US Patent Application 18233436. INTERNATIONAL REMITTANCES VIA INTRABANK TRANSFERS simplified abstract
Contents
INTERNATIONAL REMITTANCES VIA INTRABANK TRANSFERS
Organization Name
Inventor(s)
Atiraj Kumar of Hyderabad (IN)
Gaurav Wadhwa of Maharashtra (IN)
INTERNATIONAL REMITTANCES VIA INTRABANK TRANSFERS - A simplified explanation of the abstract
This abstract first appeared for US patent application 18233436 titled 'INTERNATIONAL REMITTANCES VIA INTRABANK TRANSFERS
Simplified Explanation
The patent application is about a system for international remittances.
- A sender wants to send money to a recipient.
- The sender has an account with one financial institution and the recipient has an account with another financial institution.
- The sender initiates a request to remit funds to the recipient.
- The request is sent to specific bidders who have accounts with both financial institutions.
- The bidders submit bids to fulfill the request.
- Once a bid is selected, funds are transferred from the sender's account to the bidder's account at the first institution.
- Simultaneously, funds are transferred from the bidder's account to the recipient's account at the second institution.
Original Abstract Submitted
Aspects for international remittances are disclosed herein. A sender initiates a request to remit funds to a recipient. The sender has an account with a first financial institution and the recipient has an account with a second financial institution. The request is communicated to specific bidders that have accounts with both the first and second financial institutions. The bidders submit bids for satisfying a request. When a bid is selected, funds are transferred from the sender's account with the first institution to the bidder's account with the first institution, and from the bidder's account with the second institution to the recipient's account with the second institution.
