Customer-directed, automated process for transferring funds between accounts using a holding account and local processing5825003Abstract A system and method for allowing funds to be transferred instantly to an account so that the funds are available to the beneficiary at the time they are sent, based on customer information which can be automatically accessed by the system, rather than needing to be manually entered. Further, the system automatically computes the appropriate exchange rate and any fees to be charged to the account and displays them to the user so that the user may authorize or cancel the transaction. They system also analyzes the parameters of the transfer to assure that the transfer conforms with pertinent government regulations. The system also enables the user to quantify the amount to be transferred in the currency of the originating account or the currency of the receiving account, thereby maximizing the flexibility of the system. The system further is designed so that it can be understood and accessed by individuals having no special expertise in computers, wire transfers and the like. Further, the system is provided with various safeguards to assure that only authorized individuals have access to the accounts and the funds and immediately verifies successful completion or failure to the customer. Claims What is claimed is: Description NOTICE OF COPYRIGHTED MATERIAL IN DISCLOSURE
______________________________________
I'm sorry. I can't transfer money to any other
businesses yet.
For further assistance, please contact a branch or
call XXXXXXXXXXXXXXX
May I help you with something else?
YES NO
EXIT
______________________________________
If the customer wishes to select a listed business, the process continues as shown at Step 216 of FIG. 6 which corresponds to a "Get Recipient Name" sub-routine shown in FIG. 8. In FIG. 8 the CAT displays a screen prompting the customer to input the name of the recipient party. Preferably, the customer uses a graphical alpha-numerical keyboard displayed on the touch screen of the CAT. For example, a screen such as the one shown below is displayed, in which a data element "recip.sub.-- name.sub.-- 25" corresponding to the entered recipient name is obtained by the CAT:
______________________________________
Okay. Please tell me the name of the recipient.
Then touch ENTER.
recip.sub.-- name.sub.-- 25
ENTER SPACE ERASE EXIT
______________________________________
If the customer has entered nothing or merely blank space characters, a screen such as the one shown below is displayed:
______________________________________
I'm sorry. I must have the name of the recipient in
order to make this transfer.
Would you like to try again?
YES NO
EXIT
______________________________________
At this point, the user is given the option of trying again or discontinuing the transaction. If the transaction is discontinued the CAT indicates that the transfer has been cancelled and prompts the user to indicate whether another service is desired. For example a screen such as shown below is displayed:
______________________________________
Okay. I won't make this transfer.
May I help you with something else?
YES NO
EXIT
______________________________________
If the user does enter a name on the first or a subsequent attempt the process resumes with Step 218 shown in FIG. 6. This Step corresponds to a "Get Recipient Account Number" sub-routine which is described in reference to FIG. 9. In FIG. 9, the system consults a table to determine the destination account number format for the country in which the requested recipient is located. For example, several countries may have different possible formats, while others may not specify a particular kind of format. After consulting the table, at Step 502 the CAT determines whether it is necessary to display a required format to the customer so that the customer may proceed with the transaction. If so, the system continues as shown in Step 504; otherwise, the process continues with Step 510. In Step 504, an Information Screen is displayed which shows the precise format for the account number information which is to be requested from the customer. In viewing this screen, the customer is given the option of proceeding with the transaction or terminating the transfer request. If the transfer is terminated by the customer then a confirmation message is displayed to the customer at Step 506, and the customer is given the option of requesting another transaction at Step 508. For example, a screen such as the following may then be displayed:
______________________________________
Okay. I won't make this transfer.
May I help you with something else?
YES NO
EXIT
______________________________________
If a specific format is not required, or the customer indicates at Step 504 that the customer desires to continue, the CAT displays a request for the recipient's account number at Step 510. For example, the CAT may display a screen such as:
______________________________________
Please tell me the account number for recip.sub.-- name.sub.-- 25.
Then touch ENTER.
______________________________________
A graphical keyboard is preferably with the screen described above so that the customer can conveniently input the requested information. The entered information is then retained as data element "recip.sub.-- name.sub.-- 25. " At Step 512, the system verifies that the account number entered by the customer is a valid one. A message, including the account number entered by the customer (that is, data element "dst.sub.-- acct.sub.-- no") is then sent from the CAT to the front end and the remote FEP. This message requests verification and validation for the account number entered by the customer. The CAT then waits for a response to this request at Step 514. Preferably a screen is displayed to the customer indicating that the CAT is "waiting for a response." At Step 516 the CAT checks for a response. Similar to the method described above, the CAT performs this step by checking an Action Code (AC). If the Action Code is equal to any value which is non-zero, the process continues as shown by Connector A. As shown from Connector A in FIG. 9, the system returns a predetermined value for the Action Code (AC). For example, an Action Code equal to 64 indicates that the account entered by the customer is a blocked account. Alternatively, an Action Code equal to 68 indicates an invalid account. In the case of either a blocked or invalid account, a screen is displayed at Step 518 indicating that the system cannot transfer account money to that particular account. For example, a screen such follows is then displayed to the customer:
______________________________________
I'm sorry. I can't transfer to the recipient account
you have given me.
Please contact a branch or call a bank
representative.
May I help you with something else?
