There are instances where a sender wants to quickly provide resource access to a recipient. For example, a parent may want to provide money to their child at college without the parent being present. In another example, a parent may want to give a child access rights to a house without the parent being present. However, the parent may not want to give the child full access to his or her payment or access credentials. In addition, the parent may want to ensure that only the child can obtain access to the resource, and not an unauthorized party. Thus, secure systems and methods for transferring resource access to recipients are needed.
An exemplary conventional resource access provider is a money transfer agent. To send money, a sender goes to a location associated with the money transfer agent. The sender pays the money transfer agent an amount of money to be transferred to the recipient plus a convenience fee, and provides information about the recipient (e.g., the recipient's name). To receive the money transfer, the recipient must go to the same or another location associated with the money transfer agent and provide identification confirming the recipient's name.
There are many disadvantages associated with money transfer agents. For example, both the sender and the recipient must go to a location associated with the money transfer agent during business hours, which may not be convenient. In addition, the sender must either pay for the money transfer using cash or a cashier's check, or provide sensitive credentials to the money transfer agent (e.g., PAN, credit card number, bank account number, etc.). This increases the likelihood of fraud against the sender.
Embodiments of the invention address these and other problems, individually and collectively.