MOBILE DEVICE CREDIT ACCOUNT

• US 20130212016A1
• Filed: 03/27/2013
• Published: 08/15/2013
• Est. Priority Date: 11/20/2007
• Status: Active Grant

• Current Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Original Assignee: Wells Fargo NA (Wells Fargo & Company)
• Inventors: Davis, Martin, Duke, Michael Thomas
• Granted Patent: US 8,805,740 B2
• Time in Patent Office: Days
• US Class Current: 705/42
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• 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 20/40 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 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Providing for a mobile communication device (MCD) credit account and credit transactions by way of such an MCD is described herein. As an example, a credit account sponsored by a financial or commercial entity can be associated with a unique ID of an MCD. The MCD can interface with another electronic device and initiate credit transactions, such as commercial purchases, credit transfers, currency conversions, and the like, via the interface. Further, rules provided by the sponsoring entity can guide such transactions, enforcing credit limits, for instance. A management component can then synchronize transactions conducted by the device with a server of a financial institution over a remote communication interface, such as the Internet or a cellular/mobile communication network. Accordingly, a mobile device can replace a traditional credit card in transacting credit business.

Claims

1. A method for synchronizing a mobile communication device (MCD) with a credit account, comprising:

associating a unique ID of a MCD with a credit account, the unique ID corresponding to a user of the MCD, the credit account sponsored by a financial entity;

initiating a transaction on behalf of the MCD; and

synchronizing a server of the financial entity with the MCD based on the transaction initiated by the MCD, at least some of at least one of the associating, initiating, or synchronizing implemented at least in part via a processing unit.

2. The method of claim 1, comprising:

obtaining transaction approval for the transaction; and

synchronizing the server of the financial entity based on the transaction approval.

3. The method of claim 2, comprising obtaining transaction approval based on one or more predetermined transaction rules and no link between the server of the financial entity and the MCD.

4. The method of claim 1, the synchronizing comprising synchronizing a state of the credit account on the server of the financial entity with a state of the credit account on the MCD.

5. The method of claim 1, the synchronizing based on at least one of a credit limit, credit balance, transaction history, expenditure, payment, debit, or credit associated with the credit account.

6. The method of claim 1, comprising suggesting a transaction to the user of the MCD based on at least one of a benefit of the credit account or a benefit of a sub-credit account of the credit account

7. The method of claim 1, comprising calculating a local tax based on the transaction and a location of the MCD.

8. The method of claim 1, comprising converting a first currency of the transaction to a second currency based on at least one of a location of the MCD or a locale of the MCD.

9. The method of claim 1, comprising encrypting at least one of the unique ID of the MCD, data associated with the transaction, or data associated with synchronization between the server of the financial entity and the MCD.

10. The method of claim 1, comprising:

dividing the credit account into one or more sub-credit accounts; and

apportioning credit from a credit line of the credit account to at least some of the one or more sub-credit accounts.

11. A system for synchronizing a mobile communication device (MCD) with a credit account, comprising:

a mobile-credit interface component configured to associate a unique ID of a MCD with a credit account, the unique ID corresponding to a user of the MCD, the credit account sponsored by a financial entity;

a credit execution component configured to initiate a transaction on behalf of the MCD; and

a management component configured to synchronize a server of the financial entity with the MCD based on the transaction initiated by the MCD, at least some of at least one of mobile-credit interface component, the credit execution component, or the management component implemented at least in part via a processing unit.

12. The system of claim 11, the credit execution component configured to calculate at least one of a local tax, a fee, or a surcharge for the transaction based on at least one of a location of the MCD or a locality of the MCD.

13. The system of claim 11, comprising a remote communication interface configured to communicatively couple the MCD to a second electronic device, the second electronic device associated with a second unique ID and a second credit account.

14. The system of claim 11, the credit execution component configured to initiate the transaction on behalf of the MCD and at least one of:

transfer funds from the credit account associated with the MCD to the second credit account associated with the second electronic device;

or

transfer funds from the second credit account associated with the second electronic device to the credit account associated with the MCD.

15. The system of claim 11, comprising a payroll interface component configured to:

correlate an employee ID of the user of the MCD with the credit account; and

disburse payroll funds to the credit account based on the employee ID and payroll information from a payroll server.

16. The system of claim 11, comprising a re-distribution component configured to apportion credit from a credit line to at least one of the credit account, one or more sub- credit accounts of the credit account, or one or more additional financial accounts.

17. A computer readable storage medium including executable instructions, which when executed on a processor perform a method comprising:

associating a unique ID of a MCD with a credit account, the unique ID corresponding to a user of the MCD, the credit account sponsored by a financial entity;

initiating a transaction on behalf of the MCD; and

synchronizing a server of the financial entity with the MCD based on the transaction initiated by the MCD.

18. The computer readable storage medium of claim 17, comprising suggesting use of a benefit associated with the credit account in conjunction with the transaction based on a benefit availability.

19. The computer readable storage medium of claim 17, comprising determining a location of the MCD.

20. The computer readable storage medium of claim 17, comprising supervising the transaction based on at least one of a credit balance, utilization ratio, or a number of transactions within a time period.