Mobile device credit account

• US 7,689,508 B2
• Filed: 11/20/2007
• Issued: 03/30/2010
• Est. Priority Date: 11/20/2007
• Status: Active Grant

• Current Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Original Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Inventors: Davis, Martin, Duke, Michael Thomas
• Primary Examiner(s): Kazimi; Hani M.
• Assistant Examiner(s): MADAMBA, CLIFFORD B
• Application Number:
  US11/943,362
• Publication Number:
  US 20090132415A1
• Time in Patent Office: 861 Days
• Field of Search: 705/39, 455/406, 455/407, 455/414.1, 455/414.2
• US Class Current: 705/39
• 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 system that integrates consumer or business credit transactions with a mobile communication device, comprising:

at least one processor coupled to a memory, the computer processor executes;

a mobile identification component that receives a unique ID from a mobile communication device;

a mobile-credit interface component that associates a financial institution-sponsored credit account with the unique ID of the mobile communication device;

a management component that synchronizes a contemporaneous state of the credit account at the mobile communication device and at a financial account server, wherein the contemporaneous state comprises at least one of credit limit, balance or transaction history data and wherein the contemporaneous state facilitates autonomous credit approval via the mobile communication device wherein a communication network need not be accessed to facilitate the credit approval;

a conversion processor that converts a portion of the credit account or a transfer of funds to or from the credit account from a first currency to a second currency, the second currency is appropriate to the contemporaneous location of the mobile communication device or of a target account, or both; and

a sub-division component that divides the credit account into a plurality of sub-credit accounts, each of the sub-credit accounts are affiliated with either a financial institution or a commercial vendor.

2. The system of claim 1, comprising:

a remote communication interface that enables remote communication between the mobile communication device and a second communication device; and

a credit execution component that transfers funds between the credit account and an account associated with the second communication device to facilitate a credit payment or a credit transfer between the credit account and the account.

3. The system of claim 2, the transfer of funds involves a credit voucher that enables redemption of an amount of money from the credit account, the credit voucher can be delivered to an entity associated with the account in the form of an e-mail, a gift card delivered by physical mail, or forwarded to an automated teller machine for redemption in cash, or a combination thereof.

4. The system of claim 1, comprising:

a location component that determines the contemporaneous location of the mobile communication device or of the target account, or both.

5. The system of claim 1, comprising a payroll interface component that couples the credit account with a payroll server and facilitates automatic deposit of payroll funds to the credit account.

6. The system of claim 1, comprising:

a benefit aggregation component that compiles credit reward benefits provided by the financial institution or the commercial vendor, stores the reward benefits in mobile device memory and synchronizes accumulation and expenditure of the reward benefits at the mobile device and a credit server associated with the financial institution or commercial vendor.

7. The system of claim 1, the management component synchronizes the contemporaneous state of the credit account by interfacing the mobile communication device and the financial account server via a mobile cellular network, a wired communication interface, a radio frequency (RF) wireless scanner, an optical frequency scanner/transmitter pair, a data network, or a satellite communication network, or a combination thereof.

8. The system of claim 1, the unique ID of the mobile communication device or the credit account, or both, are further associated with a user of the mobile communication device and provide user identification in conjunction with financial transactions related to the credit account.

9. The system of claim 1, the mobile communication device is a cellular phone, a wireless phone, a voice over internet protocol (VoIP) phone, a multi-mode phone, a laptop computer, a personal digital assistant (PDA), or an electronic ID card having processor, memory and wired or wireless communication capability, or a combination thereof.

10. The system of claim 1, comprising at least one of:

a re-distribution component configured to apportion available credit between the credit account and one or more additional financial accounts associated with the mobile communication device or a user of the mobile communication device;

or

a rule-set database that provides guidelines for the re-distribution component to apportion available credit, based at least in part on a concurrent credit balance, comparison of concurrent credit balances, a ratio of balance to credit limit, an amount of a requested transaction, or a number of transactions undertaken in a threshold period of time, or a combination thereof, associated with the credit account or the one or more additional financial accounts.

11. A method of providing a mobile communication device interface to a credit account and to transactions associated with the credit account, comprising:

employing at least one computer processor to execute the following;

receiving a unique ID of a mobile communication device;

associating a credit account sponsored by a financial entity with the unique ID;

fracturing the credit account into multiple credit accounts, each multiple credit account is sponsored by one or more commercial or financial entities;

shifting available credit between the credit account and one or more of the multiple credit accounts or an additional account associated with the mobile communication device or a user of the mobile communication device;

converting a balance of the credit account or of a transaction associated with the credit account from a first currency to a second currency, where the second currency is appropriate for a determined time, location or locale, or a combination thereof; and

synchronizing, via remote communication, transaction information pertaining to the credit account at the mobile device and at a credit account server associated with the financial entity, wherein the synchronization is a two-way synchronization that facilitates mobile communication device-based approval of a transaction as a function of the transaction information.

12. The method of claim 11, comprising:

interfacing the mobile communication device with a second device associated with a financial account via a remote communication platform; and

initiating exchange of credit between the credit account and the financial account to accomplish payment for a product or service.

13. The method of claim 11, comprising aggregating benefits pertaining to credit transactions for the credit accounts, offered by the one or more commercial or financial entities, and incorporating the benefits into the credit account or into credit transactions associated with the credit account.

14. The method of claim 11, wherein shifting available credit is based at least in part upon a concurrent balance, an amount of a proposed transaction, a comparison of concurrent credit balances, a ratio of balance to credit limit, or a number of transactions undertaken in a threshold period of time, or a combination thereof, associated with the credit account, the one or more of the multiple credit accounts, or the additional account associated with the mobile communication device or the user of the mobile communication device.

15. The method of claim 11, comprising:

determining the time, location or locale, or a combination thereof, of the mobile communication device.

16. The method of claim 11, comprising:

receiving a request to extend a line of credit for the credit account via the mobile communication device; and

one of allowing or denying the request; and

updating the credit account with an additional line of credit if the request was is allowed.

17. A system that facilitates credit transactions by way of a mobile communication device, comprising:

at least one computer processor coupled to a memory, the computer processor executing;

associating a credit account with a mobile communication device or a user of the mobile communication device, the credit account is sponsored by a commercial or financial entity;

interfacing the mobile communication device with a second device to exchange funds associated with the credit account to a financial account associated with the second device;

converting of a portion of the credit account from a first currency to a second currency, the second currency is appropriate to a contemporaneous location of the mobile communication device or of the second device, or both; and

partitioning the credit account into a plurality of sub-credit accounts, each of the sub-credit accounts are affiliated with either a financial institution or a commercial vendor; and

synchronizing the credit account at the mobile communication device and at an electronic server of the financial entity to reflect the exchange of funds.

18. The system of claim 17, wherein at least one of:

the mobile communication device is a cellular phone, a wireless local area network (WLAN) phone, a multi-mode device, a mobile telephone, or an electronic device including at least memory, a processor and a means for remote communication, or a combination thereof;

the electronic server of the financial entity is accessed by way of a mobile network, an RF scan, an optical scan, or a satellite communication network, or a combination thereof, that includes an interface to the electronic server;

or

the second device is an automated teller machine (ATM), a second mobile communication device associated with a consumer, or a computer, laptop, PDA, or terminal computer of a commercial, or industrial entity, or a combination thereof.