Payment clearing network for electronic financial transactions and related personal financial transaction device

• US 20080313047A1
• Filed: 01/04/2008
• Published: 12/18/2008
• Est. Priority Date: 06/18/2007
• Status: Active Grant

• Current Assignee: LexisNexis Risk Solutions, Inc. (RELX PLC)
• Original Assignee: Lemon, Inc. (Gen Digital Inc.)
• Inventors: Murrone, Federico H., Casares, Wenceslao
• Granted Patent: US 9,342,823 B2
• Time in Patent Office: Days
• US Class Current: 705/17
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Described herein are networks and related devices and methods for facilitating the electronic transfer of funds and electronic purchases between consumers, merchants, and other parties. Also facilitated by the principles described herein is the electronic transfer of funds or payments between individuals. The disclosed principles provide for the funds of a user'"'"'s account to never leave his original financial account until the financial transaction takes place. Thus, no special accounts within the payment system are required to be opened, maintained, or funded by a user. Instead, funds are simply transferred to or from a user'"'"'s associated financial account by the financial institution maintaining that account and in accordance with instructions from the network. Thus, the present disclosure provides for fund transfers and purchases between parties in a secure, efficient, and the user-friendly manner. The disclosed principles provide for such transactions using, in some embodiments, portable devices, which may be dedicated devices associated with the disclosed network, or available consumer devices configured to operate with the network.

Claims

1. A network for performing financial transactions, the network comprising:

a payment system in communication with first and second financial devices associated with corresponding first and second users, and with one or more financial institutions facilitating corresponding first and second user financial accounts, wherein the first and second user financial accounts are associated with the payment system;

an interface connected to the payment system and configured to receive information about the desired financial transaction from one or both of the first and second financial devices, and to receive authorization to participate in the desired financial transaction from both financial devices;

wherein, upon receiving the authorizations, the payment system is configured to cause the transfer of funds by the one or more financial institutions from one of the first or second financial accounts to the other of the financial accounts in accordance with the received information about the desired financial transaction.

2. A network according to claim 1, wherein the interface is in wireless communication with the financial devices.

3. A network according to claim 2, wherein the financial devices are mobile telephones.

4. A network according to claim 2, wherein the interface is in wireless communication with the payment system.

5. A network according to claim 1, wherein the payment system being in communication with a financial institution comprises the payment system in communication with a financial services network, the financial services network configured to facilitate monetary transactions among the one or more financial institutions.

6. A network according to claim 5, wherein the one or more financial institutions comprise banks, automated clearing houses, point-of-sale terminals, and automated teller machines.

7. A network according to claim 1, wherein the interface is further configured to receive information about the user financial account previously associated the payment system form the financial device.

8. A network according to claim 1, wherein the interface is further configured to receive an acknowledgement from the first and second financial devices that each financial device has identified the other financial device during the desired financial transaction.

9. A network according to claim 1, further comprising an access gateway connected to the payment system and to the interface.

10. A network according to claim 9, wherein the access gateway is configured to permit management of rules associated with the payment system for governing the desired financial transaction.

11. A network according to claim 10, wherein the rules are associated with user profiles, the rules manageable by users via the access gateway.

12. A network according to claim 9, wherein the access gateway is an Internet-based gateway accessible via a browser program.

13. A network according to claim 9, wherein the access gateway is a wireless device access node.

14. A network according to claim 13, wherein the wireless device is distinct from a financial device.

15. A network according to claim 14, wherein the wireless device comprises a device for transmitting SMS code.

16. A network according to claim 1, wherein the payment system is further configured to cause the transfer of funds in accordance with pre-established rules for governing financial transactions.

17. A network according to claim 16, wherein the rules are selected from the group consisting of:

user profiles comprises user-established preferences,

data regarding the user financial account associated with each user,

security information regarding associated with each user,

an address book associated with each user comprising identification information of parties to potential financial transactions with the user,

fee structures for using the network associated with each user, and

administrative rules for governing all financial transaction across the network.

18. A network according to claim 1, where the second user financial account is associated with the payment system after the information about the desired financial transaction is received from the first financial device.

19. A financial device for performing electronic financial transactions, the device comprising:

a controller for use in conducting financial transactions from a remote location;

a reading unit connected to the controller and operable to receive information about a user financial account previously associated with a payment system;

user controls connected to the controller and operable to enter information by a user about a desired financial transaction, and information for authorizing the financial transaction;

a display screen connected to the controller and operable to display information about the desired financial transaction or user financial account;

an identification module connected to the controller and operable to identify a second financial device involved in the desired financial transaction to the first financial device, and to identify the first financial device to the second financial device; and

a transceiver connected to the controller and operable to wirelessly transmit and receive information to and from the payment system for causing the transfer of monetary funds to or from the associated user financial account once the identifications and authorization are made.

