SYSTEM AND METHOD FOR PERFORMING PERSON-TO-PERSON FUNDS TRANSFERS VIA WIRELESS COMMUNICATIONS

• US 20140164229A1
• Filed: 02/04/2014
• Published: 06/12/2014
• Est. Priority Date: 04/27/2007
• Status: Active Grant

• Current Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Jones, Jessica U., Peart, Lee J., Beenau, Blayn W., Saunders, Peter D.
• Granted Patent: US 10,223,675 B2
• Time in Patent Office: Days
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• 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 20/3278 RFID or NFC payments by means of M-devices
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A funds-transfer system enables a buyer to transfer funds to a seller via a mobile telephone. The system receives a payment request transmitted from a mobile telephone of the buyer. The payment request is for a transfer of funds from a financial account held by the buyer to a financial account held by the seller, and the payment request is transmitted from a payment application stored in the buyer'"'"'s mobile telephone. The payment request identifies a purchase amount to be transferred, and information identifying the financial account held by the buyer. The system charges the purchase amount to the financial account held by the buyer and transfers the purchase amount to a financial account held by the seller.

Claims

1. A method comprising:

providing, by a funds transfer computer-based system, an insufficient funds notification to a buyer mobile telephone, in response to a first financial account having insufficient funds to complete a funds-transfer request;

requesting, by the computer-based system, that the buyer modify the funds-transfer request via the buyer mobile telephone to identify a second financial account in response to the first financial account having insufficient funds to complete the funds-transfer request;

providing, by the computer-based system, an invalid account notification to the buyer mobile telephone, in response to third financial account information corresponding to an invalid financial account; and

requesting, by the computer-based system, that the buyer modify the funds-transfer request via the buyer mobile telephone, to identify a fourth financial account that is valid, in response to the third financial account information corresponding to an invalid financial account.

2. The method of claim 1, wherein the providing at least one of the insufficient funds notification and the invalid account notification is also provided to the seller mobile telephone.

3. The method of claim 1, further comprising charging, by the computer-based system, the purchase amount to at least one of the first financial account and the fourth financial account.

4. The method of claim 1, further comprising transferring, by the computer-based system, the purchase amount to a financial account held by the seller.

5. The method of claim 1, further comprising providing, by the computer-based system, a payment acknowledgment to the buyer mobile telephone and to the seller mobile telephone.

6. The method of claim 1, further comprising receiving, by the computer-based system, the funds-transfer request transmitted from the seller mobile telephone.

7. The method of claim 1, wherein the funds-transfer request is for a transfer of funds from a buyer financial account to a seller financial account.

8. The method of claim 1, wherein the funds-transfer request is transmitted from a payment application stored in the seller mobile telephone.

9. The method of claim 1, wherein a payment application is uploaded to the seller mobile telephone in response to receiving a payment application request from the seller mobile telephone.

10. The method of claim 1, wherein the funds-transfer request identifies a purchase amount to be transferred, and information identifying the financial account held by the seller.

11. The method of claim 1, further comprising processing, by the computer-based system, the funds-transfer request according to a purchase amount and the third financial account information.

12. The method of claim 1, wherein the information identifying the financial account held by the seller is transmitted from the seller'"'"'s mobile telephone to the buyer'"'"'s mobile telephone.

13. The method of claim 1, further comprising wherein the payment acknowledgment is a text message sent to the seller mobile telephone.

14. The method of claim 1, wherein the funds-transfer request includes authentication information used to authenticate the seller.

15. The method of claim 1, wherein the information identifying the financial account held by the seller includes a telephone number of the seller mobile telephone.

16. A system comprising:

a funds transfer processor,

a tangible, non-transitory memory configured to communicate with the processor, the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations comprising;

providing, by the processor, an insufficient funds notification to a buyer mobile telephone, in response to a first financial account having insufficient funds to complete a funds-transfer request;

requesting, by the processor, that the buyer modify the funds-transfer request via the buyer mobile telephone to identify a second financial account in response to the first financial account having insufficient funds to complete the funds-transfer request;

providing, by the processor, an invalid account notification to the buyer mobile telephone, in response to third financial account information corresponding to an invalid financial account; and

requesting, by the processor, that the buyer modify the funds-transfer request via the buyer mobile telephone, to identify a fourth financial account that is valid, in response to the third financial account information corresponding to an invalid financial account.

17. The system of claim 16, wherein the providing at least one of the insufficient funds notification and the invalid account notification is also provided to the seller mobile telephone.

18. The system of claim 16, further comprising charging, by the computer-based system, the purchase amount to at least one of the first financial account and the fourth financial account.

19. The system of claim 16, further comprising transferring, by the computer-based system, the purchase amount to a financial account held by the seller.

20. An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a funds transfer computer-based system, cause the computer-based system to perform operations comprising:

providing, by the computer-based system, an insufficient funds notification to a buyer mobile telephone, in response to a first financial account having insufficient funds to complete a funds-transfer request;

requesting, by the computer-based system, that the buyer modify the funds-transfer request via the buyer mobile telephone to identify a second financial account in response to the first financial account having insufficient funds to complete the funds-transfer request;

providing, by the computer-based system, an invalid account notification to the buyer mobile telephone, in response to third financial account information corresponding to an invalid financial account; and

requesting, by the computer-based system, that the buyer modify the funds-transfer request via the buyer mobile telephone, to identify a fourth financial account that is valid, in response to the third financial account information corresponding to an invalid financial account.