REAL-TIME INDICATION TO REMITTANCE SENDER THAT REMITTANCE TRANSACTION FAILS

REAL-TIME INDICATION TO REMITTANCE SENDER THAT REMITTANCE TRANSACTION FAILS

A method includes receiving, by a payment system a funds transfer request from an acquiring financial institution (FI) which includes an amount, recipient information, and funding account information identifying a funding FI, and transmitting a funds transfer authorization request to the funding FI....

Ausführliche Beschreibung

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Bibliographische Detailangaben
Hauptverfasser: WALLS ROBERT K, GRIST MICHELLE L, RETHORN MICHAEL K
Format: Patent
Sprache:eng
Schlagworte:
CALCULATING
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Beschreibung
Zusammenfassung:A method includes receiving, by a payment system a funds transfer request from an acquiring financial institution (FI) which includes an amount, recipient information, and funding account information identifying a funding FI, and transmitting a funds transfer authorization request to the funding FI. The payment system next receives an authorization response from the funding FI, determines that know your customer (KYC) and anti-money laundering (AML) requirements are satisfied, determines a receiving FI, transmits funds transfer information, and receives, from the receiving FI, confirmation of the validity and availability of a recipient's payment card account for receiving the funds transfer. In addition, the process includes the payment system transmitting a funds transfer in the amount to the recipient's payment card account at the receiving FI.