Method and system for the execution of non-bank Third Party Services Transactions over Financial Networks through Electronic Terminals utilizing a Non-Depository Virtual Account Management System

• US 20130006810A1
• Filed: 06/30/2012
• Published: 01/03/2013
• Est. Priority Date: 06/30/2011
• Status: Abandoned Application

• Current Assignee: Aurelio Elias
• Original Assignee: Aurelio Elias
• Inventors: Elias, Aurelio
• Application Number:
  US13/539,386
• Publication Number:
  US 20130006810A1
• Time in Patent Office: Days
• US Class Current: 705/26.41
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

The present embodiment of the system is a new and useful method and system for automating Third Party Financial Transactions via an Electronic Transaction Apparatus, by enabling a Transaction Acquirer Processor and a Third Party Service Provider to provide a Financial Instrument Holder, access to a non-bank third party service and complete a transaction utilizing a Non-depository Virtual Account Management System, when the individual'"'"'s requests a third party transaction on an Electronic Terminal device.

Claims

1. A new method and system for the issuance of a third party service'"'"'s financial transaction over financial networks, comprising:

a. Providing a financial transaction system for the execution of said third party service'"'"'s financial transaction through a financial network as requested by an individual financial instrument holder, and

b. Providing said financial transaction system for the settlement of said third party service'"'"'s financial transaction as requested by said individual financial instrument holder over financial networks utilizing acquiring processors, merchant vendors, financial instrument issuing banks and third party service providers.

c. Providing a new use data set for the identification and authorization of said individual financial instrument holder request of said third party service'"'"'s financial transaction utilized by said financial networks'"'"' transaction system.

d. Providing said new use data set for said identification and authorization of said requested third party service'"'"'s financial transaction utilized by said third party service providers.

e. Providing said new use data set for said identification and authorization of said requested third party service'"'"'s financial transaction utilized by an acquiring processor.

f. Providing said new use data set for said identification and authorization of said requested third party service'"'"'s financial transaction utilized by a merchant vendor servicing third party service'"'"'s financial transactions.

g. Providing said new use data set for said identification and authorization of said requested third party service'"'"'s financial transaction utilized by said individual financial instrument holder'"'"'s depository account for settlement of said third party service'"'"'s financial transaction.

h. Providing said new use data set for said identification and authorization of said requested third party service'"'"'s financial transaction utilized by the individual'"'"'s financial instrument issuer.

i. Providing said new use data set that is compatible with the financial network'"'"'s messaging protocols.

Whereby an individual requests said transaction with said third party service provider other than a direct bank or merchant vendor servicing third party service'"'"'s financial transactions transaction that can than be carried out on existing financial networks.

2. A method for making the transaction of claim 1 comprising a non-depository account management system for the integration and generation of a data set message used for said identification and authorization process of said requested third party service'"'"'s financial transaction.

3. A method and system for the settlement of said third party service'"'"'s financial transaction over financial networks;

by providing for the management of the execution and settlement of said third party service'"'"'s financial transaction over financial networks utilizing existing financial networks, merchants vendors, acquiring processors, financial instrument (card) management systems, financial instrument issuers and financial network protocols;

4. A method for settling the transaction of claim 3 comprising:

a. Providing a non-depository account management system for transaction identification, authorization and settlement of said third party service'"'"'s financial transaction.

b. Providing a new method for said third party service'"'"'s financial transaction to be authorized and settled through the financial network utilizing said non-depository account management system.

c. Providing a new method for said third party service'"'"'s financial transaction to be authorized and settled through said financial network utilizing said non-depository account management system.

Whereby said individual'"'"'s request for said third party service'"'"'s financial transaction is settled on existing financial networks.

5. A method of claim 3 comprised of a data set for the identification and authorization of said requested third party service'"'"'s financial transaction utilized by the financial instrument issuer

6. A method for settling said transaction of claim 3 comprising of new authorization and settlement process of said third party service'"'"'s financial transaction between the third party service (the third party service'"'"'s system and related settlement accounts, depository and/or non-depository accounts);

between the initiator of the transaction (Financial Instrument Holder), between the acquiring processor of the transaction and the Issuer of the Financial Instrument and said depository account.

