System and method for facilitating a wireless financial transaction

• US 20060085310A1
• Filed: 10/14/2004
• Published: 04/20/2006
• Est. Priority Date: 10/14/2004
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Amaitis, Lee M., Mylet, Darrin Michael, Wilkins, Alan Brent
• Granted Patent: US 8,086,519 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• 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
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method for executing a wireless trade is provided that includes communicating with a handheld device via a wireless network and sending and receiving financial information to and from the handheld device. The financial information is associated with a trade that can be initiated by the handheld device. The method also includes authorizing the handheld device through location data, which is associated with a location of the handheld device, before executing the trade.

Claims

1. An apparatus, comprising:

a handheld device operable to communicate with a financial service provider element via a wireless network, wherein the handheld device is operable to send and to receive financial information to and from the financial service provider element, the financial information being associated with a trade that is initiated by the handheld device, and wherein the handheld device may be authorized through location data, which is associated with a location of the handheld device, before executing the trade.

2. The apparatus of claim 1, wherein the handheld device is a selected one of a personal data assistant, a laptop, a mobile station, a personal computer (PC), and a table PC.

3. The apparatus of claim 1, wherein the handheld device is operable to display the financial information to an end user of the handheld device in order to assist the end user in executing the trade.

4. The apparatus of claim 1, wherein the financial information is real-time data associated with the trade.

5. The apparatus of claim 1, wherein the handheld device may be disabled by the financial service provider element.

6. The apparatus of claim 5, wherein a portion of data being stored in or displayed on the handheld device is removed when the handheld device is disabled.

7. The apparatus of claim 5, wherein the handheld device is disabled if it is lost or stolen.

8. The apparatus of claim 1, further comprising:

a location verification component included in the handheld device and operable to assist in verifying the location of the handheld device.

9. The apparatus of claim 8, wherein the location verification component verifies the location of the handheld device by using geo-fencing.

10. The apparatus of claim 8, wherein the location verification component verifies the location of the handheld device by using global positioning satellite technology.

11. The apparatus of claim 8, wherein the location verification component verifies the location of the handheld device by using triangulation.

12. The apparatus of claim 8, wherein the location verification component verifies the location of the handheld device by using triangulation.

13. The apparatus of claim 8, wherein the location verification component determines the location of the handheld device by using a geographic map.

14. The apparatus of claim 8, wherein the location verification component ensures that the handheld device is located within an authorized trading area.

15. The apparatus of claim 1, wherein the handheld device is operable to interface with the wireless network, the wireless network comprising a plurality of base stations physically located within the boundaries of a pre-determined area, at least one of the base stations operable to receive signals from outside the boundaries of the pre-determined area, the financial service provider element operable to disable communication of trading information to or from the handheld device if the handheld device is in communication with the at least one base station.

16. The apparatus of claim 1, further comprising:

a processor included in the financial service provider element and including a location verification component for verifying the location of the handheld device, the location verification component operable to determine whether the handheld device is located within an approved trading area, the financial service provider element being operable to authorize the handheld device to execute the trade from multiple points within the approved trading area.

17. The apparatus of claim 16, wherein the plurality of approved trading areas comprises a first trading area and a second trading area, wherein the first and second trading areas have different physical boundaries.

18. The apparatus of claim 16, wherein the first and second trading areas overlap.

19. The apparatus of claim 16, wherein the first and second trading areas are geographically distinct.

20. The apparatus of claim 16, wherein the handheld device may be moved from a first trading area to an unapproved area, wherein the financial service provider element is operable to terminate communication of trading information between the handheld device and the financial service provider element when the handheld device is located in the unapproved area.

21. The apparatus of claim 1, wherein the handheld device may be moved from a first trading area to a second trading area by passing through an unapproved area, wherein the financial service provider element is operable to suspend communication of trading information between handheld device and the financial service provider element when the handheld device is located in the unapproved area, and resume communication of the financial information when the handheld device enters the second approved trading area.

22. The apparatus of claim 1, further comprising:

a sensor disposed on the handheld device, the sensor operable to detect movement of the handheld device to a position external to an approved trading area, the financial service provider element operable to suspend or terminate communication of trading information between the handheld device and the financial service provider element if the sensor detects movement of the handheld device to a position external to the approved trading area.

23. The apparatus of claim 22, wherein the sensor is a radio frequency identification sensor.

24. The apparatus of claim 1, wherein the handheld device comprises a first device and a second device, and wherein a user of the first device interacts electronically during a trading activity, with a user of the second device.

