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WO2001067409A1 - Transaction processing system and method of operation thereof - Google Patents

Transaction processing system and method of operation thereof Download PDF

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Publication number
WO2001067409A1
WO2001067409A1 PCT/IB2001/000304 IB0100304W WO0167409A1 WO 2001067409 A1 WO2001067409 A1 WO 2001067409A1 IB 0100304 W IB0100304 W IB 0100304W WO 0167409 A1 WO0167409 A1 WO 0167409A1
Authority
WO
WIPO (PCT)
Prior art keywords
account
user
currency
processing system
transaction processing
Prior art date
Application number
PCT/IB2001/000304
Other languages
French (fr)
Inventor
James Timothy Charles Douglas Price
Christa Vanheel
Original Assignee
Infinia Ip Ltd.
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Infinia Ip Ltd. filed Critical Infinia Ip Ltd.
Priority to CA002401980A priority Critical patent/CA2401980A1/en
Priority to AU4095201A priority patent/AU4095201A/en
Priority to EP01912034A priority patent/EP1261947A1/en
Publication of WO2001067409A1 publication Critical patent/WO2001067409A1/en

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/04—Payment circuits
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/08—Payment architectures
    • G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/22—Payment schemes or models
    • G06Q20/227—Payment schemes or models characterised in that multiple accounts are available, e.g. to the payer
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/22—Payment schemes or models
    • G06Q20/28—Pre-payment schemes, e.g. "pay before"
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
    • G06Q20/34—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using cards, e.g. integrated circuit [IC] cards or magnetic cards
    • G06Q20/342—Cards defining paid or billed services or quantities
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/38—Payment protocols; Details thereof
    • G06Q20/40—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
    • G06Q20/405—Establishing or using transaction specific rules
    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07F—COIN-FREED OR LIKE APPARATUS
    • G07F7/00—Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus
    • G07F7/02—Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus by keys or other credit registering devices
    • G07F7/025—Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus by keys or other credit registering devices by means, e.g. cards, providing billing information at the time of purchase, e.g. identification of seller or purchaser, quantity of goods delivered or to be delivered

Definitions

  • This invention relates to a transaction processing system and, more particularly, to a transaction processing system for making party-to-party payments and for transferring value between parties in an on-line environment.
  • the invention extends to a method of operation of the transaction processing system.
  • Debit cards on the other hand, whilst not as widely used as credit cards have the advantages of low cost and elimination of the abovementioned charge-back problem.
  • debit cards are not as widely used as credit cards and are rarely accepted for payment for on-line purchases.
  • virtual currency or "e-cash"
  • e-cash virtual currency
  • the conversion of real cash into e-cash is commonly achieved by means of cheque deposits, bank transfers and similar transactions.
  • e-cash accounts The underlying assumption pertaining to e-cash accounts is that a credit balance therein is meant to, and will be, consumed over time. It may happen, however that an e-cash account may have a significant credit balance and that the account holder may wish to withdraw some of the e-cash credit balance as real cash.
  • ATMs automatic teller machines
  • the transfer of funds from one party to another may occur by means of a direct deposit of funds into a banking account of the transferee, or by means of a telegraphic transfer of such funds into the transferee's account.
  • a direct deposit of funds into a banking account of the transferee or by means of a telegraphic transfer of such funds into the transferee's account.
  • it is necessary for the transferor to be in possession of some unique identifier relating to the transferee such as a banking account number and the name and branch of a financial institution at which the transferee's banking account is held.
  • Such a unique identifier is generally specific to the financial institution where the transferee's account is held.
  • a transaction processing system comprising: a register of unauthorized users of the transaction processing system; a real currency account and a virtual currency account corresponding to each user, each account having a balance associated therewith and the real currency account being held at a financial institution; an access facility operable by an authorized user to issue transfer instructions for transferring a predetermined amount of currency between the user's currency accounts; and an administration facility responsive to the transfer instructions, to debit the virtual currency account of the particular user, and to credit that user's real currency account, by the predetermined amount of currency.