7. A method for settling said transaction of claim 3 comprising of a process for tracking the Pay-In and Pay-Out cycle of said third party service'"'"'s financial transaction.

8. A method for settling said transaction of claim 3 comprising:

a. Providing various accounts as required for transaction settlement including a Financial Services Operating Account, a Funding Account, an Operating Account, Third Party Service Vendor'"'"'s Operating or Corresponding Account, a Third Party Service Vendor Reserve Account, Merchant Operating Account, and

b. Providing various accounts as required for the auditing, recording, reporting and settlement data of the individual transaction settlement including a Non-Depository Financial Instrument Holder Account

Whereby an individual'"'"'s request for said third party service transaction is audited, recorded and reported on when the transaction is completed.

9. An new use for the handling of a request, authorization, execution and settlement of said third party transaction over financial networks by an individual by providing a new use for electronic terminal devices to offer and facilitate said third party service transaction and a means for real-time sequential processing of said third party transaction over financial networks by an individual;

10. A new use of claim 9 comprising:

a. Providing a message protocol integrated into the electronic terminal interface device for transmission to and from the acquiring processor and

b. Providing said electronic terminal device to enable said third party service to offer said financial transaction to an individual and

c. Providing a customized interface for said electronic terminal device to enable said third party service to offer said financial transaction to an individual and

d. Providing said customized interface for said electronic terminal device to enable said individual to access said third party service'"'"'s financial transaction and

e. Providing said customized interface for said electronic terminal device to enable the acquiring processor to offer said individual access said third party service'"'"'s financial transaction

f. Providing said customized interface for said electronic terminal device to settle said third party service'"'"'s financial transaction for said individual'"'"'s request of said third party service'"'"'s financial transaction and

g. Providing said electronic terminal device'"'"'s screen interface for the entry and execution of said third party service'"'"'s financial transaction.

Whereby, said requested third party service'"'"'s financial transaction is executed in real-time.

11. A system for the management of said third party service'"'"'s financial transaction over financial networks;

by providing for the management system for said execution and settlement of said third party service'"'"'s financial transaction over financial networks utilizing existing financial networks, merchants vendors servicing third party service'"'"'s financial transactions, acquiring processors, financial instrument management systems, financial instrument issuers and financial network protocols;

12. A new use system of claim 11, utilizing Non-Depository accounts to manage the integration of the Individual'"'"'s request for said third party transaction, including the identification of the third party service provider offering the service, the identification of the terms of the third party transaction, the authorization of the individual'"'"'s acceptance for said third party service by said third party service, the authorization of said individuals request for said third party service, the authorization of the execution of said third party service'"'"'s financial transaction to the individual, the authorization of the execution of said third party service'"'"'s financial transaction for said acquiring processor, said financial instrument issuer, said merchant vendor and said electronic terminal device.

13. A new use system of claim 11 comprising:

a. Utilizing the checks and balances within Non-Depository &

Depository accounts held by all parties to said transaction for said settlement of the transaction in real-time, and

b. Utilizing said Non-Depository &

Depository accounts held by all parties to said transaction for said settlement of said transaction as required by said Third Party Service Provider, said Issuer of the Financial Instrument, said acquiring processor and financial networks for said Pay-In, Pay-Out fee settlement, and

c. Utilizing said Non-Depository &

Depository accounts held by all parties to the transaction for said settlement of said third party service'"'"'s financial transaction as required by said Third Party Service Provider, said Issuer of said Financial Instrument, said acquiring processor and financial networks for said Pay-In, Pay-Out fee settlement,

Whereby the use of said Non-Depository Account and related Management System enable said individual financial instrument holder to request and execute said Third Party Service Transaction on an existing financial network.