WO2009070848A1

WO2009070848A1 - System and method for conducting a monetary transaction between communication devices

Info

Publication number: WO2009070848A1
Application number: PCT/AU2008/001803
Authority: WO
Inventors: Lindsay William Field
Original assignee: Redepay Pty Ltd
Priority date: 2007-12-07
Filing date: 2008-12-05
Publication date: 2009-06-11

Abstract

A method and system for conducting a monetary transaction over a communications network between communication devices is provided. The method and system includes determining the desired amount for a monetary transaction; generating an authorisation key on a first communication device (12) associated with a first user; sending the authorisation key to at least one communication device (14) associated with a second user; verifying the authorisation key on the at least one communication device (12) at an outlet (22) for distributing monetary tokens; and transferring the desired amount from the outlet (22) to the second user upon verification of the authorisation key.

Description

SYSTEM AND METHOD FOR CONDUCTING A MONETARY

TRANSACTION BETWEEN COMMUNICATION DEVICES

Field of the Invention The present invention relates to a system, method, computer software program, and uses thereof, for conducting a monetary transaction between communication devices connected to a communications network.

Background of the Invention More and more users wish to conduct their day to day transactions in a convenient way. The Internet has allowed many consumers to manage their finances online, without the need to physically visit a location such as a bank or post office to carry out a transaction (such as paying bills, transferring funds etc). Further, users are no longer limited by the operating hours at a location. However, it is still difficult to effect a transfer of monetary funds between users, particularly if the transaction is in a different currency. The user typically will have attend a wire transfer office and provide identification.

Further, in some cases it is still necessary to attend a physical location (such as bank or an ATM) when a user requires cash. For example, settling a personal debt with another individual may require a cash transaction and attendance by both users at an ATM, Point of Sale or bank branch to withdraw the funds and make the transfer.

It would be desirable to provide a system, method, computer software program, and uses thereof which allows a user to more easily transfer funds to another user.

Any discussion of documents, devices, acts or knowledge in this specification is included to explain the context of the invention. It should not be taken as an admission that any of the material formed part of the prior art base or the common general knowledge in the relevant art on or before the priority date of the claims herein. Summary of the Invention

According to a first aspect of the present invention, there is provided a method of conducting a monetary transaction over a communications network between communication devices, the method including the steps of: (a) determining the desired amount for the monetary transaction;

(b) generating an authorisation key on a first communication device associated with a first user;

(c) sending the authorisation key to at least one communication device associated with a second user; (d) verifying the authorisation key on the at least one communication device at an outlet for distributing monetary tokens;

(e) transferring the desired amount from the outlet to the second user upon verification of the authorisation key.

Advantageously, the present invention provides for cardless transactions at an outlet.

Preferably, at step (b) the method further includes the step of generating a shared key on a first communication device associated with a first user and sending the shared key to the outlet for verifying the shared key on the at least one communication device at the outlet. Advantageously, this provides an added level of security in the event that the communication device is lost or stolen.

Preferably, the outlet dispenses one or more monetary tokens to the second user of the at least one communication device upon verification of the authorisation key by the outlet. Alternatively, the outlet deposits the desired amount into a nominated account upon verification of the authorisation key to the outlet.

Preferably, the outlet dispenses one or more monetary tokens to the second user of the at least one communication device upon verification of both the authorisation key and the shared key by the outlet. Preferably, the method further includes the step of:

(f) generating a monetary transaction confirmation and sending the confirmation to the first communication device.

Preferably, the authorisation key is sent in the form of a short message service (SMS). The authorisation key may be a randomly generated number, generated by the communication device associated with the first user.

Preferably, the authorisation key is the combination a randomly generated number generated by the communication device associated with the first user and the amount of the transaction. Advantageously, this provides a further level of security.

Alternatively, the authorisation key may be the combination a randomly generated number generated by the communication device associated with the first user and the telephone number of the communication device associated with the second user.

Alternatively, the first communication device and the at least one communication device are the same.

Preferably, the one or more monetary tokens are dispensed to the user via an Automatic Teller Machine (ATM). Alternatively, the outlet is a Point of Sale (POS) machine.

