Financial transaction system and method using electronic messaging
First Claim
1. A method for performing a financial transaction for a party having an electronic messaging facility, the party having an electronic messaging address and a banking account number for a banking account with a financial institution, whereby a financial transaction may be performed with the banking account, and the financial institution having a banking server for effecting a financial transaction with the banking account, the method comprising:
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serving an electronic message from a client of the party, the electronic message;
(i) being sent to a predetermined electronic messaging address for performing a particular type of financial transaction;
(ii) being prepared in accordance with a first prescribed protocol; and
(iii) requesting that the particular type of financial transaction be performed; and
requesting the banking server of the financial institution of the party to effect the financial transaction in accordance with the first prescribed protocol of the electronic message.
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Accused Products
Abstract
A method and a system for performing financial transactions between parties having clients (15a, 15b) with an electronic messaging facility and a banking account facility with a financial institution. Each party has an electronic messaging address (CIN) associated with the electronic messaging facility and a banking account number (CAN) associated with the banking account facility (27) thereof.
A financial service provider server (13) is interfaced with the electronic messaging facility to handle communications between the clients (15a, 15b) of the parties and is also interfaced with the banking account facilities (27) of the parties to perform the financial transaction. The electronic messaging address (CIN) of each party is linked with the banking account facility therefor, and thus the banking account number(s) (CAN) thereof, within a database (45) associated with the server (13) to facilitate the financial transaction.
The server (13) undertakes an authentication process within one and/or the other party using the electronic messaging facility requiring confirmation of a PIN also stored in the database (45). The authentication process is characterised by the server (13) providing the client (15a) of the one party instigating the financial transaction with a different electronic messaging address to “reply to” when requesting the PIN, from the original electronic messaging address of the server (13) used by that same party to initiate the financial transaction, to enhance the security of the transaction.
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Citations
34 Claims
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1. A method for performing a financial transaction for a party having an electronic messaging facility, the party having an electronic messaging address and a banking account number for a banking account with a financial institution, whereby a financial transaction may be performed with the banking account, and the financial institution having a banking server for effecting a financial transaction with the banking account, the method comprising:
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serving an electronic message from a client of the party, the electronic message;
(i) being sent to a predetermined electronic messaging address for performing a particular type of financial transaction;
(ii) being prepared in accordance with a first prescribed protocol; and
(iii) requesting that the particular type of financial transaction be performed; and
requesting the banking server of the financial institution of the party to effect the financial transaction in accordance with the first prescribed protocol of the electronic message. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A system for performing a financial transaction for a party having an electronic messaging facility, the party having an electronic messaging address and a banking account number for a banking account with a financial institution, whereby a financial transaction may be performed with the banking account, and the financial institution having a banking server for effecting a financial transaction with the banking account, the system comprising:
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a financial service provider server for serving an electronic message from a client of the party, the electronic message being prepared in accordance with a first prescribed protocol and including;
(i) a predetermined electronic messaging address dedicated to the performance of a particular type of financial transaction; and
(ii) a request that the particular type of financial transaction be performed;
wherein the financial service provider server includes message handling means to receive and decode said electronic message, and transacting means to request the banking server of the financial institution of the party to effect the financial transaction in accordance with the first prescribed protocol of the electronic message on the financial service provider server receiving said electronic message. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A method for performing financial transactions between two parties functioning as clients to a financial service provider server for controlling the transaction, the clients and server being interconnected via a communication network, at least one of the clients being a wireless device, and said financial service provider server being electronically connected to an account facility for each client, each account facility having a personal account for the client identified by an account number, and a wireless communication server for handling messages sent to or received from said wireless device using a wireless identifying number for the wireless device, the method comprising:
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ascribing a client identifying number to each of the clients of the financial service provider server to uniquely identify each client to the financial service provider server;
