WO2010060210A1

WO2010060210A1 - Infrastructure for instantaneous domestic and international mobile consumer commerce payment

Info

Publication number: WO2010060210A1
Application number: PCT/CA2009/001714
Authority: WO
Inventors: Isidore Papadopoulos
Original assignee: Isidore Papadopoulos
Priority date: 2008-11-27
Filing date: 2009-11-27
Publication date: 2010-06-03
Also published as: CA2645363A1

Abstract

The present invention is directed to a functional infrastructure for a consumer commerce interface payment comprising a financial institution participant; an information technology (IT) participant; and a mobile technology participant, wherein the IT participant interfaces with the financial institution participant and the mobile technology participant, and wherein said IT participant provides transaction processing, thereby providing consumers with a payment means for use in commerce.

Description

INFRASTRUCTURE FOR INSTANTANEOUS DOMESTIC AND INTERNATIONAL MOBILE CONSUMER COMMERCE PAYMENT

FIELD

[0001] The present invention relates to the field of commerce. In particular, the present invention provides a method for secure, instantaneous payments from any person or organization to any other person or organization anywhere in the world.

BACKGROUND

[0002] There currently exist several secure and simple methods of effecting payments from any person or organization to any other person or organization anywhere in the world. Most utilize a wire transmission and cannot occur instantaneously due to the requirements for domestic or international clearance of funds and for the need to establish that both sender and recipient are not related to any criminal, terrorist or other prohibited element.

[0003] All of the existing methods require either the use of a bank account, use of a credit card or the physical payment of cash. Furthermore, all of the existing methods will take anywhere from twenty four to ninety six hours in order for the recipient to receive and be able to use the funds.

SUMMARY

[0004] The present disclosure provides a method for secure and instantaneous electronic payments that addresses the problems described above. In particular, the present method addresses the foregoing problems by providing a prepaid account that is used in conjunction with a push-type instant mobile messaging technology. The present invention may also comprise the step of providing a secure code for transmission of funds from an account tied to the originating mobile device to an account tied to the terminating mobile device. Account information is not maintained on the mobile device, but at a banking or other financial institution, where a running balance of the money in the account and available to be spent is kept.

[0005] In one embodiment, the present invention comprises the step of providing physical means for storing information about the account, such as the account number. The physical means can take the form of a card, preferably having the shape and size of a conventional bank or credit card. However, the physical means is not limited to cards and may take other shapes or forms, such as a fob containing a radio-frequency identification (RFID) tag.

[0006] An object of the present invention, then, is to provide an operational context and infrastructure for the use of a mobile device to transfer funds from one account holder to another account holder anywhere in the world in "real time".

[0007] In one aspect, the present disclosure is directed to a functional infrastructure for a consumer commerce interface payment comprising a financial institution participant; an information technology (IT) participant; and a mobile technology participant, wherein the IT participant interfaces with the financial institution participant and the mobile technology participant, and wherein said IT participant provides transaction processing, thereby providing consumers with a payment means for use in commerce.

BRIEF DESCRIPTION OF THE DRAWINGS

[0008] The present disclosure will be better understood having regard to the drawings in which:

Figure 1 is a flow chart showing the possible steps in a transaction according to the present invention;

Figure 2 is a block diagram illustrating a possible architecture according to the present invention; and

Figure 3 is a block diagram showing one embodiment of a computer system of the information technology participant according to the present invention DETAILED DESCRIPTION

[0009] The various steps and components of the present method and system are now described with reference to the Figures.

[0010] The present invention provides a method and system for the instantaneous transfer funds from a sender to a recipient via mobile devices. The method comprises the step of providing a prepaid account that is used in conjunction with a push-type instant mobile messaging technology. The present invention may also comprise the step of providing a secure code for transmission of funds from an account tied to the originating mobile device to an account tied to the terminating mobile device. Account information is not maintained on the mobile device, but at a banking or other financial institution, where a running balance of money in the account and associated mobile device and available to be spent is kept.

[0011] In one at least one aspect, the present invention comprises the step of providing physical means for storing information about the account, such as the account number. Each physical means would be associated with a particular account. The physical means can take the form of a card, preferably having the shape and size of a conventional bank or credit card. The card can also comprise a magnetic strip or a radio-frequency identification chip for storing information and other identification and authentication purposes. However, the physical means is not limited to cards and may take other shapes or forms, such as a fob containing an RFID tag.

[0012] To acquire and use such a payment system, which possibly include physical means such as a card that is linked to a specific mobile device, a consumer or organization either attends at the premises of a bank or other financial institution, or is provided with an account when acquiring a mobile device. If the consumer or organization already owns a mobile device, the consumer or organization may apply for an account.

[0013] The account is of a preset value or any value that is desired by the consumer or organization. The issuing financial institution maintains financial records relating to each account created or issued, including the serial number of the account and the amount of funds in the account.

[0014] The account is preferably provided with a unique, multiple digit serial number that identifies a particular account, and a personal identification number (PIN) which may, if desired be an expiry date (thereby permitting financial institutions to close inactive accounts after a period of time, which would require the holder of an expired account to redeem it at a bank) but may be any identifying string of numbers. The use of two sets of numbers to identify an account prevents a person from fraudulently attempting to use an account that he or she is not authorized to use. That is, while anyone can simply make up a multiple digit number, they would have no way of knowing the personal identifier that goes with it.