  • administration facility to be responsive to the transfer instructions, to also credit the virtual currency account of the user, and to debit that user's real currency account, by the predetermined amount of the currency.
  • the payment system to include a pooled real currency account held at a financial institution, for the pooled currency account to have a balance therein equal to at least the sum of the balances of all the virtual currency accounts of the users, for the administration facility to credit the user's real currency account by transferring the predetermined amount of cash from the pooled real currency account to that user's real currency account, and for the administration facility to debit the user's real currency account by transferring the predetermined amount of currency from that user's real currency account to the pooled real currency account.
  • Yet further features of the invention provide for the access facility to be operable by the authorised user to issue transfer instructions for transferring a predetermined amount of currency from any one of that user's currency accounts to any one of the currency accounts of a different authorized user of the transaction processing system.
  • the access facility to be operable by the authorized user to issue transfer instructions for simultaneously transferring a plurality of different predetermined amounts of currency from any one of the user's currency accounts to any one of the currency accounts of a plurality of corresponding different authorized users of the transaction processing system.
  • the access facility is an Internet Web Site
  • the user's real currency account is accessible by the user at an automated teller machine
  • the user's real currency account is operable by means of a token, alternatively a mobile telephone handset, further alternatively a personal digital assistant
  • the token is a debit card
  • the debit card is a magnetic card
  • the mobile telephone handset and the portable digital assistant have an infra-red communication port
  • the transfer instructions issued by means of the access facility to include a user identification, an identification of a different authorized user to whom currency is to be transferred, the predetermined amount of currency to be transferred, and whether the currency to be transferred is real currency or virtual currency, for the identification of the different authorized user to be paid to be a function of a corresponding account number and an authorization code associated with the account number, and for the authorization code to be a randomly generated number.
  • the transaction processing system to include a transaction database, for the transaction database to contain transaction data associated with each issued transfer instructions executed by the administration facility, and for the transaction data to be accessible and viewable by an authorized user by means of the access facility.
  • the transaction processing system to include a transferor value account corresponding to each authorised user each value account having a value balance associated therewith, for the access facility to be operable by a transferor to issue transfer instructions for transferring a predetermined quantity of value from the transferor value account to a transferee, the transferee being identified in the transfer instructions by a corresponding unique messaging address, and for the administration facility to be responsive to the issued transfer instructions to debit the value balance in the transferor account with the predetermined quantity of value.
  • the register to include a unique messaging address corresponding to each authorized user, the administration facility to automatically credit the value account of the identified transferee with the predetermined amount of value when the transferee is registered as an authorized user of the transaction processing system.
  • the transaction processing system to include a suspense value account for the administration facility to credit the suspense value account with the predetermined quantity of value debited from the value balance in the transferor value account when the identified transferee is not an authorized user of the transaction processing system, and for the administration facility to enable the identified transferee who is not an authorized user of the transfer system to first register as an authorized user and to establish a corresponding value account, prior to crediting the value account of the transferee with the predetermined amount of value and debiting the suspense account with the predetermined amount of value.
  • the value account to be either a real currency account or a virtual currency account
  • the unique messaging address to be an e- mail address
  • for the e-mail address to be an Internet e-mail address
  • the invention extends to a method of operation of a transaction processing system, comprising the steps of: providing a register of authorized users of the transaction processing system;
  • the method includes the additional step of selectively instructing the administration facility to credit the virtual currency account of the user, and to debit that user's real currency account, by the predetermined amount of currency.
  • a pooled real currency account held at a financial institution for operating the pooled currency account to have a balance therein equal to at least the sum of the balances of all the virtual currency accounts of the users, for crediting the user's real currency account by transferring the predetermined amount of cash from the pooled real currency account to that user's real currency account, and for debiting the user's real currency account by transferring the predetermined amount of cash from that user's real currency account to the pooled real currency account.
