WO2001046778A2

WO2001046778A2 - Automated receipt for money transfer transactions

Info

Publication number: WO2001046778A2
Application number: PCT/US2000/041584
Authority: WO
Inventors: Earney E. Stoutenburg; Dean A. Seifert
Original assignee: First Data Corporation
Priority date: 1999-11-17
Filing date: 2000-10-25
Publication date: 2001-06-28
Also published as: AU5075501A; WO2001046778A3

Abstract

A method of providing an electronically generated customer receipt for a money transfer transaction includes entering transaction details related to the money transfer transaction into a data base, wherein the transaction details are obtained from a universal form (100) that applies to multiple types of money transfer transactions; and printing a transaction receipt (106) based on the transaction details entered into the data base. The transaction receipt has multiple sections, wherein one section is the customer receipt (112), and wherein the sections are separable from each other.

Description

AUTOMATED RECEIPT FOR MONEY TRANSFER TRANSACTIONS

TECHNICAL FIELD

The invention relates to a method for automatically generating a receipt for a money transfer transaction.

BACKGROUND ART

Money transfer transactions performed with a financial services institution include send transactions and receive transactions. Under a send transaction, a sender sends or "wires" money to a recipient through the financial services institution. Under a receive transaction, the recipient receives money through the financial services institution. Many such transactions are also facilitated by other individuals, businesses, companies or organizations that act as agents of the financial services institution. Both the sender and the recipient may be referred to as customers of the financial services institution and/or agent.

A prior method of providing a receipt to a sender for a send transaction involves the sender completing a portion of a multiple-ply form, such as a two-ply form. An agent or employee of the financial services institution then completes the remainder of the form, and provides one ply or a portion of a ply back to the sender for a receipt. The agent or employee also enters information from the form into a data base to complete the transaction. Under this method, however, the receipt provided to the sender is not necessarily indicative of the information that was entered into the data base. For example, the agent or employee may have improperly entered the information into the data base. Furthermore, each type of money transfer transaction requires a different form. For example, different forms are used for domestic send transactions as compared with international send transactions. Consequently, the cost to produce and manage these forms is significant. For a receive transaction, the recipient may complete a one ply form and provide the form to an agent. The agent then provides a check to the recipient, and the check serves as a receipt for the recipient. Frequently, however, the recipient cashes the check through the agent. As a result, the recipient leaves the agent location without any receipt.

Consequently, a need exists for an improved method of providing a customer receipt for a money transfer transaction.

DISCLOSURE OF INVENTION

The present invention overcomes the shortcomings of the prior art by providing a method for automatically generating a customer receipt for a money transfer transaction, wherein the receipt is an accurate representation of transaction details entered into a data base.

Under the invention, a method of providing an electronically generated customer receipt for a money transfer transaction includes entering transaction details into a data base; and printing a transaction receipt based on the transaction details entered into the data base using a printer in communication with the data base, wherein the transaction receipt includes the customer receipt.

Because the customer receipt is generated based on the transaction details entered into the data base, the customer receipt is an accurate representation of the transaction details as entered into the data base. The customer receipt may also include information provided by the data base in addition to the transaction details that were entered into the data base.

According to a feature of the invention, the transaction receipt may include multiple sections, wherein one of the sections is the customer receipt. Furthermore, the transaction receipt may also include a merchant receipt, a negotiable instrument, a printed message and/or a coupon. According to another feature of the invention, the entering step may comprise entering transaction details obtained from a universal form that applies to multiple types of money transfer transactions. Preferably, the universal form is color coded and/or coded with symbols so as to distinguish between the multiple types of money transfer transactions.

The method may further include storing an electronic receipt template on the database, and the printing step may comprise printing the transaction receipt in accordance with the receipt template. Advantageously, the receipt template may be easily modified as necessary.

These and other objects, features and advantages of the invention are readily apparent from the following detailed description of the best modes for carrying out the invention when taken in conjunction with the accompanying drawings.

BRIEF DESCRIPTION OF DRAWINGS

FIGURE 1 is a schematic diagram of one embodiment of a system for providing an electronically generated customer receipt according to the invention, and the system includes a source of universal forms;

FIGURE 2 is a plan view of an exemplary universal form;

FIGURE 3 is a flow chart illustrating operation of a system or method according to the invention for providing an electronically generated customer receipt for a domestic send money transfer transaction, wherein the customer receipt is one section of a multiple-section, transaction receipt;

FIGURE 4 is a plan view of the transaction receipt; and FIGURE 5 is a flow chart illustrating operation of a system or method according to the invention for providing an electronically generated customer receipt for a receive money transfer transaction.

