CARDLESS FINANCIAL TRANSACTIONS SYSTEM

• US 20100250410A1
• Filed: 03/17/2010
• Published: 09/30/2010
• Est. Priority Date: 03/30/2009
• Status: Active Grant

• Current Assignee: Apex Techlink Incorporated
• Original Assignee: Alexander Song, Catherine Lew, Victoria Song, Yuh-Shen Song
• Inventors: SONG, Yuh-shen, LEW, Catherine, SONG, Victoria, SONG, Alexander
• Granted Patent: US 8,625,838 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06F 21/33 using certificates
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/32 using wireless devices
• CPC Class Codes: G06Q 20/38 Payment protocols; Details thereof
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• 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 20/401 Transaction verification
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 20/40145 Biometric identity checks
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/0248 Avoiding fraud
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: G06Q 50/265 Personal security, identity or safety
• CPC Class Codes: H04L 63/101 Access control lists [ACL]
• CPC Class Codes: H04L 63/102 : Entity profiles

Abstract

Users are enabled to conduct financial transactions in a secured manner without the need to use traditional financial instruments, such as credit cards, debit cards, prepaid cards, ATM cards, checks, cash, etc. In addition, user'"'"'s identity is kept confidential in the financial transactions.

Claims

1. A computer system to conduct financial transactions without using traditional financial instruments while keeping a user'"'"'s identity confidential in the financial transactions, comprising:

a computer processor and a memory device;

a database stored on the memory device adapted to store associated with a user'"'"'s account at least a user'"'"'s partial personal identification information and contact information of a personal communication device of the user, the user'"'"'s partial personal identification information being insufficient to identify the user;

a communication device operable by the processor to send a new pass code in substantially real-time to the user'"'"'s personal communication device in response to receiving the user'"'"'s partial personal identification information from a subject and the user'"'"'s account complying with a pre-defined condition, the new pass code having a pre-defined life time; and

a transaction processing module operable by the processor to approve a financial transaction with the user'"'"'s account and to permit the subject to conduct the financial transaction in response to receiving the new pass code from the subject before the new pass code expires.

2. The computer system of claim 1 in which the processor generates instructions to freeze the user'"'"'s account when an incorrect pass code has been received from the subject.

3. The computer system of claim 1 in which the communication device is further operable by the processor to send a photo of the user to a party which interacts with the subject in response to receiving the user'"'"'s partial personal identification information from the subject.

4. The computer system of claim 1 in which the user'"'"'s partial personal identification information comprises at least a partial phone number associated with the user.

5. The computer system of claim 1 in which the user'"'"'s partial personal identification information comprises a partial phone number and a short code associated with the user.

6. The computer system of claim 1 in which the user'"'"'s partial personal identification information comprises a set of data read from an official government issued identification document.

7. The computer system of claim 1 in which the user'"'"'s partial personal identification information comprises a set of data read from an official government issued identification document and a short code associated with the user.

8. The computer system of claim 1 in which the pre-defined condition comprises sufficient funds availability in the user'"'"'s account.

9. The computer system of claim 1 in which the pre-defined condition comprises sufficient credit availability in the user'"'"'s account.

10. The computer system of claim 1 in which the pre-defined condition comprises qualification of the user'"'"'s account.

11. A computerized method to conduct financial transactions without using traditional financial instruments while keeping a user'"'"'s identity confidential in the financial transactions, comprising:

storing associated with a user'"'"'s account at least a user'"'"'s partial personal identification information and contact information of a personal communication device of the user, the user'"'"'s partial personal identification information being insufficient to identify the user;

sending a new pass code in substantially real-time manner to the user'"'"'s personal communication device in response to receiving the user'"'"'s partial personal identification information from a subject and the user'"'"'s account complying with a pre-defined condition, the new pass code having a pre-defined life time; and

approving a financial transaction with the user'"'"'s account and permitting the subject to conduct the transaction in response to receiving the new pass code from the subject before the new pass code expires.

12. The computerized method of claim 11, further comprising:

freezing the user'"'"'s account when an incorrect pass code has been received from the subject.

13. The computerized method of claim 11, further comprising:

sending a photo of the user to a party which interacts with the subject in response to receiving the user'"'"'s partial personal identification information from the subject.

14. The computerized method of claim 11 in which the user'"'"'s partial personal identification information comprises a phone number associated with the user.

15. The computerized method of claim 11 in which the user'"'"'s partial personal identification information comprises at least a partial phone number and a short code associated with the user.

16. The computerized method of claim 11 in which the user'"'"'s partial personal identification information comprises a set of data read from an official government issued identification document.

17. The computerized method of claim 11 in which the user'"'"'s partial personal identification information comprises a set of data read from an official government issued identification document and a short code associated with the user.

18. The computerized system of claim 11 in which the pre-defined condition comprises sufficient funds availability in the user'"'"'s account.

19. The computerized method of claim 11 in which the pre-defined condition comprises sufficient credit availability in the user'"'"'s account.

20. The computerized method of claim 11 in which the pre-defined condition comprises qualification of the user'"'"'s account.