According to a second aspect of the present invention, there is provided a system for conducting a monetary transaction over a communications network between communication devices, the system including: a server including a server side application to facilitate data exchange between a financial services gateway, a first and second communication device and an outlet for distributing monetary tokens; the server side application configured to determine the desired amount for the monetary transaction from a first communication device; the server side application configured to generate a authorisation key on a first communication device associated with a first user and further configured to send the authorisation key to at least one communication device associated with a second user; the server side application configured to verify the authorisation key on the at least one communication device at the outlet for distributing monetary tokens; wherein the server side application is configured to transfer the desired amount from the outlet to the second user upon verification of the authorisation key.

Preferably, the server side application is further configured to receive a shared key from a first communication device associated with a first user and further configured to verify the shared key on the at least one communication device at the outlet for distributing monetary tokens; wherein the server side application is configured to transfer the desired amount from the outlet to the second user upon verification of the shared key. According to a third aspect of the present invention, there is provided software for use with a computer including a processor and associated memory device for storing the software, the software including a series of instructions to cause the processor to carry out a method according to the first aspect.

Brief Description of the Drawings

The invention will now be described in further detail by reference to the accompanying drawings. It is to be understood that the particularity of the drawings does not supersede the generality of the preceding description of the invention.

Figure 1 is a diagram depicting one embodiment of a system for conducting a monetary transaction over a communications network between mobile communication devices as well as steps involved in a method of operation of that system; Figure 2 depicts in more detail the actions involved in one step of the method shown in Figure 1 ;

Figure 3 depicts in more detail the actions involved in another step of the method shown in Figure 1 ;

Figure 4 depicts in more detail the actions involved in a further step of the method shown in Figure 1 ;

Figure 5 depicts in more detail the actions involved in yet another step of the method shown in Figure 1 ;

Figure 6 depicts in more detail the actions involved in yet a further step of the method shown in Figure 1 ; Figure 7 depicts in more detail the actions involved in another step of the method shown in Figure 1 ;

Figure 8 depicts in more detail the actions involved in a further step of the method shown in Figure 1 ; Figure 9 depicts in more detail the actions involved in yet another step of the method shown in Figure 1 ;

Figure 10 depicts in more detail the actions involved in yet a further step of the method shown in Figure 1 ; Figure 1 1 depicts an outlet which may be used with the present invention; and

Figures 12a - 12g depicts a series of screen shots on the display of the outlet of Figure 11.

Detailed Description

Figure 1 is a schematic diagram of selected elements of a system 10 for conducting a monetary transaction over a communications network 15 between mobile communications devices 12 and 14. The operation of the mobile communications network 15 will be known to those skilled in the art and will not be described in further detail. The mobile communications devices 12, 14 may be embodied, for example, as a mobile telephone or personal digital assistant. The system 10 includes a server side application 16 resident on a server 17 which runs software to facilitate data exchange and other operations of the system 10. The server side application 16 provides connectivity and data transfer between the mobile communication devices 12, 14 and a financial services gateway 18. An interface for interacting with the server side application 16 is preferably stored locally on the mobile communication devices 12, 14 and may be downloaded from a server (not shown) and run via an applet or the like. The financial services gateway 18 is connected to the server side application 16, an outlet 22 for distributing monetary tokens which may be in the form of a bank or other financial institution, retail outlet, or any outlet that provide monetary tokens and a currency converter 20. The monetary tokens may typically be in the form of bank notes but in other embodiments of invention may be pre-charged debit cards, credit note, gift voucher or the like. The outlet 22 is preferably an Automatic Teller Machine (ATM) but may be a Point of Sale (POS) machine in a store or a bank branch.

The mobile communication devices 12, 14 are connected to the system 10 to allow a user of the mobile communications device 12 to carry out monetary transactions. The server side application 16 stores the account details of all the users of the system 10.

Figure 1 also shows method S100 involving steps 110 to 145 associated with a monetary transfer between users of two mobile communication devices. Each of the method steps 1 10 to 145 will be described with reference to Figures 2 to 10.

Operation of the system 10 associated with a monetary transfer between mobile communication devices 12, 14 is shown where a user of mobile communication device 12 may make a monetary transfer to a user of another mobile communication device 14 from the mobile communication device 12.