BEST MODES FOR CARRYING OUT THE INVENTION

Figure 1 shows a system 10 according to the invention for providing an electronically generated record of a money transfer transaction performed through a financial services institution. Such money transfer transactions include, but are not necessarily limited to, send transactions and receive transactions. Such transactions may, for example, occur between people, companies, or a person and a company. Under a send transaction, a sender electronically sends or "wires" money to a recipient through the financial services institution. Under a receive transaction, the recipient receives the money through the financial services institution. These money transfer transactions may also be facilitated by other merchants, such as agents, that may receive a commission for each transaction. Agent, as used herein, refers to a person who assists in one or more money transfer transactions through the financial services institution, but is not a direct employee of the financial services institution. Both the sender and the recipient may also be referred to as customers of the financial services institution and/or agent.

The system 10 includes a source 12 of universal forms 13, and each universal form 13 may be used by a sender or recipient to provide details regarding a particular transaction. Figure 2 shows an exemplary universal form 13 according to the invention. Advantageously, each universal form 13 is configured to accept transaction information or details regarding any type of transaction, such as domestic send transactions, international send transactions, and receive transactions. Preferably, each universal form 13 is also color coded based on transaction type.

For example, all sections of each form 13 that apply to a domestic send transaction, which is a send transaction performed in the United States, are in a first color, and all sections that apply to international send transaction are in a second color different than the first color. Alternatively or supplementally, each universal form 13 may be coded with symbols so as to distinguish between transaction type. Such symbols may include alpha-numeric characters, pictures, and the like. As yet another alternative, in lieu of a universal form 13, two or more types of multi-purpose forms may be provided, wherein each multi-purpose form may be used for one or more types of money transfer transactions.

Returning to Figure 1, the system 10 further includes a data entry and retrieval device, such as an electronic terminal 14, which is in communication with a central data base or host computer 16. The electronic terminal 14 is used to enter transaction details from a particular universal form 13 into the host computer 16, and to retrieve or receive transaction details or other information stored on or otherwise provided by the host computer 16. The electronic terminal 14 also retrieves or receives an electronic receipt template that is stored on the host computer 16. Alternatively, the receipt template may be stored on the electronic terminal 14.

In one embodiment of the system 10, the electronic terminal 14 is a personal computer having a keypad, a central processing unit and a display device such as a monitor. In another embodiment of the system 10, the electronic terminal 14 is an FDX-400^® available from Western Union of Englewood, Colorado. The FDX-400^® has a numeric keypad, one or more function keys and a display device. In yet another embodiment of the system 10, the electronic terminal 14 is a kiosk, such as an automated teller machine.

The electronic terminal 14 also preferably includes a printer 18 for automatically printing a receipt or record of the money transfer transaction. For example, the electronic terminal 14 may be used to print a receipt and/or a negotiable instrument, such as a check or money order. Alternatively, a printer may be provided as a separate component that is in communication with the electronic terminal 14 and the host computer 16.

Figure 3 is a flow chart illustrating operation of a method or system, such as the system 10, for performing a domestic send transaction according to the invention through a financial services institution. At step 100, a sender obtains a universal form 13 from the source 12 of universal forms, which may be located at an agent location. At step 102, the sender then enters transaction details on the universal form 13 in the sections that apply to a domestic send transaction. Transaction details may include sender name and address, recipient name and address, and a desired amount of money to be sent to the recipient. Because the universal form 13 may be used for all types of transactions, form production and management costs are significantly reduced compared with prior methods that require use of a different form for each different type of transaction.

Next, at step 104, the sender provides the completed universal form 13 to an agent, and the agent enters the transaction details into the host computer 16 through the electronic terminal 14. At step 106, the agent uses the electronic terminal 14 to print a multiple-section transaction receipt 20, shown in Figure 4, on a receipt blank. The transaction receipt 20, which provides a record of the domestic send transaction, is printed based on the transaction details stored on the host computer 16, and in accordance with the receipt template stored on the host computer 16. The transaction receipt 20 may also include additional information provided by the host computer 16 that was not entered on the universal form 13 or otherwise entered into the electronic terminal 14. For example, the transaction receipt 20 may include a control code, such as a money transfer control number, for identifying the transaction. Furthermore, the receipt blank, on which the transaction receipt 20 is printed, is preferably provided with a serial number pre-printed on each of the sections for inventory management purposes and/or to aid in a validity assessment of one or more sections of the transaction receipt 20.