YES NO
EXIT
______________________________________
If the Action Code is some other non-zero value, at Step 520 the system provides a standard error message to the customer depending on the particular Action Code that is provided to the CAT. If at Step 516, an Action Code having a zero value is obtained, this indicates that the destination business is available and the user has provided a valid recipient account number. At Step 519, the CAT examines the electronic message provided from the FEP to ensure that a valid currency code is included. The currency code information enables the system to subsequently perform a foreign exchange rate conversion. If it is discovered that no currency code is provided, the session is subsequently terminated at Step 522 after display of an appropriate error screen at Step 521. If a currency code is identified, the system continues with Step 900. This Step is defined as "Get Branch Route Code" and is described on FIG. 16. In FIG. 16 at Step 906, the system determines if the entered account requires a Branch Route Code. When a BRC is required, the customer is asked if they have the BRC at Step 908. For example, a screen such as the following may then be displayed:
______________________________________
To transfer money, I need the route
number of the branch you want to
transfer to.
The route number looks like this:
999-999-99
Do you have the route number?
YES NO
EXIT
______________________________________
At Step 910, if the customer does not have the required BRC, a message is presented that indicates the code is required. This message is followed by the option to request another transaction at Step 926. If the customer does indicate they have the BRC, processing continues at Step 912 by asking for the Branch Route Code. The CAT may display a screen, preferably with a graphical keyboard, such as:
______________________________________
Please tell me the Branch Route Code.
Then touch ENTER
______________________________________
At Step 914, the system verifies that the Branch Route Code entered by the customer is a valid one. A message, including the BRC entered by the customer is then sent from is the CAT to the front end and the remote FEP. This message requests verification and validation for the Branch Route Code entered by the customer. The CAT then waits for a response to this request at Step 916. Preferably a screen is displayed to the customer indicating that the CAT is "waiting for a response." At Step 918 the CAT checks for a response, Similar to the method described above, the CAT performs this step by checking an Action Code (AC). If the Action Code is equal to any value which is non-zero, the process continues as shown by Connector A. As shown from Connector A in FIG. 16, the system returns a predetermined value for the Action Code (AC). For example, an Action Code equal to 121 or 127 indicate an unrecognized BRC. In the case of an unrecognized code, a screen is displayed at Step 922 indicating that the system does not recognize the Branch Route Code. For example, a screen such as follows is then displayed to the customer:
______________________________________
I'm sorry. I do not recognize the Branch Route Code
you have given me.
Please contact a branch or call a bank
representative.
May I help you with something else?
YES NO
EXIT
______________________________________
If the Action Code is some other non-zero value, at Step 924 the system provides a standard error message to the customer depending on the particular Action Code that is provided to the CAT. If at Step 918, an Action Code having a zero value is obtained, this indicates that the user has provided a valid Branch Route Code. At Step 920, the CAT examines the electronic message provided from the FEP to ensure that all required elements are present. If it is discovered that not all required elements were provided, the session will present the options for other transactions at Step 926 after display of an appropriate error screen at Step 928. If all valid elements are present, the system returns to the main process shown in FIG. 6 at Step 220. At Step 220 of FIG. 6, the system displays a request for the customer to indicate the source account for the money to be transferred. The available accounts are displayed based on account information previously obtained from the host in accordance with techniques described, for example, in co-pending application Ser. No. 08/483,710. In this manner, the system automatically obtains the information which would otherwise have to be manually entered. Once this information has been entered, the system performs a "Get Source Account" sub-routine at Step 224. These sub-routines are described with reference to FIG. 10. As shown in FIG. 10, at Step 601, the system determines whether the transaction selected is an Inter-Bank External Transfer. If the transaction is an Inter-Bank ET, then at Step 603 the system sets the transaction currency to the currency of the transaction destination and then continues processing at Step 608. Otherwise, at Step 602 the system determines whether the requested source and destination currencies are the same. If they are the same, the process continues with Step 606. If the source and destination currencies are not the same, for example, if a transfer is being made from an account in a first currency to an account in a second currency, then the process continues with Step 604. At Step 604 the CAT prompts the customer to indicate the type of currency the customer wishes to use to specify the amount to be transferred. For example, if the customer wishes to transfer an amount from an English account (based on pounds) to a French account (based on French francs), the customer can indicate the customer's preference for the currency in which they will specify the amount to be sent. For example, a screen such as the one shown below may be displayed to the customer where the data elements "curr.sub.-- desc1" and "curr.sub.-- desc2" correspond to textual descriptions of the respective currencies used in the source and destination countries:
______________________________________
How would you like to tell me the amount to send?
In curr.sub.-- desc1 to be paid to the recipient.
In curr.sub.-- desc2 to be taken from my account
EXIT
______________________________________
Once the customer has indicated the type of currency to be used or if they are the same, at Step 606 the transaction code is set appropriately to either the common currency or the currency selected by the user at Step 604. The process continues at Step 608 by the CAT requesting the amount for the transaction. For example a screen such as the one shown below is displayed:
______________________________________
Please tell me the amount you want to transfer.
Then touch ENTER. Touch clear to erase.
______________________________________
While not shown above, it is preferred that this screen include a numerical keypad overlay which includes an "Enter" and a "Clear" Key. Preferably this numerical display includes comma and decimal characters which correspond to the common usage for the currency of the transaction. For example, when dealing with Belgian francs, normally decimal points are not used. At Step 610, the CAT interprets the entered amount and translates it to a format which the system can understand. The process then continues with Step 224 of FIG. 6. The main routine shown in FIG. 6 then continues by implementing a "Get Reason and Message" sub-routine as shown in FIG. 11. This sub-routine provides the customer with the option of sending a message along with the transfer. For example at Step 652 a screen such as the one shown below is displayed:
______________________________________
Would you like to send a message with this transfer?
