Moneygram International. has been granted a patent for a money transfer network system that enhances transaction performance. The system allows multiple users to engage in recurring money transfers, enabling a receiving party to request payments and manage transactions through a centralized server and user profiles. GlobalData’s report on Moneygram International gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Moneygram International, was a key innovation area identified from patents. Moneygram International's grant share as of June 2024 was 51%. Grant share is based on the ratio of number of grants to total number of patents.
Recurring money transfer transaction service with multi-sender profiles
The patent US12033130B2 outlines a method for facilitating recurring money transfer transactions through a central server computing device within an electronic money transfer network. The process begins with a request from a first sending party to establish a recurring transaction, which is authenticated via an authorization code displayed on their device. This code allows a second sending party to access the transaction records, linking their user profile with that of the first party to create a multi-sender profile. The method includes storing relevant user profiles and financial account information in a database while ensuring that sensitive financial details remain confidential. The server processes funding amounts from both parties, verifies that the total meets the transaction requirements, and initiates the transfer to the designated receiving party.
Additionally, the method allows for administrative oversight, enabling one party to configure transaction details on behalf of another. It incorporates features for periodic notifications regarding upcoming transactions, ensuring timely processing of payments. The system can aggregate contributions from both senders, whether equal or varied, and maintains a transaction log for record-keeping. The receiver staging information specifies the recipient, transaction frequency, and payment amounts, while sender staging information includes details about the involved parties and scheduling. Overall, this patent presents a structured approach to managing collaborative money transfers, enhancing user experience and operational efficiency in recurring financial transactions.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
