BIOMETRIC BASED AUTHORIZATION SYSTEMS FOR ELECTRONIC FUND TRANSFERS

Abstract

A money transfer authorization method that includes the step of providing transferor biometric information to a party verification processor that verifies an identity of the transferor by comparing the transferor biometric information with previously registered biometric information from the transferor, where the transferor provides transfer identity information to receive the money. The method also includes confirming that the verified transferor has sufficient funds or credit for the money transfer, and providing transferee biometric identification to the party verification processor that verifies the transferee by comparing the transferee biometric information with previously registered biometric information from the transferee. The transferee has to provide transfer identity information before the money is given to the transferee.

Description

BRIEF DESCRIPTION OF THE DRAWINGS

A further understanding of the nature and advantages of the present invention may be realized by reference to the remaining portions of the specification and the drawings wherein like reference numerals are used throughout the several drawings to refer to similar components. In some instances, a sublabel is associated with a reference numeral and follows a hyphen to denote one of multiple similar components. When reference is made to a reference numeral without specification to an existing sublabel, it is intended to refer to all such multiple similar components.

FIG. 1 shows a schematic overview of a financial network in which embodiments of the invention may be implemented;

FIG. 2 illustrates a schematic structure for a party verification processor according to embodiments of the invention;

FIG. 3 shows a simplified overview of a network for transferring money according to embodiments of the invention;

FIG. 4 is a flowchart for a method of registering biometric information according to embodiments of the invention; and

FIG. 5 is a flowchart for a method of transferring money according to embodiments of the invention.

Claims

1. A money transfer authorization method comprising the steps of: providing transferor biometric information to a party verification processor that verifies an identity of the transferor by comparing the transferor biometric information with previously registered biometric information from the transferor, wherein the transferor identifies a transferee to receive the money;confirming that the verified transferor has sufficient funds or credit for the money transfer;providing transferee biometric identification to the party verification processor that verifies the transferee by comparing the transferee biometric information with previously registered biometric information from the transferee; andhaving the transferee provide transfer identity information before the money is given to the transferee.

2. The method of claim 1, wherein the transferor and transferee biometric information comprise fingerprint information, handprint information, voice print information, retinal image information, facial scan information, or handwriting information.

3. The method of claim 1, wherein the transfer identity information comprises a money transfer transaction number.

4. The method of claim 1, wherein the transfer identity information comprises the identity of the transferor.

5. The method of claim 1, wherein the previously registered biometric information from the transferor is created by: recording a biometric characteristic of the transferor; andverifying the identity of the transferor using one or more pieces of verification information provided by the transferor.

6. The method of claim 5, wherein the one or more pieces of verification information comprises a drivers license, a passport, a green card, a social security card, a voter registration card, or a birth certificate.

7. The method of claim 5, wherein the one or more pieces of verification information are checked for consistency with data about the transferor that is not provided by the transferor.

8. The method of claim 5, wherein the recorded biometric characteristic is compared to a database of previously registered persons to determine if the characteristic produces a match for an identity of a different transferor.

9. The method of claim 8, wherein the recorded biometric characteristic is not used if it matches the identity of a different transferor.

10. The method of claim 5, wherein the biometric characteristic comprises a fingerprint, a handprint, a voice print, a retinal image, a facial scan, or handwriting sample.

11. The method of claim 1, wherein the identity of the transferor is verified by matching the transferor biometric information with the previously registered biometric data within a margin of error.

12. The method of claim 1, wherein a financial account associated with the transferor is debited for the amount of money given to the transferee.

13. The method of claim 1, wherein the money is given to the transferee by crediting a financial account held by the transferee with the amount of the money.

14. The method of claim 1, wherein a transaction processor is used to confirm that the verified transferor has sufficient funds or credit for the money transfer.

15. An electronic money transfer system for transferring money from a transferor to a transferee, the system comprising: a party verification processor coupled to a database that stores biometric registration information provided by the transferor and the transferee during a party registration process;a biometric input device that generates biometric transaction information from the transferor and the transferee during a money transfer process;a data input device that allows the transferee to provide an identity of the transferor to the electronic money transfer system; anda money distribution device that provides money to the verified transferee,wherein the transferee does not receive the money until the party verification processor verifies the identities of the transferor and transferee by comparing the biometric transaction information with the biometric registration information from the transferor and transferee, and wherein the transferee has provided transfer identity information.

16. The method of claim 15, wherein the biometric input device comprises a fingerprint scanner, a handprint scanner, a voice print recorder, a retina scanner, a facial profile scanner, or a handwriting sample device.

17. The method of claim 15, wherein the data input device comprises a keyboard or a voice recognition device.

18. The method of claim 15, wherein the transfer is stopped after three failed attempts by the transferee to identify the transferor, and does not resume until being reauthorized by the transferor.

19. The method of claim 15, wherein the transfer identity information comprises money transfer transaction number.

20. The method of claim 15, wherein the transfer identity information comprises the identity of the transferor.

21. A method of transferring an amount of money between a transferor and a transferee, the method comprising: inputting, by the transferor, the amount of money to be transferred at a first money transfer device at the transferor's location, wherein an identity of the transferor is verified with transferor biometric data input into the first device by the transferor; andreceiving the amount of money at a second money transfer device at the transferee's location, wherein the transferee does not receive the money until an identity of the transferee is verified with transferee biometric data input into the second device by the transferee, and the transferee inputs transfer identity information into the second device.

22. The method of claim 21, wherein the first and second money transfer devices are at different locations.

23. The method of claim 21, wherein the first and second money transfer devices are located in different countries.

24. The method of claim 21 wherein the first and second money transfer devices can function as automated teller machines.

25. The method of claim 21, wherein the transferor provides the first money transfer device with currency in the amount of money to be transferred.

26. The method of claim 21, wherein the transferee receives currency in the amount of money to be transferred.

27. The method of claim 21, wherein the transferor provides the first money transfer device with a payment token associated with a financial account, and wherein the money to be transferred is debited from the financial account.

28. The method of claim 27, wherein the payment token comprises a debit card, a credit card, a check card, or a stored value card.

29. The method of claim 21, wherein the transferee receives the money on a stored value token provided to the second money transfer device.

30. The method of claim 21, wherein the transferor biometric data is input into the first money transfer device with a biometric input device.

31. The method of claim 30, wherein the second money transfer device comprises a data input device that allows the transferee to provide the transfer identity information to the second device.

32. The method of clam 21, wherein the transfer identity information comprises a money transfer transaction number and the identity of the transferor.