WO2003041024A1 - Method and system for remitting money and payment of a bill - Google Patents

Method and system for remitting money and payment of a bill Download PDF

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Publication number
WO2003041024A1
WO2003041024A1 PCT/SG2001/000233 SG0100233W WO03041024A1 WO 2003041024 A1 WO2003041024 A1 WO 2003041024A1 SG 0100233 W SG0100233 W SG 0100233W WO 03041024 A1 WO03041024 A1 WO 03041024A1
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WO
WIPO (PCT)
Prior art keywords
money
user
interface device
instructions
end server
Prior art date
Application number
PCT/SG2001/000233
Other languages
French (fr)
Inventor
Phong Thanh Ly
Paul Armand Infante Monozca
Original Assignee
Parmon Century It (Asia Pacific) Pte Ltd.
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Parmon Century It (Asia Pacific) Pte Ltd. filed Critical Parmon Century It (Asia Pacific) Pte Ltd.
Priority to PCT/SG2001/000233 priority Critical patent/WO2003041024A1/en
Publication of WO2003041024A1 publication Critical patent/WO2003041024A1/en

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Classifications

    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02Banking, e.g. interest calculation or account maintenance
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/04Payment circuits
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/08Payment architectures
    • G06Q20/14Payment architectures specially adapted for billing systems