In operation, as more clearly shown in Figure 2, at step S1 10 a user of the mobile communication device 12 who wants to carry out a monetary transfer to a user of another mobile communication device 14 creates an account on website associated with the server side application 16. The user supplies their contact details, mobile communication device 12 details and details of bank accounts or credit cards that the user would liked linked to the system 10 in order to provide funds for the monetary transfer. Once the details are entered, this information is stored by the server side application 16 which is in communication with mobile communications devices 12, 14 and the financial services gateway 18.

At step 115, more clearly shown in Figure 3, an interface for interacting with the server side application 16 is loaded on to the mobile communication device 12. The mobile communication device 14 (shown in Figure 1 ) may also have the server side application 16 loaded in order to receive a monetary transfer from the mobile communication device 12.

At step 120, more clearly shown in Figure 4, the user of the mobile communications device 12 logs into the server side application 16 and provides an account number and PIN. In step 125, more clearly shown in Figure 5, the user of the mobile communication device 12 uses the server side application 16 to select the source of the funds to be used in the monetary transaction. The source of funds is dependent on what funds the user of the mobile communication device 12 nominated at step 1 10, but could be a credit card or a bank account that the user has access to. At step 125, the user also selects whether the transaction is an international or national transfer and selects send on the mobile communication device 12 to confirm the action.

At step 130, more clearly shown in Figure 6, the user of the mobile communication device 12 uses the server side application 16 to select the amount of funds to transfer. The amount of funds may be limited or may be a user set limit governed by the settings the user entered while creating an account at step 1 10. If at step 125 the user selected a national transaction, then the currency transfer will be in the user's national currency and the user selects "send to" on the mobile communication device 12 and control moves to step 135 shown in Figure 7. Alternatively, if at step 125 the user selected an international transaction, the user must further select the currency to use and to confirm the transfer costs associated with that currency.

The user must also confirm the transfer amount (i.e. the exchange rate). In the exemplary case shown in Figure 6, the user wishes to transfer 500.00 Australian Dollars (AUD) worth of pound sterling (GBP). There is a transfer cost of 10.00AUD and currency cost of 2.00AUD giving a total of 512.00AUD. The transfer amount is shown to the user as 160GBP. Provided that the user is agreeable to the amounts shown at step 130, the user selects "send to" on the mobile communication device 10 and control moves to step 135 shown in Figure 7. Although not shown, the user may also elect to have a time limit in which the user of the mobile communication device 14 can access the funds. In one example, the time limit might be the time from making the funds available to when they are collected (i.e. a maximum of 72 hours). Alternatively, the time limit may be that the funds can only be collected from an outlet between certain times (e.g. 9PM to 5AM). The time constraints are preferably managed by the server side application 16 communicating with the financial services gateway 18 and the outlet 22.

The currency cost and transfer cost may be determined by the server side application 16 communicating with the financial services gateway 18 which obtains currency costs from the multi currency converter 20 and returns this information to the user's mobile communication device 10 via the financial services gateway 18 and the server side application 16. Alternatively, this information may be stored on the server side application 16 and periodically updated. At step 135, more clearly shown in Figure 7, the user of the mobile communication device 12 then enters the mobile telephone number and user name associated with mobile communication device 14 that funds are to be transferred to. If the mobile communication device 14 is not associated with the system 10 (such as not having signed up to the system as described in step 1 10), then banking details of the user associated with the mobile communication device 14 may be used instead.

It is also possible for the user of the mobile communication device 12 to send funds to their own mobile communication device 12 where they can later withdraw cash or have funds transferred to another account upon presentation of their phone to a bank outlet 22. Advantageously, because the present invention does not require the use of cards at an outlet 22, this allows a user of a mobile communication device 12 to arrange for funds so that in the event of an emergency (such as losing an ATM or credit card) they can use the system 10 and their mobile communication device 12 to obtain funds in cash.

