Financial system for isolated economic environment

• US 7,593,875 B2
• Filed: 03/10/2003
• Issued: 09/22/2009
• Est. Priority Date: 03/08/2002
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Lentz, Carol, Granite, Anthony
• Primary Examiner(s): CAMPEN, KELLY SCAGGS
• Application Number:
  US10/386,218
• Publication Number:
  US 20030220874A1
• Time in Patent Office: 2,388 Days
• Field of Search: 705/39, 705/41, 705/35, 705/66, 705/68, 705/40, 705/26, 705/36.R, 705/37, 705/38, 705/1, 235/375, 235/380, 235/379
• US Class Current: 705/35
• 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A system and method for conducting financial transactions in an isolated economic environment. The present invention includes a non-isolated financial account system based in a non-isolated environment which maintains accounts for users. A self-sufficient financial account system in the isolated economic environment maintains a representation of the account. The account in the non-isolated financial account system and the self-sufficient financial account system are synchronized using the asynchronous connection. When the asynchronous connection is not available, the self-sufficient financial account system funds the representation of the account in anticipation of a funding of the account in the non-isolated financial account system, such as a regular direct deposit of a payroll check.

Claims

1. A system for conducting financial transactions in an isolated economic environment, comprising:

a non-isolated electronic financial account system based in a non-isolated environment, the non-isolated electronic financial account system comprising a first database storing information reflecting a customer account;

a self-sufficient electronic financial account system in the isolated economic environment, wherein the self-sufficient electronic financial account system comprises a second database that maintains a representation of the customer account; and

an asynchronous connection between the non-isolated electronic financial account system and the self-sufficient electronic financial account system, wherein the non-isolated electronic financial account system and the self-sufficient electronic financial account system synchronize the account and the representation of the account using the asynchronous connection, and wherein the self-sufficient electronic financial account system funds the representation of the account in anticipation of a funding of the account in the non-isolated electronic financial account system when the asynchronous connection is not available.

2. The system of claim 1 for conduction financial transactions in an isolated economic environment, further comprising:

a debit card including a smart card chip and a magnetic stripe embedded on the debit card.

3. The system of claim 2 wherein the debit card further comprises a stored value card.

4. The system of claim 1 wherein the isolated economic environment comprises a ship.

5. The system of claim 1 wherein the self sufficient electronic financial account system comprises an ATM machine configured to provide a chip-to-chip fund transfer.

6. The system of claim 1, wherein the funding of the account in the non-isolated electronic financial account system comprises a transaction selected from the group consisting of:

a direct deposit payroll transaction, a requested but unexecuted transfer, a funding with an uncleared check, a credit card transfer, and a requested but unexecuted reimbursement.

7. A method for conducting financial transactions in an isolated economic environment, comprising:

storing a first representation of an account in a first database in a non-isolated electronic financial account system, wherein the non-isolated electronic financial account system is based in a non-isolated environment;

storing a second representation of the account in a second database in a self-sufficient electronic financial account system, wherein the self-sufficient electronic financial account system is in the isolated economic environment;

synchronizing the first representation of the account and the second representation of the account using an asynchronous connection; and

funding the second representation of the account in anticipation of a funding of the first representation of the account in the non-isolated electronic financial account system when the asynchronous connection is not available.

8. The method of claim 7 further comprising providing a debit card including a smart card chip and a magnetic stripe embedded on the debit card.

9. The system of claim 8 wherein the debit card further comprises a stored value card.

10. The method of claim 7 wherein the isolated economic environment comprises a ship.

11. The method of claim 7 wherein the self-sufficient electronic financial account system comprises an ATM machine configured to provide a chip-to-chip fund transfer.

12. The method of claim 7, wherein the funding of the first representation of the account in the non-isolated electronic financial account system comprises a transaction selected from the group consisting of:

a direct deposit payroll transaction, a requested but unexecuted transfer, a funding with an uncleared check, a credit card transfer, and a requested but unexecuted reimbursement.