METHOD OF SECURELY TRANSFERRING FUNDS VIA A MOBILE INTERNET ENABLED DEVICE

• US 20080162318A1
• Filed: 01/03/2008
• Published: 07/03/2008
• Est. Priority Date: 01/03/2007
• Status: Abandoned Application

• Current Assignee: M2Commerce Corp.
• Original Assignee: M2Commerce Corp.
• Inventors: Goutham, Anu, Butler, Alfred, Ivantsevich, Vadim
• Application Number:
  US11/968,779
• Publication Number:
  US 20080162318A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/325 using wireless networks
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• 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

A method and system are provided for the transferring of money from a first account to a second account using a mobile device having: a mobile device coupled to a world wide distributed computer network; a service module coupled to the world wide distributed computer network via a communications protocol; a portal wallet coupled to the service module via a communications protocol; and a second account between which and the portal wallet money may be transferred such that money may be transferred to merchants from the portal wallet without exposing the second account'"'"'s data to exposure.

Claims

1. A system for the transferring of money from a first account to a second account using a mobile device, the system comprising:

A mobile device coupled to a world wide distributed computer network;

A service module coupled to said world wide distributed computer network via a communications protocol;

A portal wallet coupled to said service module via a communications protocol; and

A second account between which and said portal wallet money may be transferred such that money may be transferred to merchants from said portal wallet without exposing said second account'"'"'s data to exposure.

2. The system of claim 1 wherein said portal wallet is configured by a user utilizing a web based browser.

3. The system according to claim 1 wherein said portal wallet and said second account are disposed on a secure server system.

4. The system according to claim 1 wherein said portal wallet comprises a custom interface configured by the user for use with said mobile device.

5. The system according to claim 1 wherein said second account is a stored value account.

6. The system according to claim 5 wherein said stored value account comprises a stored value account selected from the group of stored value accounts consisting of bank accounts, declining deposit accounts, debit accounts, and gift card accounts.

7. The system according to claim 1 wherein said transfer is conducted between said portal wallet and said second account via an encrypted connection.

8. The system according to claim 7 wherein said encrypted connection is subject to an industry standard encryption.

9. The system according to claim 7 wherein said encryption connection is subject to a proprietary encryption protocol.

10. The system according to claim 1 wherein said portal wallet provides access to a virtual account.

11. A method for the electronic transfer of funds, said method comprising:

Turing a mobile device on wherein said mobile device is equipped with a payment application whereby preset prompts of non-confidential data defined by a user are presented to said user;

Logging into said payment application;

Receiving a list of possible commands;

Entering an amount to be transferred;

Transferring said amount through a secure payment account application service;

Verifying sufficiency of user funds available in a first account;

Retrieving account number of a second account;

Connecting to said second account; and

Transferring said amount from said first account to said second account;

wherein either said first or said second account is a virtual account.

12. The method according to claim 11 wherein said method further comprises after entering said amount to be transferred, entering a virtual account identification number for said second account.

13. The method according to claim 11 wherein said method further comprises after entering said amount to be transferred, entering an alias representing an account identification number.

14. The method according to claim 11 wherein said method further comprises after entering said amount to be transferred, entering an alias representing a cellular telephone number.

15. The method according to claim 11 wherein said mobile device is a mobile phone.

16. The method according to claim 11 wherein both said first and said second accounts are virtual accounts.

17. The method according to claim 11 wherein said second account is a stored value account.

18. The method according to claim 17 wherein said stored value account is selected from the group of stored value accounts consisting of checking accounts, savings accounts, and gift card accounts.

19. The method according to claim 11 wherein said application is an application selected from the group of applications consisting of web enabled browsers and dedicated payment applications.

20. The method according to claim 11 wherein said mobile device is configured for short message service.