FINANCIAL SERVICES ECOSYSTEM

• US 20150178693A1
• Filed: 12/18/2014
• Published: 06/25/2015
• Est. Priority Date: 12/20/2013
• Status: Active Grant

• Current Assignee: MovoCash, Inc.
• Original Assignee: MovoCash, Inc.
• Inventors: Solis, Eric A.
• Granted Patent: US 10,127,528 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/027 involving a payment switch or gateway
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/383 Anonymous user system
• CPC Class Codes: G06Q 20/384 using social networks
• 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 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A financial services ecosystem for providing a collaborative worldwide payment system includes: a computer-based system configured to credit a merchant, by way of a merchant bank, for goods sold or services rendered to a consumer; and a payment process platform configured to receive data from a user application. The payment process platform is configured to generate a disposable bank identification number (BIN). The disposable BIN is converted from a BIN issued by a financial institution or credit card company. The disposable BIN is used by a biller as an authorization BIN to document that the consumer has paid a bill.

Claims

1. A financial services ecosystem for providing a collaborative worldwide payment system, the financial services ecosystem comprising:

a computer-based system configured to generate card bank identification numbers (BINs) that can be redeemed at a merchant, by way of a merchant bank, for goods sold or services rendered to a consumer; and

a payment process platform configured to receive data from a user application, the payment process platform configured to generate the (BIN) as issued by a card association, wherein the card BIN is a layer of security between a Primary Account Number (PAN) issued by a financial institution or credit card company, and wherein the card BIN is used as digital currency by a payee and sent to a biller for authorization to document that the consumer has paid a bill.

2. The financial services ecosystem of claim 1, wherein the card BIN is tracked for reconciliation by the payment process platform while the consumer remains anonymous.

3. The financial services ecosystem of claim 2, wherein the computer-based system includes at least one web server.

4. The financial services ecosystem of claim 2, wherein the computer-based system utilizes the Automated Clearing House (ACH) network to process the exchange of electronic transactions with the merchant bank.

5. The financial services ecosystem of claim 4, wherein the merchant bank is credited via the ACH network, based upon a transaction originating from an electronic financial service settlement bank.

6. The financial services ecosystem of claim 1, wherein the card BIN is processed as a real-time instant person to person transaction.

7. The financial services ecosystem of claim 1, wherein the mobile device application is configured to allow the consumer to select and fund card BIN using one or more form factors within the financial services ecosystem.

8. The financial services ecosystem of claim 7, wherein the one or more form factors include electronic currency including the card BIN and being transferable from one end user to the next end user, until redeemed for goods, services or cash.

9. The financial services ecosystem of claim 8, wherein the card-linked digital card is as redemption form factor of the card BIN.

10. The financial services ecosystem of claim 8, wherein the one or more form factors include a gift card BIN including the card BIN and configured to be discarded after a single use.

11. The financial services ecosystem of claim 8, wherein the branded pay card is a form factor for redemption that includes the card BIN.

12. The financial services ecosystem of claim 1, wherein the card BIN is encoded in a form selected from a group consisting of:

a bar code, a QR code, a magnetic stripe, a Bluetooth data stream, and a near field communications (NFC) data stream.

13. A system comprising:

a processor communicatively coupled to the Automated Clearing House (ACH) network and operable to retrieve information including a bank identification number (BIN), wherein the card BIN is tracked for reconciliation by a payment process platform while the consumer remains anonymous;

a tangible, non-transitory memory communicatively coupled to the processor; and

the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to be capable of performing operations comprising;

creating an open file for use to match outstanding card BINs for reconciliation with incoming ACH transactions being received from a bank account associated with the consumer.

14. The system of claim 13, wherein the card BIN is created from a Primary Account Number (PAN) issued by a financial institution or credit card company.

15. A method for the distribution and settlement of electronic credits and debits, the method comprising:

receiving, on a user computing device, a card bank identification number (BIN);

funding an electronic account associated with the user;

generating an electronic entity including the card BIN and having a monetary value associated therewith, the monetary value being secured by the electronic account; and

creating an open file for use to match outstanding card BINs for reconciliation with incoming ACH transactions being received from a bank account associated with the user.

16. The method of claim 15, wherein receiving, on the user computing device, the card BIN includes:

logging onto an application running on the user computing device; and

receiving the card BIN from a payment process platform configured to generate the card BIN.

17. The method of claim 16, wherein the card BIN is created from a primary account number (PAN) BIN issued by a financial institution or credit card company.

18. The method of claim 16, wherein funding the electronic account associated with the consumer includes:

displaying, on the user computing device, electronic fund sources and balances; and

selecting an electronic funding source.

19. The method of claim 16, wherein the card BIN is encoded in a form selected from a group consisting of:

a bar code, a QR code, a magnetic strip, a Bluetooth data stream, and a near field communications (NFC) data stream.

20. The method of claim 16, further comprising:

receiving a selection of a fund recipient from the user;

transmitting the card BIN to a second account associated with the fund recipient, the second account being credited with funds associated with the card BIN.