Definitions

  • the present invention relates to a method of remitting money, and a system for remitting money, including payment of a bill.
  • An object of the present invention is to provide a convenient method for remitting money that attempts to address at least one of the abovementioned problems.
  • a method of remitting money including the steps of: providing at least one interface device for use by at least one user; providing a back-end system; providing a money furnishing means for each user to provide money to a first financial institution; registering one or more payment options for each user; establishing a connection between one of the interface devices and the back-end system; said one interface device receiving an input from one of the users for remittance of money according to one of the user's registered payment options, the input including an amount of money; said one interface device transferring the input to the back-end system; the money furnishing means providing an amount of money to the first financial institution according to the amount of money input by the user; the back-end system interpreting the input according to the user's registered payment options and providing instructions to the first financial institution to transfer the money provided by the money furnishing means to a recipient according to the instructions; and said first financial institution transferring the money to the recipient.
  • the money is transferred to the recipient via a second financial institution along with on-payment instructions to remit money according to the instructions received from the user.
  • the money furnishing means is a bank account.
  • the bank account is with the first financial institution.
  • the money furnishing means is an automatic teller machine.
  • the money furnishing means is a cash deposit means.
  • the amount of money provided to the cash deposit means by said one user forms the input of the amount of money.
  • the payment options are registered with a back-end server of the back-end system.
  • the back-end server provides instructions to a computer of the first financial institution and said computer of the first financial institution transfers the money according to the instructions.
  • the on-payment instructions include instructions for transferring the money into a back account of the recipient.
  • the on-payment instructions include information sufficient for the money to be allocated to a bill.
  • a system for remitting money including: a back-end server configured to register one or more payment options for remittance of money; and at least one interface device for use by at least one user, each interface device including a means for establishing a connection to the back-end server and means for receiving instructions from said one user, the interface device arranged to transfer the received instructions to the back-end server via the connection, a money furnishing means for the user to provide money to a first financial institution, the back-end server including means for transferring the instructions received to the first financial institution, the first financial institution having means for receiving money from the money furnishing means to a recipient according to the instructions and registered payment options.
  • a computer program including: a first program component for execution on a computerised interface device to control the interface device; and a second program component for execution on a back-end server to control the back-end server, the first program component controlling the interface device to undertake steps including: establish a connection to the back-end server for communication with the back-end server; receive instructions from a user; and transfer the instructions to the back-end server, the second program component controlling the back-end server to undertake the following steps: register one or more payment options for each user; accept a connection with one or more interface devices for communication with each interface device; receive the instructions from each interface device; and provide instructions to a money furnishing means to provide money from the user to a first financial institution for remittance of money to a recipient according to each user's registered payment options and the instructions received from each interface device.
  • the second program component includes a step of downloading the first program component to an interface device.
  • the interface device is a handheld computer such as a personal digital assistant.
  • the interface device is a cellular telephone.
  • Further alternative forms of interface device are a computerised kiosk, or an automatic teller machine.
  • the interface device establishes a connection to the back-end server using a wireless connection.
  • the interface device establishes a connection to the back-end server using a computer network.
  • the computer network is a virtual private network established over the Internet.
  • each user's registered payment options are recorded is recorded in a database.
  • the database is stored in a storage means of the back-end server.
  • the interface device receives instructions from said one user by an input means of the interface device.
  • the input means includes at least one of a keypad and/or a touch screen.
  • the first financial institution provides instructions to an intermediate financial institution for forwarding to the other financial institution to remit money to the recipient.
  • the input received by the interface device from the user includes selection of a recipient and the amount of money to be paid.
  • the amount of money to be paid is entered in a first currency.
  • the first currency is converted into a second currency to determine the amount of money required in the second currency to remit money to the recipient in the first currency.
  • the register of payment options includes a list of recipients and details sufficient for money to be paid to each recipient.
  • the back-end server sends a list of recipients to the interface device for the user to select one of the recipients from the list of recipients.
  • the back-end server queries said one user's bank account to see if sufficient funds are available to proceed with the remittance of money.
  • the remittance of money is for the payment of a bill.
  • a transaction receipt number is provided by said one users financial institution to the back-end server.