  • transfer instructions which include a user identification, an identification of a different authorized user to whom currency is to be transferred, the predetermined amount of currency which is to be transferred, and whether the currency to be transferred is real currency or virtual currency, for specifying the identification of the different authorized user to be paid to be a function of a corresponding account number and an authorization code associated with the account number, and for generating the authorization code as a random number.
  • the method includes, optionally, the step of transferring value in an on-line environment, and transferring value by the steps of: providing a transferor value account corresponding to each user, each account having a value balance associated therewith; issuing transfer instructions to transfer a predetermined quantity of value from a transferor value account to a transferee, the transferee being identified in the transfer instructions by a corresponding unique messaging address: and debiting the value balance in the transferor value account with the predetermined quantity of value.
  • the method includes the additional step of providing a suspense value account for crediting the suspense account with the predetermined quantity of value debited from the value balance in the transferor value account when the identified transferee is not an authorized user of the transaction processing system, and for enabling the identified transferee who is not an authorized user to first register as an authorised user and to establish corresponding value account, prior to crediting the value account of the transferee with the predetermined amount of value and debiting the suspense account with the predetermined amount of value.
  • FIG.1 is a schematic representation of a transaction processing system, according to the invention.
  • FIG.2 is a schematic representation of a subset of the transaction processing system of Figure 1 , for transferring value in an on-line environment.
  • a transaction processing system is indicated generally by reference numeral (1).
  • the transaction processing system (1 ) includes a register (2) of authorised users of the transaction processing system, a real currency account (3) and a virtual currency account (4) corresponding to each authorised user, and a pooled real currency account (5).
  • the individual real currency accounts (3) and the pooled real currency account (5) are held at financial institutions and are denominated in any real currency of the user's choice.
  • the virtual currency accounts may be held with any financial institution or other competent agency to suit the needs of a particular application.
  • the payment system (1) includes, further, an administration facility (6) in the form of an application server, which can be accessed by any authorised user through an access facility (7), in this embodiment, an Internet Web sever.
  • the application server (6) is instructable by any authorised user to access and to operated the user's real currency (3) and virtual currency (4) accounts as will be described in detail below.
  • an authorised user wishing to transfer a predetermined amount of money from his real currency account (3) to his virtual currency account (4) must first ensure that there is a sufficient credit balance in his real currency account to cover the predetermined amount of money. If the credit balance is insufficient, the user is required to deposit funds into his real currency account (3) by means of a cheque deposit, bank transfer or similar transaction, which is well known in the art.
  • the user may instruct the administration facility (6) , by submitting transfer instructions through the Internet Web server (7), to debit the user's real currency account (3), and to credit that user's virtual currency account (4), by the predetermined amount of money.
  • the user may wish to transfer a predetermined amount of e-cash from his virtual currency account (4) to his real currency account (3).
  • the prerequisite for this transaction is that there is a sufficient credit balance in the virtual currency account to cover the predetermined amount.
  • the user may instruct the administration facility (6) by submitting transfer instructions to debit the user's virtual currency account (4) and to credit the user's real currency account (3), by the predetermined amount of money.
  • the transactions required above require a real cash balance to be maintained at the financial institutions underlying the operation of the transaction processing system (1).
  • This is achieved by means of the pooled real currency account (5),
  • the pooled real currency account (5) is operated to have a credit balance therein equal to at least the sum of the balances of the virtual currency accounts (4) of all the authorised users of the transaction processing system (1).
  • the administration facility (6) maintains a record of the individual virtual currency account balances for each authorised user of the system.
  • Debiting of the user's real currency account (3) by the predetermined amount entails a transfer of the predetermined amount of cash from each user's real currency account (3) to the pooled real currency account (5).
  • crediting the user's real currency account (3) by the predetermined amount entails a transfer of the predetermined amount of cash from the pooled real currency account (5) to the user's real currency account (3).