The user of the mobile communication device 12 preferably also enters an authorisation key in the form of a reference number for the monetary transaction in order to track the transaction and to verify the transaction (i.e. that only the mobile communication device 14 can access the funds). It will be appreciated that other means of verification could be used such as PGP. Alternatively, the authorisation key could be generated by the server side application 16 for sending to the mobile communication device 12 so that it is not possible for the user of mobile communication device 12 to know the authorisation key access the funds themselves. The user then re enters the amount that they wish to transfer and confirms that they wish to carry out the transfer by selecting "I agree" on the communication device 12. The server side application 16 then prompts the user of the mobile communication device 12 for a pin number which the user will have selected during step 1 10. The pin number is included to verify transfers and provide security against unauthorised transfers (if the mobile communication device 12 is lost or stolen). It will be appreciated that other verification systems such as a hardware token may be used. Preferably, a further shared key is provided which the user of the mobile communication device 14 enters at this step (not shown). The shared key is preferably a six digit number that is mutually agreed upon by the user of the mobile communication device 12 and the user of the mobile communication device 14. For example, the shared key may be a birth date of either of the users of the mobile communication devices 12, 14. The shared key may be determined by either user placing a telephone call to each other and agreeing upon a shared key. Alternatively, the user of the communication device 12 may elect a shared key and the user of the second communication device 14 can make a telephone call to the user of the communication device 12 when they are at an outlet 22 and are prompted for the shared key. Advantageously, the shared key prevents the situation of an unauthorised user cashing out the funds at an outlet 22 in the event that the mobile communication device 14 is lost or stolen. The user of the mobile communication device 12 then selects "send" and provided that the pin number is correct, the server side application 16 communicates with the financial services gateway 18 to allow transfer the funds to the mobile communication device 14 when it is presented at a bank outlet 22.

At step 140, more clearly shown in Figure 8, the details of the monetary transaction are sent from the financial services gateway 18 to the server side application 16 which sends a message to the mobile communication device 12. The message is preferably in the form of a Short Message Service (SMS). The message includes various information relevant to the user of the mobile communication device 12 such as whether the transaction was approved, the bank reference, the mobile telephone number that the funds were sent to together with any charges associated with international transactions.

At step 145, more clearly shown in Figure 9, the mobile communication device 14 receives a message from the server side application 16. The message is preferably in the form of a Short Message Service (SMS). The message includes information confirming that funds have been deposited into the users account. The users account may be an account associated with the system 10 or a bank account. The message also identifies who the monetary transfer was from and the amount transferred (in the currency selected by the user of the mobile communication device 12). Also provided in the message is an authorisation key in the form of a reference number [not shown] which the user of the mobile communication device 14 uses in conjunction with a bank outlet 22 described below. Advantageously, the use of mobile communications devices 14, together with the sign up requirement (at step 110 above) ensures that funds can be traced. The mobile communications devices 12, 14 identify each party in the transaction due to the requirement to provide a name and address to acquire a sim card, together with International Mobile Equipment Identity (IMEI) codes. Further, security arrangements at an outlet 22 (such as security cameras) can identify the recipient of funds.

At step 150, more clearly shown in Figure 10, the user of the mobile communication device 14 presents the authorisation key in the form of a reference number which was received in the message from the server side application 16 together with their telephone number (associated with the mobile communication device 14) to the bank outlet 22. Advantageously, the requirement of the reference number and the telephone number ensures that only the user of the phone can access the funds. As noted above, and shown more clearly in Figure 12b, a shared key is preferably also provided to the outlet which is a shared key that is mutually agreed upon by the user of the mobile communication device 12 and the user of the mobile communication device 14. Advantageously, this provides a further level of security in making sure that only the user of the mobile communication device 14 can access the funds. The bank outlet 22 may be an ATM, bank branch or a POS machine. The user of the mobile communication device 14 may enter the reference number and their telephone number into the ATM by way of the input keys on the ATM. Alternatively, the user may simply present the phone proximal to the ATM and the reference number and their telephone number are transferred in a wireless manner. Advantageously, no card is required to use the bank outlet 22 in order for the user of the mobile communication device 14 to receive the funds.