  • the back-end server provides the transaction receipt number to the user via the interface device.
  • the back-end server sends instructions to the first financial institution in batches.
  • the first financial institution sends instructions to the intermediate financial institution in batches.
  • the intermediate financial institution sends instructions to the recipient's financial institution in batches.
  • the back-end server decides whether to send the instructions to the individual banks or via an intermediate bank according to a decision criteria.
  • Figure 1 is a schematic representation of a system according to the present invention
  • FIG. 2 is an alternative system according to the present invention.
  • Figure 3 is a flow chart showing steps involved in a preferred embodiment of the method of the present invention.
  • Figure 4 is a schematic representation of a method of use of the system of Figures 1 and 2.
  • a system 10 for remittance of money includes a plurality of interface devices 12, a back-end system 14, a first financial institution 15 and a plurality of other financial institutions 16.
  • the interface devices 12 include, for example, a personal digital assistant (PDA) 12 A, a touch screen 12B of an automatic teller machine and a cellular telephone 12C.
  • PDA personal digital assistant
  • Another example is a cash deposit means, such as a remittance kiosk.
  • other computerised interface devices can be used in addition to these examples.
  • the interface devices 12 are configured to establish a connection 20 to a server of the back-end system 14.
  • the back-end server 14 may form part of an interface with a computer of the first financial institution 15.
  • the first financial institution is DBS bank of Singapore.
  • the first financial institution 15 is able to establish another connection 22 to the plurality of other banks 16.
  • Examples of the banks 16 include "RCBC" 16A, "Philippine National Bank” (PNB) 16B of the Philippines and the "Equitable PCI Bank” of the Philippines.
  • the banks 16 provide a facility to pay for bills, such as insurance bills 18 or automobile bills 19, loans and the like. Other types of bills are able to be paid and these examples should not be considered to be limiting.
  • the facility may also include remittance of money to the bank account of any person or organisation regardless of whether it is for payment of a bill.
  • the back-end server 14 is able to from a connection 30 to an intermediate financial institution 24, via the first financial institution 15, which then provides a connection 32 to each of the other banks 16.
  • the system is divided into a first portion 26 and a second portion 28.
  • the first portion 26 may be provided by a service provider of the system 10 of the present invention.
  • the second portion 28 may be provided by existing network infrastructure.
  • a method of conducting the present invention is shown. Initially a user will be required to register with the service provider of the first portion 26. This is conducted by storing information within a database recorded on a storage means of the back-end server 14.
  • the registration information will include details of the user, the user's bank account/s with the first financial institution and of the bill payment options provided by the other financial institution and subscribed to by the user.
  • the bill payment options may be for example, the payment of an insurance company's insurance bill 18 or an automobile loan repayment bill 19. Included in the registry will be the details of the recipients including the other bank's accounts into which payments are to be made.
  • the PIN may be encoded on an identification card.
  • the user When the user wishes to remit money, such as payment of a bill, the user initiates a procedure 40 shown in Figure 3. If a user wishes to use their cellular (cell) phone as an interface device 12 they will need to download a computer program for storage in the cell phone to establish a connection with the back-end server 14 to interact with the rest of the system 10. Likewise if the user wishes to use a PDA they will need to download a computer program to the PDA to establish a connection to the back-end server 14 to interact with the rest of the system 10. Alternatively the user can use a touch screen of an automatic teller machine configured to operate the present invention such as provided by an auto-remittance kiosk (ARK).
  • ARK auto-remittance kiosk
  • the user thus commences the procedure 40 by proceeding to an ARK 42, activating their cell phone 44 (with the relevant software) or activating their PDA 46 (with the relevant software). If the user proceeds to the ARK 42 the user will need to insert the registration card into the ARK as indicated by 48. If the user is using the cell phone 12C a wireless connection is established at 50, likewise if a PDA 12A is used, a wireless connection between the PDA 12A and the back-end system 14 is established at 52. The user then either provides a user ID via the ID card 48 or is required to enter their ID using the keypad or touch screen of their cell phone or PDA, respectively. The user is then also asked for a password so as to confirm the identity of the user at 54. A secure connection is then established between the interface device 12 and the back-end system 14. The back- end system 14 then retrieves details regarding the user's registration from the database.
  • the back-end system 14 then provides the user, via the interface device 12, with a list of payment options based on the users registration details, as indicated by step 56. Once the user selects a payment option, the back-end server 14 provides a list of recipients to the user at 58 for selection. The user then selects the recipient at 60 that they wish to make the bill payment to. The interface device 12 then displays information relating to the recipient at 62.
  • the user is then prompted to enter an amount of the bill to be paid in the currency of the bill at 64.
  • This may, for example, be in Philippine pesos.
  • the daily exchange rate is then checked and the currency of the bill converted to a second currency that corresponds to the currency that the user's bank account with the first financial institution uses, at 66. This may be, for example, Singapore dollars.
