Money transfer smart phone methods and systems

• US 8,458,088 B2
• Filed: 04/08/2010
• Issued: 06/04/2013
• Est. Priority Date: 04/08/2010
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Dunwoody, Kimberly
• Primary Examiner(s): Patel, Jagdish
• Application Number:
  US12/756,825
• Publication Number:
  US 20110251941A1
• Time in Patent Office: 1,153 Days
• Field of Search: 705/37
• 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 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/3221 Access to banking information through M-devices
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/381 Currency conversion
• 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method includes establishing a first funds transfer account associated with a first device and a second funds transfer account with a second device, funding at least the first fund account, and selecting the second device as the recipient of a funds transfer from the first device. The method further includes sending a communications link request from the first device to the second device and receiving acceptance of the communications link request from the second device. The method then establishes a communications link between the first device and the second device, initiates a funds transfer from the first device to the second device, wherein the amount is designated at the first device, and verifies the funds transfer amount, the first funds transfer account, and the second funds transfer account. Then, the method transfers the amount to the second funds transfer account associated with second device.

Claims

1. A method of transferring funds between mobile devices, the method comprising:

establishing a first funds transfer account associated with a first mobile device and a second funds transfer account with a second mobile device;

funding at least the first fund account;

selecting, by manipulation of a display screen on the first mobile device, the second mobile device as recipient of a funds transfer from the first mobile device;

sending a direct near field communications link request from the first mobile device to the second mobile device;

displaying on a display screen of the second device the direct near field communications link request;

receiving acceptance of the communications link request from the second mobile device;

in response to the acceptance, establishing a direct communications link between the first mobile device and the second mobile device;

initiating a funds transfer from the first mobile device to the second mobile device, wherein the amount is designated at the first mobile device;

verifying, by a processing center, the funds transfer amount, the first funds transfer account, and the second funds transfer account;

in response to verification of the funds transfer, initiating transfer of, in real-time, the amount to the second funds transfer account associated with second mobile device;

receiving acceptance, by manipulation of the display screen on the second mobile device, of the funds transfer; and

in response to the acceptance, displaying on the display screen of the second mobile device and the display screen of the first mobile device a confirmation message indicating that the funds transfer has been completed.

2. The method of transferring funds between mobile devices as in claim 1, wherein the first fund account and the second fund account each have an associated funding or balance limit.

3. The method of transferring funds between mobile devices as in claim 2, further comprising:

presenting a plurality of fund retrieval options at the second mobile device;

receiving a selection of the plurality of fund retrieval options; and

transferring the funds to the selected fund retrieval option.

4. The method of transferring funds between mobile devices as in claim 3, further comprising, based on the transfer of the funds, updating the second fund account funding or balance limit.

5. The method of transferring funds between mobile devices as in claim 1, wherein the mobile device comprises one or more of the following:

a Smartphone, a personal digital assistant (PDA), a mobile computer, a kiosk, and an automated teller machine (ATM).

6. The method of transferring funds between mobile devices as in claim 1, wherein the communications link comprises one or more of the following:

near field communications (NRC), Bluetooth, wireless, cellular, and Wi-Fi.

7. The method of transferring funds between mobile devices as in claim 1, wherein the first mobile device and the second mobile device comprise a mobile money transfer application configured to implement the steps of the method of claim 1.

8. A method of providing currency exchange, the method comprising:

photographing, by a camera device within a mobile device, an image of currency of a first country'"'"'s currency associated with a first country;

based on the image, determining by the mobile device, a first amount and a country of origin of the currency;

determining by the mobile device and using location services of the mobile device, a current location of the mobile device wherein the current location is associated with a second country and wherein the second country is different from the first country;

based on the current location, determining by the mobile device the second country'"'"'s currency;

determining by the mobile device, an exchange rate between the first country'"'"'s currency and the second country'"'"'s currency; and

calculating by the mobile device, a second amount in the second country'"'"'s currency based on the first amount and the exchange rate.

9. The method of providing currency exchange as in claim 8, further comprising, based on the location of the mobile device, determining by the mobile device currency exchange provider locations in the vicinity of the current location.

10. The method of providing currency exchange as in claim 9, wherein the currency exchange provider locations are determined based, in part, on a distance from the mobile device'"'"'s current location.

11. The method of providing currency exchange as in claim 9, further comprising identifying by the mobile device preferred exchange providers based on the currency exchange provider locations.

12. The method of providing currency exchange as in claim 11, further comprising locking the exchange rate for the preferred providers.

13. The method of providing currency exchange as in claim 8, wherein the mobile device comprises a Smartphone.

14. The method of providing currency exchange as in claim 13, wherein the Smartphone comprises a camera device, a communications device, and a display device.

15. The method of providing currency exchange as in claim 8, wherein the currency comprises one or more bills or coins.

16. The method of providing currency exchange as in claim 15, further comprising receiving by the mobile device, a quantity designation for each of the one or more bills or coins.

17. A method of transferring funds between mobile devices, the method comprising:

establishing a first funds transfer account associated with a first mobile device and a second funds transfer account associated with a second mobile device;

funding at least the first funds transfer account;

selecting, by manipulation of a display screen on the first mobile device, the second mobile device as recipient of a funds transfer from the first mobile device;

sending a direct near field communications link request from the first mobile device to the second mobile device;

displaying on a display screen of the second mobile device the direct near field communications link request;

receiving acceptance of the communications link request from the second mobile device;

in response to the acceptance, establishing a direct communications link between the first mobile device and the second mobile device;

initiating a funds transfer from the first mobile device to the second mobile device, wherein the amount is designated at the first mobile device;

verifying, by a processing center, the funds transfer amount, the first funds transfer account, and the second funds transfer account;

in response to verification of the funds transfer, initiating transfer of, in real-time, the amount to the second funds transfer account associated with second mobile device;

in response to the transferring of the funds, displaying on the display screen of the second mobile device and the display screen of the first mobile device a confirmation message indicating that the funds transfer has been completed.

18. The method of claim 17, further comprising receiving acceptance, by manipulation of the display screen on the second mobile device, of the funds transfer.

19. A method of transferring funds between mobile devices, the method comprising:

establishing a first funds transfer account associated with a first mobile device and a second funds transfer account associated with a second mobile device;

funding at least the first funds transfer account;

selecting, by manipulation of a display screen on the first mobile device, the second mobile device as recipient of a funds transfer from the first mobile device;

sending a direct near field communications link request from the first mobile device to the second mobile device;

displaying on a display screen of the second mobile device the direct near field communications link request;

receiving acceptance of the communications link request from the second mobile device;

in response to the acceptance, establishing a direct communications link between the first mobile device and the second mobile device;

initiating a funds transfer from the first mobile device to the second mobile device, wherein the amount is designated at the first mobile device;

verifying, by a processing center, the funds transfer amount, the first funds transfer account, and the second funds transfer account;

in response to verification of the funds transfer, initiating transfer of, in real-time, the amount to the second funds transfer account associated with second mobile device;

receiving acceptance, by manipulation of the display screen on the second mobile device, of the funds transfer.

20. The method of claim 19, further comprising in response to the transferring of the funds, displaying on the display screen of the second mobile device and the display screen of the first mobile device a confirmation message indicating that the funds transfer has been completed.