System and method for conducting a financial transaction using a communication device

• US 20030074328A1
• Filed: 10/09/2002
• Published: 04/17/2003
• Est. Priority Date: 10/09/2001
• Status: Abandoned Application

• Current Assignee: Economic Oxygen
• Original Assignee: Economic Oxygen
• Inventors: Sandorffy, Joanna, Schiff, Steven
• Application Number:
  US10/266,629
• Publication Number:
  US 20030074328A1
• Time in Patent Office: Days
• US Class Current: 705/75
• CPC Class Codes: G06Q 20/18 involving self-service terminals [SST], vending machines, kiosks or multimedia terminals
• CPC Class Codes: G06Q 20/32 using wireless devices
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/201 Accessories of ATMs

Abstract

A method and system are disclosed for conducting a financial transaction using a communication device. In accordance with exemplary embodiments, the system includes a communication device for transmitting user identification information and a unit identification number that is associated with a financial transaction device that is contacted via the communication device. The system includes a financial transaction system for receiving the user identification information and the unit identification number from the communication device. The financial transaction system is contacted using an access calling number. The financial transaction system is configured to transmit financial information associated with the user to the financial transaction device associated with the unit identification number. A financial transaction is conducted with the financial transaction device in the absence of use of a financial account access card, upon receipt by the financial transaction device of the financial information associated with the user.

Claims

1. A system for conducting a financial transaction using a communication device, comprising:

a communication device for transmitting user identification information to identify a user and for transmitting a unit identification number;

a financial transaction system for receiving the user identification information and the unit identification number from the communication device, wherein the financial transaction system is contacted using an access calling number;

a financial transaction device that communicates with the financial transaction system,

wherein the unit identification number is associated with the financial transaction device,

wherein the financial transaction device is contacted via the communication device,

wherein the access calling number enables communication with the financial transaction device using the communication device,

wherein the financial transaction system is configured to transmit financial information associated with the user to the financial transaction device associated with the unit identification number, and

wherein a financial transaction is conducted with the financial transaction device in the absence of use of a financial account access card, upon receipt by the financial transaction device of the financial information associated with the user.

2. The system of claim 1, wherein access calling number is located locally to the financial transaction device.

3. The system of claim 1, wherein the unit identification number is located locally to the financial transaction device.

4. The system of claim 1, wherein each of the access calling number and the unit identification number comprises a tactile-sensed structure.

5. The system of claim 1, wherein the unit identification number is unique to each financial transaction device.

6. The system of claim 1, wherein the financial transaction system is configured to verify an identity of the user using the user identification information.

7. The system of claim 1, wherein the user identification information comprises a calling party identification associated with the communication device.

8. The system of claim 1, wherein the user identification information comprises biometric information unique to the user.

9. The system of claim 1, wherein financial transaction system is configured to access the financial information associated with the user from at least one financial information database.

10. The system of claim 9, wherein the financial information associated with the user is accessed based on an identification of the communication device.

11. The system of claim 1, wherein the financial transaction system is configured to associate the unit identification number with a host identification to identify the financial transaction device to which to transmit the financial information.

12. The system of claim 1, wherein the user conducts the financial transaction using the financial transaction device.

13. The system of claim 1, wherein the user conducts the financial transaction using the communication device.

14. The system of claim 1, wherein the financial transaction device is configured to allow the user to withdraw cash from the financial transaction device.

15. The system of claim 1, wherein the financial transaction device is configured to allow the user to determine a balance of a financial account.

16. The system of claim 1, wherein the financial transaction device is configured to allow the user to purchase at least one of a good and a service.

17. The system of claim 1, the financial transaction device is configured to allow the user to access a store of value.

18. The system of claim 17, wherein the communication device is configured to provide, by the user, a user account security identification associated with the store of value.

19. The system of claim 1, wherein the financial transaction device comprises a point-of-sale (POS) device,

wherein the POS device is configured to enter a transaction amount and a communication device access number and configured to forward the transaction amount and the communication device access number to the financial transaction system,

wherein the financial transaction system is configured to contact the communication device associated with the communication device access number for transaction authorization, to contact a financial institution processor for a transaction verification, and to issue a transaction approval to the POS device, after receiving a transaction authorization from the communication device and after receiving the transaction verification from the financial institution processor.

20. The system of claim 19, wherein the financial transaction system is configured to transmit at least one of a transaction amount, a merchant identifier, a date, a time, and a remaining balance in a financial account associated with the user.