  • the user selects an account with their bank to deduct the money from at 68, this may be for example, a cheque account, a savings account or credit account.
  • the user is then prompted to confirm that they wish to proceed with the transaction at 70.
  • the user is prompted to enter an amount of the bill to be paid in the currency of the bill at 64, the daily exchange rate is checked and the currency of the bill is converted to the second currency. The user then deposits cash into the cash deposit means corresponding to the amount required in the second currency to pay for the bill. The user is then prompted to confirm that they wish to proceed with the transaction at 70.
  • the input received from the user in response to prompts thus forms instructions for the user's bank to pay the selected recipient which thus constitutes instructions to pay the bill.
  • a receipt number is provided to the user at 72.
  • the user is then asked if they wish to make another payment at 74. If they do, the process returns to selection of another recipient at 60. Otherwise the interface device 12 logs off from the back-end system at 76.
  • the instructions thus received by the back-end system may then either be provided directly to the first financial institution 15 and then forwarded to the relevant bank 16 via a connection 22, whereupon the other bank pays the bill 18 or 19 according to the instructions received.
  • the first financial institution 15 provides instructions via connection 30 to intermediate bank 24 (for example, in the Philippines), which then in turn passes on the instructions via connection 32 to the relevant other bank 16 which then pays the bill 18 or 19.
  • the users may be able to access a history of bills paid, which is stored in the database at the back-end system 14.
  • the back-end system 14 is able to download the history to the interface device 12 for display to the user.
  • the method of the present invention may include a validation step to check if sufficient funds are available in the user's bank account in order to conduct the bill payment.
  • the step of deducting money from the user's bank account may include deduction of an additional amount as a service charge. This would be credited to the administrators account. If a cash deposit means is used, an extra amount may be required to be deposited as the service charge.
  • Entities other than banks that have a licence to operate funds transfers are intended to be included in the meaning of the term financial institution, such as remittance companies and insurance companies. Therefore money can be directly transferred from, for example, the intermediate bank to an insurance company or a remittance centre without passing through a bank.
  • Payments to the beneficiary bank accounts, via connection 22 or 32, can be conducted by telegraphic transfer from the first financial institution. Likewise, payments from the intermediate financial institution 24 to the beneficiary's bank account can be conducted by the same technique, if the SWIFT bank network or the International Private Leased Circuit (IPLC) are used.
  • the method of transfer is not limited to SWIFT or IPLC. Other methods include use of a Secure Public IP Network or Private Network with appropriate protocols transferring the money.
  • Payments of the bills to the recipients' bank accounts may either be conducted on a demand (real-time) basis or the instructions may be stored (accumulated) and acted upon in bulk, such as at the end of the night.
  • Advantageously payments to the same payee can be accumulated and thus only one transfer to the beneficiary bank is required.
  • the back- end system can then provide an electronic file via the first financial institution to the beneficiary bank listing the break down of payments, including recipient, type of payment and amount etc.
  • the back-end system 14 and/or the first financial institution is/are able to determine and control whether to use an intermediate bank 24 in the transfer process depending on the efficiency and cost incurred in conducting the process in the second portion 28.
  • FIG 4 this representation shows use of the method of the present invention with the system 10 shown in Figures 1 and 2.
  • the back end system 14 thus has a number of options for payment of bills 18/19. Some of the options are dependent on options available to the user, but others may be selected by the back end system 14 depending on the cost benefit of the process concerned.
  • a remittance centre 15 A there is a remittance centre 15 A, a Singapore bank 15B, a Philippines bank 15C and a Singapore insurance company 15D.
  • the back-end system 14 will forward remittance instructions to a remittance centre 15 A.
  • the remittance centre 15A will be acting as the first financial institution. This will be passed to the Philippine bank, which in this case operates as an intermediate financial institution 24A. The remittance instructions can then be followed for payment of bill 18 or 19 or they can be forwarded to the Philippines insurance company, which operates as the second financial institution 16B to process the remittance instructions to pay for the bills 18/19.
  • the back end system 14 can send the remittance instructions to the Singapore bank 15B or a Singapore insurance company 15D. Either of these then operates as the first financial institution.
  • the Singapore bank 15D the money is converted to Philippine pesos and transferred to the Philippine bank which operates as either a second financial institution 16 A, in which case the bills 18 and 19 are paid, or it may operate as an intermediate financial institution 24A, pass payment instructions to insurance company 16B.
  • the insurance company 16B is operating as a second financial institution. It then processes the remittance instructions to pay the bills
  • the Philippines bank 15C If the Philippines bank 15C is provided with the remittance instructions from the back end system 14, it then operates as a first financial institution 15C. It can either directly pay the bills 18/19 or may pass them onto the Philippines insurance company 16B which follows the remittance instructions to pay the bills 18/19.
  • the Philippines insurance company acts as the second financial institution 16B.
  • the present invention has the following advantages: it allows for payments to be made to specific companies and institutions located overseas using a convenient interface device; and the system accounts for conversion of currencies.

