SYSTEMS AND METHODS FOR DIRECTING A MONEY TRANSFER TO A RECEIVING PARTY ACCOUNT
Systems and methods which facilitate money transfer transactions to a receiving account are provided. Embodiments may provide for interaction between a money transfer service and one or more receiving account entities. Such interaction may be configured to cooperatively utilize transaction details in order to correctly route transferred funds to a receiving account. Embodiments may utilize this cooperation to prevent sensitive information from being widely distributed by parties which participate in a money transfer transaction.
1 . A method for facilitating an electronic money transfer transaction, said method comprising:
receiving transaction details for the money transfer transaction at a processing device, said transaction details provided at least in part by a sending party, wherein the transaction details identify a receiving party, and wherein the transaction details exclude an account number for a destination account corresponding to the receiving party;
compiling, by a processing device, information regarding an account managed by a third party from a third party server, said information corresponding to the destination account of the receiving party of said money transfer transaction;
determining, by a processing device, the destination account corresponding to the receiving party using the compiled third party account information and the received transaction details; and
transferring funds from the sending party to the destination account corresponding to the receiving party.
2 . The method of claim 1 wherein the receiving party account is pre-registered with the money transfer service.
3 . The method of claim 1 wherein said compiling information regarding a third party account is implemented in real time with the initiation of a money transfer transaction.
4 . The method of claim 1 wherein said determining a target account is implemented without the money transfer service receiving an account number for the target account.
5 . The method of claim 1 further comprising receiving an error indicating that a target account cannot be determined.
6 . The method of claim 5 further comprising receiving additional details from a sending party to be utilized to determine the target account.
7 . A method for facilitating a money transfer transaction, said method comprising:
receiving transaction details for the money transfer transaction at a processing device, said transaction details provided at least in part by a sending party, wherein the transaction details identify a receiving party, and wherein the transaction details exclude an account number for a destination account corresponding to the receiving party;
sending one or more received details to a central server, said central server configured to cooperatively process destination information for the money transfer transaction with a third party account server;
receiving confirmation from the central server that a target account for a receiving party has been identified;
collecting funds for the money transfer transaction at the agent device; and
directing the money transfer funds to the identified receiving party account.
8 . The method of claim 7 wherein the receiving party account is pre-registered with a money transfer service facilitating the money transfer transaction.
9 . The method of claim 7 wherein said destination information is processed and determined in real time with the initiation of the money transfer transaction.
10 . The method of claim 7 wherein said destination information is processed without the sending party providing an account number for the destination account.
11 . The method of claim 7 further comprising receiving an error indicating that a destination account cannot be processed, and receiving additional details from a sending party to be utilized to process the destination account.
12 . A computer program product having a non-transitory computer readable medium with code encoded thereon which, when executed causes one or more processing devices to:
receive transaction details for the money transfer transaction at a processing device, said transaction details provided at least in part by a sending party, wherein the transaction details identify a receiving party, and wherein the transaction details exclude an account number for a destination account corresponding to the receiving party;
compile, by a processing device, information regarding an account managed by a third party from a third party server, said information corresponding to the destination account of the receiving party of said money transfer transaction;
determine, by a processing device, the destination account corresponding to the receiving party using the compiled third party account information and the received transaction details; and
transfer funds from the sending party to the destination account corresponding to the receiving party.
13 . The computer program product of claim 12 wherein the receiving party account is pre-registered with the money transfer service.
14 . The computer program product of claim 12 wherein said compiling information regarding a third party account is implemented in real time with the initiation of a money transfer transaction.
15 . The computer program product of claim 12 wherein the one or more processing devices is further configured to receive an error indicating that a target account cannot be determined.
16 . The computer program product of claim 15 wherein the one or more processing devices is further configured to receive additional details from a sending party to be utilized to determine the target account.
17 . An apparatus configured for implementing financial transactions, the apparatus comprising:
an agent computer having at least one processor and memory coupled to the at least one processor, wherein the at least one processor is configured to:
receive transaction details for the money transfer transaction at a processing device, said transaction details provided at least in part by a sending party, wherein the transaction details identify a receiving party, and wherein the transaction details exclude an account number for a destination account corresponding to the receiving party;
send one or more received details to a central server, said central server configured to cooperatively process destination information for the money transfer transaction with a third party account server;
receive confirmation from the central server that a target account for a receiving party has been identified;
collect funds for the money transfer transaction at the agent device; and
direct the money transfer funds to the identified receiving party account.
18 . The apparatus of claim 17 wherein the receiving party account is pre-registered with a money transfer service facilitating the money transfer transaction.
19 . The apparatus of claim 17 wherein said destination information is processed and determined in real time with the initiation of the money transfer transaction.
20 . The apparatus of claim 17 wherein said destination information is processed without the sending party providing an account number for the destination account.
21 . The apparatus of claim 17 wherein the at least one processor is further configured to receive an error indicating that a destination account cannot be processed, and receive additional details from a sending party to be utilized to process the destination account.