System and associated method and service for providing a platform that allows for the exchange of cash between members in a mobile environment

• US 8,554,671 B2
• Filed: 07/18/2011
• Issued: 10/08/2013
• Est. Priority Date: 07/18/2011
• Status: Active Grant

• Current Assignee: Rabih Salem Ballout
• Original Assignee: Rabih Salem Ballout
• Inventors: Ballout, Rabih Salem
• Primary Examiner(s): NGUYEN, TIEN C
• Application Number:
  US13/185,432
• Publication Number:
  US 20130024360A1
• Time in Patent Office: 813 Days
• Field of Search: 705/38, 705/39, 705/43, 705/44, 705/40, 235/380, 235/379, 455/406
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-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 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G07F 19/211 Software architecture within ATMs or in relation to the ATM network
• CPC Class Codes: G07F 9/001 Interfacing with vending machines using mobile or wearable devices

Abstract

A system and associated method and service for providing a platform that enables members to transfer, receive, or otherwise exchange cash in various international denominations and commodities, such as precious metals (e.g., gold, silver, etc.), in a mobile highly secured telecommunications environment. The system is capable of delivering cash instantly between two or more users by allowing the exchange of secure transactions between system and cash dispensing machines (ATMs). Users may pay, receive, exchange, deposit, transfer, pay bills, exchange currency, retrieve cash, deposit cash and create accounts based on the mobile phone number or a system generated code.

Claims

1. A financial service method that provides a cashless platform of enabling users to perform a financial transaction in a mobile environment, the method comprising:

entering financial information related to the financial transaction on a first user mobile station;

the first user mobile station generating a code containing the financial information on the first user mobile station, wherein the first user mobile station is in proximity to a second user mobile station;

the first user mobile station transferring the generated code to the second user mobile station by means of a directional movement on the first user mobile station in the direction of the second user mobile station;

the first user mobile station further transmitting the generated code to a mobile transaction platform to confirm the executability of the financial transaction;

the second user mobile station automatically recognizing the transferred code;

based on the recognized code, the second user mobile station determines whether to accept or decline the financial transaction;

wherein when the financial transaction is accepted by the second mobile user station, the mobile transaction platform executing the financial transaction;

wherein when the financial transaction is declined by the second user mobile station, the mobile transaction platform preventing the execution of the financial transaction; and

the second user mobile station transmitting a reverse code to the first user mobile station, to confirm whether the financial transaction was either accepted or declined by the second user mobile station.

2. The method of claim 1, wherein the second user mobile station executes the financial transaction at a third party financial institution.

3. The method of claim 1, wherein the directional movement on the first user mobile station includes a directional swipe movement towards the second user mobile station.

4. The method of claim 1, wherein a physical bodily movement of a second user on the second user mobile station causes the second user mobile station to directly transfer the reverse code to the first user mobile station;

wherein the reverse code confirms of any of the execution or the declining of the financial transaction by the second user mobile station; and

wherein the second user mobile station retains a copy of the reverse code as a financial statement.

5. The method of claim 4, wherein the second user mobile station executes the financial transaction by generating a scanable code from the financial statement;

and

by submitting the scanable code to the mobile transaction platform to authenticate the financial transaction.

6. The method of claim 5, wherein the mobile transaction platform is a financial institution;

and

wherein the financial institution uses an automatic teller machine, ATM, to read the scanable code.

7. The method of claim 6, wherein the financial transaction includes any one or more of:

a deposit of any of a fund or a commodity;

a withdrawal of any of a fund or a commodity;

a transfer of any of a fund or a commodity;

receiving any of a fund or a commodity;

or

an exchange of any of a fund or a commodity.

8. The method of claim 5, wherein the mobile transaction platform is a retail institution;

and

wherein the retail institution uses a cash register to read the scanable code.

9. The method of claim 5, wherein the second user mobile stations is unregistered with the mobile transaction platform.

10. The method of claim 5, wherein the mobile transaction platform dispenses a cash payment to the unregistered second user mobile station.

11. The method of claim 10, wherein entering the financial information includes selecting a PAY function on the first user mobile station for enabling the mobile transaction platform to dispense the cash payment to the second user mobile station.

12. The method of claim 5, wherein the mobile transaction platform authenticates the financial transaction by identifying a security level associated with the financial transaction.

13. The method of claim 12, wherein the security level includes DNA identification.

14. The method of claim 5, wherein entering the financial information includes selecting a VIEW-LOAD COUPONS function on the first user mobile station for enabling the first user mobile station to perform any one or more functions, using the mobile transaction platform:

retrieve digital coupons;

storing the digital coupons;

accepting the digital coupons;

scanning paper coupons into digital coupons;

redeeming the digital coupons;

or

accumulating promotional points based on use.

15. The method of claim 5, wherein entering the financial information includes selecting a SCAN ITEMS function on the first user mobile station for enabling the first user mobile station to input the financial information by scanning a document, using the mobile transaction platform.

16. The method of claim 5, wherein entering the financial information includes selecting a DEPOSIT function on the user mobile station for enabling the first user mobile station to deposit any of funds or commodities in a user account, using the mobile transaction platform.

17. The method of claim 5, wherein entering the financial information includes selecting a LEND-BORROW function on the first user mobile station for enabling the first user mobile station to lend any of funds or commodities to a third party, using the mobile transaction platform.

18. The method of claim 5, wherein entering the financial information includes selecting a LEND-BORROW function on the first user mobile station for enabling a user of the first user mobile station to borrow any of funds or commodities from a third party, using the mobile transaction platform.

19. The method of claim 5, wherein entering the financial information includes selecting a WRITE CHECK function on the first user mobile station for enabling the first user mobile station to prepare a financial instrument payable from a third party, using the mobile transaction platform.

20. The method of claim 5, further including using digital currency to execute the financial transaction.

21. The method of claim 20, wherein the digital currency is backed by a commodity.

22. The method of claim 1, wherein any one of the first and second user mobile stations is registered with the mobile transaction platform that authenticates the financial transaction.

23. The method of claim 1, wherein neither one of the first and second user mobile stations is registered with the mobile transaction platform that authenticates the financial transaction.

24. A computer program product that provides a cashless platform for enabling users to perform a financial transaction in a mobile environment, the computer program product comprising:

a module embedded in a first user mobile station to enter financial information related to the financial transaction;

a module embedded in the first user mobile station to generate a code containing the financial information, wherein the first user mobile station is in proximity to a second user mobile station;

a module embedded in the first user mobile station to transfer the generated code to a second user mobile station by means of a directional movement on the first user mobile station in the direction of the second user mobile station;

the first user mobile station further transmitting the generated code to a mobile transaction platform to confirm the executability of the financial transaction;

a module embedded in the second user mobile station automatically recognizing the transferred code;

based on the recognized code, a module embedded in the second user mobile station determines whether to accept or decline the financial transaction;

wherein when the financial transaction is accepted by the second user mobile station, the mobile transaction platform executes the financial transaction;

wherein when the financial transaction is declined by the second user mobile station, the mobile transaction platform prevents the execution of the financial transaction; and

a module embedded in the second user mobile station to transmit a reverse code to the first user mobile station, to confirm whether the financial transaction was either accepted or declined by the second user mobile station.