Systems and methods for fund transfers
Turning now to the drawings, systems and methods for transferring funds in accordance with embodiments of the invention are illustrated. In one embodiment, a method for conducting peer-to-peer transfers includes obtaining a cash-out request data using a fund transfer server system, wherein the cash-out request data includes target account data and fund data, the target account data includes metadata identifying a consumer account and specifies an account to which funds will be provided, and the fund data describes the funds to be provided in response to redeeming the cash-out request, generating a cash-out code based on cash-out request data using the fund transfer server system, providing the cash-out code using the fund transfer server system, obtaining cash-out code redemption data using the fund transfer server system, wherein the cash-out code redemption data identifies the provided cash-out code, and transmitting a request to provide the funds described by the fund data.
1. A method for conducting peer-to-peer transfers, comprising:
distributing a cash-out code using a fund transfer server system;
in response to receiving funds, generating an internal account associated with the cash-out code using the fund transfer server system and funding the internal account with the received funds;
receiving a cash-out request from a point of sale terminal, wherein the cash-out request is associated with metadata describing the cash-out code, a target account, and security data, wherein the security data comprises at least one of: a cash-out code creation timestamp, a cash-out code expiration timestamp, and geolocation data;
verifying the cash-out request using the fund transfer server system, wherein the verification is based on the cash-out code and the metadata associated with the cash-out request; and
providing the funds from the internal account to the target account using the fund transfer server system.
2. The method of claim 1 , further comprising generating the internal account associated with the cash-out code in response to receiving the funds from the provider using the fund transfer server system.
3. The method of claim 1 , further comprising verifying the cash-out request by:
obtaining verification data using the fund transfer server system, where the verification data comprises a set of verification factors;
generating a set of scores based on the set of verification factors using the fund transfer server system; and
wherein the verifying the cash-out request is further based on the set of scores.
4. The method of claim 3 , wherein the set of verification factors include at least one of the following: customer profile information, amount of the funds, past activity, and geographic information.
5. The method of claim 1 , wherein the verifying the cash-out request generates a fraud rating, wherein a particular level of scrutiny is applied based on the fraud rating.
6. The method of claim 1 , wherein the verifying the cash-out request receives a fraud rating, wherein a particular level of scrutiny is applied based on the fraud rating.
7. The method of claim 1 , further comprising identifying the target account using the fund transfer server system, wherein the identifying the target account is accomplished by:
querying a generated code database based on the cash-out code;
retrieving metadata associated with the cash-out code from a generated code database; and
comparing the retrieved metadata with the cash-out code redemption data.
8. The method of claim 1 , further comprising obtaining customer profile data from the recipient, wherein the profile information includes at least one of the following: a consumer account identification number, demographic information, location data, and other data regarding the recipient.
9. A method for conducting peer-to-peer transfers, comprising:
generating a cash-in code using a fund transfer server system, wherein the cash-in code is associated with metadata describing consumer profile information, a target account, and security data, wherein the fund transfer server system comprises a processor and a memory connected to the processor, and wherein the security data comprises at least one of: a cash-out code creation timestamp, a cash-out code expiration timestamp, and geolocation data;
distributing the cash-in code using the fund transfer server system;
receiving a cash-in request using a fund transfer server system, wherein the cash-in request is associated with metadata describing the cash-in code and an amount of funds to be transferred;
verifying the cash-in request using the fund transfer server system, wherein the verification is based on the cash-in code and the metadata associated with the cash-in code; and
transmitting a request to provide the funds described in the metadata associated with the cash-in request to the target account using the fund transfer server system.
10. The method of claim 9 , further comprising:
obtaining verification data using the fund transfer server system, wherein the verification data comprises a set of verification factors;
generating a set of scores based on the set of verification factors using the fund transfer server system; and
wherein the verifying the cash-in request is further based on the set of scores.
11. The method of claim 10 , wherein the set of verification factors include at least one of the following: customer profile information, amount of the funds, past activity, and geographic information.
12. The method of claim 9 , further comprising providing the funds described in the metadata associated with the cash-in request to the target account.
13. The method of claim 9 , further comprising transmitting funds described in the metadata associated with the cash-in request to an internal funding account using the fund transfer server system.
14. The method of claim 9 , further comprising receiving the target account in the metadata associated with the cash-in code from a third party using the fund transfer server system.
15. The method of claim 14 , further comprising requesting the target account data from the third party using the fund transfer server system.
16. The method of claim 9 , further comprising generating a cash-out code for the amount of funds described in the metadata associated with the cash-in request using the fund transfer server system.
17. The method of claim 16 , further comprising distributing the cash-out code to a consumer using the fund transfer server system.
18. The method of claim 9 , wherein the verifying the cash-in request generates a fraud rating, wherein a particular level of scrutiny is applied based on the fraud rating.
19. The method of claim 9 , wherein the verifying the cash-in request receives a fraud rating, wherein a particular level of scrutiny is applied based on the fraud rating.
20. A method for conducting peer-to-peer transfers, comprising:
receiving a cash-out request using a fund transfer server system, wherein the cash-out request is associated with metadata describing a cash-out code, wherein the cash-out code is associated with metadata describing funds to be transferred and security data, wherein the fund transfer server system comprises a processor and a memory connected to the processor, and wherein the security data comprises at least one of: a cash-out code creation timestamp, a cash-out code expiration timestamp, and geolocation data;
verifying the cash-out request using the fund transfer server system, wherein the verification is based on the cash-out code and the metadata associated with the cash-out code;
transmitting a request to provide the funds described in the metadata associated with the cash-in request to a consumer using the fund transfer server system.