YES NO
EXIT
______________________________________
If the customer indicates that no message is desired, the main routine of FIG. 6 continues with Step 228. Otherwise the process continues by displaying with the CAT a prompt for the customer to enter the message to be sent. For example a screen such as follows is displayed:
______________________________________
Please tell me the message.
Then touch ENTER.
trf.sub.-- msg
ENTER SPACE ERASE EXIT
______________________________________
While not shown above, it is preferred that this display include a graphical keyboard overlay based on the language used in the session. This permits the customer to enter a message which is stored by the CAT as a data element "trf.sub.-- msg." As shown at Step 672 in FIG. 11, this process includes a time-out routine in which a message is displayed to a customer after a predetermined time elapses in which no key has been pressed by the customer. For example, a message is displayed at Step 676 asking a customer whether the customer wishes to try again. If so, the process starts over again at Step 658. If not, the process simply returns to the main routine shown in FIG. 6. Once any desired message has been entered by the customer, the main routine resumes as shown at Step 227 of FIG. 6. This corresponds to a "Get Remitter Name" sub-routine in FIG. 17. In FIG. 17 the CAT displays a screen prompting the customer to input the name of the remitter (sender) party. This process is similar to The Get Recipient Name described herein. Preferably, the customer uses a graphical alpha-numerical keyboard displayed on the touch screen of the CAT. For example, a screen such as the one shown below is displayed, in which a data element "remit.sub.-- name.sub.-- 25" corresponding to the entered remitter name is obtained by the CAT:
______________________________________
Okay. Please tell me the name of the remitter.
Then touch ENTER.
remit.sub.-- name.sub.-- 25
ENTER SPACE ERASE EXIT
______________________________________
If the customer has entered nothing or merely blank space characters, a screen such as the one shown below is displayed:
______________________________________
I'm sorry. I must have the name of the remitter in
order to make this transfer.
Would you 1ike to try again?
YES NO
EXIT
______________________________________
At this point, the user is given the option of trying again or discontinuing the transaction. If the transaction is discontinued the CAT indicates that the transfer has been cancelled and prompts the user to indicate whether another service is desired. For example a screen such as shown below is displayed:
______________________________________
Okay. I won't make this transfer.
May I help you with something else?
YES NO
EXIT
______________________________________
If the user does enter a name on the first or a subsequent attempt the process resumes ash shown at Step 228 of FIG. 6. This corresponds to a "Recap and Confirm FX/Fee" sub-routine described in reference to FIG. 12. As shown in FIG. 12, the system recaps at Step 702 the information which has been entered by the customer. If at this point, the customer indicates that the transaction is no longer desired, at Step 704 the system displays a message as described above that the transfer will not take place and the customer is given the option of performing another transaction at Step 706. If the customer does indicate that the information is correct and that a transfer is desired, at Step 708 the CAT sends a message referred to in the drawings as "Get FX/Fee Information." This message is sent to the host computer through the FEP and the CAT displays a message indicating at Step 710 that it is waiting for a response. The CAT then checks the response obtained from the FEP at Step 712. Again an Action Code (AC) is checked to determine how to proceed. If a non-zero Action Code is returned, the process continues at Step 714 as shown in FIG. 14. This process corresponds to a "Handle Get FX/Fee Errors" sub-routine. As shown in FIG. 14, the process continues depending on the value of the Action Code. For example, an Action Code of 604 corresponds to a transaction amount below a predetermined minimum amount. As a result, at Step 750, the CAT determines whether the source currency is the same as the destination currency. If so, the process continues with Step 758. Otherwise, the process continues with Step 752. This decision ensures that transactions involving transfers are above a predetermined limit. If the source currency and the destination currency differ, the system then determines at Step 752 whether a commission fee is applicable. This depends on the particular host of either the source country or the destination country. If no commission fee is applicable, the process continues with Step 758. If a commission fee is applicable, the process continues with Step 754. If a commission fee is applicable, at Step 754 it is determined whether the transaction amount was input in the source currency or the destination currency. If the transaction is in the destination currency, the process continues with Step 758. Otherwise, the process continues with Steps 756 and 757. For example, if one was in England and requested a transfer of a certain amount of pounds and a fee was associated with this transaction, a screen would be displayed stating that the transaction is below a minimum with the fee. The following screen might be displayed:
______________________________________
I'm sorry. I can't do that.
After deducting a fee of comm.sub.-- fee.sub.-- s,
the remaining amount to be transferred is
src.sub.-- eqv.sub.-- amt.sub.-- s.
The smallest amount I can transfer is
lim.sub.-- amt.sub.-- s.
To arrange your transfer, please contact a bank
representative.
May I help you with something else?
YES NO EXIT
______________________________________
As shown, this message includes several data elements including "comm.sub.-- fee.sub.-- s" corresponding to the format commission fee with currency descriptor based on source currency code; "src.sub.-- eqv.sub.-- amt.sub.-- s" corresponding to a format source equivalent amount with currency descriptor based on source currency code; and "lim.sub.-- amt.sub.-- s" corresponding to a format limit amount with currency descriptor based on a limit currency code. If the source currency was the same as the destination currency, no commission fee was returned from the system, or the transaction amount is in the destination currency, a "Transfer Amount Below Minimum--No Fee" message is displayed as shown in Step 758. This message may take the following form:
______________________________________
I'm sorry. I can't do that.