ascribing an access code to the financial service provider server to uniquely identify the financial service provider server to the wireless communication server and the nature of the transaction to be performed;
registering the account number of each client with the financial service provider server to enable the financial service provider to access the personal account of the party associated with the client;
registering a personal identification number (PIN) for each client;
a sender client compiling and sending a text message to the financial service provider server in accordance with a first prescribed client protocol comprising;
the amount to be transacted, the address of the other party to the transaction comprising;
(i) the access code identifying the financial service provider server and the nature of the transaction, and (ii) the client identifying number of the other client, andthe client identifying number of the client sending the message;
the financial service provider server on receipt of said text message compiling and sending back a further text message to the sender client in accordance with a first prescribed server protocol comprising;
a confirmation of the transaction to be performed, a request for the PIN of the client, and a “
reply to”
address that is different to the previous address of the receiver;
the sender client on receipt of said further text message compiling and sending back another text message to the “
reply to”
address with a second prescribed client protocol comprising the PIN thereof;
the financial service provider server waiting a prescribed time for receipt of said other text message and if received within said prescribed time, verifying the PIN and if correct, compiling and sending an advisory text message to the other client in accordance with a second prescribed server protocol that includes an advice describing the transaction; and
on authenticating the transaction, the financial service provider server effecting the transaction between the account facilities of the parties to the transaction to which the financial service provider server is connected;
wherein if either said prescribed time elapses without receipt of said other text message or if the PIN is not verified to be correct by the financial service provider server, the transaction is abandoned by the financial service provider server. - View Dependent Claims (22, 23, 24, 25)
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26. A system for performing financial transactions between two parties comprising:
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a financial service provider server for controlling a financial transaction between the parties;
each party having;
(i) an account facility that includes a personal account for the party identified by an account number registered with said financial service provider server, (ii) a client for connection to said financial service provider server via a communication network, whereby at least one of the clients is a wireless device, (iii) a client identifying number to uniquely identify each client to the financial service provider server, whereby the client identifying number for the client that is a wireless device corresponds to the wireless identifying number thereof, and (iv) a PIN registered with said financial service provider server;
said financial service provider server being electronically connected to;
(i) each account facility and being able to identify and access same by said account number on registration of same with said financial service provider server, and (ii) a wireless communication server for handling messages sent to or received from said wireless device using a wireless identifying number for the wireless device;
a said client having messaging means for compiling and sending text messages to said financial service provider server in accordance with;
(i) a first prescribed client protocol comprising;
the amount to be transacted, the address of the other party to the transaction comprising;
an access code to uniquely identify the financial service provider to the wireless communication server and the nature of the transaction to be performed, and (ii) the client identifying number of the other client, andthe client identifying number of the client sending the message; and
(ii) a second prescribed client protocol comprising the PIN thereof; and
the financial service provider server having message handling means, authenticating means, transacting means and transaction abandoning means;
wherein;
(a) said message handling means is designed to;
(i) receive a said text message and compile and send back a further text message to the sender client in reply thereto in accordance with a first prescribed server protocol therefor comprising;
a confirmation of the transaction to be performed, a request for the PIN of the client, and a “
reply to”
address that is different to the previous address of the receiver; and
(ii) wait a prescribed time for receipt of another text message from the sender client in accordance with a second prescribed client protocol comprising the PIN of the sender client, and if said other text message is received within said prescribed time, verify the PIN and if correct, compile and send an advisory text message to the other client in accordance with a second prescribed server protocol comprising an advice describing the transaction;
(b) said authenticating means is designed to authenticate the transaction on said message handling means establishing a prescribed level of security of the identity of the parties to the transaction;
(c) said transacting means effecting a transaction in accordance with said text message between the parties in response to said authenticating means authenticating said transaction; and
(d) said transaction abandoning means abandoning said transaction if either said prescribed time elapses without receipt of said other text message or if the PIN is not verified to be correct by the message handling means. - View Dependent Claims (27, 28, 29, 30, 31, 32)
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33. A method substantially as herein described with respect to the accompanying drawings where appropriate.
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34. A system substantially as described herein with respect to the accompanying drawings where appropriate.
Specification