System to enable a telecom operator provide financial transactions services and methods for implementing such transactions

• US 20050246253A1
• Filed: 04/28/2002
• Published: 11/03/2005
• Est. Priority Date: 04/28/2002
• Status: Abandoned Application

• Current Assignee: Paycool International Limited
• Original Assignee: Paycool International Limited
• Inventors: Barthelemy, Serge
• Application Number:
  US10/512,775
• Publication Number:
  US 20050246253A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• 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 20/3229 Use of the SIM of a M-device as secure element
• CPC Class Codes: G06Q 20/3255 using mobile network messaging services for payment, e.g. SMS
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/3829 involving key management
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

The invention relates to a system, enabling subscribers of a wireless Telecom Operator to execute financial transactions with a mobile phone, or an electronic device which can be connected to the wireless communication network, wherein a subscriber has one or several Financial Transaction Accounts open and managed by the Telecom Operator, which can receive monetary deposits, and on which debit and credit operations can be executed. The system is composed of a Transaction Processing Platform, which is installed on the computers of the Telecom Operator, is connected to the wireless communication network, is interfaced with other elements of the Telecom Operator, manages the Financial Transactions Accounts, verifies/executes financial transactions sent by the subscribers, and executes other tasks like confirmations of transactions, account statement preparation, reporting, etc. The system is also composed of a client software that runs on the Mobile Phone of the subscriber or his connectable electronic device or on the Subscriber Identify Module which is inserted in the mobile phone or connectable electronic device. Such client software enables the subscriber to prepare, validate and send through the wireless communication network, transactions orders to the Transaction Processing Platform.

Claims

1. A system, enabling subscribers of a wireless Telecom Operator to execute financial transactions with a mobile phone, or an electronic device which can be connected to the wireless communication network,

in which

A subscriber has one or several Financial Transaction Accounts open and managed by the Telecom Operator, which can receive monetary deposits, and on which debit and credit operations can be executed,

comprising

A Transaction Processing Platform which is a software system running on the existing computers of the Telecom Operator or on dedicated computers, and

which is interfaced, at least with a subscribers'"'"' data base, the wireless communication network or some data channels of the wireless communication network, an accounting system, and other different elements of the Telecom Operator infrastructure;

which manages the financial transaction related movements and operations, including debits, credits, transaction confirmations, statement of account, reporting;

which sends and receives, through the wireless communication network, to/from the mobile phones or connectable electronic devices, transaction related data or other information, and

a client software program which can run on a mobile phone or a connectable electronic device to the wireless communication network or on the Subscriber Identity Module inserted in the mobile phones or the connectable electronic device, to perform the following

functions;

allowing authentication of the subscriber through password input or other means;

enabling capture or validation and display of financial transaction related data;

enabling to send, receive financial transactions related data or financial transaction account information, through the wireless communication network, or through some specific data channels of such network.

2. A system according to claim 1, wherein each Financial Transaction Account is associated with one wireless phone line.

3. A system according to claim 1, wherein each Financial Transaction Account has an account number that is the same as a Mobile Phone number of the subscriber.

4. A system according to claim 1, wherein each Financial Transaction Account has an account number that is different from a Mobile Phone number of the subscriber.

5. A system according to claim 1, wherein terms and conditions of use of a Financial Transaction Account are appointed in advance between a subscriber and the Telecom Operator.

6. A system according to claim 5, wherein the Financial Transaction Account is restricted to receiving payments but not emitting payments.

7. A system according to claim 1, wherein the wireless phone line associated with a Financial Transaction Account has its voice communication capability de-activated, and employs only data channels.

8. A system according to claim 3, wherein a Financial Transaction Account is merged with Mobile Phone subscription account in one single account.

9. A system according to claim 1, wherein the client software is pre-loaded or pre-existing in a memory of the subscriber'"'"'s mobile phone or connectable electronic device.