  • the transaction processing system (1) may also be used to effect party-to-party payments by submitting transfer instructions through the Internet Web site (7) to the application server (6), specifying an identification of a different authorised user of the system to whom currency is to be paid, the predetermined amount of currency to be transferred, and whether the currency to be transferred is real currency or virtual currency.
  • the authorised user is a merchant, such as a stockbroker, who wishes to make payments to a number of different parties
  • the merchant can submit transfer instructions through the Internet Web site (7) to the application server (6) as a batch.
  • the batch transfer instructions must specify a plurality of identifications of different authorised users to whom currency is to be transferred, the corresponding predetermined amount of currency to be transferred to each payee, and whether each corresponding currency transfer is real currency or virtual currency.
  • the payee In transfer instructions relating to party-to-party payments, the payee is identified by means of an account number associated with that party's real (3) and virtual (4) currency accounts. If the payee is erroneously identified by means of an invalid account number, the administration facility will not execute the associated transaction and the originator of the transfer instructions is notified by means of the Internet Web site (7).
  • system (1) provides for a payee to be identified, in addition to the account number, by a deposit authorization code, The deposit authorization code is a four-digit number which is randomly generated. A payee is required to make his account number as well as his deposit identification code known in order to be identified as a payee.
  • Access to the application server (6) through the Internet Web server (7) is legislated by means of a unique access code provided to each authorised user of the transfer system, in order to prevent unauthorized access to the various user real currency accounts (3) and the virtual currency accounts (4).
  • the individual user real currency accounts (3) are accessible by the users at any automated teller machine, such accounts being operable at the automated teller machine by means of a token such as a debit card.
  • the transaction processing system (1) includes a transaction database (not shown) which contains transaction data associated with each issued transfer instruction executed by the application server (6). Such transaction data is provided, for example, by a merchant from whom the user has purchased goods or services .
  • the Internet Web site (7) enables the user to "drill-down" and access and view the transaction data relating to any transaction appearing on the account statement.
  • the transaction processing system (1) may also be conveniently employed to transfer value from one party to another in an on-line environment. Although, in the description which follows, this particular aspect of the invention will be described with particular reference to the transfer of funds, it is to be clearly understood that the use of the invention for transferring value is not limited to this particular application.
  • transaction processing system (1) includes, additionally, a value account (10) corresponding to each authorised user of the system and a suspense value account (11).
  • the application server (6) is operable to access and to operate the authorised user's value accounts (10) and the suspense account (11), as will be described in detail below.
  • the value accounts (10) may be the individual user real currency accounts (3) or the virtual currency accounts (4), respectively.
  • the register (2) includes a unique messaging address, in the form of an Internet e- mail address, corresponding to each authorised user of the transaction processing system (1).
  • the value account (10) of each authorised user has a corresponding value balance therein.
  • an authorized user who wishes to transfer a predetermined quantity of value to another party is required to access the Internet Web server (7) and to submit transfer instructions to the application server (6).
  • the transfer instructions are required to designate the quantity of value to be transferred, as well as the identity of the transferee to who the predetermined quantity of value is to be transferred.
  • the transferee is uniquely identified by a corresponding Internet e-mail address.
  • the application server (6) automatically debits the value balance of the transferor account with the predetermined quantity of value.
  • the application server (6) credits the suspense account (11) with the predetermined quantity of value debited from the value balance in the transferor value account.
  • the transferee is then required to access the application server (6) through the Web server (7), and to claim the transferred quantity of value by first registering as an authorized user and establishing his own corresponding value account (10). Once these requirements have been met, the application server (6) credits the new value account (10) of the transferee with the predetermined amount of value, and the transfer transaction is complete.
  • the transfer system (1) may be conveniently employed to transfer any form of value such as money, credits for the consumption of utilities, or the like.
  • the token employed by a user to access the real currency account (3) at an automated teller machine may be a conventional magnetic card or, alternatively, a smart card.
