Monetary transaction system

• US 8,538,845 B2
• Filed: 05/30/2012
• Issued: 09/17/2013
• Est. Priority Date: 06/03/2011
• Status: Active Grant

• Current Assignee: Fintiv, Inc.
• Original Assignee: Mozido, LLC (Fintiv, Inc.)
• Inventors: Liberty, Michael A.
• Primary Examiner(s): Chang, Edward
• Application Number:
  US13/484,199
• Publication Number:
  US 20120310824A1
• Time in Patent Office: 475 Days
• Field of Search: 705/40, 705/35
• US Class Current: 705/35
• CPC Class Codes: G06F 9/546 Message passing systems or structures, e.g. queues
• CPC Class Codes: G06Q 20/0855 involving a third party
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/3255 using mobile network messaging services for payment, e.g. SMS
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/36 using electronic wallets or electronic money safes
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: H04L 63/101 Access control lists [ACL]

Abstract

Embodiments are directed to monetary transaction system for conducting monetary transactions between transaction system subscribers and other entities. In one scenario, the monetary transaction system includes a mobile device that runs a monetary transaction system application. The monetary transaction system also includes a subscriber that has a profile with the system. The subscriber indicates a transaction that is to be performed with the monetary transaction system. The system further includes a monetary transaction system processor that performs the transactions specified by the subscriber including communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the subscriber'"'"'s profile. The monetary transaction system also includes at least one entity that is to be involved in the specified transaction, where the entity has a profile with the monetary transaction system. This entity may be a person, a retail store, an agent or other entity.

Claims

1. A monetary transaction system for conducting monetary transactions between unbanked subscribers and other entities, the system comprising:

a mobile device configured to run a monetary transaction system application;

an unbanked monetary transaction system subscriber that has a profile with the monetary transaction system, wherein the unbanked subscriber indicates, via the monetary transaction system application, one or more specified transactions that are to be performed using the monetary transaction system;

a monetary transaction system processor that performs the one or more transactions specified by the unbanked subscriber, wherein performing the specified transactions includes communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the unbanked subscriber'"'"'s profile;

at least one entity that is to be involved in the specified transaction, the at least one entity having a profile with the monetary transaction system; and

wherein the monetary transaction system is implemented to deposit funds at an agent branch through a mobile wallet, including performing the following steps;

receiving communication from an agent branch over one of a plurality of channels connected to the monetary transaction system, the agent communication indicating that the unbanked subscriber desires to deposit a specified amount of funds into the unbanked subscriber'"'"'s mobile wallet account;

validating the status of the unbanked subscriber'"'"'s mobile wallet account;

determining if the agent branch is authorized to receive deposited money;

performing one or more of a limit check and a velocity check on the unbanked subscriber'"'"'s mobile wallet account, the limit check determining whether sufficient funds are available to make the deposit amount, the velocity check determining whether the unbanked subscriber has exceeded a specified number of transactions within a specified time period;

crediting the unbanked subscriber'"'"'s mobile wallet account with the specified amount of funds when the agent bank is authorized to receive the deposited money;

returning a notification to the agent branch confirming the deposit; and

notifying the subscriber that the specified amount of funds was deposited in the unbanked subscriber'"'"'s mobile wallet account over at least one of the plurality of channels connected to the monetary transaction system.

2. The monetary transaction system of claim 1, wherein the monetary transaction system application provides a web interface that allows subscribers to perform the same functions provided by the monetary transaction system application.

3. The monetary transaction system of claim 1, wherein the monetary transaction system application is provided on a prepaid or postpaid phone.

4. A monetary transaction system for conducting monetary transactions between subscribers and other entities, the system comprising:

a mobile device configured to run a monetary transaction system application;

a monetary transaction system subscriber that has a profile with the monetary transaction system, wherein the subscriber indicates, via the monetary transaction system application, one or more specified transactions that are to be performed using the monetary transaction system;

a monetary transaction system processor that performs the one or more transactions specified by the subscriber, wherein performing the specified transactions includes communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the subscriber'"'"'s profile;

at least one entity that is to be involved in the specified transaction, the at least one entity having a profile with the monetary transaction system;

wherein the monetary transaction system is implemented to withdraw funds at an agent branch using a mobile wallet, including performing the following steps;

receiving a communication from the unbanked subscriber over one of a plurality of channels connected to the monetary transaction system, the communication indicating that the unbanked subscriber desires to withdraw a specified amount of funds from the unbanked subscriber'"'"'s mobile wallet account at the agent branch;

validating the status of the unbanked subscriber'"'"'s mobile wallet account;

determining if the balance of the unbanked subscriber'"'"'s mobile wallet account is sufficient to accommodate the requested withdrawal for the specified amount of funds;

performing one or more of a limit check and a velocity check on the unbanked subscriber'"'"'s mobile wallet account, the limit check determining whether sufficient funds are available to make the deposit amount, the velocity check determining whether the unbanked subscriber has exceeded a specified number of transactions within a specified time period;

returning a secure, perishable withdrawal code to the subscriber over at least one of the plurality of channels connected to the monetary transaction system;

receiving subsequent agent branch communication over at least one of the plurality of channels connected to the monetary transaction system, the agent branch communication indicating that the withdrawal code has been presented to the agent branch;

debiting the unbanked subscriber'"'"'s mobile wallet account by the specified amount of funds;

returning a notification to the agent branch confirming the withdrawal; and

notifying the subscriber that the specified amount of funds was withdrawn from the unbanked subscriber'"'"'s mobile wallet account over at least one of the channels connected to the monetary transaction system.

5. A monetary transaction system for conducting monetary transactions between unbanked subscribers and other entities, the system comprising:

a mobile device configured to run a monetary transaction system application;

a monetary transaction system subscriber that has a profile with the monetary transaction system, wherein the subscriber indicates, via the monetary transaction system application, one or more specified transactions that are to be performed using the monetary transaction system;

a monetary transaction system processor that performs the one or more transactions specified by the subscriber, wherein performing the specified transactions includes communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the subscriber'"'"'s profile;

at least one entity that is to be involved in the specified transaction, the at least one entity having a profile with the monetary transaction system; and

wherein the monetary transaction system is implemented to transfer money between mobile wallets, including performing the following steps;

receiving subscriber communication over one of a plurality of channels connected to the monetary transaction system, the subscriber communication indicating that an unbanked subscriber desires to transfer a specified amount of funds to specified recipient using a specified payment method from the subscriber'"'"'s mobile wallet;

validating the status of the selected payment method;

performing at least one of a limit check and a velocity check on the selected payment method, the limit check determining whether sufficient funds are available to make the deposit amount, the velocity check determining whether the unbanked subscriber has exceeded a specified number of transactions within a specified time period;

validating the status of the specified recipient to ensure the specified recipient has a valid mobile wallet account;

debiting the specified payment method by the specified amount of funds;

transferring the specified amount of funds to the specified recipient over at least one of the plurality of channels connected to the monetary transaction system;

notifying the unbanked subscriber that the specified amount of funds was transferred to the specified recipient over at least one of the plurality of channels connected to the monetary transaction system.

6. The monetary transaction system of claim 5, wherein validating the status of the specified recipient comprises performing a check on the specified recipient to comply with the office of foreign assets control.

7. The monetary transaction system of claim 5, wherein the money is transferred internationally between the mobile wallets.