System and method for a mobile wallet

• US 10,127,537 B1
• Filed: 09/28/2009
• Issued: 11/13/2018
• Est. Priority Date: 09/30/2008
• Status: Active Grant

• Current Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Original Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Inventors: Ellis, Stephen M., Sahni, Bipin, Nishikawa, Karen
• Primary Examiner(s): Yu, Ariel J
• Application Number:
  US12/568,468
• Time in Patent Office: 3,333 Days
• Field of Search: None
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/36 using electronic wallets or electronic money safes
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes

Abstract

A system for payment processing using a mobile device configured to generate a unique code associated with a transaction to pay a recipient. The system further comprises mobile wallet account processing logic configured to receive the unique code and payment receipt options from a recipient. The mobile wallet account processing logic is further configured to transmit funds using an ACH network to the recipient.

Claims

1. A computer-implemented method for transferring funds, comprising:

providing, by a mobile device, a mobile wallet account associated with an online social network, the online social network comprising connections created between a plurality of users;

providing, by a mobile wallet application of the mobile device, access to the mobile wallet account through one or more websites associated with the online social network, wherein the user is allowed to search through the one or more websites regarding financial transactions performed by the mobile wallet account and observe funds available in the mobile wallet account;

receiving, by the mobile wallet application of the mobile device, an identification of a recipient from the user, the recipient being connected to the user within the online social network, wherein the mobile wallet application is configured to identify the recipient based on public information regarding the recipient available via the online social network;

generating, by a code generator of the mobile wallet application of the mobile device, based on financial account information, a token for use in a mobile wallet transaction, wherein the token comprises an amount of the mobile wallet transaction and is unique to a particular mobile wallet transaction;

providing, by the mobile device, the token to the recipient, wherein the token is used to facilitate recognition of the mobile wallet transaction; and

facilitating, by the mobile device, a transfer of at least a portion of the funds that are available in the mobile wallet account to an identified mobile wallet account of the recipient via the online social network associated with the recipient based on the recognition.

2. The method of claim 1, wherein the source of funds is a source account, and wherein funding is received from the source account by way of the Automated Clearing House (ACH) network system.

3. The method of claim 1, wherein the source of funds is a demand deposit account held by the user.

4. The method of claim 1, wherein the recipient is a merchant with an agreement with the online social network.

5. The method of claim 1, wherein the recipient is an individual, wherein the mobile device is a first mobile device, and wherein the individual receives fund transfer notification on a second mobile device.

6. The method of claim 1, wherein the recipient is an individual.

7. The method of claim 6, further comprising informing the individual of the funds being transferred.

8. The method of claim 1, wherein the recipient is a merchant, and wherein the method further comprises providing the token to the merchant at a point of sale location using the mobile device.

9. The method of claim 1, wherein transferring funds includes transferring funds to the recipient belonging to the online social network.

10. The method of claim 1, further comprising allowing the user to create the mobile wallet account through the one or more websites provided by the online social network.

11. The method of claim 1, wherein the transaction details include the amount of funds that were transferred.

12. The method of claim 1, wherein the correlating further comprises accessing the directory from the financial institution that provides the mobile wallet account to the user of the online social network.

13. The method of claim 1, wherein the financial institution of the user is the financial institution of the recipient.

14. The method of claim 1, wherein the directory is stored in a financial institution computer system.

15. A computer-implemented method for transferring funds, comprising:

providing, by a mobile device, a mobile wallet account associated with an online social network;

generating, by the mobile device, a profile associated with the mobile wallet account for the online social network, the online social network comprising connections created between a plurality of users;

receiving, by the mobile device, an identification of a merchant from the user, the merchant being connected to the user within the online social network, the user identifying the merchant based on public information regarding the merchant available via the online social network;

funding, via the mobile device, the mobile wallet account from a source of funds, wherein the mobile wallet account is maintained by a financial institution;

providing, by the mobile device, access to the mobile wallet account through websites associated with the online social network for the mobile wallet account, wherein the user is allowed to search through the websites regarding financial transactions performed by the mobile wallet account and funds available in the mobile wallet account;

generating, by a code generator of the mobile wallet application of the mobile device, based on financial account information, a token for use in a mobile wallet transaction, wherein the token comprises an amount of the mobile wallet transaction and is unique to a particular mobile wallet transaction;

providing, by the mobile device, the token to the recipient, wherein the token is used to facilitate recognition of the mobile wallet transaction; and

transferring, via the mobile device, at least a portion of the funds that are available in the mobile wallet account associated with the token to a merchant account of the merchant using an Automated Clearing House (ACH) network system via the online social network associated with the merchant account of the merchant based on the recognition.