Abstract

A system for payment of a bill, includes at least one interface device (12) for use by at least one user and a back-end server (14). The back-end server pre-registers payment options for payment of bills. A connection between one of the interface devices and a back-end server is established. The interface device receives instructions from a user for payment of a bill. The interface device transfers the instructions to the back-end server. The back-end server provides instructions a first financial instruction (15) which transfers money from the user's account with the first financial institution to another financial institution (16) to pay the bill (18 or 19) according to the registered payment options and the instructions received from the user.

Description

Method and System for Remitting Money and Payment of a Bill
Field of the Invention
The present invention relates to a method of remitting money, and a system for remitting money, including payment of a bill.
Background of the Invention
Many banks and financial institutions provide a facility for payment of bills on-line. However these systems are limited to providing the ability to pay bills from only one bank. That is, the bank will not pay bills to another bank. There is a separate system provided for transferring money from one bank account to another, namely a telegraphic transfer.
There is a need for a more convenient mechanism for payment of a bill. This is a particular problem where a person receives a bill from their home country but is working abroad. The problem becomes more difficult where they are paid in one currency, but the bill is in the second currency. There is currently no convenient mechanism for easily paying a bill in a first currency with money in a second currency.
An object of the present invention is to provide a convenient method for remitting money that attempts to address at least one of the abovementioned problems.
Summary of the Present Invention
According to a first aspect of the present invention there is provided a method of remitting money, including the steps of: providing at least one interface device for use by at least one user; providing a back-end system; providing a money furnishing means for each user to provide money to a first financial institution; registering one or more payment options for each user; establishing a connection between one of the interface devices and the back-end system; said one interface device receiving an input from one of the users for remittance of money according to one of the user's registered payment options, the input including an amount of money; said one interface device transferring the input to the back-end system; the money furnishing means providing an amount of money to the first financial institution according to the amount of money input by the user; the back-end system interpreting the input according to the user's registered payment options and providing instructions to the first financial institution to transfer the money provided by the money furnishing means to a recipient according to the instructions; and said first financial institution transferring the money to the recipient.
Preferably the money is transferred to the recipient via a second financial institution along with on-payment instructions to remit money according to the instructions received from the user.
Preferably the money furnishing means is a bank account. Preferably the bank account is with the first financial institution.
Alternatively the money furnishing means is an automatic teller machine. Alternatively the money furnishing means is a cash deposit means. Preferably the amount of money provided to the cash deposit means by said one user forms the input of the amount of money.
Preferably the payment options are registered with a back-end server of the back-end system. Preferably the back-end server provides instructions to a computer of the first financial institution and said computer of the first financial institution transfers the money according to the instructions.
Preferably the on-payment instructions include instructions for transferring the money into a back account of the recipient. Preferably the on-payment instructions include information sufficient for the money to be allocated to a bill.
According to a second aspect of the present invention there is provided a system for remitting money including: a back-end server configured to register one or more payment options for remittance of money; and at least one interface device for use by at least one user, each interface device including a means for establishing a connection to the back-end server and means for receiving instructions from said one user, the interface device arranged to transfer the received instructions to the back-end server via the connection, a money furnishing means for the user to provide money to a first financial institution, the back-end server including means for transferring the instructions received to the first financial institution, the first financial institution having means for receiving money from the money furnishing means to a recipient according to the instructions and registered payment options.
According to a third aspect of the present invention there is provided a computer program including: a first program component for execution on a computerised interface device to control the interface device; and a second program component for execution on a back-end server to control the back-end server, the first program component controlling the interface device to undertake steps including: establish a connection to the back-end server for communication with the back-end server; receive instructions from a user; and transfer the instructions to the back-end server, the second program component controlling the back-end server to undertake the following steps: register one or more payment options for each user; accept a connection with one or more interface devices for communication with each interface device; receive the instructions from each interface device; and provide instructions to a money furnishing means to provide money from the user to a first financial institution for remittance of money to a recipient according to each user's registered payment options and the instructions received from each interface device.
In one embodiment the second program component includes a step of downloading the first program component to an interface device.
Preferably the interface device is a handheld computer such as a personal digital assistant. Alternatively, the interface device is a cellular telephone. Further alternative forms of interface device are a computerised kiosk, or an automatic teller machine.
Preferably the interface device establishes a connection to the back-end server using a wireless connection. Alternatively the interface device establishes a connection to the back-end server using a computer network. Preferably the computer network is a virtual private network established over the Internet.
Preferably each user's registered payment options are recorded is recorded in a database. Preferably the database is stored in a storage means of the back-end server.
Preferably the interface device receives instructions from said one user by an input means of the interface device. The input means includes at least one of a keypad and/or a touch screen.
In one embodiment, the first financial institution provides instructions to an intermediate financial institution for forwarding to the other financial institution to remit money to the recipient.
