Financial system for isolated economic environment

• US 20030220874A1
• Filed: 03/10/2003
• Published: 11/27/2003
• Est. Priority Date: 03/08/2002
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Lentz, Carol, Granite, Anthony
• Granted Patent: US 7,593,875 B2
• Time in Patent Office: Days
• US Class Current: 705/42
• 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A system and method for conducting financial transactions in an isolated economic environment. The present invention includes a non-isolated financial account system based in a non-isolated environment which maintains accounts for users. A self-sufficient financial account system in the isolated economic environment maintains a representation of the account. The account in the non-isolated financial account system and the self-sufficient financial account system are synchronized using the asynchronous connection. When the asynchronous connection is not available, the self-sufficient financial account system funds the representation of the account in anticipation of a funding of the account in the non-isolated financial account system, such as a regular direct deposit of a payroll check.

Claims

1. A system for conducting financial transactions in an isolated economic environment, comprising:

a non-isolated financial account system based in a non-isolated environment;

an account in the non-isolated financial account system;

a self-sufficient financial account system in the isolated economic environment, wherein the self-sufficient financial account system maintains a representation of the account; and

an asynchronous connection between the non-isolated financial account system and the self-sufficient financial account system, wherein the non-isolated financial account system and the self-sufficient financial synchronize the account and the representation of the account using the asynchronous connection, and wherein the self-sufficient financial account system funds the representation of the account in anticipation of a funding of the account in the non-isolated financial account system when the asynchronous connection is not available.

2. The system of claim 1 for conducting financial transactions in an isolated economic environment, further comprising:

a debit card including a smart card chip and a magnetic stripe embedded on the debit card;

3. A method for conducting financial transactions in an isolated economic environment, comprising:

establishing an account in a non-isolated financial account system based in a non-isolated environment;

maintaining a representation of the account in a self-sufficient financial account system in the isolated economic environment;

synchronizing the account and the representation of the account using an asynchronous connection; and

funding the representation of the account in anticipation of a funding of the account in the non-isolated financial account system when the asynchronous connection is not available.