20. A device according to claim 19, further comprising a card associated with the user, the card containing the information about the user financial account.

21. A device according to claim 20, wherein the card comprises a magnetic strip containing the information about the user financial account.

22. A device according to claim 21, wherein the reading unit comprises a card reader for reading the magnetic strip on the card.

23. A device according to claim 22, wherein the card reader comprises a card slide or a card slot.

24. A device according to claim 19, wherein the user controls comprise a keypad.

25. A device according to claim 24, wherein the input information for authorizing the desired financial transaction comprises a personal identification number associated with the user.

26. A device according to claim 19, wherein the input information about the desired financial transaction comprises information for transferring monetary funds from the financial account associated with the user of the financial device to a second financial account associated with a second user associated with the second financial device.

27. A device according to claim 26, where the information for transferring monetary funds is selected from the group consisting of:

an identification of the second user,

an amount of the transfer of monetary funds,

selection of the user financial account from a plurality of financial accounts associated with the user,

a date of the desired financial transaction, and

a selection of whether the desired financial transaction is a request for monetary funds from another user, or an attempt to transfer monetary funds to the another user.

28. A device according to claim 19, wherein the identification module identifies the second financial device to the first financial device, and identifies the first financial device to the second financial device, by bringing the identification module within at least a predetermined proximity of a second identification module on the second financial device.

29. A device according to claim 28, wherein the identification module comprises a visual indicator indicating if the identifications have been made.

30. A device according to claim 29, wherein the identification module comprises a button on an exterior housing of a financial device.

31. A device according to claim 30, wherein the identifications are made upon touching buttons on the first and second financial devices together during the desired financial transaction.

32. A device according to claim 29, wherein the visual indicator comprises a light configured to change colors when the identifications have been made.

33. A device according to claim 32, wherein the visual indicator illuminates a first color when the device is ready to begin a transaction, and illuminates a second color when the identifications have been made.

34. A device according to claim 33, wherein the visual indicator illuminates the first color when the button is pressed.

35. A method of performing financial transactions, the method comprising:

providing a payment system in communication with first and second financial devices associated with corresponding first and second users, and with one or more financial institutions facilitating corresponding first and second user financial accounts;

associating the first and second user financial accounts with the payment system;

receiving in the payment system information about the desired financial transaction from one or both of the first and second financial devices;

receiving in the payment system authorization to participate in the desired financial transaction from both financial devices; and

upon receiving the authorizations, the payment system causing the transfer of funds by the one or more financial institutions from one of the first or second financial accounts to the other of the financial accounts in accordance with the received information about the desired financial transaction.

36. A method according to claim 35, wherein receiving the authorizations or the information about the desired financial transaction comprises receiving the authorizations or information wirelessly.

37. A method according to claim 36, wherein receiving the authorizations or information wirelessly further comprises receiving the authorizations or information from a mobile telephone.

38. A method according to claim 36, wherein receiving the authorizations or information wirelessly further comprises receiving the authorizations or information at a wireless interface associated with the payment system.

39. A method according to claim 35, wherein connecting the payment system in communication with one or more financial institutions comprises connecting the payment system with a financial services network, the financial services network configured to facilitate monetary transactions among the one or more financial institutions.

40. A method according to claim 39, wherein the financial institutions comprise banks, automated clearing houses, point-of-sale terminals, and automated teller machines.

41. A method according to claim 35, further comprising inputting information about the first or second user financial account previously associated with the payment system into the financial device

42. A method according to claim 35, further comprising receiving an acknowledgement from the first and second financial devices that each financial device has identified the other financial device during the desired financial transaction.

43. A method according to claim 35, further comprising providing an access gateway connected to the payment system and to the interface.

44. A method according to claim 43, further comprising permitting managing of rules associated with the payment system for governing the desired financial transaction via the access gateway.

45. A method according to claim 44, wherein the rules are associated with user profiles, the managing conducted by users via the access gateway.

46. A method according to claim 43, wherein providing an access gateway comprises providing an Internet-based gateway accessible via a browser program.

47. A method according to claim 43, wherein providing an access gateway comprises providing a wireless device access node.

48. A method according to claim 47, wherein the wireless device is distinct from a financial device.

49. A method according to claim 47, wherein the wireless device comprises a device for transmitting SMS code.

50. A method according to claim 35, wherein the payment system is further configured to cause the transfer of funds in accordance with pre-established rules for governing financial transactions.

51. A method according to claim 50, wherein the rules are selected from the group consisting of:

user profiles comprises user-established preferences,

data regarding the user financial account associated with each user,

security information regarding associated with each user,

an address book associated with each user comprising identification information of parties to potential financial transactions with the user,

fee structures for using the network associated with each user, and

administrative rules for governing all financial transaction across the network.

52. A method according to claim 35, wherein associating the second user financial account with the payment system comprising associating the second user financial account with the payment after receiving the information about the desired financial transaction from the first financial device.