  • the automated teller machine may be operated by means of a mobile telephone handset or a personal digital assistant, instead of by means of the token. It is envisaged that in this instance the automated teller machine, the mobile telephone handset, and the personal assistant would be equipped with infra-red communication ports operating according to a communication protocol such as the well-known Bluetooth communication protocol.
  • the invention therefore provides a transaction processing system (1) which is operable to conveniently effect party-to-party settlements in both a physical and an on-line environment, and which facilitates transfer of real currency to virtual currency, and vice versa.
  • the transaction processing system also enables value to be transferred on-line from one party to another in which a transferee is identified by means of a unique identifier conforming to an open standard, and which is not proprietary to any financial institution or the like.

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Abstract

A transaction processing system comprises a register of unauthorized uses of the system, a real currency account and a virtual currency account corresponding to each user. Each account has a corresponding balance and the real currency account is held at a financial institution. An access facility is operable by an authorized user to issue transfer instructions for transferring a predetermined amount of currency between the user's currency accounts. The system includes an administration facility which is responsive to the transfer instructions to debit the virtual currency account of the particular user who issued the transfer instructions by debiting the virtual currency account of the user, and crediting that user's real currency account by the predetermined amount of currency.

Description

TRANSACTION PROCESSING SYSTEM AND METHOD OF OPERATION THEREOF
FIELD OF THE INVENTION
This invention relates to a transaction processing system and, more particularly, to a transaction processing system for making party-to-party payments and for transferring value between parties in an on-line environment. The invention extends to a method of operation of the transaction processing system.
BACKGROUND TO THE INVENTION
A large variety of transaction processing systems exist for making party-to-party payments. Other than cash, such systems are based on the use of cheques, credit cards or debit cards. Credit cards are commonly used for making consumer-to- merchant payments, but suffer the disadvantages of high charges and significant rates of charge-backs in which charges made by merchants are repudiated by consumers, leading to losses suffered by the merchants. Despite these disadvantages, however, credit cards have become the most common way of making payment for goods and services purchased in an on-line environment such as the Internet.
Debit cards, on the other hand, whilst not as widely used as credit cards have the advantages of low cost and elimination of the abovementioned charge-back problem. Despite these disadvantages, debit cards are not as widely used as credit cards and are rarely accepted for payment for on-line purchases. The use of virtual currency (or "e-cash") for settling on-line party-to-party payments has become increasingly common in recent times. The conversion of real cash into e-cash is commonly achieved by means of cheque deposits, bank transfers and similar transactions.
The underlying assumption pertaining to e-cash accounts is that a credit balance therein is meant to, and will be, consumed over time. It may happen, however that an e-cash account may have a significant credit balance and that the account holder may wish to withdraw some of the e-cash credit balance as real cash. The applicant is aware of an e-cash transaction processing system which enables an account holder to utilize automatic teller machines (ATMs) for making cash withdrawals. This system does not, however, operate in a banking context.
In order to transfer value from one party to another, other than by direct face-to-face delivery, it is necessary to identify the transfer and the transferee in some manner.
For example, the transfer of funds from one party to another may occur by means of a direct deposit of funds into a banking account of the transferee, or by means of a telegraphic transfer of such funds into the transferee's account. In all instances, in order for the transfer of funds to be successful, it is necessary for the transferor to be in possession of some unique identifier relating to the transferee, such as a banking account number and the name and branch of a financial institution at which the transferee's banking account is held. Such a unique identifier is generally specific to the financial institution where the transferee's account is held.
It is desirable to be able to transfer value from one party to another on the basis of a more general identifier which can be used to identify the recipient of the value to be transferred. OBJECT OF THE INVENTION
It is an object of this invention to provide a transaction processing system and a method of operation thereof which will, at least partially, alleviate the abovementioned difficulties and disadvantages.