21. The system of claim 19, wherein the financial institution processor is configured to forward the transaction verification from the financial institution processor to a POS switch, and the POS switch is configured to forward the transaction verification from the POS switch to the financial transaction system.

22. The system of claim 19, wherein the financial institution processor is configured to debit a financial account associated with the user for a financial transaction amount, and to credit a financial account associated with a merchant for the financial transaction amount.

23. The system of claim 19, comprising:

a cash register associated with the POS device, wherein the cash register is configured to enter at least one of the transaction amount and the communication device access number.

24. The system of claim 19, comprising:

a telecommunication network for communication of information between the communication device and the financial transaction system.

25. The system of claim 19, wherein the financial transaction system is configured to forward the transaction amount from the financial transaction system to a POS switch, and the POS switch is configured to forward the transaction amount from the POS switch to the financial institution processor.

26. The system of claim 25, wherein the POS switch is configured to forward an account identifier from the POS switch to the financial institution processor.

27. The system of claim 26, wherein the financial institution processor is configured to transmit the transaction approval from the financial institution processor to the POS switch, and the POS switch is configured to forward the transaction approval from the POS switch to the financial transaction system.

28. The system of claim 19, wherein the POS device is configured to transmit a transmission complete indication from the POS device to the financial institution processor.

29. The system of claim 1, comprising:

a point-of-sale (POS) device for forming a financial transaction, wherein the financial transaction is formed between a payor and a payee, the financial transaction comprising a transaction amount, a payor identifier, a payee identifier, and the at least one payor financial account identifier,

wherein the financial transaction system is configured to register contact information of the payor and at least one payor financial account identifier, wherein the contact information is associated with the communication device of the payor, and configured to receive the transaction amount, the payor identifier, the payee identifier, and the at least one payor financial account identifier, and configured to contact the payor using the communication device of the payor, wherein the payor authorizes an electronic payment using the communication device of the payor.

30. The system of claim 29, wherein financial transaction system is configured to transmit the transaction amount from the financial transaction system to the payor via the communication device of the payor.

31. The system of claim 29, wherein financial transaction system is configured to transmit the payee identifier from the financial transaction system to the payor via the communication device of the payor.

32. The system of claim 29, wherein the financial transaction system is configured to register the payor identifier, and to receive the payor identifier from the communication device of the payor.

33. The system of claim 29, wherein the financial transaction system is configured to verify that the payor identifier is associated with the at least one payor financial account identifier.

34. The system of claim 29, wherein the financial transaction system is configured to transmit to a POS switch the at least one payor financial account identifier and the transaction amount, and wherein the POS switch is configured to transmit, from the POS switch to a financial transaction processor associated with the at least one payor financial account identifier, the at least one payor financial account identifier and the transaction amount.

35. The system of claim 34, wherein the financial institution processor is configured to transmit, to the financial transaction system, a response indicating that the financial transaction is authorized by the financial institution processor, and

wherein the financial transaction system is configured to transmit to the payee a message associated with the response indicating that the financial transaction is authorized by the financial institution processor.

36. The system of claim 29, wherein the financial transaction system is configured to transmit the transaction amount and the payor identification to the communication device of the payor.

37. The system of claim 36, wherein the financial transaction system is configured to transmit information associated with the payor account to the communication device of the payor.

38. The system of claim 29, wherein the communication device is configured to transmit a cancellation message to the financial transaction system, when the payor decides to cancel the financial transaction.

39. The system of claim 29, wherein the financial transaction system is configured to register a biometric sample of the payor.

40. The system of claim 29, wherein the financial transaction system is configured to debit the transaction amount from a financial account associated with the at least one payor financial account identifier.

41. The system of claim 40, wherein the financial transaction system is configured to credit the transaction amount to a financial account associated with the payee.

42. The system of claim 29, wherein the financial transaction device is configured to compare contact information and at least one payor financial account identifier of the payor against stored contact information and at least one payor financial account identifier of the payor, wherein if a match occurs, the financial transaction system is notified that the payor has updated registration information.

43. The system of claim 1, comprising:

a point-of-sale (POS) device for forming a financial transaction, wherein the financial transaction is formed between a payor and the payee, wherein the financial transaction comprises a transaction amount, a payor identifier, a payee identifier, a payor contact device identifier associated with the communication device of the payor, and at least one payor financial account identifier, wherein the POS device is configured to electronically forward the transaction amount, the payor identifier, the payee identifier and the at least one payor financial account identifier to the financial transaction system, and

wherein the financial transaction system is configured to contact the payor using the contact device identifier and to receive, from the payor, an authorization of an electronic payment.