Preferably the input received by the interface device from the user includes selection of a recipient and the amount of money to be paid. Preferably the amount of money to be paid is entered in a first currency. Preferably the first currency is converted into a second currency to determine the amount of money required in the second currency to remit money to the recipient in the first currency. Preferably the register of payment options includes a list of recipients and details sufficient for money to be paid to each recipient. Preferably the back-end server sends a list of recipients to the interface device for the user to select one of the recipients from the list of recipients.
Preferably the back-end server queries said one user's bank account to see if sufficient funds are available to proceed with the remittance of money. Preferably the remittance of money is for the payment of a bill.
Preferably a transaction receipt number is provided by said one users financial institution to the back-end server. Preferably the back-end server provides the transaction receipt number to the user via the interface device.
Preferably the back-end server sends instructions to the first financial institution in batches. Preferably the first financial institution sends instructions to the intermediate financial institution in batches. Preferably the intermediate financial institution sends instructions to the recipient's financial institution in batches.
Preferably the back-end server decides whether to send the instructions to the individual banks or via an intermediate bank according to a decision criteria.
Detailed Description of the Invention
In order to provide a better understanding of the present invention, a preferred embodiment will now be described in greater detail, by way of example only, with reference to the accompanying drawings, in which: Figure 1 is a schematic representation of a system according to the present invention;
Figure 2 is an alternative system according to the present invention;
Figure 3 is a flow chart showing steps involved in a preferred embodiment of the method of the present invention; and
Figure 4 is a schematic representation of a method of use of the system of Figures 1 and 2.
Referring to Figure 1, there is shown a system 10 for remittance of money. This system 10 includes a plurality of interface devices 12, a back-end system 14, a first financial institution 15 and a plurality of other financial institutions 16. The interface devices 12 include, for example, a personal digital assistant (PDA) 12 A, a touch screen 12B of an automatic teller machine and a cellular telephone 12C. Another example is a cash deposit means, such as a remittance kiosk. It will be appreciate that other computerised interface devices can be used in addition to these examples.
The interface devices 12 are configured to establish a connection 20 to a server of the back-end system 14. The back-end server 14 may form part of an interface with a computer of the first financial institution 15. In this example the first financial institution is DBS bank of Singapore. The first financial institution 15 is able to establish another connection 22 to the plurality of other banks 16. Examples of the banks 16 include "RCBC" 16A, "Philippine National Bank" (PNB) 16B of the Philippines and the "Equitable PCI Bank" of the Philippines. The banks 16 provide a facility to pay for bills, such as insurance bills 18 or automobile bills 19, loans and the like. Other types of bills are able to be paid and these examples should not be considered to be limiting. The facility may also include remittance of money to the bank account of any person or organisation regardless of whether it is for payment of a bill.
Referring to Figure 2, the back-end server 14 is able to from a connection 30 to an intermediate financial institution 24, via the first financial institution 15, which then provides a connection 32 to each of the other banks 16. In Figures 1 and 2 the system is divided into a first portion 26 and a second portion 28. The first portion 26 may be provided by a service provider of the system 10 of the present invention. The second portion 28 may be provided by existing network infrastructure.
Referring to Figure 3, a method of conducting the present invention is shown. Initially a user will be required to register with the service provider of the first portion 26. This is conducted by storing information within a database recorded on a storage means of the back-end server 14. The registration information will include details of the user, the user's bank account/s with the first financial institution and of the bill payment options provided by the other financial institution and subscribed to by the user. The bill payment options may be for example, the payment of an insurance company's insurance bill 18 or an automobile loan repayment bill 19. Included in the registry will be the details of the recipients including the other bank's accounts into which payments are to be made. Registration results in the user being provided with a personal identification number (PIN) and a password. The PIN may be encoded on an identification card.
When the user wishes to remit money, such as payment of a bill, the user initiates a procedure 40 shown in Figure 3. If a user wishes to use their cellular (cell) phone as an interface device 12 they will need to download a computer program for storage in the cell phone to establish a connection with the back-end server 14 to interact with the rest of the system 10. Likewise if the user wishes to use a PDA they will need to download a computer program to the PDA to establish a connection to the back-end server 14 to interact with the rest of the system 10. Alternatively the user can use a touch screen of an automatic teller machine configured to operate the present invention such as provided by an auto-remittance kiosk (ARK).
The user thus commences the procedure 40 by proceeding to an ARK 42, activating their cell phone 44 (with the relevant software) or activating their PDA 46 (with the relevant software). If the user proceeds to the ARK 42 the user will need to insert the registration card into the ARK as indicated by 48. If the user is using the cell phone 12C a wireless connection is established at 50, likewise if a PDA 12A is used, a wireless connection between the PDA 12A and the back-end system 14 is established at 52. The user then either provides a user ID via the ID card 48 or is required to enter their ID using the keypad or touch screen of their cell phone or PDA, respectively. The user is then also asked for a password so as to confirm the identity of the user at 54. A secure connection is then established between the interface device 12 and the back-end system 14. The back- end system 14 then retrieves details regarding the user's registration from the database.
The back-end system 14 then provides the user, via the interface device 12, with a list of payment options based on the users registration details, as indicated by step 56. Once the user selects a payment option, the back-end server 14 provides a list of recipients to the user at 58 for selection. The user then selects the recipient at 60 that they wish to make the bill payment to. The interface device 12 then displays information relating to the recipient at 62.
If the user is using an automatic teller machine, a cell phone or a PDA, the user is then prompted to enter an amount of the bill to be paid in the currency of the bill at 64. This may, for example, be in Philippine pesos. The daily exchange rate is then checked and the currency of the bill converted to a second currency that corresponds to the currency that the user's bank account with the first financial institution uses, at 66. This may be, for example, Singapore dollars. The user then selects an account with their bank to deduct the money from at 68, this may be for example, a cheque account, a savings account or credit account. The user is then prompted to confirm that they wish to proceed with the transaction at 70.
