The Western Union Company

First Data Corporation

Michael F Rodin

David Baumgartner

Lynn Holm Blagg

Erik S Crawford

Kevin Harte

Eric Eldred

Karen Larsen

Kenneth Timbers

Terra Geiger

Systems and methods are provided for executing a plurality of money transfers, at least one term of which is dependent on the value of a fluctuating parameter, for example a currency exchange rate or the amount of a transaction service fee. The customer may stage a first money transfer at a money-transfer system and a first value of the fluctuating parameter may be determined by a host processor. The first money transfer may then be executed by the money-transfer system using the first value of the fluctuating parameter and a unique lock-in value identifier may be stored in the host processor's memory that associates the first value of the fluctuating parameter with the customer.

Methods and systems for executing a plurality of money transfers having a fluctuating parameter

A system is described allowing the transfer of funds, for example, from an employer to a third-party intermediary which can distribute the funds via a payroll card to an employee. The system allows a portion of the population such as that which does not use traditional bank accounts to receive funds via a payroll card at a variety of locations without the necessity of visiting the bank location of the employer to cash a check. Other embodiments of the invention allow funds to be distributed from a first party to a second party via an intermediary party.

System for distributing funds

Methods and systems are provided for executing such a bilateral action. A communication is received at a host system. A determination is made that the communication identifies a physical instrument that identifies an account of stored value. A request is transmitted to another host system to debit the account by an amount identified in the communication to support the bilateral action. A confirmation is received from the other host system that the account of stored value has been debited. An approval for the bilateral action is transmitted to an originating communications device.

Systems and method for integrating multiple interaction arrangements

Systems and methods are provided for executing a plurality of money transfers, at least one term of which is dependent on the value of a fluctuating parameter, for example a currency exchange rate or the amount of a transaction service fee. The customer may stage a first money transfer at a money-transfer system and a first value of the fluctuating parameter may be determined by a host processor. The first money transfer may then be executed by the money-transfer system using the first value of the fluctuating parameter and a unique lock-in value identifier may be stored in the host processor's memory that associates the first value of the fluctuating parameter with the customer. When the customer stages a second (and any subsequent) money transfer at the money transfer system, a second value of the fluctuating parameter may be determined by the host processor. The first value of the fluctuating parameter may be retrieved from the host processor's memory using the lock-in value identifier and, in one embodiment, a determination may be made as to whether the first value or second value is more favorable to the customer for executing the second money transfer. The second money transfer may then be executed using the more favorable value of the fluctuating parameter. In one embodiment, the customer may be notified of the savings realized. In some embodiments, the second money transfer may be made using the first value of the fluctuating parameter without making a determination as to whether it is more favorable than the second value. In other embodiments, a unique customer identifier, e.g. a loyalty program ID number, may be used to identify the customer as a repeat customer, and the customer identifier may be used to retrieve the lock-in value identifier. In another embodiment, the customer may be required by the money-transfer service provider to pay a lock-in fee or currency spread, all or a portion of which may be used to offset part of any service fees paid by customer for repeat money transfers. In still another embodiment, the risk associated with using the more favorable value of the fluctuating parameter may be hedged by the service provider.

Growing community of inventors

Greenwood Village, CO, United States of America

Michael F Rodin