The smallest amount I can transfer is
lim.sub.-- amt.sub.-- s.
To arrange your transfer, please contact a branch or
call a bank representative.
May I help you with something else?
YES NO
EXIT
______________________________________
As indicated, this screen includes the data elements "lim.sub.-- amt.sub.-- s" described above. In this example, an Action Code of 605 indicates that the transaction amount is above a predetermined maximum amount. This results in a message being displayed at Step 760 indicating that this limit cannot be exceeded. For example, a screen such as follows is displayed by the CAT:
______________________________________
I'm sorry. I can't do that.
The largest amount I can transfer is
lim.sub.-- amt.sub.-- s.
To arrange your transfer, please contact a branch or
a bank representative.
May I help you with something else?
YES NO
EXIT
______________________________________
In this example, an Action Code of 606 indicates that an invalid currency has been entered. As a result, at Step 762 the following message is displayed: "I'm sorry. I can't transfer to the recipient account you have given me." This process according to the invention also provides for additional types of restriction. For example, in international transactions it is possible that a particular government may wish to impose a restriction on transfers of specific currencies. For example, the Greek government may impose a restriction on transfers in Greek Drachmae. In such a case, at Step 764 a transaction involving two different currencies would result in an error message such as described below:
______________________________________
I'm sorry. I can't do that.
This acct.sub.-- desc39 is in a restricted currency.
May I help you with something else?
YES NO
EXIT
______________________________________
This message includes the data element "acct.sub.-- desc39" which corresponds to the account description text based on the source product type selected by the customer, for example, checking account, savings account and so forth. Again the customer is given the option of requesting another transaction with overlaid graphical "Yes," "No," and "Exit" keys. Other Action Codes are handled in a similar manner by consultation of a table corresponding to standard errors as illustrated by Step 766. Resuming the description of FIG. 12 at Step 716, if a zero Action Code is returned by the system, the CAT determines whether a cross-currency transfer has been requested. This involves determining whether the source currency is the same as the destination currency. If they are the same, no cross-currency transfer takes place and the process continues as shown in Step 718. If a cross-currency transfer is being requested the process continues as shown in Step 720. As shown in Step 718, the CAT determines whether a commission fee has been returned by the FEP. If not, the process resumes with the main routine of FIG. 6 at Step 230. If commission fee has been returned, a fee summary for the single currency transaction is displayed at Step 722 and the customer is requested to indicate approval of the transaction. For example the following information is displayed:
______________________________________
I'm ready to transfer
txn.sub.-- amt.sub.-- s
to recip.sub.-- name.sub.-- 25
The fee for this transfer
is comm.sub.-- fee.sub.-- s
The total amount to be deducted from
your acct.sub.-- desc
eqv.sub.-- txn.sub.-- amt.sub.-- s
Shall I go ahead?
YES NO EXIT
______________________________________
As indicated above, this screen displays the information corresponding to several data elements which are configured in the steps described above. For example, the "txn.sub.-- amt.sub.-- s" data element corresponds to the format transaction amount. The currency descriptor for this data element is based on a transaction currency code set earlier in the process. The "recip.sub.-- name.sub.-- 25" data element corresponds to the displayed recipient name entered by the customer. The "comm.sub.-- fee.sub.-- s" data element corresponds to the format commission fee with currency descriptor base don the source currency code which is obtained by the system. "The acct.sub.-- desc" data element corresponds to text describing the customer's account, for example, "checking," "savings," or so forth. The "eqv.sub.-- txn.sub.-- amt.sub.-- s" data element represents the entire amount deducted from the customers source account, including the transfer amount and any applicable fees. If the customer indicates approval for the transaction the proceeds continues as shown in FIG. 6. Otherwise, the CAT indicates that no transfer will be made and the customer is given the option of performing additional transactions as shown in Steps 704 and 706. If a cross-currency transfer has been requested, at Step 720 the ACT examines whether a commission fee has been returned. If not, this indicates that the remitter's host country for the transfer do not charge any fees for a transaction. In this case, at Step 724 the system displays a summary of the transaction in either the destination currency (Step 726) or the source currency (Step 730). The destination currency summary (Step 726) may be displayed as follows:
______________________________________
I'm ready to transfer
txn.sub.-- amt.sub.-- s
to recip.sub.-- name.sub.-- 25
The current exchange rate is
fx.sub.-- mult/fx.sub.-- curr1/fx.sub.-- rate/fx.sub.-- curr2
The total amount to be deducted from
your acct.sub.-- desc6
will be eqv.sub.-- txn.sub.-- amt.sub.-- s
Shall I go ahead?
YES NO
EXIT
______________________________________
As indicated above, this display includes the following data elements:
______________________________________
Data Name Comments
______________________________________
txb.sub.-- amt.sub.-- s
Format Transaction Amount with currency descriptor
based on the Transaction Currency Code.
recip.sub.-- name.sub.-- 25
Displays Recipient Name entered by the customer.
fx.sub.-- mult
If the value of Exchange Cross Rate obtained from the
system (Step 708) is less than 0.1, displays a value for
fx.sub.-- mult of 10, 100, or 1000 such that the value of
exchange Cross Rate times fx.sub.-- mult is between 0.1
and 1.0. Otherwise, displays 1.
fx.sub.-- curr1
If Exchange Format Flag obtained from the system
(Step 708) is 3, displays the descriptor for the
currency of the destination account. If it is 4, displays
the descriptor for the currency of the source account.
fx.sub.-- rate
Displays the value of Exchange Cross Rate obtained
from the system (Step 708) times the value of fx.sub.-- mult
described above. (This results in a value between
"0.10000" to "99,999.00000.")