If the user is using a cash deposit means, such as a remittance kiosk, the user is prompted to enter an amount of the bill to be paid in the currency of the bill at 64, the daily exchange rate is checked and the currency of the bill is converted to the second currency. The user then deposits cash into the cash deposit means corresponding to the amount required in the second currency to pay for the bill. The user is then prompted to confirm that they wish to proceed with the transaction at 70. The input received from the user in response to prompts thus forms instructions for the user's bank to pay the selected recipient which thus constitutes instructions to pay the bill. Once the coirfirmation is received a receipt number is provided to the user at 72. The user is then asked if they wish to make another payment at 74. If they do, the process returns to selection of another recipient at 60. Otherwise the interface device 12 logs off from the back-end system at 76.
The instructions thus received by the back-end system may then either be provided directly to the first financial institution 15 and then forwarded to the relevant bank 16 via a connection 22, whereupon the other bank pays the bill 18 or 19 according to the instructions received. Alternatively the first financial institution 15 provides instructions via connection 30 to intermediate bank 24 (for example, in the Philippines), which then in turn passes on the instructions via connection 32 to the relevant other bank 16 which then pays the bill 18 or 19.
As an added facility the users may be able to access a history of bills paid, which is stored in the database at the back-end system 14. The back-end system 14 is able to download the history to the interface device 12 for display to the user.
The method of the present invention may include a validation step to check if sufficient funds are available in the user's bank account in order to conduct the bill payment. The step of deducting money from the user's bank account may include deduction of an additional amount as a service charge. This would be credited to the administrators account. If a cash deposit means is used, an extra amount may be required to be deposited as the service charge.
Entities other than banks that have a licence to operate funds transfers are intended to be included in the meaning of the term financial institution, such as remittance companies and insurance companies. Therefore money can be directly transferred from, for example, the intermediate bank to an insurance company or a remittance centre without passing through a bank.
Payments to the beneficiary bank accounts, via connection 22 or 32, can be conducted by telegraphic transfer from the first financial institution. Likewise, payments from the intermediate financial institution 24 to the beneficiary's bank account can be conducted by the same technique, if the SWIFT bank network or the International Private Leased Circuit (IPLC) are used. The method of transfer is not limited to SWIFT or IPLC. Other methods include use of a Secure Public IP Network or Private Network with appropriate protocols transferring the money.
Payments of the bills to the recipients' bank accounts may either be conducted on a demand (real-time) basis or the instructions may be stored (accumulated) and acted upon in bulk, such as at the end of the night. Advantageously payments to the same payee can be accumulated and thus only one transfer to the beneficiary bank is required. The back- end system can then provide an electronic file via the first financial institution to the beneficiary bank listing the break down of payments, including recipient, type of payment and amount etc.
The back-end system 14 and/or the first financial institution is/are able to determine and control whether to use an intermediate bank 24 in the transfer process depending on the efficiency and cost incurred in conducting the process in the second portion 28.
Referring to Figure 4, this representation shows use of the method of the present invention with the system 10 shown in Figures 1 and 2. Here the user has undertaken the process as described in relation to Figure 3. The back end system 14 thus has a number of options for payment of bills 18/19. Some of the options are dependent on options available to the user, but others may be selected by the back end system 14 depending on the cost benefit of the process concerned. In Figure 4 there is a remittance centre 15 A, a Singapore bank 15B, a Philippines bank 15C and a Singapore insurance company 15D. There is also a Philippine insurance company 24B. Where the user uses a remittance kiosk the back-end system 14 will forward remittance instructions to a remittance centre 15 A. Thus the remittance centre 15A will be acting as the first financial institution. This will be passed to the Philippine bank, which in this case operates as an intermediate financial institution 24A. The remittance instructions can then be followed for payment of bill 18 or 19 or they can be forwarded to the Philippines insurance company, which operates as the second financial institution 16B to process the remittance instructions to pay for the bills 18/19.
If the user is using a cell phone or PDA, the back end system 14 can send the remittance instructions to the Singapore bank 15B or a Singapore insurance company 15D. Either of these then operates as the first financial institution. In the case of the Singapore bank 15D the money is converted to Philippine pesos and transferred to the Philippine bank which operates as either a second financial institution 16 A, in which case the bills 18 and 19 are paid, or it may operate as an intermediate financial institution 24A, pass payment instructions to insurance company 16B. The insurance company 16B is operating as a second financial institution. It then processes the remittance instructions to pay the bills
18 and 19. If the Singapore insurance company 15D is sent the remittance instructions it then operates as the first institution which passes it to the Philippines insurance company
(which operates as a second financial institution 16B) and processes the remittance instructions to pay the bills 18/19.
If the Philippines bank 15C is provided with the remittance instructions from the back end system 14, it then operates as a first financial institution 15C. It can either directly pay the bills 18/19 or may pass them onto the Philippines insurance company 16B which follows the remittance instructions to pay the bills 18/19. The Philippines insurance company acts as the second financial institution 16B.
It will be appreciated that many more combinations of transfers can be conducted depending on the financial viability of the transfer and the payment network established between various financial institutions. It can thus also be seen that depending on the transfer of the remittance instructions, an organisation may operate as either the first financial institution, an intermediate financial institution or second financial institution. The combinations available should not be regarded as limited by the example shown in Figure 4.
It will be clear to the skilled address that the present invention has the following advantages: it allows for payments to be made to specific companies and institutions located overseas using a convenient interface device; and the system accounts for conversion of currencies.
Modifications and variations may be made to the present invention without departing from the basic inventive concept. Such modifications may include the form of the interface device, and the nature of the connection between the financial institutions may change to allow for advances in electronic funds transfer techniques.
Such modifications are intended to be within the scope of the present invention the nature of which is to be determined from the foregoing description and appended claims.