Preferably, the transaction receipt 20 is a single sheet, as shown in Figure 4, and includes first, second, third and fourth sections 22, 24, 26 and 28, respectively, that are separable from each other. Furthermore, the receipt blank is preferably provided with perforations 29 to facilitate separation of the sections 22- 28. Alternatively, the transaction receipt 20 may include multiple sheets or plies that are separable from each other, wherein each ply may include one or more sections.

The first section 22 is a blank check, that is automatically voided for any type of send transaction. For example, the receipt blank may be provided with the blank check preprinted thereon, and the printer 18 may be used to void the blank check for send transactions. Alternatively, the printer 18 may be configured to print a check or other negotiable instrument only for a receive transaction, such that the receipt blank may be provided without a blank check preprinted thereon. Under this approach, the printer 18 is preferably configured to print magnetic characters that can be used to identify a particular check or other negotiable instrument.

The second section 24 is a merchant receipt, such as an agent receipt, that indicates such things as the date, sender name, recipient name, the desired amount of money to be sent plus any transaction fees and/or applicable taxes, and expected payout location, which is the location at which the transaction is expected to be paid out to the recipient. The third section 26 is a customer receipt that indicates similar information as the agent receipt, and further indicates any messages provided by the sender, as well as agent locations or other potential payout facilities in the vicinity of the expected payout location. The third section 26 also contains all pertinent terms and conditions of the domestic send transaction. The terms and conditions are preferably printed on the back side of the third section 26. The fourth section 28 may be used for custom messages, coupons or other information, and is provided to the sender. Obviously, the sections 22-28 may be provided in any order. Therefore, as used herein, the terms first section, second section, third section and fourth section do not indicate the order in which the sections 22-28 appear on the transaction receipt 20, but rather the terms are used to distinguish between the various sections 22-28.

Returning to Figure 3, the agent signs the second and third sections 24 and 26 at step 108. At step 110, the sender then signs the second section 24. Next, at step 112, the agent separates the third and fourth sections 26 and 28 from the first and second sections 22 and 24, and gives the third and fourth sections 26 and 28 to the sender. Thus, the sender is provided with a signed receipt that indicates all pertinent terms and conditions of the domestic send transaction. At step 114, the agent stores the first and second sections 22 and 24 and the completed universal form at the agent location. Thus, the agent also retains a signed record of the domestic send transaction. Because the printer 18 is in communication with the electronic terminal 14 and the host computer 16, the transaction receipt 20 may be automatically generated or printed such that transaction details stored on the host computer 16 are displayed on the transaction receipt 20. Thus, the receipts provided to the sender and agent are accurate representations of the transaction details stored on the host computer 16.

Furthermore, because the receipt template is stored on the host computer 16 and/or the electronic terminal 14, the receipt template may be easily modified. For example, the receipt template may be modified so as to print different messages and/or coupons in the fourth section 28. As another example, the receipt template may be modified to accommodate institutional and/or regulatory requirements. As yet another example, the receipt template may be modified to account for changes in foreign exchange rates. Advantageously, modifications to the receipt template typically will not necessitate use of different receipt blanks. Therefore, the method of the invention provides optimum flexibility, while minimizing costs.

Other types of send transactions, such as international send transactions, are performed in a manner similar to that described above. As previously mentioned, the same universal form 13 may be used for any type of transaction, and only the appropriate sections for a particular type of transaction need to be completed. Furthermore, the same type of receipt blanks may be used to print multiple-section transaction receipts for all types of transactions.

Figure 5 is a flow chart illustrating operation of a method or system, such as the system 10, for performing a receive transaction through a financial services institution according to the invention. At step 200, the recipient obtains a receive amount and a control code such as a money transfer control number (MTCN) from the sender, wherein the receive amount is the desired amount of money sent by the sender. The MTCN is used to identify the receive transaction on the host computer 16. Next, at step 202, the recipient enters the receive amount and MTCN in the appropriate sections of a universal form 13, and provides the completed universal form 13 to an agent. The agent then enters the MTCN into the electronic terminal 14 at step 204 to retrieve pertinent transaction details from the host computer 16.