SUMMARY OF THE INVENTION
In accordance with this invention there is provided a transaction processing system, comprising: a register of unauthorized users of the transaction processing system; a real currency account and a virtual currency account corresponding to each user, each account having a balance associated therewith and the real currency account being held at a financial institution; an access facility operable by an authorized user to issue transfer instructions for transferring a predetermined amount of currency between the user's currency accounts; and an administration facility responsive to the transfer instructions, to debit the virtual currency account of the particular user, and to credit that user's real currency account, by the predetermined amount of currency.
Further features of the invention provide for the administration facility to be responsive to the transfer instructions, to also credit the virtual currency account of the user, and to debit that user's real currency account, by the predetermined amount of the currency.
Still further features of the invention provide for the payment system to include a pooled real currency account held at a financial institution, for the pooled currency account to have a balance therein equal to at least the sum of the balances of all the virtual currency accounts of the users, for the administration facility to credit the user's real currency account by transferring the predetermined amount of cash from the pooled real currency account to that user's real currency account, and for the administration facility to debit the user's real currency account by transferring the predetermined amount of currency from that user's real currency account to the pooled real currency account.
Yet further features of the invention provide for the access facility to be operable by the authorised user to issue transfer instructions for transferring a predetermined amount of currency from any one of that user's currency accounts to any one of the currency accounts of a different authorized user of the transaction processing system.
There is also provided for the access facility to be operable by the authorized user to issue transfer instructions for simultaneously transferring a plurality of different predetermined amounts of currency from any one of the user's currency accounts to any one of the currency accounts of a plurality of corresponding different authorized users of the transaction processing system.
Preferably, the access facility is an Internet Web Site, the user's real currency account is accessible by the user at an automated teller machine, the user's real currency account is operable by means of a token, alternatively a mobile telephone handset, further alternatively a personal digital assistant, the token is a debit card, the debit card is a magnetic card, alternatively a smart card, the mobile telephone handset and the portable digital assistant have an infra-red communication port, the user's virtual currency account held at a financial institution.
In accordance with a further aspect of the invention, there is provided for the transfer instructions issued by means of the access facility to include a user identification, an identification of a different authorized user to whom currency is to be transferred, the predetermined amount of currency to be transferred, and whether the currency to be transferred is real currency or virtual currency, for the identification of the different authorized user to be paid to be a function of a corresponding account number and an authorization code associated with the account number, and for the authorization code to be a randomly generated number.
In accordance with a still further aspect of the invention there is provided for the transaction processing system to include a transaction database, for the transaction database to contain transaction data associated with each issued transfer instructions executed by the administration facility, and for the transaction data to be accessible and viewable by an authorized user by means of the access facility.
In accordance with a yet further aspect of the invention there is provided for the transaction processing system to include a transferor value account corresponding to each authorised user each value account having a value balance associated therewith, for the access facility to be operable by a transferor to issue transfer instructions for transferring a predetermined quantity of value from the transferor value account to a transferee, the transferee being identified in the transfer instructions by a corresponding unique messaging address, and for the administration facility to be responsive to the issued transfer instructions to debit the value balance in the transferor account with the predetermined quantity of value.
There is provided for the register to include a unique messaging address corresponding to each authorized user, the administration facility to automatically credit the value account of the identified transferee with the predetermined amount of value when the transferee is registered as an authorized user of the transaction processing system.
There is further provided for the transaction processing system to include a suspense value account for the administration facility to credit the suspense value account with the predetermined quantity of value debited from the value balance in the transferor value account when the identified transferee is not an authorized user of the transaction processing system, and for the administration facility to enable the identified transferee who is not an authorized user of the transfer system to first register as an authorized user and to establish a corresponding value account, prior to crediting the value account of the transferee with the predetermined amount of value and debiting the suspense account with the predetermined amount of value.
There is still further provided for the value account to be either a real currency account or a virtual currency account, for the unique messaging address to be an e- mail address and for the e-mail address to be an Internet e-mail address.
