Automatic portable account controller for remotely arranging for transfer of value to a recipient

• US 5,915,023 A
• Filed: 01/06/1997
• Issued: 06/22/1999
• Est. Priority Date: 01/06/1997
• Status: Expired due to Term

• Current Assignee: Hanger Solutions, LLC (IP Investments Group LLC)
• Original Assignee: Robert Bernstein
• Inventors: Bernstein, Robert
• Primary Examiner(s): Gregory, Bernarr E.
• Application Number:
  US08/779,923
• Time in Patent Office: 897 Days
• Field of Search: 380/4, 380/9, 380/21, 380/49, 380/50, 380/59, 380/23, 380/24, 380/25, 705/26, 705/39, 705/40, 705/42, 705/44, 705/45, 705/35
• US Class Current: 705/75
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/0855 involving a third party
• 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 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/325 using wireless networks
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile 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 20/401 Transaction verification
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

An apparatus and method of transferring a value from a transferor to a transferee in a transaction executed through a public service telephone network. The method includes the step of exchanging essential information between the transferor and transferee through a connection established through the public service telephone network. A summary of the transaction is transferred from the transferor and from the transferee to a third party agent of the transferee through the public service telephone network. The summary received from the transferor with the summary received from the transferee and where a match is determined, transferring the value to the transferee.

Claims

1. A method of transferring a value from a transferor to a transferee in a transaction executed through a public service telephone network, such method comprising the steps of:

exchanging essential information between the transferor and transferee;

transferring a summary of the transaction from the transferor and from the transferee to a third party agent of the transferee along separate parallel paths through the public service telephone network;

comparing identifiers of summaries received by the third party agent to match the summary of the transferor with the summary of the transferee; and

comparing a substantive content of the summary received from the transferor with a substantive content of the summary received from the transferee and where a match is determined, transferring the value to the transferee.

2. The method of transferring a value as in claim 1 wherein the steps of exchanging essential information further comprises establishing a telephone connection through the public service telephone network.

3. The method of transferring a value as in claim 2 further comprising transferring the value to the transfer destination of the transferee from the third party agent.

4. The method of transferring a value as in claim 1 further comprising transferring an identifier of a transfer destination of the transferred value from the transferee to third party agent.

5. The method of transferring a value as in claim 1 wherein the step of exchanging essential information further comprises exchanging an identifier of the transferor and transferee.

6. The method of transferring a value as in claim 5 wherein the step of transferring a proposed transfer value further comprising transferring an acceptance from the transferee to the transferor.

7. The method of transferring a value as in claim 1 wherein the step of exchanging essential information further comprising transferring a proposed transfer value from the transferor to the transferee.

8. The method of transferring a value as in claim 1 wherein the step of exchanging essential information further comprises transferring a transaction identifier from the transferor to the transferee.

9. The method of transferring a value as in claim 8 wherein the step of transferring the encrypted summary of the transaction from the transferor to the third party agent further comprising recovering a decryption key from a secure file maintained by the third party agent for the transferor.

10. The method of transferring a value as in claim 1 wherein the step of transferring a summary of the transaction from the transferor to the third party agent further comprises encrypting the summary.

11. The method of transferring a value as in claim 1 wherein the step of recovering the decryption key further comprising decrytpting the summary from the transferor.

12. Apparatus for transferring a value from a transferor to a transferee in a transaction executed through a public service telephone network, such apparatus comprising:

means for exchanging essential information between the transferor and transferee;

means for transferring a summary of the transaction from the transferor and from the transferee to a third party agent of the transferee along separate parallel paths through the public service telephone network;

means for comparing identifiers of summaries received by the third party agent to match the summary of the transferor with the summary of the transferee; and

means for comparing a content of the summary received from the transferor with a content of the summary received from the transferee and where a match is determined, transferring the value to the transferee.

13. The apparatus for transferring a value as in claim 12 further comprising means for transferring an identifier of a transfer destination of the transferred value from the transferee to third party agent.

14. The apparatus for transferring a value as in claim 12 further comprising means for transferring the value to the transfer destination of the transferee from the third party agent.

15. The apparatus for transferring a value as in claim 12 wherein the means for exchanging essential information further comprises means for exchanging an identifier of the transferor and transferee.

16. The apparatus for transferring a value as in claim 15 wherein the means for transferring a proposed transfer value further comprising means for transferring an acceptance from the transferee to the transferor.

17. The apparatus for transferring a value as in claim 12 wherein the means for exchanging essential information further comprising means for transferring a proposed transfer value from the transferor to the transferee.

18. The apparatus for transferring a value as in claim 12 wherein the means for exchanging essential information further comprises means for transferring a transaction identifier from the transferor to the transferee.

19. The apparatus for transferring a value as in claim 18 wherein the means for transferring the encrypted summary of the transaction from the transferor to the third party agent further comprising means for recovering a decryption key from a secure file maintained by the third party agent for the transferor.

20. The apparatus for transferring a value as in claim 12 wherein the means for transferring a summary of the transaction from the transferor to the third party agent further comprises means for encrypting the summary.

21. The apparatus for transferring a value as in claim 12 wherein the means for recovering the decryption key further comprising means for decrytpting the summary from the transferor.

22. Apparatus for transferring a value from a transferor to a transferee in a transaction executed through a public service telephone network, such apparatus comprising:

a connection between the transferor and transferee for exchanging essential information between the transferor and transferee;

a first modem for transferring a summary of the transaction from the transferor to a third party agent of the transferee through the public service telephone network;

a second modem for transferring a summary of the transaction from the transferee to the third party agent of the transferee through a separate parallel connection through the public service telephone network;

a first comparator for comparing identifiers of summaries received by the third party agent to match the summary of the transferor with the summary of the transferee; and

a second comparator for comparing a content of the summary received from the transferor with the content of the summary received from the transferee and where a match is determined, transferring the value to the transferee.