Next, at step 206, the agent uses the electronic terminal 14 to print a multiple-section transaction receipt (not shown),- which is similar to the transaction receipt 20, on a receipt blank. This transaction receipt is also preferably a single sheet and includes first, second, third and fourth sections that are separable from each other. The first section is a negotiable instrument such as a check, which is issued to the recipient for the receive amount. A blank check may be preprinted on the receipt blank, or the entire check may be printed by the printer 18 at the time the transaction receipt is printed. In either case, check details, such as the name of the recipient and the receive amount, are printed at the time the transaction receipt is printed. The second section is an agent receipt that indicates such information as sender name, recipient name, the receive amount and the MTCN. The third section is a recipient receipt that indicates similar information as the second section. The third section also contains all pertinent terms and conditions of the receive transaction, which are preferably printed on the back side of the third section. The fourth section may be used for custom messages, coupons or other information, and is provided to the recipient.

Next, at step 208, the agent signs the second and third sections. At step 210, the recipient then signs the second section 24. Next, at step 212, the agent separates the first, third and fourth sections from the second section, and gives the first, third and fourth sections to the recipient. Thus, the recipient is provided with a signed receipt that indicates all pertinent terms and conditions of the receive transaction, and the receipt is separate from the check. Therefore, even if the recipient cashes the check at the agent location, he will still have a receipt for the transaction. At step 214, the agent stores the second section and the completed universal form at the agent location. Thus, the agent also retains a signed record of the receive transaction. While embodiments of the invention have been illustrated and described, it is not intended that these embodiments illustrate and describe all possible forms of the invention. Rather, the words used in the specification are words of description rather than limitation, and it is understood that various changes may be made without departing from the spirit and scope of the invention.

Claims

WHAT IS CLAIMED IS:

1. A method of providing an electronically generated customer receipt for a money transfer transaction, the method comprising: entering transaction details into a data base; and printing a transaction receipt based on the transaction details entered into the data base using a printer in communication with the data base, wherein the transaction receipt includes the customer receipt.

2. The method of claim 1 wherein the printing step comprises printing the transaction receipt as a single sheet.

3. The method of claim 1 wherein the printing step comprises printing the transaction receipt on a receipt blank having an identifier preprinted thereon.

4. The method of claim 1 wherein the printing step comprises printing the transaction receipt such that the transaction receipt has multiple sections that are separable from each other, wherein one of the sections is the customer receipt.

5. The method of claim 4 wherein the printing step comprises printing the transaction receipt such that another section is a negotiable instrument.

6. The method of claim 4 wherein the printing step comprises printing the transaction receipt such that another section includes a printed message.

7. The method of claim 4 wherein the printing step comprises printing the transaction receipt such that another section includes a coupon.

8. The method of claim 4 wherein the printing step comprises printing the transaction receipt such that another section is a merchant receipt.

9. The method of claim 8 wherein the printing step comprises printing the transaction receipt such that still another section is a negotiable instrument.

10. The method of claim 8 wherein the printing step comprises printing the transaction receipt such that still another section includes a printed message.

11. The method of claim 8 wherein the printing step comprises printing the transaction receipt such that still another section includes a coupon.

12. The method of claim 9 wherein the printing step comprises printing the transaction receipt such that still yet another section includes a printed message.

13. The method of claim 9 wherein the printing step comprises printing the transaction receipt such that still yet another section includes a coupon.

14. The method of claim 1 wherein the entering step comprises entering transaction details obtained from a universal form that applies to multiple types of money transfer transactions.

15. The method of claim 14 wherein the universal form is color coded so as to distinguish between the multiple types of money transfer transactions.

16. The method of claim 14 wherein the universal form is coded with symbols so as to distinguish between the multiple types of money transfer transactions.

17. The method of claim 1 further comprising storing an electronic receipt template on the database, wherein the printing step comprises printing the transaction receipt in accordance with the receipt template.

18. A method of providing an electronically generated customer receipt for a money transfer transaction, the method comprising: storing an electronic receipt template on a data base; providing a single sheet receipt blank having multiple sections that are separable from each other, each section having a serial number pre-printed thereon; entering transaction details related to the money transfer transaction into the data base, wherein the transaction details are obtained from a universal form that applies to multiple types of money transfer transactions; and automatically printing a transaction receipt on the receipt blank based on the transaction details entered into the data base and in accordance with the receipt template, such that one section is the customer receipt, and another section is a merchant receipt.

19. The method of claim 18 wherein the universal form is color coded so as to distinguish between the multiple types of money transfer transactions.

20. The method of claim 18 wherein the universal form is coded with symbols so as to distinguish between the multiple types of money transfer transactions.