
a program component for staging the send transaction including building a staging record for the send transaction, said staging record comprising the send transaction information and the applicable compliance window for the send transaction;
a program component for identifying an applicable compliance window for the send transaction based on the sender and recipient location information and the proposed send amount, the compliance window based at least in part on one or more jurisdictional requirements for money transfer send and receive transactions;
a program component for testing the compliance data for consistency with the identified compliance window; and
a program component for determining if the compliance data is consistent with the identified compliance window, and if consistent, finalizing the send transaction and preparing a send transaction record, and if not consistent, at least one of rejecting the send transaction or requiring further processing of the send transaction.
12. The system of claim 11 , wherein the identified compliance window comprises one or more compliance data requirements for a range of transaction amounts.
13. The system of claim 11 , wherein further processing of the send transaction comprises modification to the send transaction information.
14. The system of claim 13 , wherein modification to the send transaction information comprises reducing the proposed send amount.
15. The system of claim 13 , wherein modification to the send transaction comprises receiving additional compliance data from the sender based on compliance data requirements of the identified compliance window.
16. The system of claim 11 , wherein further processing of the send transaction comprises identifying a different applicable compliance window and testing the compliance data for consistency with the different compliance window.
17. The system of claim 11 , wherein the user terminal is a personal computer interface.
18. The system of claim 11 , further comprising means for dispensing a staged transaction token, wherein the staged transaction token bears information readable to request retrieval of the staging record to facilitate fulfillment of the send transaction.
19. A non-transitory computer readable medium having a computer program stored thereon for performing a money transfer send transaction, the computer program comprising executable program instructions for:
communicating with a sender via a user terminal;
receiving send transaction information from the sender at the user terminal, including sender and recipient location information, a proposed send amount, and compliance data;
staging the send transaction including building a staging record for the send transaction, said staging record comprising the send transaction information and the applicable compliance window for the send transaction;
identifying an applicable compliance window for the send transaction based on the sender and recipient location information and the proposed send amount, the compliance window based at least in part on one or more jurisdictional requirements for money transfer send and receive transactions;
testing the compliance data for consistency with the identified compliance window;
determining if the compliance data is consistent with the identified compliance window;
if the compliance data is consistent with the identified compliance window, finalizing the send transaction and preparing a send transaction record; and
if the compliance data is not consistent with the identified compliance window, at least one of rejecting the send transaction or requiring further processing of the send transaction.
20. The non-transitory computer readable medium of claim 19 , wherein the method further comprises providing a staged transaction token bearing information readable to request retrieval of the staging record to facilitate fulfillment of the send transaction.