Interoperable financial transactions via mobile devices

Patent metadata

Field	Value
Publication number	US-9552573-B2
Application number	US-201214006427-A
Country	US
Kind code	B2
Filing date	Apr 11, 2012
Priority date	Apr 11, 2011
Publication date	Jan 24, 2017
Grant date	Jan 24, 2017

Abstract

A method and system provide interoperable electronic financial services using mobile communications devices and without the need for traditional banking systems like plastic cards, POS machines, branches and ATMs. A consumer can deposit and/or withdraw money from his account using his mobile device and with the help of a local agent without ever stepping inside a branch of a bank where the consumer has an account. The system uses the consumers ID and his mobile number to generate a PAN for the consumer, which is then used to route the transactions. The system uses indicators in the transaction to identify transaction purpose and thus enable appropriate interchange, clearing and settlement between participating entities. The system provides real-time feedback on the transactions and reduces costs by enabling an agent to service consumers of multiple banks and payment service providers.

First claim

What is claimed is:

1. A method comprising:
receiving, at a data converter associated with a first server computer associated with a first entity, a set of data elements in a non-financial transaction message format to transfer funds from the first entity operating a mobile communication device to a second entity via a communications network, wherein the set of data elements comprises a mobile communications device identifier used by the second entity, a second entity identifier, and an amount associated with the funds to be transferred;
generating, by the data converter associated with the first server computer, a transaction request message in a financial transaction message format that is configured to pass through a payment processing network from the set of data elements in the non-financial transaction message format, wherein the transaction request message comprises a transaction type indicator, the amount, and a primary account number (PAN) comprising the mobile communication device identifier and the second entity identifier;
transmitting, by the first server computer, the transaction request message to a second server computer associated with the second entity, via the payment processing network;
receiving, by the first server computer, a transaction response message from the second server computer via the payment processing network, wherein the transaction response message indicates that the transfer of funds is approved; and
wherein in response to receiving the transaction response message indicating that the transfer of funds is approved, the funds are transferred between a first account associated with the first server computer and a second account associated with the second server computer.

2. The method of claim 1 , wherein the payment processing network is configured to process credit and debit card transactions.

3. The method of claim 1 , wherein the transfer of funds is a deposit transaction, and therein the transaction type indicator is a deposit transaction indicator, wherein the first server computer is an agent account processing server computer, and the second server computer is a user account processing server computer, and wherein the transaction request message is an original credit transaction request message and the transaction response message is an original credit transaction response message.

4. The method of claim 1 , wherein the transfer of funds is a withdrawal transaction, and therein the transaction type indicator is a withdrawal transaction indicator, wherein the first server computer is a user account processing server computer, and the second server computer is an agent account processing server computer, and wherein the transaction request message is an original credit transaction request message, and the transaction response message is an original credit transaction response message.

5. The method of claim 1 wherein the communications network is a telecommunications network.

6. The method of claim 1 , wherein the mobile communications device is a first mobile communications device and wherein the mobile communications device identifier is associated with a second mobile communications device used by the second entity.

7. The method of claim 1 , wherein the transaction request message is an original credit transaction message.

8. The method of claim 1 wherein the second entity identifier is in the place in the primary account number wherein a BIN (bank identifier number) is normally present.

9. The method of claim 1 wherein the primary account number comprises a check digit and is 16 digits long.

10. The method of claim 1 wherein the financial transaction message format is an International Organization for Standardization, ISO 8583 message format.

11. The method of claim 10 wherein the transaction type indicator is also present in the primary account number.

12. The method of claim 10 further comprising:
performing a clearing and settlement process between the first server computer, the payment processing network, and the second server computer.

13. The method of claim 10 wherein the second entity identifier is 6 digits long.

14. A first server computer comprising a processor, and a non-transitory computer readable medium coupled to the processor, the non-transitory computer readable medium comprising code executable by the processor for implementing a method comprising:
receiving, at a data converter associated with the first server computer associated with a first entity, a set of data elements in a non-financial transaction message format to transfer funds from the first entity operating a mobile communication device to a second entity via a communications network, wherein the set of data elements comprises a mobile communications device identifier used by the second entity, a second entity identifier, and an amount associated with the funds to be transferred;
generating, by the data converter associated with the first server computer, a transaction request message in a financial transaction message format that is configured to pass through a payment processing network from the set of data elements in the non-financial transaction message format, wherein the transaction request message comprises a transaction type indicator, the amount, and a primary account number (PAN) comprising the mobile communication device identifier and the second entity identifier;
transmitting the transaction request message to a second server computer associated with the second entity, via a payment processing network;
receiving, a transaction response message from the second server computer via the payment processing network, wherein the transaction response message indicates that the transfer of funds is approved; and
wherein in response to receiving the transaction response message indicating that the transfer of funds is approved, the funds are transferred between a first account associated with the first server computer and a second account associated with the second server computer.

15. The first server computer of claim 14 , wherein the payment processing network is configured to process credit and debit card transactions.

16. The first server computer of claim 14 , wherein the transfer of funds is a deposit transaction, and therein the transaction type indicator is a deposit transaction indictor, wherein the first server computer is an agent account processing server computer, and the second server computer is a user account processing server computer, and wherein the transaction request message is an original credit transaction request message, and the transaction response message is an original credit transaction response message.

17. The first server computer of claim 14 , wherein the transfer of funds is a withdrawal transaction, and therein the transaction type indicator is a withdrawal type indicator, wherein the first server computer is a user account processing server computer, and the second server computer is an agent account processing server computer, and wherein the transaction request message is an original credit transaction request message, and the transaction response message is an original credit transaction response message.

18. The first server computer of claim 14 , wherein the communications network is a telecommunications network.

19. The first server computer of claim 14 , wherein the mobile communications device is a first mobile communications device, and wherein the mobile communications device identifier is associated with a second mobile communications device used by the secon

Assignees

• Kulpati Ashish
• Cooper Joseph Gordon
• Baker Ginger
• Visa Int Service Ass

Inventors

• Kulpati Ashish
• Cooper Joseph Gordon
• Baker Ginger

Classifications

• G07F19/203

  Dispensing operations within ATMs (dispensing in general G07D11/00) · CPC title

• G06Q20/16 Primary

  Payments settled via telecommunication systems · CPC title

• G06Q20/102

  Bill distribution or payments · CPC title

• G06Q20/10

  specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems · CPC title

• G06Q20/3223

  Realising banking transactions through M-devices · CPC title