The exchange rate format is ZZsZZZdZZZZ, where
"s" is the thousand separator and "d" is the decimal
character. Suppresses all decimal values equal to zero
that exceed the number of decimal places supported for
the currency.
For currencies that do not use decimal places, if the
exchange rate is returned as a whole number, the
decimal character is not displayed.
fx.sub.-- curr2
If Exchange Format Flag is 3, displays the descriptor
for the currency of the source account. If it is 4,
displays the descriptor for the currency of the
destination account.
acct.sub.-- des6
Displays account description text.sub.-- a based on the
source Product Type selected.
eqv.sub.-- txn.sub.-- amt.sub.-- s
Format Equivalent Transaction Amount with currency
descriptor based on Equivalent Transaction Currency
Code obtained from the system (at Step 708). This
Equivalent Transaction Amount is displayed in
______________________________________
green.
The display for the source currency summary (Step 730) may be displayed as follows:
______________________________________
I'm ready to transfer
txn.sub.-- amt.sub.-- s from your
src.sub.-- prod9
The current exchange rate is
fx.sub.-- mult/fx.sub.-- curr1/fx.sub.-- rate/fx.sub.-- curr2
The total amount to be paid to
recip.sub.-- name.sub.-- 25 is
dst.sub.-- eqv.sub.-- amt.sub.-- s.
Shall I go ahead?
YES NO EXIT
______________________________________
The data elements for the source currency display includes the following:
______________________________________
Data Name Comments
______________________________________
txn.sub.-- amt.sub.-- s
Format Transaction Amount with currency descriptor
based on the Transaction Currency Code.
src.sub.-- prod9
Displays account description text.sub.-- a based on the
source Product Type selected
fx.sub.-- mult
If the value of Exchange Cross Rate obtained from the
system (Stem 708) is less than 0.1, displays a value for
fx.sub.-- mult of 10, 100, or 1000 such that the value of
Exchange Cross Rate times fx.sub.-- mult is between 0.1
and 1.0. Otherwise, displays 1.
fx.sub.-- curr1
If Exchange Format Flag obtained from the system
(Step 708) is 3, displays the descriptor for the
currency of the destination account. If it is 4, displays
the descriptor for the currency of the source account.
fx.sub.-- rate
Displays the value of Exchange Cross Rate obtained
from the system (Step 708) times the value of fx.sub.-- mult
described above. (This results in a value between
"0.10000" to "99,999.00000.")
The exchange rate format is ZZsZZZdZZZZ, where
"s" is the thousand separator and "d" is the decimal
character. Suppresses all decimal values equal to zero
that exceed the number of decimal places supported for
the currency.
For currencies that do not use decimal places, if the
exchange rate is returned as a whole number, the
decimal character is not displayed.
fx.sub.-- curr2
If Exchange Format Flag is 3, displays the descriptor
for, the currency of the source account. If it is 4,
displays the descriptor for the currency of the
destination account.
recip.sub.-- name.sub.-- 25
Displays Recipient Name entered by the customer.
dst.sub.-- eqv.sub.-- amt.sub.-- s
Format Destination Equivalent Transaction Amount
with currency descriptor based on the destination
Currency Code obtained from the system (Step 708).
______________________________________
Alternatively, if a commission fee is applicable for the transaction, a summary is provided in either the destination currency or the source currency format. For example, the summary for the destination currency with fee (Step 734) may be displayed as follows:
______________________________________
I'm ready to transfer
txn.sub.-- amt.sub.-- s
recip.sub.-- name.sub.-- 25.
At the current exchange rate of
fx.sub.-- mult/fx.sub.-- curr1/fx.sub.-- rate/fx.sub.-- curr2,
this amount is equivalent to src.sub.-- eqv.sub.-- amt.sub.-- s.
The fee is comm.sub.-- fee.sub.-- s.
The total amount to be deducted from your
acct.sub.-- desc6 will be
eqv.sub.-- txn.sub.-- amt.sub.-- s.
Shall I go ahead?
YES NO EXIT
______________________________________
The data elements for the destination currency with fee format (Step 738) are the same as described above, except for the following additional data elements:
______________________________________
Data Name
Comments
______________________________________
src.sub.-- eqv-amt.sub.-- s
Format Source Equivalent Transaction amount with
currency descriptor based on Currency Code of the
source account obtained from the system (Step 708).
comm.sub.-- fee.sub.-- s
Format Commission Fee with currency descriptor based
on Source Currency Code obtained from the system (Step
708).
______________________________________
The source currency with fee summary (Step 733) may be displayed as follows:
______________________________________
I'm ready to transfer
txn.sub.-- amt.sub.-- s from your
src.sub.-- prod9.
After deducting a fee of
comm.sub.-- fee.sub.-- s
the remaining amount to be transferred
is src.sub.-- eqv.sub.-- amt.sub.-- s.
At the current exchange rate of
fx.sub.-- mult/fx.sub.-- curr1/fx.sub.-- rate/fx.sub.-- curr2,
the src.sub.-- eqv.sub.-- amt.sub.-- s is
equivalent to dst.sub.-- eqv.sub.-- amt.sub.-- s.
Shall I go ahead?
