MOBILE GLOBAL EXCHANGE PLATFORM

• US 20160055583A1
• Filed: 10/30/2015
• Published: 02/25/2016
• Est. Priority Date: 06/03/2011
• Status: Abandoned Application

• Current Assignee: Fintiv, Inc.
• Original Assignee: Mozido, LLC (Fintiv, Inc.)
• Inventors: Liberty, Michael A., Love, Mike, Bacastow, Steve, Sarangi, Minaz, Lund, Randall Dion, Cerrato, Brent Charles
• Application Number:
  US14/928,105
• Publication Number:
  US 20160055583A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/3255 using mobile network messaging services for payment, e.g. SMS
• CPC Class Codes: G06Q 20/36 using electronic wallets or electronic money safes
• 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 19/203 Dispensing operations within ATMs dispensing in general G07D11/00

Abstract

A mobile global exchange platform is provided. The mobile global exchange platform includes a processor, a hardware receiver that receives an indication that a sum is to be transferred between transaction systems, a determining component that determines a country of origin for the transaction systems, a data accessing component that accesses data structures that indicate financial regulatory schemes under which the transaction systems operate, an analyzing engine that analyzes the current regulatory schemes to determine how to transfer sums between the first and second transaction systems in accordance with each system'"'"'s respective financial regulatory scheme, and a value transferring component configured to electronically transfer the sum, in compliance with the regulatory schemes of the transaction systems, so that the sum is transferred from one transaction system to another transaction system according to each system'"'"'s respective current regulatory schemes.

Claims

1. A cloud-based, mobile global exchange platform comprising the following:

one or more processors;

a hardware receiver configured to receive an indication that a specified sum is to be transferred between a first transaction system and a second transaction system;

a determining component configured to determine a country of origin for the first transaction system, and further determine a country of origin for the second transaction system;

a data accessing component configured to access a database with a first data structure indicating a first regulatory scheme under which the first transaction system currently operates, and further configured to access a second data structure indicating a second regulatory scheme under which the second transaction system currently operates, the first and second regulatory schemes indicating a plurality of rules that are to be enforced when transferring value in or out of the country of origin, the first regulatory scheme having at least one rule that is different than the second regulatory scheme;

an analysis engine configured to conduct a real-time analysis of the current regulatory schemes for the first and second transaction systems to determine which specific rules apply when transferring the specified sum between the first and second transaction systems in accordance with each system'"'"'s respective regulatory scheme; and

a value transferring component configured to electronically transfer the specified sum in compliance with the regulatory schemes of the first and second transaction systems, such that the specified sum is transferred from the first transaction system to the second transaction system according to each system'"'"'s respective current regulatory schemes.

2. The mobile global exchange platform of claim of claim 1, wherein the first transaction system and the second transaction system are located in countries that use different currencies.

3. The mobile global exchange platform of claim 2, wherein the cloud-based mobile global exchange platform ties each of the first and second transaction systems to a centralized exchange rate.

4. The mobile global exchange platform of claim 1, wherein at least one bank is involved in the transfer between the first and second transaction systems.

5. The mobile global exchange platform of claim 4, wherein the sum is transferred from the first transaction system to the second transaction system using a SWIFT exchange.

6. The mobile global exchange platform of claim 5, wherein the SWIFT exchange transfer from the first transaction system to the second transaction system is performed according to a fee schedule.

7. The mobile global exchange platform of claim 6, wherein the fee schedule specifies higher fees for transactions that are processed sooner, and lower fees for transactions that are processed later.

8. The mobile global exchange platform of claim 7, wherein the transactions are processed together in a bulk transaction.

9. The mobile global exchange platform of claim 1, wherein a mobile wallet application communicates with the mobile global exchange platform using local financial regulations, regardless of which country the mobile wallet application is communicating from.

10. The mobile global exchange platform of claim 1, wherein the first country of origin for the first monetary transaction system is determined based on a location indicator received from a mobile device, the location indicator being generated based on wireless data received on a wireless radio of the mobile device.