The invention extends to a method of operation of a transaction processing system, comprising the steps of: providing a register of authorized users of the transaction processing system;
Providing a real currency account and a virtual currency account corresponding to each user, each account having a balance associated therewith, the real currency account being held at a financial institution; issuing transfer instructions for transferring a predetermined amount of currency between the user's currency accounts; and instructing an administration facility to debit the virtual currency account of a particular user, and to credit that user's real currency account, by the predetermined amount of currency.
There if further provided for the method to include the additional step of selectively instructing the administration facility to credit the virtual currency account of the user, and to debit that user's real currency account, by the predetermined amount of currency.
There is still further provided for establishing, in the transaction processing system, a pooled real currency account held at a financial institution, for operating the pooled currency account to have a balance therein equal to at least the sum of the balances of all the virtual currency accounts of the users, for crediting the user's real currency account by transferring the predetermined amount of cash from the pooled real currency account to that user's real currency account, and for debiting the user's real currency account by transferring the predetermined amount of cash from that user's real currency account to the pooled real currency account.
There is yet further provided for issuing transfer instructions for transferring a predetermined amount of currency from any one of a user's currency accounts to any one of the currency accounts of a different authorized user of the transaction processing system.
There is also provided for issuing transfer instructions for simultaneously transferring a plurality of different predetermined amounts of currency from any one of a user's currency accounts to any one of the currency accounts of a plurality of corresponding different authorized users of the transaction processing system.
There is also provided for issuing the transfer instructions through an Internet Web site, for accessing a user's real currency account at an automated teller machine, and for operating the user's real currency account at the automated teller machine by means of a token, alternatively a mobile telephone handset, further alternatively a personal digital assistant.
There is also provided for issuing transfer instructions which include a user identification, an identification of a different authorized user to whom currency is to be transferred, the predetermined amount of currency which is to be transferred, and whether the currency to be transferred is real currency or virtual currency, for specifying the identification of the different authorized user to be paid to be a function of a corresponding account number and an authorization code associated with the account number, and for generating the authorization code as a random number.
There is also provided for the method to include, optionally, the step of transferring value in an on-line environment, and transferring value by the steps of: providing a transferor value account corresponding to each user, each account having a value balance associated therewith; issuing transfer instructions to transfer a predetermined quantity of value from a transferor value account to a transferee, the transferee being identified in the transfer instructions by a corresponding unique messaging address: and debiting the value balance in the transferor value account with the predetermined quantity of value.
There is also provided for including in the register a unique messaging address corresponding to each authorized user, and for automatically crediting a value account of the identified transferee with the predetermined amount of value when the transferee is registered as an authorized user.
There is also provided for the method to include the additional step of providing a suspense value account for crediting the suspense account with the predetermined quantity of value debited from the value balance in the transferor value account when the identified transferee is not an authorized user of the transaction processing system, and for enabling the identified transferee who is not an authorized user to first register as an authorised user and to establish corresponding value account, prior to crediting the value account of the transferee with the predetermined amount of value and debiting the suspense account with the predetermined amount of value.
There is also provided for issuing transfer instructions through an Internet Web site, and for the unique messaging address to be an e-mail address.
BRIEF DESCRIPTION OF THE DRAWINGS
One embodiment of the invention is described below, by way of example only, and with reference to the accompanying drawings in which:
FIG.1 is a schematic representation of a transaction processing system, according to the invention; and FIG .2 is a schematic representation of a subset of the transaction processing system of Figure 1 , for transferring value in an on-line environment.
DETAILED DESCTRIPTION OF THE INVENTION
Referring to Figures 1 and 2, in which like features of the invention are indicated by like numerals, a transaction processing system is indicated generally by reference numeral (1).
The transaction processing system (1 ) includes a register (2) of authorised users of the transaction processing system, a real currency account (3) and a virtual currency account (4) corresponding to each authorised user, and a pooled real currency account (5). The individual real currency accounts (3) and the pooled real currency account (5) are held at financial institutions and are denominated in any real currency of the user's choice. The virtual currency accounts may be held with any financial institution or other competent agency to suit the needs of a particular application.