10. A system according to claim 1, wherein the client software is loaded into a memory of the subscriber'"'"'s mobile phone or of the connectable electronic device, upon opening a Financial Transaction Account by such subscriber.

11. A system according to claim 1, wherein the client software is pre-loaded in a memory of the Subscriber Identity Module.

12. A system according to claim 1, wherein the client software is loaded in a memory of the Subscriber Identity Module, upon opening a Financial Transaction Account by such subscriber.

13. A system according to claim 10, wherein the client software is loaded over the air through the wireless communication network.

14. A system according to claim 1, wherein the client software is activated or enabled upon opening a Financial Transaction Account by a subscriber.

15. A system according to claim 14, wherein the activation of the client software is realised by the input of a specific code.

16. A system according to claim 15, wherein the specific code to activate the client software is sent over the air through the wireless communication network.

17. A system according to claim 1, wherein the client software can be executed by a microprocessor of the subscriber'"'"'s mobile phone or the subscriber'"'"'s connectable electronic device.

18. A system according to claim 1, wherein the client software can be executed by the microprocessor of the Subscriber Identity Module.

19. A system according to claim 1, wherein the client software can be executed partly on a microprocessor of the subscriber'"'"'s mobile phone or connectable electronic device, and partly on the microprocessor of the Subscriber Identity Module.

20. A system according to claim 17, wherein the client software contains or can activate an encryption algorithm and/or a digital signature algorithm, using a subscriber specific, encryption key.

21. A system according to claim claim 20, wherein for the client software, the encryption/decryption related operations or digital signature generation/verification are executed by the microprocessor of the Subscriber Identity Module.

22. A system according to claim 20, wherein the subscriber encryption key is specific to the subscriber and to his Financial Transaction account.

23. A system according to claim 17, wherein the client software can create or read or update a data file, stored in a memory of the subscriber'"'"'s mobile phone or of the connectable electronic device or of the Subscriber Identity Module, and containing parameters linked to the terms and conditions of use of the subscriber'"'"'s Financial Transaction Account.

24. A system according to claim 23, wherein the data file comprises at least one of the following subscriber'"'"'s Financial Transaction Account data:

current balance, credit limit, minimum debit operation amount, maximum debit operation amount.

25. A method used in a system, according to claim 1, by a subscriber to prepare or validate a financial transaction order on a mobile phone or a connectable electronic device and send it through the wireless communication network to the transaction processing platform, comprising the following steps:

capturing the transaction data with at least the beneficiary (payee) number and the amount,

validating the transaction data by inputting a password or by using another subscriber authentication means,

sending the transaction data through the wireless communication network.

26. A method according to claim 25, wherein the transaction data is received from the beneficiary.

27. A method according to claim 25, wherein the capture of the transaction data is done orally.

28. A method according to claim 25, wherein the validation is done by subscriber'"'"'s finger print authentication mechanism on the mobile phone or the connectable electronic device.

29. A method according to claim 25, wherein the validation is done by a subscriber'"'"'s voice authentication mechanism.

30. A method according to claim 25, wherein the validation is done by a subscriber'"'"'s face authentication mechanism.

31. A method according to claim 25, further including a step in which the subscriber specifies a priority level.

32. A method according to claim 25, further including a step in which the subscriber specifies an option to remain anonymous.

33. A method according to claim 25, further including a step in which the subscriber specifies the date and time of execution of the transaction.

34. A method according to claim 25, further including a step in which the subscriber specifies conditions to be fulfilled for the actual execution of the transaction.

35. A method according to claim 25, wherein the validation triggers the generation of a digital signature of the transaction data.

36. A method according to claim 25, wherein the validation triggers the encryption of the transaction data.

37. A method according to claim 25, further including a step in which one data channel for sending the transaction data over the wireless communication network is selected among several available channels.

38. A method according to claim 37, wherein the selection of the data channel for sending the transaction data, is realised by taking into account at least one of the following parameters:

Type and capabilities of mobile phone or of the connectable electronic device;

Current date &

time;

Instruction from the Transaction Processing Platform;

Data channels or network load;

Priority level;

Amount of transaction data;

Whether the data is encrypted or not.