11. A computer program product comprising one or more computer storage media having thereon computer-executable instructions that, when executed by one or more processors of a computing system, cause the computing system to instantiate a user interface that includes the following:

a first button that, when selected, transmits one or more portions of data indicating that a specified sum is to be transferred between a first transaction system and a second transaction system;

a second button that, when selected, transmits authentication credentials from a mobile wallet application, the authentication credentials corresponding to a mobile wallet user;

a graphical indicator indicating that the transfer is currently being processed; and

an electronic receipt indicator configured to show that the sum was transferred between the first transaction system and the second transaction system.

12. The computer program product of claim 11, wherein the user interface further includes an indication of the mobile wallet user'"'"'s current stored value account balance.

13. The computer program product of claim 11, wherein the money sum is transferred from the first monetary transaction system to the second monetary transaction system using a SWIFT exchange, based on a determination that the transaction is being initiated from a certain country.

14. The computer program product of claim 11, wherein the user interface includes a third button that allows a user to add a third transaction system, such that transfers between the first transaction system and the third transaction system, or between the second transaction system and the third transaction system.

15. A cloud-based mobile global exchange platform comprising the following:

one or more processors;

an integration tier configured to manage mobile wallet sessions and maintain the integrity of financial transactions;

integration tier also comprised of a communication API and other communication mechanisms to accept messages from channels;

notification services configured to send notifications through different notification channels including short message peer-to-peer, short-message services and simple mail transfer protocol emails;

service connectors configured to connect to third party systems;

each connector deployed as a separate module intended to integrate an external service to the system architecture;

business process services configured to implement business workflows, including executing financial transactions, auditing financial transactions, invoking third-party services, handling errors, and logging platform objects;

a payment handler configured to wrap APIs of different payment processors including banking accounts, credit and debit cards or processors;

payment handler exposing a common API to facilitate interactions with many different kinds of payment processors;

security services configured to perform subscriber authentication;

authorization services configured to perform client authorization using a database-based access control list table;

database configured to manage customer accounts, manage company accounts manage transaction histories, store financial transaction details, store customer profiles, store dictionaries used by the mobile wallet platform including countries and currencies, and managing money containers;

a rules engine configured to gather financial transaction statistics and use the gathered statistics to provide transaction properties including fees and bonuses;

rules engine also configured to enforce business constraints including transaction and platform license constraints;

one or more computer-readable storage media having stored thereon computer-executable instructions that, when executed by the one or more processors, cause the computing system to perform a remittance, the method comprising the following;

receiving subscriber communication over one of a plurality of channels connected to the mobile global exchange platform;

message received using an API of the integration tier, the subscriber communication indicating that a subscriber desires to transfer a specified sum to a recipient using a selected transfer method from the subscriber;

verifying that the selected transfer method is capable of providing the specified sum;

validation performed by the rules engine in accordance with business constraints;

validating the status of the recipient to ensure the recipient has a valid subscriber account;

subscriber account comprised within the database;

debiting the selected transfer method by the specified sum;

debit performed by an API of the payment handler;

transferring the specified sum to the recipient over at least one of the plurality of channels connected to the mobile global exchange platform;

transfer completed using a service connector; and

notifying the subscriber that the specified sum was transferred to the recipient over at least one of the plurality of channels connected to the mobile global exchange platform;

notification completed by the notification services.

16. The mobile global exchange platform of claim 15, wherein validating the status of the recipient comprises performing a check on the specified recipient to comply with a financial regulatory scheme.

17. The mobile global exchange platform of claim 15, wherein the sum is transferred internationally between mobile wallet applications.

18. The mobile global exchange platform of claim 17, wherein the transferred sum is available in the subscriber'"'"'s mobile wallet application.

19. The mobile global exchange platform of claim 15, wherein the subscriber is an unbanked subscriber.

20. The mobile global exchange platform of claim 15, further comprising performing at least one of a limit check and a velocity check on the selected payment method.