The bank outlet 22 is an ATM and the user enters the bank reference number together with their telephone number (associated with the mobile communication device 14) into the ATM where they then have the choice of receiving cash from the ATM in the amount transferred or to receive a confirmation of deposit into the users account. The users account may be either an account with the server side application 16 or a bank account. Once the user enters the bank reference number and their telephone number (associated with the mobile telephone device 14), the bank outlet 22 (in this case an ATM) communicates with the financial services gateway 18 and the server side application 14 to confirm that the authorisation key and/or shared key is correct and makes the transfer. If the transfer is to an account associated with the user of the mobile communication device 14 then the outlet 22 communicates to server side application 16 via the financial services gateway 18, that the funds have been transferred to the users account. The server side application 16 then sends a message to the mobile communication device 14 confirming that the funds have been deposited into their account or is available for collection. Figures 1 1 and 12a to 12g show in more detail the screens associated with the outlet 22 when the user of the mobile communication device 14 wishes to obtain the funds that have been supplied by the mobile communication device 12. Figure 1 1 shows an outlet 22 which in this case is an ATM but may be a POS machine. The outlet 22 includes a display 1 10 on which a number of screens are presented to the user associated with the mobile communication device 14. The outlet 22 further includes buttons 1 12 with a number of buttons for selecting transaction types and entering information. Also included is function display button 1 12 to signify to the outlet 22 that a monetary transaction is to take place (such as between mobile communications devices 12 and 14). In operation, after the user of the mobile communication device 14 receives a message from the server side application 16 as described in step 145 of Figure 9, the user of the mobile communication device 14 selects the function display button 1 12 and a screen such as that shown in Figure 12a is presented to the user. Figure 12a shows a screen 120 on the display 110 of the outlet 22 once the user has pressed the function display button 1 12. The screen 120 includes an authorisation code box 122, a continue button 124 and a correction button 126. The screen 120 prompts the user for an authorisation key in the form of a reference number via an authorisation code box 122. The authorisation key to be entered is the reference number that the user received in the message from the server side application 16 at step 145. The user then selects the continue button 124 once they have entered the reference number or the correction button 126 if they wish to re-enter the reference number (in the case of a mistake). Once the authorisation key in the form of a reference number has been entered, screen 128 on the display 1 10 of the outlet 22 is presented to the user as shown in Figure 12b. The screen 128 includes a shared key code box 130, a continue button 124 and a correction button 126. The screen 128 prompts the user for a shared key via the shared key code box 130. The shared key is preferably a key that is mutually agreed upon by the user of the mobile communication device 12 and the user of the mobile communication device 14. For example, the shared key may be a birth date of either of the users of the mobile communication devices 12, 14. The shared key may be determined by either user placing a telephone call to each other and agreeing upon a key. Alternatively, the user of the communication device 12 may elect a shared key and the user of the second communication device 14 can make a telephone call to the user of the communication device 12 when they are at an outlet 22 and are prompted for the code. Advantageously, the shared key prevents the situation of an unauthorised user cashing out the funds at an outlet 22 in the event that the mobile communication device 14 is lost or stolen. The user then selects the continue button 124 once they have entered the mobile telephone number or the correction button 126 if they wish to re-enter the mobile telephone number (in the case of a mistake). Once the mobile telephone number has been entered, screen 132 on the display 1 10 of the outlet 22 is presented to the user as shown in Figure 12c. The screen 132 includes an amount box 134, a continue button 124 and a correction button 126. The screen 134 prompts the user for an amount that is to be transferred via the amount box 122. Advantageously, this provides a further level of protection as the amount must be correct in addition to the shared key and the authorisation key or reference number entered on screens 120 and 128 respectively. The amount to be entered is the amount that the user received in the message from the server side application 16 at step 145. The user then selects the continue button 124 once they have entered the amount or the correction button 126 if they wish to re-enter the amount (in the case of a mistake).

Once the amount has been entered, screen 136 on the display 1 10 of the outlet 22 is presented to the user as shown in Figure 12d. The screen 136 simply advises the user that the transaction is in progress. The system 10 of the invention then checks the reference number entered at screen 120, the shared key entered at screen 128 and the amount entered at screen 132. In particular, the bank outlet 22 communicates with the financial services gateway 18 and the server side application 14 to confirm that the reference number is correct, the shared key is correct and the amount is correct. In the event that any of the reference number, mobile telephone number or amount is incorrect, an error screen [not shown] is displayed where the user can attempt the transaction again or abandon the transaction. In the event the financial services gateway 18 and the server side application 14 confirm that reference number is correct, the shared key is correct and the amount is correct, screen 138 is displayed and the outlet dispenses the monetary tokens to the user. Screen 140 of Figure 12 is then presented to the user. Screen 140 prompts the user as to whether they would like a receipt from the outlet 22 or not and includes a yes button 142 and a no button 144. Should the user wish receive a receipt, they press the yes button 142, other they press the no button 144. A receipt may then be provided which includes, the date, time, sequence number of transaction, authorisation code and amount.