25. The apparatus of claim 1, further comprising:

an identity verification component operable to determine whether a user of the handheld device is a user authorized to access the handheld device.

26. The apparatus of claim 25, wherein the identity verification component comprises a data input function.

27. The apparatus of claim 26, wherein the identity verification component comprises a biometric function.

28. The apparatus of claim 26, wherein the biometric function comprises fingerprint identification.

29. The apparatus of claim 26, wherein the biometric function comprises photo identification.

30. The apparatus of claim 26, wherein the biometric function comprises retina scanning.

31. The apparatus of claim 26, wherein the biometric function comprises voice print matching.

32. The apparatus of claim 26, further comprising:

a processor that includes a keystroke logging component that is operable to record key strokes entered by a user of the handheld device.

33. An apparatus, comprising:

a financial service provider element operable to communicate with a handheld device via a wireless network, wherein the financial service provider element is operable to send and to receive financial information to and from the handheld device, the financial information being associated with a trade that can be initiated by the handheld device, and wherein the financial service provider element may authorize the handheld device through location data, which is associated with a location of the handheld device, before executing the trade.

34. The apparatus of claim 33, wherein the financial service provider element is operable to disable the handheld device.

35. The apparatus of claim 34, wherein a portion of data being stored or displayed on the handheld device is removed when the handheld device is disabled.

36. The apparatus of claim 34, wherein the financial service provider element is operable to disable the handheld device in response to the handheld device being lost or stolen.

37. The apparatus of claim 33, further comprising:

a location verification component operable to verify the location of the handheld device by interfacing with the handheld device.

38. The apparatus of claim 37, wherein the location verification component verifies the location of the handheld device by using geo-fencing.

39. The apparatus of claim 37, wherein the location verification component verifies the location of the handheld device by using global positioning satellite technology.

40. The apparatus of claim 37, wherein the location verification component verifies the location of the handheld device by using triangulation.

41. The apparatus of claim 37, wherein the location verification component verifies the location of the handheld device by using triangulation.

42. The apparatus of claim 37, wherein the location verification component determines the location of the handheld device by using a geographic map.

43. The apparatus of claim 37, wherein the location verification component ensures that the handheld device is located within an authorized trading area.

44. The apparatus of claim 33, wherein the financial service provider element operable to disable communication of the financial information to or from the handheld device if the handheld device is in an unapproved trading area.

45. The apparatus of claim 33, wherein the financial service provider element is operable to designate one or more trading areas in which the handheld device is able to execute the trade.

46. The apparatus of claim 33, wherein the financial service provider element is operable to store an end user profile associated with an end user of the handheld device.

47. The apparatus of claim 46, wherein the end user profile includes a selected one or more of account information associated with the end user, an asset position associated with the end user, and personal identification information associated with the end user.

48. The apparatus of claim 33, wherein the financial service provider element is operable to communicate with a financial exchange in order to provide real-time data to an end user of the handheld device.

49. The apparatus of claim 33, wherein the financial service provider element is operable to authorize the handheld device using at least one of a group of elements, the group consisting of:

a) a telephone ID;

b) a system ID;

c) an application ID;

d) a tradedesk verification mechanism;

e) a user ID;

f) a picture ID; and

g) a biometric parameter.

50. The apparatus of claim 49, wherein one or more of the elements correspond to one or more levels of security for an end user of the handheld device.

51. A method for executing a wireless trade, comprising:

communicating with a handheld device via a wireless network;

sending and receiving financial information to and from the handheld device, the financial information being associated with a trade that can be initiated by the handheld device; and

authorizing the handheld device through location data, which is associated with a location of the handheld device, before executing the trade.

52. The method of claim 51, further comprising:

disabling the handheld device.

53. The method of claim 52, wherein a portion of data being stored or displayed on the handheld device is removed when the handheld device is disabled.

54. The method of claim 52, wherein the disabling of the handheld device is in response to the handheld device being lost or stolen.

55. The method of claim 51, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using geo-fencing.

56. The method of claim 51, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using global positioning satellite technology.

57. The method of claim 51, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using triangulation.

58. The method of claim 51, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using a geographic map.

59. The method of claim 51, further comprising:

designating one or more trading areas in which the handheld device is able to execute the trade.

60. The method of claim 51, further comprising:

storing an end user profile associated with an end user of the handheld device.

61. The method of claim 51, further comprising:

communicating with a financial exchange in order to provide real-time data to an end user of the handheld device.