44. The system of claim 1, comprising:

a communication device signal frequency booster, located locally to the financial transaction device, for receiving at least one local communication device signal frequency, wherein the communication device signal frequency booster is configured to transmit the at least one local communication device signal frequency to a remote antenna until an available communication device signal frequency is located, and to initiate communication from the communication device after the available communication device signal frequency is located.

45. The system of claim 44, wherein the financial transaction device communicates with the financial transaction system using the communication device signal frequency booster.

46. The system claim 1, comprising:

a communication device signal frequency booster, located locally to the financial transaction device, for receiving at least one local communication device signal frequency, wherein the communication device signal frequency booster is configured to amplify the at least one local communication device signal frequency, and to transmit the amplified at least one local communication device signal frequency to a remote antenna.

47. A method for conducting a financial transaction using a communication device, comprising the steps of:

contacting a financial transaction system associated with a financial transaction device via the communication device, wherein the financial transaction system is contacted using an access calling number, and wherein the access calling number enables communication with the financial transaction device using the communication device;

transmitting user identification information from the communication device to the financial transaction system to identify a user;

transmitting a unit identification number associated with the financial transaction device from the communication device to the financial transaction system;

transmitting financial information associated with the user from the financial transaction system to the financial transaction device associated with the unit identification number; and

conducting a financial transaction with the financial transaction device in the absence of use of a financial account access card, upon receipt by the financial transaction device of the financial information associated with the user.

48. The method of claim 47, wherein access calling number is located locally to the financial transaction device.

49. The method of claim 47, wherein the unit identification number is located locally to the financial transaction device.

50. The method of claim 47, wherein each of the access calling number and the unit identification number comprises a tactile-sensed structure.

51. The method of claim 47, wherein the unit identification number is unique to each financial transaction device.

52. The method of claim 47, comprising the step of:

verifying an identity of the user using the user identification information.

53. The method of claim 47, wherein the user identification information comprises a calling party identification associated with the communication device.

54. The method of claim 47, wherein the user identification information comprises a subscriber number that is unique to the user.

55. The method of claim 47, wherein the user identification information comprises biometric information unique to the user.

56. The method of claim 47, wherein the step of transmitting financial information comprises the step of:

accessing the financial information associated with the user from at least one financial information database.

57. The method of claim 47, wherein the financial information is a bank account number of the user.

58. The method of claim 47, wherein the step of transmitting financial information comprises the step of:

associating, by the financial transaction system, the unit identification number with a host identification to identify the financial transaction device to which to transmit the financial information.

59. The method of claim 47, wherein the step of conducting the financial transaction is performed by the user using the financial transaction device.

60. The method of claim 47, wherein the step of conducting the financial transaction is performed by the user using the communication device.

61. The method of claim 47, wherein the step of conducting a financial transaction comprises the step of:

withdrawing cash from the financial transaction device.

62. The method of claim 47, wherein the step of conducting a financial transaction comprises the step of:

determining a balance of a financial account.

63. The method of claim 47, wherein the step of conducting a financial transaction comprises the step of:

purchasing at least one good.

64. The method of claim 47, wherein the step of conducting a financial transaction comprises the step of:

accessing a store of value.

65. The method of claim 64, wherein the step of accessing a store of value comprises the step of:

providing, by the user, a user account security identification associated with the store of value.

66. The method of claim 47, wherein the step of conducting a financial transaction comprises the steps of:

entering a transaction amount and a communication device access number into a point-of-sale (POS) device;

forwarding, by the POS device, the transaction amount and the communication device access number to the financial transaction system;

contacting, by the financial transaction system, the communication device associated with the communication device access number for transaction authorization;

contacting, by the financial transaction system, a financial institution processor for a transaction verification; and

issuing, by the financial transaction system, a transaction approval to the POS device, after receiving a transaction authorization from the communication device and after receiving the transaction verification from the financial institution processor.

67. The method of claim 66, wherein the step of contacting the communication device comprises the step of:

transmitting at least one of a transaction amount, a merchant identifier, a date, a time, and a remaining balance in a financial account associated with the user.

68. The method of claim 66, wherein the step of contacting a financial institution processor comprises the steps of:

forwarding the transaction verification from the financial institution processor to a POS switch; and

forwarding the transaction verification from the POS switch to the financial transaction system.

