Abstract: A method includes receiving, by a payment system a funds transfer request from an acquiring financial institution (FI) which includes an amount, recipient information, and funding account information identifying a funding FI, and transmitting a funds transfer authorization request to the funding FI. The payment system next receives an authorization response from the funding FI, determines that know your customer (KYC) and anti-money laundering (AML) requirements are satisfied, determines a receiving FI, transmits funds transfer information, and receives, from the receiving FI, confirmation of the validity and availability of a recipient's payment card account for receiving the funds transfer. In addition, the process includes the payment system transmitting a funds transfer in the amount to the recipient's payment card account at the receiving FI.

Abstract: A method includes initiating a remittance transaction interaction with a sender in response to a request from the sender. The request includes recipient information that identifies a recipient. As part of the remittance transaction, a request message is transmitted. A response is received in real time. The response indicates that the remittance transaction cannot be performed for lack of a valid recipient's account. The sender is informed that the remittance transaction cannot be performed. After the sender is so informed, the remittance transaction interaction with the sender is concluded.