62. The method of claim 51, further comprising:

authorizing the handheld device using at least one of a group of elements, the group consisting of;

a) a telephone ID;

b) a system ID;

c) an application ID;

d) a tradedesk verification mechanism;

e) a user ID;

f) a picture ID; and

g) a biometric parameter.

63. A system for executing a wireless trade, comprising:

means for communicating with a handheld device via a wireless network;

means for sending and receiving financial information to and from the handheld device, the financial information being associated with a trade that can be initiated by the handheld device; and

means for authorizing the handheld device through location data, which is associated with a location of the handheld device, before executing the trade.

64. The system of claim 63, further comprising:

means for disabling the handheld device.

65. The system of claim 64, wherein a portion of data being stored or displayed on the handheld device is removed when the handheld device is disabled.

66. The system of claim 64, wherein the disabling of the handheld device is in response to the handheld device being lost or stolen.

67. The system of claim 63, further comprising:

means for verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using geo-fencing.

68. The system of claim 63, further comprising:

means for verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using global positioning satellite technology.

69. The system of claim 63, further comprising:

means for verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using triangulation.

70. The system of claim 63, further comprising:

means for verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using a geographic map.

71. The system of claim 63, further comprising:

means for designating one or more trading areas in which the handheld device is able to execute the trade.

72. The system of claim 63, further comprising:

means for storing an end user profile associated with an end user of the handheld device.

73. The system of claim 63, further comprising:

means for communicating with a financial exchange in order to provide real-time data to an end user of the handheld device.

74. The system of claim 63, further comprising:

means for authorizing the handheld device using at least one of a group of elements, the group consisting of;

a) a telephone ID;

b) a system ID;

c) an application ID;

d) a tradedesk verification mechanism;

e) a user ID;

f) a picture ID; and

g) a biometric parameter.

75. Software for executing a wireless trade, the software being embodied in a computer readable medium and comprising computer code such that when executed is operable to:

communicate with a handheld device via a wireless network;

send and receive financial information to and from the handheld device, the financial information being associated with a trade that can be initiated by the handheld device; and

authorize the handheld device through location data, which is associated with a location of the handheld device, before executing the trade.

76. The medium of claim 75, wherein the code is further operable to:

disable the handheld device.

77. The medium of claim 76, wherein a portion of data being stored or displayed on the handheld device is removed when the handheld device is disabled.

78. The medium of claim 76, wherein the disabling of the handheld device is in response to the handheld device being lost or stolen.

79. The medium of claim 75, wherein the code is further operable to:

verify the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using geo-fencing.

80. The medium of claim 75, wherein the code is further operable to:

verify the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using global positioning satellite technology.

81. The medium of claim 75, wherein the code is further operable to:

verify the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using triangulation.

82. The medium of claim 75, wherein the code is further operable to:

verify the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using a geographic map.

83. The medium of claim 75, wherein the code is further operable to:

designate one or more trading areas in which the handheld device is able to execute the trade.

84. The medium of claim 75, wherein the code is further operable to:

store an end user profile associated with an end user of the handheld device.

85. The medium of claim 75, wherein the code is further operable to:

communicate with a financial exchange in order to provide real-time data to an end user of the handheld device.

86. The medium of claim 75, wherein the code is further operable to:

authorize the handheld device using at least one of a group of elements, the group consisting of;

a) a telephone ID;

b) a system ID;

c) an application ID;

d) a tradedesk verification mechanism;

e) a user ID;

f) a picture ID; and

g) a biometric parameter.

87. A method for signing up an end user in a network environment, comprising:

enrolling an end user in a charging plan;

generating a bill for the end user that corresponds to the charging plan, wherein the charging plan is based on a plurality of operations that include;

communicating with a handheld device via a wireless network;

sending and receiving financial information to and from the handheld device, the financial information being associated with a trade that can be initiated by the handheld device; and

authorizing the handheld device through location data, which is associated with a location of the handheld device, before executing the trade.

88. The method of claim 87, further comprising:

disabling the handheld device.

89. The method of claim 88, wherein a portion of data being stored or displayed on the handheld device is removed when the handheld device is disabled.

90. The method of claim 88, wherein the disabling of the handheld device is in response to the handheld device being lost or stolen.

91. The method of claim 87, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using geo-fencing.

92. The method of claim 87, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using global positioning satellite technology.

93. The method of claim 87, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using triangulation.

94. The method of claim 87, further comprising:

verifying the location of the handheld device by interfacing with the handheld device, wherein the location of the handheld device is verified by using a geographic map.