Claims

The claims defining the invention are as follows;-
1. A method of remitting money, including the steps of: providing at least one interface device for use by at least one user; providing a back-end system; providing a money furnishing means for each user to provide money to a first financial institution; registering one or more payment options for each user; establishing a connection between one of the interface devices and the back-end system; said one interface device receiving an input from one of the users for remittance of money according to one of the user's registered payment options, the input including an amount of money; said one interface device transferring the input to the back-end system; the money furnishing means providing an amount of money to the first financial institution according to the amount of money input by the user; the back-end system interpreting the input according to the user's registered payment options and providing instructions to the first financial institution to transfer the money provided by the money furnishing means to a recipient according to the instructions; and said first financial institution transferring the money to the recipient.
2. A method according to claim 1, wherein the money is transferred to the recipient via a second financial institution along with on-payment instructions to remit money according to the instructions received from the user.
3. A method according to claim 1, wherein the money furnishing means is a bank account with the first financial institution.
4. A method according to claim 1, wherein the money furnishing means is an automatic teller machine.
5. A method according to claim 1, wherein the money furnishing means is a cash deposit means.
6. A method according to any one of claims 1 to 5, wherein the payment options are registered with a back-end server of the back-end system.
7. A method according to any one of claims 1 to 6, wherein the back-end server provides instructions to a computer of the first financial institution and said computer of the first financial institution transfers the money according to the instructions.
8. A method according to claim 2, wherein the on-payment instructions include instructions for transferring the money into a back account of the recipient.
9. A method according to claim 8, wherein the on-payment instructions include information sufficient for the money to be allocated to a bill.
10. A method according to any one of claims 1 to 9, wherein the interface device is a handheld computer.
11. A method according to any one of claims 1 to 9, wherein the interface device is a cellular telephone.
12. A method according to any one of claims 1 to 11, wherein the interface device is a computerised kiosk, or an automatic teller machine.
13. A method according to claim 12, wherein the interface device establishes a connection to the back-end server using a wireless connection.
14. A method according to claim 12, wherein the interface device establishes a connection to the back-end server using a computer network.
15. A method according to any one of claims 1 to 14, wherein each user's registered payment options are recorded is recorded in a database.
16. A method according to any one of claims 1 to 15, wherein the interface device receives instructions from said one user by an input means of the interface device.
17. A method according to any one of claims 1 to 16, wherein the first financial institution provides instructions to an intermediate financial institution for forwarding to the other financial institution to pay the bill.
18. A method according to any one of claims 1 to 17, wherein the input received by the interface device from the user includes selection of a recipient and the amount of money to be paid.
19. A method according to any one of claims 1 to 18, wherein the amount of money to be paid is entered in the currency of the bill.
20. A method according to claim 19, wherein the currency of the bill is converted into the currency of the user's bank account to determine the amount of money deducted from the user's account.
21. A method according to any one of claims 1 to 20, wherein the register of bill payment options includes a list of recipients and details sufficient for money to be paid to each recipient.
22. A method according to claim 21, wherein the back-end server sends a list of recipients to the interface device for the user to select one of the recipients from the list of recipients.
23. A method according to any one of claims 1 to 22, wherein the back-end server queries said one user's bank account to see if sufficient funds are available to proceed with the payment o the bill.
24. A method according to any one of claims 1 to 23, wherein a transaction receipt number is provided by said one users financial institution to the back-end server.
25. A method according to claim 24, wherein the back-end server provides the transaction receipt number to the user via the interface device.
26. A method according to any one of claims 1 to 25, wherein the back-end server sends instructions to the first financial institution in batches.
27. A method according to claim 17, wherein the first financial institution sends instructions to the intermediate financial institution in batches.
28. A method according to either claim 17 or 27, wherein the intermediate financial institution sends instructions to the recipient's financial institution in batches.
29. A method according to claim 17, wherein the back-end server decides whether to send the instructions to the individual banks or via an intermediate bank according to a decision criteria.
30. A system for remitting money including: a back-end server configured to register one or more payment options for remittance of money; and at least one interface device for use by at least one user, each interface device including a means for establishing a connection to the back-end server and means for receiving instructions from said one user, the interface device arranged to transfer the received instructions to the back-end server via the connection, a money furnishing means for the user to provide money to a first financial institution, the back-end server including means for transferring the instructions received to the first financial institution, the first financial institution having means for receiving money from the money furnishing means to a recipient according to the instructions and registered payment options.
31. A system according to claim 30, wherein the interface device is a handheld computer.
32. A system according to claim 30, wherein the interface device is a cellular telephone.
33. A system according to claim 30, wherein the interface device is a computerised kiosk, or an automatic teller machine.
34. A system according to either claims 31 or 32, wherein the means for establishing a connection to the back-end server is a wireless connection means.
35. A system according to claim 33, wherein the means for establishing a connection to the back-end server is a computer network.
36. A system according to any one of claims 30 to 35, wherein the interface device includes an input means for receiving from said one user.
37. A system according to any one of claims 30 to 36, wherein the back-end server registers the payment options by storing them in a storage means of the back-end server.
38. A system according to any one of claims 30 to 37, wherein the means for transferring money from an account of said one user to a recipient's account includes an intermediate financial institution for forwarding the payment to the recipient.
39. A computer program including: a first program component for execution on a computerised interface device to control the interface device; and a second program component for execution on a back-end server to control the back-end server, the first program component controlling the interface device to undertake steps including: establish a connection to the back-end server for communication with the back-end server; receive instructions from a user; and transfer the instructions to the back-end server, the second program component controlling the back-end server to undertake the following steps: register one or more payment options for each user; accept a connection with one or more interface devices for communication with each interface device; receive the instructions from each interface device; and provide instructions to a money furnishing means to provide money from the user to a first financial institution for remittance of money to a recipient according to each user's registered payment options and the instructions received from each interface device.
40. A computer program according to claim 39, wherein the second program component includes a step of downloading the first program component to an interface device.
41. A computer program according to claims 39 or 40, wherein each user's registered payment options are recorded is recorded in a database stored in a storage means of the back-end server.
42. A computer program according to any one of claims 39 to 41 , wherein the instructions received by the interface device from the user include selection of a recipient and the amount of money to be paid.
43. A computer program according to claim 42, wherein the currency of the amount of money to be paid is converted from a first currency to a second currency according to registered details of the user.
44. A computer program according to any one of claims 39 to 43, wherein the register of bill payment options includes a list of recipients and detail sufficient for money to be paid to each recipient.
45. A computer program according to any one of claims 39 to 44, wherein the back- end server sends a list of payees to the interface device for the user to select one of the payees from the list of payees.
46. A computer program according to any one of claims 39 to 45, wherein the back- end server queries said one user's bank account to see if sufficient funds are available to proceed with the payment of the bill.
PCT/SG2001/000233 2001-11-09 2001-11-09 Method and system for remitting money and payment of a bill WO2003041024A1 (en)

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Citations (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
DE10048841A1 (en) * 1999-10-04 2001-04-26 Paygate Inc Electronic trading system for Internet has united payment gateway with transaction solutions for several secondary payment gateways
US20010032181A1 (en) * 2000-01-21 2001-10-18 Jakstadt Eric G. System and method for secure third-party development and hosting within a financial services network

Patent Citations (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
DE10048841A1 (en) * 1999-10-04 2001-04-26 Paygate Inc Electronic trading system for Internet has united payment gateway with transaction solutions for several secondary payment gateways
US20010032181A1 (en) * 2000-01-21 2001-10-18 Jakstadt Eric G. System and method for secure third-party development and hosting within a financial services network

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