YES NO EXIT
______________________________________
The data elements for the source currency are the same as described above except for the following:
______________________________________
Data Name Comments
______________________________________
dst.sub.-- eqv.sub.-- amt.sub.-- s
Format Destination Equivalent Transaction Amount
with currency descriptor based on Currency Code of
the destination account obtained from the system (Step
708).
______________________________________
Once the summer of the transaction has been displayed, and approved by the customer, the process continues with the main routine shown in FIG. 6. If not approved, a message is displayed indicating that the transfer has been cancelled and the customer is provided with the option of performing another transaction (Steps 704, 706). It is noted that the several different options for the summary of the fee amount in either source or destination currency format ensures compliance with various regulatory requirements. Specifically, this approach assists the customer in understanding, for example, the rate, the exchange rate and any applicable fees. At several points, the customer is given the option of terminating the transaction. As shown in FIG. 6 the process resumes at Step 230. In order to provide additional safeguards, the customer is requested to re-enter his or her PIN. This ensures that the same customer who initiated the transaction is still operating the CAT. If the PIN entered by the customer is determined to be correct, then the process continues at Step 232. At Step 232, the CAT sends a message to both the source host and the destination host which implements the transfer. Specifically, once the message has been sent, the CAT checks for the response to this message at Step 234 shown in detail in FIGS. 13-1 and 13-2. As shown in FIGS. 13-1 and 13-2, at Step 802 the CAT displays a message to the customer indicating that it is waiting for a response from the FEP. The response is examined at Step 804. If the response returned from the FEP is an Action Code equal to zero, this indicates that the system approves the transaction before proceeding. At this point, if an Action Code having a zero value is returned the system first verifies that all the required data elements have been returned from the FEP at Step 806. The CAT then determines whether all the data formats are in proper form at Step 808. If either data elements are found to be missing (Step 810) or data formats are found to be incorrect (Step 812) a reversal reason code is set to an appropriate value, and the process continues with Step 850 (FIG. 13-2). If both these conditions are met, the process continues as shown in FIG. 6. As shown in Step 850, a "Send Transfer Authorization Reversal" message is sent to the FEP. This enables the CAT to indicate to the host system that an error has occurred and to cancel the requested transaction. An application error screen is displayed to the customer at Step 852 and the session is terminated (Step 854) with the customer's card being returned to the customer. This enables the CAT to provide an error verification procedure. If at Step 804 (FIG. 13-1) a non-zero Action Code value is provided, various procedures occur depending on the particular value of the Action Code. These correspond to various conditions which prevent the transaction from proceeding as requested by the customer. The following describes, merely by way of example, various error codes which can be detected in a preferred embodiment of the invention. For example, if an Action Code equal to 51 is returned by the FEP, it is required that the customer's PIN be re-entered at Step 814. The response from the FEP is then re-examined at Step 804. An Action Code of 71 in this example means that there are insufficient funds in the source account to cover the transaction. In such a case, the system indicates that there are insufficient funds to cover the transaction. For example, the system displays the requested amount with or without the customer's account balance by first checking the system configuration in this regard at Step 814 and then displaying an appropriate message at either Step 816 or Step 818. In this example, a screen such as the following is displayed if the system is configured to display the customer's account balance (Step 816):
______________________________________
I'm sorry. I can't do that right now.
You have bal.sub.-- s available in your
acct.sub.-- desc9
and you would like to transfer
txn.sub.-- amt.sub.-- s.
May I help you with something else?
YES NO
EXIT
______________________________________
This screen displays the value of a data element "bal.sub.-- s" which corresponds to the available balance of the source account available to the customer. Data elements for the account description text for the account "acct.sub.-- desc9" and for the transaction amount "txn.sub.-- amt.sub.-- s" are also displayed. If the system is configured not to show the customer's account balance, a similar message is displayed at Step 818 without the data elements "bal.sub.-- s." The customer is given the option of requesting another transaction. In this example, an Action Code of 72 means that the customer has exceeded a daily product limit. An appropriate message is displayed to the customer alerting the customer of this situation. Depending on the elements returned in the response message checked at Step 822, this display may either include the current limit, the current limit amount and the limit period (Step 820), or just simply indicate that the limit amount has been exceeded (Step 824). An example of the former case is shown below:
______________________________________
I'm sorry. I can't do that right now.
That would put you over the limit of
lmt.sub.-- amt.sub.-- s per lmt.sub.-- period.sub.-- txt for your
acct.sub.-- desc11.
May I help you with something else?
YES NO
EXIT
______________________________________
As indicated above, such a screen includes the following data elements: a "lmt.sub.-- amt.sub.-- s" data element corresponding to the period of time to which the transfer limit applies (for example, a day, a week, or a month); and a "acct.sub.-- decll" data element which corresponds to text that describes the customer's account. An Action Code equal to 73 indicates that the requested transfer would bring the customer's account below a minimum level. For example, many countries require by law that a minimum balance be maintained in a particular account. This code is used to indicate that the transaction will result in the account falling below this minimal level. An appropriate display is then provided to the customer at Step 826 indicating this error. An Action Code of 130 indicates that the requested transaction would exceed a daily limit. For example, some countries limit the amount of transfers that are permitted in a particular period of time (for example, a day, or a week). Such a condition is indicated in this example at Step 832 by a screen such as the one which follows:
______________________________________
I'm sorry. That would exceed the limit for transfers
to others.
The remaining amount you can
transfer here lim.sub.-- period.sub.-- txt is
lim.sub.-- amt.sub.-- rem.sub.-- s.
To transfer more, or for more information, please go
to a branch.
