PEER TO PEER FUND TRANSFER

• US 20090070263A1
• Filed: 09/12/2007
• Published: 03/12/2009
• Est. Priority Date: 09/12/2007
• Status: Abandoned Application

• Current Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Original Assignee: Wachovia Corporation (Wells Fargo & Company)
• Inventors: Duke, Mike, Davis, Martin
• Application Number:
  US11/854,018
• Publication Number:
  US 20090070263A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/26 Debit schemes, e.g. "pay now"
• CPC Class Codes: G06Q 20/32 using wireless devices
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Systems and methods that facilitate using a first mobile device to initiate a funds transfer to a second device. One mobile to consumer payment embodiment allows a person enter into a store and pay for that person'"'"'s purchases using that person'"'"'s cell phone. Other mobile consumer payment embodiments include strictly consumer-to-consumer transactions, for example, but not limited to, the idea that a person can go to a garage sale and purchase from the garage sale seller by using a cell phone. Put broadly one peer-to-peer payment embodiment includes the ability for somebody to be able to send a payment to another person whenever and wherever.

Claims

1. A system comprising:

a wireless network component operationally coupled to a first mobile device, wherein the wireless network component;

receives from the first mobile device a request to initiate a funds transfer from an account native to a financial institution to an account associated with a second mobile device; and

sends the second mobile device information regarding the initiated funds transfer.

2. The system of claim 1, wherein the information sent to the second device comprises a set of terms, and wherein the wireless network component further configured to only authorize the funds transfer after a verification component receives an acceptance to the sent terms.

3. The system of claim 2, wherein the wireless network component sends a notification to the first mobile device when the verification component does receive an acceptance to the sent terms.

4. The system of claim 1, wherein the wireless network component receives an indication that the second mobile device will be associated with an account of a funds transfer provider.

5. The system of claim 1, further comprising an authorization component that validates at least one of the first mobile device being in possession of an authorized user with an authorized account and the second mobile device being in possession of an authorized user with an authorized account.

6. The system of claim 1, wherein the wireless network component notifies both the first mobile device and the second mobile device that the transfer is complete after validating that the account associated with the second mobile device received the funds.

7. The system of claim 1, wherein the first mobile device comprises a telephone and the wireless network component credits unused minutes from a calling plan to the native account that comprises an e-space bank account associated with the first mobile device.

8. The system of claim 1, wherein the wireless network component verifies an amount available to the native account associated with the first mobile device and gives a pre bounce warning to the first device if the amount available is less than an amount of funds requested transferred.

9. The system of claim 1, wherein the wireless network component further performs a currency conversion.

10. The system of claim 1, wherein the wireless network component performs an authentication to confirm an identity of a person possessing the first mobile device.

11. A method comprising:

wirelessly coupling with a first mobile device; and

wirelessly receiving information regarding an initiated funds transfer initiated at the first mobile device regarding a first account native at a financial institution.

12. The method of claim 11, further comprising notifying a second mobile device associated with a second account of the initiated funds transfer, wherein the second account is the target account for the initiated funds transfer.

13. The method of claim 11, wherein the wirelessly receiving information comprises wirelessly receiving at a second mobile device directly from the first mobile device a digital certificate as an e-check.

14. The method of claim 12, further comprising authenticating at least one of an identity of the first mobile device, that the first mobile device is in possession of a first authorized user, that the first authorized user is an authorized user of the first account, an identity of the second mobile device, that the second mobile device is in possession of a second authorized user, that the second authorized user is an authorized user of the second account or combinations thereof.

15. The method of claim 11, further comprising notifying a second mobile device associated with a second account of the initiated funds transfer, wherein the second account is the target account for the initiated funds transfer, and at least one of the first account and the second account is a pooled account with more than one authorized user.

16. The method of claim 11, further comprising verifying that an established relationship exists with the first account prior to notifying a device associated with a target account for the initiated funds transfer.

17. The method of claim 11, wherein the first mobile device includes voice capabilities as a telephone.

18. The method of claim 17, wherein the first mobile device includes e-mail capabilities over the Internet.

19. The method of claim 11, wherein after a user of a target device for the funds transfer accepts terms regarding the funds transfer at least one of the user and the target device becomes part of a special network less in size than the entire mobile network.

20. A method comprising:

receiving information at a financial institution regarding an initiated funds transfer initiated at a first mobile device regarding an account native at the financial institution; and

authorizing the funds transfer.