Monetary transaction system

  • US 9,892,386 B2
  • Filed: 07/01/2016
  • Issued: 02/13/2018
  • Est. Priority Date: 06/03/2011
  • Status: Active Grant
First Claim
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1. A monetary transaction system for conducting monetary transactions between subscribers and other entities, the system comprising one or more of:

  • an integration tier operable to manage mobile wallet sessions, the integration tier also including a communication application programming interface (API) and other communication mechanisms to accept messages from channels;

    notification services operable to send notifications through different notification channels including one or more of short message peer-to-peer, short-message services and simple mail transfer protocol emails;

    business process services operable to implement business workflows, including at least one of executing financial transactions, auditing financial transactions, invoking third-party services, handling errors, and logging platform objects;

    database services operable to store financial transaction details, store customer profiles, and manage money containers;

    a payment handler service operable to use APIs of different payment processors including one or more APIs of banks, credit and debit cards processors, bill payment processors;

    a rules engine operable to gather financial transaction statistics and use the gathered financial transaction statistics to enforce constraints including transaction constraints;

    a security service operable to perform subscriber authentication;

    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 at least one entity is the agent;

    wherein the monetary transaction system is implemented to deposit funds at an agent branch, the funds being deposited by a subscriber at the agent branch using a mobile device configured to run a monetary transaction system application, the monetary transaction system performing the following steps;

    receiving a communication message from the mobile device over one of a plurality of channels connected to the monetary transaction system, the communication message being received by an API associated with the integration tier of the monetary transaction system, the communication message indicating that the subscriber desires to deposit a specified amount of funds into the subscriber'"'"'s account;

    validating the status of the subscriber'"'"'s account, wherein validating the status of the subscriber'"'"'s account comprises communicating from the integration tier to the database services to query attributes of the subscriber'"'"'s account;

    committing a pending transaction through the business process services, wherein the integration tier communicates a transaction commitment request to the business process services;

    receiving a confirmation from the business process services that the pending transaction has been committed;

    sending, through the notification services, a receipt notification to the mobile device; and

    upon receiving a confirmation of commitment from the business process services, committing the pending transaction to the database services; and

    wherein committing the pending transaction further comprises the following steps as orchestrated by the business process services;

    ensuring, via the database services, that the subscriber has an active account;

    validating, through communication with the security services, one or more of a PIN number and an access control list;

    applying with the rules engine, velocity rules;

    creating with the database services a new pending transaction history record;

    holding funds from the agent account balance using the payment handler,loading the funds to the subscriber account using the payment handler; and

    updating, using the database services, a pending transaction history record to reflect the funds.

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