39. A system according to claim 17, wherein the client software executes the following steps:

capturing the transaction data with at least the beneficiary (payee) number and the amount,

validating the transaction data by inputting a password or by using another subscriber authentication means,

sending the transaction data through the wireless communication network.

40. A system according to claim 39, wherein the client software compares the transaction data to the parameters contained in a file comprising at least one of the following subscriber'"'"'s Financial Transaction Account data:

current balance, credit limit, minimum debit operation amount, maximum debit operation amount, and determines whether the transaction might be authorised or not.

41. A system according to claim 39, wherein the client software generates a transaction number, and adds to the transaction data such number as well as date &

time of validation.

42. A system according to claim 39, wherein the client software formats the transaction data according to the data channel, which is selected to send such transaction data.

43. A system according to claim 39, wherein the client software sends the transaction data in encrypted form together with the digital signature to the Transaction Processing platform.

44. A method for use in the system of claim 39, to process financial transactions emitted by a Financial Transaction Account owner (payer) in favour of another Financial Transaction Account owner (payee), on a Transaction Processing Platform, comprising the following steps:

receiving through the wireless communication network the transaction order data validated and sent from the payer'"'"'s mobile phone or connectable electronic device,

analysing and comparing such data to payer'"'"'s Financial Transaction Account situation, and terms and conditions of use,

determining whether the transaction can be authorised or denied,

authorising or denying the transaction,

executing the transactions, if authorized by making a debit on payer'"'"'s FTA of the amount of the transaction; and

making a credit on payee'"'"'s FTA of the amount of the transaction,

or denying the transaction and sending a denial notice to the payer; and

recording the transaction details in a transactions log.

45. The method according to claim 44, wherein a transaction fee is debited from the payer'"'"'s and/or the payee'"'"'s Financial Transaction Accounts.

46. A method according to claim 44, wherein a transaction fee is charged to the payer'"'"'s and/or the payee'"'"'s telephone bills.

47. A method according to claim 44, wherein a confirmation of the transaction execution is sent to the payer through the wireless communication network.

48. A method according to claim 44, wherein a transaction advice is sent to the payee through the wireless communication network or through the internet.

49. A method according to claim 44, wherein a time stamp is added to the transaction data upon receipt of a transaction order.

50. A method according to claim 44, wherein a time stamp is added to the transaction data upon execution of a transaction order.

51. A method according to claim 44, wherein a unique number is allocated to each executed transaction.

52. A method according to claim 44, wherein the transaction order data is decrypted and/or the accompanying digital signature is verified using the appropriate key.

53. A method according to claim 44, wherein some data sent by the Transaction Processing Platform to the Financial Transaction Accounts owners are encrypted and/or digitally signed.

54. A method according to claim 52, wherein encryption/decryption, and/or digital signature generation/verification are generated using a Public Key Infrastructure.

56. A system according to claim 1, wherein the software system selects the most appropriate data channel of the wireless communication network to send transaction related data or account information to the Financial Transaction Account owners.

57. A system according to claim 56, wherein the data channel selection process takes into account at least one of the following parameters:

Type and capabilities of mobile phone or of the connectable electronic device;

Actual location of the mobile phone or connectable electronic device;

Current date &

time;

Data channels or network load;

Priority level;

Amount of transaction data;

Whether the data is encrypted or not.

58. A system according to claim 1 wherein the software system is able to de-activate the client software by sending a de-activation instruction, through the wireless communication network to the mobile phone or the connectable electronic device.

59. A system according to claim 18, wherein the client software contains or can activate an encryption algorithm and/or a digital signature algorithm, using a subscriber specific, encryption key.

60. A system according to claim 19, wherein the client software contains or can activate an encryption algorithm and/or a digital signature algorithm, using a subscriber specific, encryption key.

55. (canceled)