Following screen 140, screen 146 is presented to the user as shown in Figure 12g which simply signifies to the user that the transaction has concluded.

While the above embodiment has been described in the context of mobile communications devices, it will be appreciated that the system can be used with any communication device. In another embodiment, the communications device may be a desktop computer capable of communicating to another desktop computer.

While the invention has been described in conjunction with a limited number of embodiments, it will be appreciated by those skilled in the art that many alternative, modifications and variations in light of the foregoing description are possible. Accordingly, the present invention is intended to embrace all such alternative, modifications and variations as may fall within the spirit and scope of the invention as disclosed.

Claims

Claims:

1. A method of conducting a monetary transaction over a communications network between communication devices, the method including the steps of:

(a) determining the desired amount for the monetary transaction; (b) generating an authorisation key on a first communication device associated with a first user;

(c) sending the authorisation key to at least one communication device associated with a second user;

(d) verifying the authorisation key on the at least one communication device at an outlet for distributing monetary tokens;

2. The method of claim 1 , wherein at step (b) the method further includes the step of generating a shared key on a first communication device associated with a first user and sending the shared key to the outlet for verifying the shared key on the at least one communication device at the outlet.

3. The method of claim 1 , wherein the outlet dispenses one or more monetary tokens to the second user of the at least one communication device upon verification of the authorisation key by the outlet.

4. The method of claim 2, wherein the outlet dispenses one or more monetary tokens to the second user of the at least one communication device upon verification of both the authorisation key and the shared key by the outlet.

5. The method of claim 1 , wherein the outlet deposits the desired amount into a nominated account upon verification of the authorisation key to the outlet.

6. The method of claim 2, wherein the outlet deposits the desired amount into a nominated account upon verification of the authorisation key and the shared key to the outlet.

7. The method of claim 1 , wherein the method further includes the step of: (f) generating a monetary transaction confirmation and sending the confirmation to the first communication device.

8. The method of claim 1 , wherein at step (c) the authorisation key is sent in the form of a short message service (SMS).

9. The method of claim 1 , wherein the authorisation key is a randomly generated number, generated by the communication device associated with the first user.

10. The method of claim 1 , wherein the authorisation key is the combination a randomly generated number generated by the communication device associated with the first user and the amount of the transaction.

1 1. The method of claim 1 , wherein the authorisation key is the combination a randomly generated number generated by the communication device associated with the first user and the telephone number of the communication device associated with the second user.

12. The method of claim 1 , wherein the first communication device and the at least one communication device are the same.

13. The method of claim 1 , wherein the one or more monetary tokens are dispensed to the user via an Automatic Teller Machine (ATM).

14. The method of claim 1 , wherein the outlet is a Point of Sale (POS) machine.

15. A system for conducting a monetary transaction over a communications network between communication devices, the system including: a server including a server side application to facilitate data exchange between a financial services gateway, a first and second communication device and an outlet for distributing monetary tokens; the server side application configured to determine the desired amount for the monetary transaction from a first communication device; the server side application configured to generate an authorisation key on a first communication device associated with a first user and further configured to send the authorisation key to at least one communication device associated with a second user; the server side application configured to verify the authorisation key on the at least one communication device at the outlet for distributing monetary tokens; wherein the server side application is configured to transfer the desired amount from the outlet to the second user upon verification of the authorisation key.

16. The system of claim 15, wherein the server side application is further configured to receive a shared key from a first communication device associated with a first user and further configured to verify the shared key on the at least one communication device at the outlet for distributing monetary tokens; wherein the server side application is configured to transfer the desired amount from the outlet to the second user upon verification of the shared key.

17. Software for use with a computer including a processor and associated memory device for storing the software, the software including a series of instructions to cause the processor to carry out a method according to any one of claims 1 to 14.