69. The method of claim 66, wherein the step of contacting a financial institution processor comprises the step of:

debiting a financial account associated with the user for a financial transaction amount; and

crediting a financial account associated with a merchant for the financial transaction amount.

70. The method of claim 66, further comprising the step of:

entering at least one of the transaction amount and the communication device access number into a cash register associated with the POS device.

71. The method of claim 66, wherein the step of contacting a financial institution processor comprises the steps of:

forwarding the transaction amount from the financial transaction system to a POS switch; and

forwarding the transaction amount from the POS switch to the financial institution processor.

72. The method of claim 71, comprising the step of:

forwarding an account identifier from the POS switch to the financial institution processor.

73. The method of claim 72, comprising the step of:

transmitting the transaction approval from the financial institution processor to the POS switch; and

forwarding the transaction approval from the POS switch to the financial transaction system.

74. The method of claim 66, comprising the step of:

transmitting a transmission complete indication from the POS device to the financial institution processor.

75. The method of claim 72, wherein the step of conducting a financial transaction comprises the steps of:

a payor registration step, wherein a payor registers contact information and at least one payor financial account identifier with the financial transaction system, and wherein the contact information is associated with the communication device of the payor;

a transaction formation step, wherein a financial transaction is formed between the payor and a payee, the financial transaction comprising a transaction amount, a payor identifier, a payee identifier, and the at least one payor financial account identifier;

at least one transmission step, wherein the transaction amount, the payor identifier, the payee identifier, and the at least one payor financial account identifier are electronically forwarded to the financial transaction system; and

a payor authorization step, wherein the financial transaction system contacts the payor using the communication device of the payor, and wherein the payor authorizes an electronic payment using the communication device of the payor.

76. The method of claim 75, wherein the payor authorization step comprises the step of:

transmitting the transaction amount from the financial transaction system to the payor via the communication device of the payor.

77. The method of claim 75, wherein the payor authorization step comprises the step of:

transmitting the payee identifier from the financial transaction system to the payor via the communication device of the payor.

78. The method of claim 75, comprising the step of:

registering the payor identifier with the financial transaction system, during the payor registration step; and

transmitting the payor identifier from the communication device of the payor to the financial transaction system, during the payor authorization step.

79. The method of claim 75, comprising the step of:

verifying, by the financial transaction system, that the payor identifier is associated with the at least one payor financial account identifier.

80. The method of claim 75, comprising the step of:

transmitting, from the financial transaction system to a point-of-sale (POS) switch, the at least one payor financial account identifier and the transaction amount; and

transmitting, from the POS switch to a financial transaction processor associated with the at least one payor financial account identifier, the at least one payor financial account identifier and the transaction amount.

81. The method of claim 80, comprising the step of:

transmitting, from the financial institution processor to the financial transaction system, a response indicating that the financial transaction is authorized by the financial institution processor; and

transmitting, from the financial transaction system to the payee, a message associated with the response indicating that the financial transaction is authorized by the financial institution processor.

82. The method of claim 75, wherein the payor authorization step comprises the step of:

transmitting, by the financial transaction system, the transaction amount and the payor identification to the communication device of the payor.

83. The method of claim 82, wherein the payor authorization step comprises the step of:

transmitting, by the financial transaction system, information associated with the payor account to the communication device of the payor.

84. The method of claim 75, comprising the step of:

transmitting a cancellation response from the communication device of the payor to the financial transaction system, when the payor decides to cancel the financial transaction.

85. The method of claim 75, comprising the step of:

a transaction payment step, wherein the transaction amount is debited from a financial account associated with the at least one payor financial account identifier.

86. The method of claim 85, wherein the transaction amount is credited to a financial account associated with the payee.

87. The method of claim 75, comprising the step of:

a payor re-registration step, wherein contact information and at least one payor financial account identifier of the payor are compared against stored contact information and at least one payor financial account identifier of the payor, wherein if a match occurs, the financial transaction system is notified that the payor has re-registered.

88. The method of claim 47, comprising the steps of:

a transaction formation step, wherein a financial transaction is formed between the payor and the payee, wherein the financial transaction comprises a transaction amount, a payor identifier, a payee identifier, a payor contact device identifier associated with the communication device of the payor, and at least one payor financial account identifier;

at least one transmission step, wherein the transaction amount, the payor identifier, the payee identifier and the at least one payor financial account identifier are electronically forwarded to the financial transaction system; and

a payor authorization step, wherein the financial transaction system contacts the payor using the contact device identifier and the payor authorizes an electronic payment.