System for conducting commercial transactions

• US 20030004891A1
• Filed: 07/29/2002
• Published: 01/02/2003
• Est. Priority Date: 01/28/2000
• Status: Abandoned Application

• Current Assignee: Fundamo (Pty) Ltd. (Visa, Inc.)
• Original Assignee: Fundamo (Pty) Ltd. (Visa, Inc.)
• Inventors: Joubert, Jozef Phillipus Wolhuter, Badenhorst, Cornelius Johannes, Van Rensburg, Johannes Janse, Willis, Anthony Ian, Saks, Craig Sheldon
• Application Number:
  US10/181,929
• Publication Number:
  US 20030004891A1
• Time in Patent Office: Days
• US Class Current: 705/64
• CPC Class Codes: G06F 21/6245 Protecting personal data, e.g. for financial or medical purposes
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/3227 using secure elements embedded in M-devices
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/388 using mutual authentication without cards, e.g. challenge-response
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G07F 17/16 for devices exhibiting advertisements, announcements, pictures or the like

Abstract

The invention provides a system for conducting commercial transactions in an economic environment including one or more banking institutions, a plurality of merchants (as defined), and a plurality of participating system members (as defined) associated with at least one cellular telephone network. The system employs an independent general computerized server accessible to participating system members and merchants by way of a wireless network, and capable of on-line communication with banking institutions and vendors. The server includes at least a financial data base record for each participating system member, merchant and participating vendor and enables a participating system member, by suitable activation of that member'"'"'s mobile device, typically a cellular telephone, in a remote location, to conduct a financial transaction by debiting a financial data base record allocated to the instructing participating system member. At some stage prior to a transaction being completed, and this may be included with the initial message, the instructing participating system member is required to transmit an authenticating security code. Once completed, the transaction is irreversible (as defined).

Claims

1. A computer based system for conducting commercial transactions and which includes a plurality of participating system members (as herein defined) each having a mobile device adapted to communicate via an associated wireless network with a general computerized server in which a financial data base record is allocated to each participating system member, the system including also a plurality of merchants (each of which by definition has been allocated a financial data base record in the computerized server) and wherein the computerized server is programmed such that financial transactions can be conducted by remote operation of the mobile device of a participating system member, via the wireless network, to result in the debiting of a financial data base record associated with an instructing participating system member and the crediting of a different financial data base record associated with any one of self, another participating system member and a merchant, the system being characterized in that in respect of at least one or more predetermined categories of transactions in respect of which the recipient is either a participating system member or a merchant, the transaction, once completed, is irreversible.

2. A system as claimed in claim 1 in which each transaction becomes completed only after the computerized server receives a security signal from the mobile device of the participating system member whose data base record is to be debited, the security signal being either a PIN or like code inputted by the said participating system member, or a biometrically triggered authorization signal.

3. A system as claimed in claim 2 in which the security signal requires manual activation in response to on-line interrogation from the computerized server.

4. A system as claimed in any one of the preceding claims in which the mobile device is a mobile telephone.

5. A system as claimed in any one of the preceding claims in which the said categories of transactions include at least transactions in respect of which the recipient is one of a predetermined list of participating system members or merchants.

6. A system as claimed in any one of the preceding claims in which the said categories include all transactions in respect of which the recipient is a participating system member or merchant.

7. A system as claimed in any one of the preceding claims in which the computerized server is programmed to disallow a requested transaction in the event that the balance of units in an instructing participating member'"'"'s financial data base record is inadequate to fund the requested transaction.

8. A system as claimed in any one of the preceding claims in which the financial data base records, in the absence of special individually allocated credit facilities, are programmed to operate exclusively on a credit balance basis.

9. A system as claimed in any one of the preceding claims in which the computerized server is one of a series of similarly structured and programmed associated computerized servers located optionally at different geographical localities and inter-linked such that transactions can be conducted by a participating system member of one computerized server to the financial data base record of a participating system member or merchant of a different computerized server with the transaction nevertheless becoming irreversible once completed.

10. A system as claimed in claim 9 in which at least some of the general computerized servers are located in different countries in which case any necessary currency exchange rates (selected according to prevailing exchange rates and any particular policy being applied in relation thereto) are applied to the value of the transaction as may be appropriate in real time so as to render the transaction immediately cleared.

11. A system as claimed in any one of the preceding claims in which the general computerized server is programmed to receive instructions to carry out a financial transaction in the alternative via a call centre which may be manned or totally electronic in nature, via an Internet browser, or by way of interactive voice response;

or from a creditor, in particular from a point of sale (POS) device.

12. A system as claimed in any one of the preceding claims in which each participating system member is provided with a swipe card or a device capable of communicating by radio frequency, infrared or other electromagnetic radiation for facilitating the secure and accurate transfer of the participating system member'"'"'s account number and optionally also other data to a recipient communications of a merchant or vendor.

13. A system as claimed in any one of the preceding claims in which at least selected data base records have multiple sub-records each of which has a balance redeemable only for one specific purpose or for the advantage of one or more specific merchants or vendors or with other limitations or controls on the individual sub-records.

14. A system as claimed in claim 13 in which overall controls are imposed on the data base records individually top limit the rate of expenditure on a time basis or on the basis of particular recipients, or both.

15. A system as claimed in any one of the preceding claims in which the financial data base record includes, or has access to another data base record being a personal data base record of personal information of a type typically required for use in carrying out certain financial transactions.

16. A system as claimed in claim 15 in which the personal includes details of one or more current addresses and the programming of the computerized server is such that a change of address is automatically communicated to all parties which had previously been supplied with a corresponding old address.

17. A system as claimed in any one of the preceding claims in which the computerized server is programmed to issue, against a debit of a system member'"'"'s financial data base record, a cryptogram adapted to unlock value of a predetermined nature or character in a vendor'"'"'s system.

18. A system as claimed in any one of the preceding claims in which the system utilizes the services of not only one, but two or more wireless networks so that at least some of each network'"'"'s subscribers make up the plurality of participating system members.

19. A system as claimed in any one of the preceding claims in which the general computerized server of this invention is associated with a particular bank whose banking system operates a bank account from which the general computerized server itself can draw and deposit funds as and when required.

20. A system as claimed in any one of claims 1 to 18 in the general computerized server is that of an associated mobile telephone network.