SYSTEMS AND METHODS FOR PRE-AUTHORIZED MONEY TRANSFER TRANSACTIONS
Methods and systems which allow one or more money transfer transactions to be implemented in a manner which provides additional certainty to a receiving party are provided. In one embodiment, a money transfer service authorizes a sender to transfer up to a certain amount of money. With this authorization, a money transfer transaction regiment is established, while the money transfer service maintains an accounting of the balance to insure that the balance remains below the pre-determined authorized amount. In another embodiment, a money transfer services utilizes reliability criteria to authorize a sender to transfer money with the money and service charge being collected after the transfer is completed.
1 . A method of implementing money transfer transactions, said method comprising:
compiling, under control of a processing device, information regarding a sender;
determining, under control of the processing device, a total amount of money that is pre-authorized for transfer to a receiver prior to the sender providing payment for a requested money transfer, said determining based at least in part on said compiled information, wherein the compiled information used in said determining comprises information regarding a bank account of the sender;
providing funds, not exceeding the pre-authorized amount, to a receiver;
subsequent to said providing, collecting payment, from the sender, for at least some of the funds sent to the receiver;
maintaining an accounting of provided funds and payment collected; and
providing additional funds to the receiver as long as a balance of the provided funds and the payment collected remains below the pre-authorized total amount of money.
2 . The method of claim 1 wherein said providing of funds and said providing of additional funds is done according to an established regimen that involves periodic money transfers from the sender to the receiver.
3 . The method of claim 2 further comprising:
notifying the sender that an upcoming money transfer in the regimen will not be provided, based on the balance of the provided funds and the payment collected.
4 . The method of claim 1 wherein the compiled information used in said determining comprises information that there is a familial relationship between the sender and the receiver.
5 . The method of claim 1 wherein the compiled information used in said determining comprises a previous transfer history of the sender.
6 . The method of claim 1 wherein the compiled information used in said determining comprises credit ratings.
7 . The method of claim 1 wherein the receiver requests the requested money transfer.
8 . The method of claim 1 wherein said determining comprises using a scoring system to generate a reliability score.
9 . The method of claim 1 wherein the payment collected comprises a service charge.
10 . The method of claim 9 wherein the amount of the service charge depends on timing of payment for a previous money transfer.
11 . A system for implementing money transfer transactions, said system comprising:
a computing device comprising a processor, said computing device configured to:
compile information regarding a sender;
determine a total amount of money that is pre-authorized for transfer to a receiver prior to the sender providing payment for a requested money transfer, said determining based at least in part on said compiled information, wherein the compiled information used in said determining comprises information regarding a bank account of the sender;
maintaining an accounting of funds provided to a receiver and payment collected from the sender to ensure a balance between the funds provided and the payment collected remains below the pre-authorized total amount of money.
12 . The system of claim 11 wherein said sender provides funds to the receiver based on an established regimen that involves periodic money transfers from the sender to the receiver.
13 . The system of claim 12 wherein said computing device is further configured to:
notify the sender that an upcoming money transfer in the regimen will not be provided, based on the balance of the provided funds and the payment collected.
14 . The method of claim 1 wherein the compiled information used in said determining comprises information that there is a familial relationship between the sender and the receiver.
15 . The system of claim 11 wherein the compiled information used in said determining comprises a previous transfer history of the sender.
16 . The system of claim 11 wherein the compiled information used in said determining comprises credit ratings.
17 . The system of claim 11 wherein the receiver requests the requested money transfer.
18 . The system of claim 11 wherein said determining comprises using a scoring system to generate a reliability score.
19 . The system of claim 11 wherein the payment collected comprises a service charge.
20 . The system of claim 19 wherein the amount of the service charge depends on timing of payment for a previous money transfer.