SYSTEM AND METHOD FOR FACILITATING VALUE EXCHANGES

• US 20080319873A1
• Filed: 08/27/2008
• Published: 12/25/2008
• Est. Priority Date: 04/30/1999
• Status: Abandoned Application

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Inventors: Levchin, Max, Thiel, Peter, Nosek, Luke Paul, Banister, Scott Alan
• Application Number:
  US12/199,420
• Publication Number:
  US 20080319873A1
• Time in Patent Office: Days
• US Class Current: 705/26
• 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 20/10 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 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/36 using electronic wallets or electronic money safes
• CPC Class Codes: G06Q 20/363 with the personal data of a user
• CPC Class Codes: G06Q 20/38215 Use of certificates or encrypted proofs of transaction rights
• 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 20/40145 Biometric identity checks
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/0214 Referral reward systems
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• 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

Abstract

A system and method for facilitating a value exchange transaction. A first party initiates the transaction by selecting or providing an identifier of another party and the value to be exchanged. The second party may be identified by a pre-existing identifier such as an electronic mail address, telephone number, etc. The system informs the second party of the transaction (e.g., using the specified pre-existing identifier). If the second party is not a registered user of the system, he or she is invited to register and complete the transaction. The system may comprise a synchronization server for exchanging transaction details with users'"'"' devices, a communication server for registering new users and/or conducting transactions online and a financial server for interacting with external financial institutions.

Claims

1. A computer-implemented method of facilitating a value exchange, the method comprising:

receiving a value exchange request from a first entity having a first account with a value exchange system, the request including an identifier associated with a second entity and a value to be exchanged between the first entity and the second entity; and

sending a notification of the value exchange request to the second entity using the identifier associated with the second entity.

2. The method of claim 1, further comprising registering the second entity with the value exchange system based on the second entity not being a registered entity.

3. The method of claim 1, wherein the value to be exchanged between the first entity and the second entity is to be transferred from the first entity to the second entity.

4. The method of claim 1, wherein the value to be exchanged between the first entity and the second entity is to be transferred from the second entity to the first entity.

5. The method of claim 1, wherein the identifier associated with the second entity is a telephone number.

6. The method of claim 1, wherein the identifier associated with the second entity is an electronic mail (email) address.

7. The method of claim 1, wherein the receiving the value exchange request from the first entity comprises:

establishing a connection with a device associated with the first entity; and

receiving the value exchange request from the device associated with the first entity.

8. The method of claim 7, wherein the value exchange request is received from the device associated with the first entity after a communication is established between the device associated with the first entity and a device associated with the second entity.

9. The method of claim 7, wherein the device associated with the first entity is a mobile device

10. The method of claim 9, wherein the mobile device is a personal digital assistant.

11. The method of claim 9, wherein the mobile device is a smart phone.

12. The method of claim 9, wherein the mobile device is a two-way pager.

13. The method of claim 7, wherein the value exchange request is received from the device associated with the first entity via a wireless network.

14. The method of claim 13, wherein the first entity initiates the value exchange request when the device associated with the first entity is not connected to the wireless network.

15. The method of claim 14, wherein the value exchange request is received by the value exchange system when the device associated with the first entity is connected to the wireless network.

16. The method of claim 1, further comprising:

converting a value associated with the value exchange request from a first form of value to a second form of value.

17. The method of claim 16, wherein the first form of value is a first currency and the second form of value is a second currency.

18. The method of claim 1, further comprising:

transferring the value between the first entity and the second entity using a pre-determined form of value.

19. The method of claim 1, further comprising:

holding the value associated with the value exchange request in an escrow account until the value exchange request is completed.

20. The method of claim 1, wherein an asymmetric cryptographic scheme is applied to secure the value exchange request.

25. A computer readable storage medium storing instructions that, when executed by a computer system, cause the computer system to perform the computer-implemented method of claim 1.

21. A computer-implemented method of facilitating an exchange of value, the method comprising:

receiving an instruction from a first entity to exchange a value with a second entity, the first entity associated with a first account, the instruction including an identifier associated with a second entity and the value to be exchanged between the first entity and the second entity; and

using the identifier associated with the second entity to provide information to the second entity to enable the second entity to open a second account; and

transferring the value between the first account and the second account.

22. The method of claim 21, wherein the transferring of the value between the first account and the second account comprises debiting the value from the first account, and crediting the value to the second account.

23. The method of claim 22, wherein the value is exchanged without negotiation by the second entity.

24. The method of claim 21, wherein the identifier is a non-financial identifier, and wherein the instruction is received from a mobile device associated with the first entity.

26. A computer readable storage medium storing instructions that, when executed by a computer system, cause the computer system to perform the computer-implemented method of claim 21.

27. A system for facilitating transfer of value, the system comprising:

means for receiving a value transfer request from a registered value provider, the value transfer request comprising an electronic mail (email) address of a value receiver and a first value to be transferred from the value provider to the value receiver;

means for debiting the first value from a first account associated with the value provider and crediting a second account associated with the value receiver;

and means for notifying the value receiver of the value transfer after the first value is credited to the second account, the value receiver being notified using the email address of the value receiver.

28. A computer-implemented method of transferring value, the method comprising:

receiving a connection from a registered entity of a value transfer system, the registered entity being associated with a first account of the value transfer system;

receiving from the registered entity a request to transfer a first value to a first non-registered entity, the first non-registered entity being associated with and identified only by an electronic mail (email) address;

transferring the first value from the first account to a second account associated with the non-registered entity; and

notifying the non-registered entity using the email address that the first value is transferred to the second account.

29. The computer-implemented method of claim 28, further comprising:

receiving from the registered entity a request to transfer a second value to a second non-registered entity, the second non-registered entity being associated with and identified only by a telephone number;

providing information to enable the second non-registered entity using the telephone number, the information to register the second non-registered entity and to open a third account with the value transfer system; and

transferring the second value from the first account to the third account after the third account is opened.

30. A system for facilitating value exchanges, the system comprising:

registration means for registering a first entity and associating a first account with the first entity;

receiving means for receiving a value exchange request from the first entity, the value exchange request involving a second entity and an identifier associated with the second entity;

notification means for notifying the second entity of the value exchange request, the second entity notified via the identifier; and

value exchange means for debiting a value from the first account or from a second account associated with the second entity and for crediting the value to the first account or to the second account.