May I help you with something else?
YES NO
EXIT
______________________________________
In this message, a first data element "lim.sub.-- period-txt" indicates the limit period. For example the following text may be inserted: "today," "this week," or "this month." A second data element indicates the remaining amount that can be transferred without exceeding the pre-established limit. In this example, an Action Code of 134 means that the customer has requested a transfer from a blocked account. A message is then displayed to the customer at Step 830 indicating that the account has been blocked and the customer is given the option of attempting to proceed with another transaction. An Action Code of 137 means that the customer has attempted to effect a transfer to the same account as the source account. In such a case, a message is provided at Step 832 indicating that this transaction cannot proceed and the customer is given the option of requesting another transaction (Step 868). As shown in FIG. 13-2, an Action Code of 651 means that a check of the recipient's name against the Local and U.S. Sanctions lists (countries or individuals with which the banking institution may be prohibited from dealing) was positive. This prevents the customer from proceeding with the requested transfer. An Action Code of 602 means that the balance of the source account at the time the transfer was requested was already below a minimum amount. This prevents the customer from proceeding with the requested transfer. An Action Code of 601 means that the transfer amount is less than the minimum deposit amount for the destination account. An Action Code of 603 means that if the transfer were implemented, the balance of the destination account would be too high. In either case, a message is displayed (Steps 834 or 836 respectively) indicating that the system cannot make the transfer to the destination account. An Action Code of 05 transactions involves to transactions involving Belgium. In Belgium, it is required that a special security device, called a SCM device, be utilized. An Action Code of 05 indicates that a particular type of SCM error has occurred. In such a case, the CAT sets a parameter or code appropriately at Step 838 and then at Step 850 sends an authorization reversal message to the system indicating that an error has been detected. The customer session is then terminated at Step 854. An Action Code of 04 indicates that a communication problem has occurred. This means that a request was sent out and a predetermined time-out period had elapsed without a response coming back from the FEP. In such a case, an authorization reversal message is sent to the FEP at Step 858 an error message is displayed to the customer at Step 864. The session is then terminated (Step 854). An Action Code of 29 is another example of a detected problem related to an SCM device. More specifically, while an Action Code of 05 indicates that there is a problem related to a communication from the CAT to the host, an Action Code of 29 indicates a problem with the response from the host back to the CAT. In the latter case, a message is sent to reverse the transaction at Step 862. Other Action Codes can be handled in a similar manner (Step 866). If a zero Action Code had been detected at Step 804, the process proceeds as shown at Step 236 of FIG. 6. As shown therein, a counter is incremented indicating that one transfer has successfully been completed. At this point, the CAT indicates that the transfer has been made and may optionally indicate the customer's account balances after the transfer (Steps 238, 240, 242). If balances are displayed, a screen such as follows is displayed:
______________________________________
Okay. I just transferred
txn.sub.-- amt.sub.-- s.
From: src.sub.-- prod.sub.-- 3/src.sub.-- acct.sub.-- no
bal.sub.-- txt
src.sub.-- bal1/src.sub.-- bal1.sub.-- txt
src.sub.-- bal2/src.sub.-- bal2.sub.-- txt
To: recip.sub.-- name.sub.-- 25
May I help you with something else?
YES NO
EXIT
______________________________________
In this example, the following data elements are utilized:
______________________________________
Data Name
Comments
______________________________________
txn.sub.-- amt.sub.-- s
Displays Transaction Amount.
src.sub.-- prod3
Displays account description text.sub.-- a based on the source
Product Type selected.
src.sub.-- acct.sub.-- no
Print Source Account Number only when there is more
than one account of the source account Product Type
bal.sub.-- txt
If more than one balance is displayed for the source
account, displays "New balances:". Otherwise, displays
"New balances:".
src.sub.-- bal1
Formats the balance with currency descriptor based on
Currency Code in the Source Account for the Product
Class selected.
src.sub.-- bal1.sub.-- txt
Displays Screen Text based on the Balance Type and
Product Class selected.
src.sub.-- bal2.sub.-- txt
Displays Screen Text based on the Balance Type and
Product Class selected.
src.sub.-- bal2.sub.-- txt
Displays Screen Text based on the Balance Type and
Product Class selected.
recip.sub.-- name-25
Displays Recipient Name entered by the customer.