53. A network for performing financial transactions, the network comprising:

an access gateway configured to permit access to the network by one or both of first and second users;

a payment system in communication with the access gateway, and with one or more financial institutions facilitating corresponding first and second user financial accounts, wherein the first and second user financial accounts are associated with the payment system;

an interface connected to the payment system and to the access gateway, and configured to receive information about the desired financial transaction from one or both of the users, and to receive authorization to participate in the desired financial transaction from both users, via the access gateway;

upon receiving the authorizations, the payment system is configured to cause the transfer of funds by the one or more financial institutions from one of the first or second financial accounts to the other of the financial accounts in accordance with the received information about the desired financial transaction.

54. A network according to claim 53, wherein the interface is in wireless communication with the payment system.

55. A network according to claim 53, wherein the payment system being in communication with a financial institution comprises the payment system in communication with a financial services network, the financial services network configured to facilitate monetary transactions among the one or more financial institutions.

56. A network according to claim 55, wherein the one or more financial institutions comprise banks, automated clearing houses, point-of-sale terminals, and automated teller machines.

57. A network according to claim 53, wherein the interface is further configured to receive information about the first or second user financial account previously associated the payment system via the access gateway.

58. A network according to claim 53, wherein the interface is further configured to receive an acknowledgement via the access gateway that the one or both users accessing the network via the access gateway has been identified and authorized to participate in the desired financial transaction.

59. A network according to claim 53, wherein the access gateway is further configured to permit management of rules associated with the payment system for governing the desired financial transaction.

60. A network according to claim 59, wherein the rules are associated with user profiles, the rules manageable by users via the access gateway.

61. A network according to claim 59, wherein the rules are selected from the group consisting of:

user profiles comprises user-established preferences,

data regarding the user financial account associated with each user,

security information regarding associated with each user,

an address book associated with each user comprising identification information of parties to potential financial transactions with the user,

fee structures for using the network associated with each user, and

administrative rules for governing all financial transaction across the network.

62. A network according to claim 53, wherein the access gateway is an Internet-based gateway accessible via a browser program.

63. A network according to claim 53, wherein the access gateway is a wireless device access node.

64. A network according to claim 63, wherein the wireless device comprises a device for transmitting SMS code.

65. A network according to claim 53, where the second user financial account is associated with the payment system after the information about the desired financial transaction is received from the first user.

66. A method of performing financial transactions, the method comprising:

permitting access to the network by one or both of first and second users via an access gateway;

providing a payment system in communication with the access gateway, and with one or more financial institutions facilitating corresponding first and second user financial accounts;

associating the first and second user financial accounts with the payment system;

receiving in the payment system information about the desired financial transaction from one or both of the users via the access gateway;

receiving in the payment system authorization to participate in the desired financial transaction from both users via the access gateway; and

upon receiving the authorizations, the payment system causing the transfer of funds by the one or more financial institutions from one of the first or second financial accounts to the other of the financial accounts in accordance with the received information about the desired financial transaction.

67. A method according to claim 66, wherein receiving the authorizations or information further comprises receiving the authorizations or information at a wireless interface associated with the payment system.

68. A method according to claim 66, wherein connecting the payment system in communication with one or more financial institutions comprises connecting the payment system with a financial services network, the financial services network configured to facilitate monetary transactions among the one or more financial institutions.

69. A method according to claim 68, wherein the financial institutions comprise banks, automated clearing houses, point-of-sale terminals, and automated teller machines.

70. A method according to claim 66, further comprising receiving information about the first or second user financial account previously associated with the payment system via the access gateway.

71. A method according to claim 66, further comprising receiving an acknowledgement via the access gateway that the one or both users accessing the network via the access gateway has been identified and authorized to participate in the desired financial transaction.

72. A method according to claim 66, further comprising permitting managing of rules associated with the payment system for governing the desired financial transaction via the access gateway.

73. A method according to claim 72, wherein the rules are associated with user profiles, the managing conducted by users via the access gateway.

74. A method according to claim 72, wherein the rules are selected from the group consisting of:

user profiles comprises user-established preferences,

data regarding the user financial account associated with each user,

security information regarding associated with each user,

an address book associated with each user comprising identification information of parties to potential financial transactions with the user,

fee structures for using the network associated with each user, and

administrative rules for governing all financial transaction across the network.

75. A method according to claim 66, wherein providing an access gateway comprises providing an Internet-based gateway accessible via a browser program.

76. A method according to claim 66, wherein providing an access gateway comprises providing a wireless device access node.

77. A method according to claim 76, wherein the wireless device comprises a device for transmitting SMS code.

78. A method according to claim 66, wherein associating the second user financial account with the payment system comprising associating the second user financial account with the payment after receiving the information about the desired financial transaction from the first user.