[0015] Furthermore, in embodiments of the present invention that comprise the step of providing physical means, such as a card, for storing information about an account, the physical means may also be provided with a unique identifier (e.g. serial number), and possibly a PIN number for security purposes.

[0016] The physical means' identifying serial number and PIN number are linked to the mobile device's serial number or other unique identifying number through the information technology. In at least one embodiment, the information technology will be comprised of one or more computer programs. Furthermore, in at least one embodiment, the information technology is hosted, operated, maintained or otherwise associated with the IT participant.

[0017] Figure 1 shows one possible mode of operation of the present invention. In this one mode, a purchaser (also referred to as the sender of the funds) uses a mobile device to initiate a payment or transfer of funds (step 102). At this stage, the purchaser may be required to enter the PIN number that corresponds to his or her account or card. The mobile device then transmits a funding request to another mobile device utilizing the push technology. The request is first routed from the mobile device to the mobile device's server (step 104). The mobile server then sends the request to an information technology transaction server (step 106). The request to the transaction server may be sent by any means of communication, such as over a communication network.

[0018] The information technology transaction server then determines the identity and mobile device address of the account holder and the intended recipient, and whether there are sufficient funds to transfer from the sender's account to the recipient's account. If there are sufficient funds, the information technology transaction server authorizes the transaction on the part of the sender (step 108). The transaction server then transmits a message via the mobile server (step 110) to the recipient's mobile device (step 1 12) prompting the recipient's mobile device for a response to a security code (step 114). If the recipient device correctly responds to the security code, then the transaction server deducts the funds from the sender's account and transfers the funds to the recipient's account (step 116). The transaction is then complete (step 118).

[0019] The appropriate security measures may be applied both at the sender's end and at the recipient's end. For example, the sender may be required to enter his or her PIN number. The recipient may also be required to respond to a security code (step 114) before the transaction server transfers the funds.

[0020] Once the recipient's mobile device displays a message that the funds have been transferred, the recipient's account may be used to purchase goods and services for a value or values totalling the pre-funded limit in the account.

[0021] However, if the transfer of funds cannot be completed, for example if the transaction server determines that the sender has insufficient funds or if an incorrect PIN was entered, the transaction server will deny the transfer and will send a message to the sender indicating that the transfer was unsuccessful (step 120).

[0022] The account may be reloaded as many times as the account holder would like, and therefore additional funds may be made available to the account holder. Methods of reloading an account include a mobile device to mobile device transfer as described above, a payment made to the account issuer's financial institution via electronic funds transfer, wire transfer, cheque, credit card or other means acceptable to the financial institution. [0023] Figure 2 shows a possible infrastructure 200, along with its possible interconnections, that could be used in conjunction with the present invention.

[0024] The credit/debit host system 202 could comprise one or more computers or servers, wherein each computer or server runs at least one computer program. The host system 202 could also interface with a database system 204, which would provide information storage. Furthermore, the host system is able to communicate with a sender's mobile device 208 and a recipient's mobile device 210 via one or more mobile servers 206.

[0025] Furthermore, the host system 202 could also interface with one or more communication networks to allow for communication with banks, financial institutions, credit card issuers, merchants, automatic teller machines, and other entities. These networks could include inter-bank networks 220 (e.g. CIRRUS®, etc.), electronic debit networks 230 (e.g. INTERAC®, etc.), and credit card networks 240 (e.g. VisaNet®, etc.), among others.

[0026] Figure 3 shows a possible computer system, along with a plurality of possible component modules, of an IT participant in accordance with the present invention. In such an infrastructure, the IT participant preferably has one or more computers or servers 300 that comprise electronic transaction processing means, a means to accept, process and re-transmit a funds transfer from mobile device to mobile device, a customer interface department, and a financial institution interface.

[0027] Moreover, the IT participant still further comprises database architecture including databases and applications 300 comprising of one or more e-merchant service applications 302, customer service applications 304, mobile accounts applications 306, accounts applications and databases 308, billings applications and databases 310, card issuing applications and databases 312, security applications and databases 314, an inquiries service module 316, and a foreign exchange module for converting currencies 318.

Claims

CLAIMSWe claim:

1. A functional infrastructure for a consumer commerce interface payment comprising: a) a financial institution participant; b) an information technology (IT) participant; and c) a mobile technology participant, wherein said IT participant interfaces with said financial institution participant (a) and said mobile technology participant (c), and wherein said IT participant provides transaction processing, thereby providing consumers with a payment means for use in commerce.

2. The infrastructure of claim 1, wherein said IT participant comprises electronic transaction processing means, an interface to mobile devices, a customer interface department and a financial institution interface.

3. The infrastructure of claim 2, wherein said IT participant further comprises database architecture including databases and applications comprising of one or more e- merchant service applications, customer service applications, mobile accounts applications, accounts applications and databases, billings applications and databases, card issuing applications and databases, and security applications and databases.

4. The infrastructure of claim 1, wherein the mobile technology participant uses a push-type instant mobile messaging technology.