______________________________________
As shown in FIG. 6, the transfer process is then completed. The customer may then proceed with other transactions (Step 244) in accordance with methods known in the art. If the transaction just completed were an Inter-Bank External Transfer, the funds would now be held in the transfer holding account 34 on FIG. 1. The destination (remote) FEP 30 will now relay the funds to the destination's local clearing system 36, and from there will be deposited into the final destination account in the destination external banking system 38. FIG. 15 illustrates a system 125 for implementing regional transfers in accordance with the process described above. In this example, a CAT 128 in France is connected to a French FEP 130 which in turn is connected to a French host system 132 associated with a French banking institution. In this example, the user of the French CAT 128 can perform regional transfers as described above through a communications network 134. This communications network 134 links the French FEP 130 with several others FEPs in the same region, for example a German FEP 138, a UK FEP 142, a Belgian FEP 146, a Spanish FEP 150, a Greek FEP 154, and a Luxembourg FEP 158 (140, 144, 148, 152, 156, 160). Each of these FEPs is connected to a indicated at 136 in FIG. 15, the communications system also permits access to other regional systems in order to provide limited international transactions as referred to above in FIG. 4. In accordance with the invention, this system enables a customer in France to make transfers to another account with a financial institution running in another country. For example, the French customer might request a regional transfer from a checking account with a French bank associated with French host 132 to a Spanish bank associated with Spanish host 152. The French CAT 128 would then implement the process described above with reference to FIGS. 6 to 14. Specifically, after proceeding through the identification and validation procedure described above, the customer would select a recipient business and provide a recipient name in Spain, and an account number for an account in Spain. In response to the French CAT's request, the communications system 134 would obtain and provide to the French FEP 130 the current exchange rate for exchanging French francs for Spanish pesetas, and any applicable fees. This information would be provided in either francs or pesetas at the customers choosing. Once the customer has viewed the exchange rate and approved the transaction, the customer then requests that the transfer be implemented. At this point, a transfer request message is sent from the French CAT 128 to the French FEP 130. The French 130 then contacts the French host 132 in order to debit the customer's French account. After the French account is debited, the French FEP 130 sends a message to the communications systems which is passed along to the Spanish FEP 150. The Spanish FEP 150 receives this message and provides it to the Spanish host 152. In response, the Spanish host 152 implements the credit to the destination account. In this example, the Spanish host 152 provides a response to the Spanish FEP 150 which is transmitted through the communications system 134 to the FEP 130. The French FEP 130 then sends the response to the French CAT 128. Next, the French CAT 128 checks this response in correspondence with Step 234 of FIG. 6 (described in detail in reference to FIG. 13). The French CAT 128 then displays a final message indicating whether or not the requested transfer has been implemented. Additionally, FIG. 15 illustrates a system 125 for implementing Inter-Bank External Transfers in accordance with the process described above. In this example, a CAT 128 in France is connected to a French FEP 130 which in turn is connected to a French host system 132 associated with a French banking institution. In this example, the user of the French CAT 128 can perform Inter-Bank external transfers as described above through a communications network 134. This communications network 134 links the French FEP 130 with several other FEPs in the same region, for example a German FEP 138, UK FEP 142, a Belgian FEP 146, a Spanish FEP 150, a Greek FEP 154, and a Luxembourg FEP 158 (140, 144, 148, 152, 156, 160). Each of these FEPs is connected to a host system associated with a particular banking institution. Each FEP is also connected to the location's Local Clearing System (139, 143, 147, 151, 155, 159) which is then providing a transfer connection to an External Banking System (141, 145, 149, 153, 157, 161). In accordance with the invention, this system enables a customer in France to make transfers to another account with an external financial institution running in another country. For example, the French customer might request a regional transfer from a checking account with a French bank associated with French host 132 to an external Spanish bank 153 connected with the Spanish Local Clearing System 151. The French CAT 128 would ten implement the process described above with reference to FIGS. 6 to 14. Specifically, after proceeding through the identification and validation procedure described above, the customer would select a recipient business and provide a recipient name in Spain, and an account number for an account in Spain. In response to the French CAT's request, the communications system 134 would obtain and provide to the French francs for Spanish pesetas, and any applicable fees. This information would be provided in the destination currency of pesetas for us in an external transfer. Once the customer has viewed the exchange rate and approved the transaction, the customer then requests that the transfer be implemented. At this point, a transfer request message is sent from the French CAT 128 to the French FEP 130. The French 130 then contacts the French host 132 in order to debit the customer's French account. After the French account is debited, the French FEP 130 sends a message to the communications systems which is passed along to the Spanish FEP 150. The Spanish FEP 150 receives this message and provides it to the Spanish host 152. In response, the Spanish host 152 implements the credit to a transfer holding account. In this example, the Spanish host 152 provides a response to the Spanish FEP 150 which is transmitted through the communications system 134 to the French FEP 130. The French FEP 130 then sends the response to the French CAT 128. Next, the French CAT 128 checks this response in correspondence with Step 234 of FIG. 6 (described in detail in reference to FIG. 13). The French CAT 128 then displays a final message indicating whether or not the requested transfer has been implemented. To complete the Inter-Bank External Transfer, the Spanish FEP 150 communicates the transaction's information about the amount, source account, destination account, and any attached messages to the Spanish Local Clearing System 151. The local clearing system will process the requested transfer of funds between banking systems and post a credit of the transfer amount to the destination account within the Spanish External Banking System 153. Subsequent to this procedure, the communications network is used to automatically perform a settlement procedure between the French host 132 and the Spanish host 152 for the above-described transaction and others which may have occurred. This settlement procedure occurs on a periodic basis, for example, a daily basis, in accordance with techniques known in the art. Similarly, authorized personnel perform an end-of-the-day process 126 to reconcile transactions implemented with the French CAT 128 with the French host 132 through French FEP 130. Accordingly, in this example, the communications network 134 performs various functions. In addition to participating in the aforementioned settlement function, it provides a central communications means for exchanging electronic messages among the various FEPs. It also maintains a database of current exchange rates which are made available to the FEPs. Based on the exchange rate information provided by the communications network, the front end and host systems perform the necessary calculation to inform the customer of the applicable fees and to debit the source account and to credit the destination account. Various preferred embodiments of the invention have been described in fulfillment of the various objects of the invention. It should be recognized that these embodiments are merely illustrative of the principles of the present invention. Numerous modifications and adaptations thereof will be readily apparent to those skilled in the art without departing from the spirit and scope of the present invention. Accordingly, the invention is only limited by the following claims.
|
Same subclass Same class Consider this |
||||||||||