William Joe Hernandez

US Patent:

59636475, Oct 5, 1999

Filed:

Jun 17, 1997

Appl. No.:

8/877203

Inventors:

John Downing - Berks, GB
William M. Hernandez - West Palm Beach FL
William D. Hooper - New Hope PA
Netty Meiroff - Playa Del Rey CA
Jaithirth Rao - Los Angeles CA
Rodman Reef - Larchmont NY
Howard A. Schechtman - Agoura Hills CA
Edward Horowitz - Short Hills NJ

Assignee:

Citicorp Development Center, Inc. - Los Angeles CA

International Classification:

H04L 900

US Classification:

380 24

Abstract:

Disclosed is a system and method for transferring funds. The invention supports funds transfers from a source account to a cash access file which can be accessed virtually twenty-four hours a day by both customers and non-customers. Access is achieved by the recipient entering a codeword selected by the sender, along with a transaction code randomly generated by the system. Once the sender provides the codeword and the transaction code to the recipient, the recipient can receive transferred cash through an ATM, even without using a card to access the system. Cash may be transferred across international borders and dispensed in a currency different than that of the sender's source account. Although cash is made available to a recipient virtually as soon as the requested transfer is approved and confirmed by the sender, the sender's account is not debited until the cash is actually received by the recipient. Other features, including security, cancellation, and status inquiries are also described.