The payment system (1) includes, further, an administration facility (6) in the form of an application server, which can be accessed by any authorised user through an access facility (7), in this embodiment, an Internet Web sever. The application server (6) is instructable by any authorised user to access and to operated the user's real currency (3) and virtual currency (4) accounts as will be described in detail below.
In use, an authorised user wishing to transfer a predetermined amount of money from his real currency account (3) to his virtual currency account (4) must first ensure that there is a sufficient credit balance in his real currency account to cover the predetermined amount of money. If the credit balance is insufficient, the user is required to deposit funds into his real currency account (3) by means of a cheque deposit, bank transfer or similar transaction, which is well known in the art. When this precondition is satisfied, the user may instruct the administration facility (6) , by submitting transfer instructions through the Internet Web server (7), to debit the user's real currency account (3), and to credit that user's virtual currency account (4), by the predetermined amount of money.
Alternatively, the user may wish to transfer a predetermined amount of e-cash from his virtual currency account (4) to his real currency account (3). The prerequisite for this transaction is that there is a sufficient credit balance in the virtual currency account to cover the predetermined amount. On fulfillment of this precondition, the user may instruct the administration facility (6) by submitting transfer instructions to debit the user's virtual currency account (4) and to credit the user's real currency account (3), by the predetermined amount of money.
It will be appreciated by those skilled in the art that the transactions required above require a real cash balance to be maintained at the financial institutions underlying the operation of the transaction processing system (1). This is achieved by means of the pooled real currency account (5), The pooled real currency account (5) is operated to have a credit balance therein equal to at least the sum of the balances of the virtual currency accounts (4) of all the authorised users of the transaction processing system (1). The administration facility (6) maintains a record of the individual virtual currency account balances for each authorised user of the system.
Debiting of the user's real currency account (3) by the predetermined amount entails a transfer of the predetermined amount of cash from each user's real currency account (3) to the pooled real currency account (5). Similarly, crediting the user's real currency account (3) by the predetermined amount entails a transfer of the predetermined amount of cash from the pooled real currency account (5) to the user's real currency account (3).
The transaction processing system (1) may also be used to effect party-to-party payments by submitting transfer instructions through the Internet Web site (7) to the application server (6), specifying an identification of a different authorised user of the system to whom currency is to be paid, the predetermined amount of currency to be transferred, and whether the currency to be transferred is real currency or virtual currency.
Where the authorised user is a merchant, such as a stockbroker, who wishes to make payments to a number of different parties, the merchant can submit transfer instructions through the Internet Web site (7) to the application server (6) as a batch. The batch transfer instructions must specify a plurality of identifications of different authorised users to whom currency is to be transferred, the corresponding predetermined amount of currency to be transferred to each payee, and whether each corresponding currency transfer is real currency or virtual currency.
In transfer instructions relating to party-to-party payments, the payee is identified by means of an account number associated with that party's real (3) and virtual (4) currency accounts. If the payee is erroneously identified by means of an invalid account number, the administration facility will not execute the associated transaction and the originator of the transfer instructions is notified by means of the Internet Web site (7). In order to minimize the possibility of unwanted party-to-party transactions from being executed due to the identification of a payee by means of an incorrect, but nevertheless valid, account number, then system (1) provides for a payee to be identified, in addition to the account number, by a deposit authorization code, The deposit authorization code is a four-digit number which is randomly generated. A payee is required to make his account number as well as his deposit identification code known in order to be identified as a payee.
Access to the application server (6) through the Internet Web server (7) is legislated by means of a unique access code provided to each authorised user of the transfer system, in order to prevent unauthorized access to the various user real currency accounts (3) and the virtual currency accounts (4). The individual user real currency accounts (3) are accessible by the users at any automated teller machine, such accounts being operable at the automated teller machine by means of a token such as a debit card.
An authorised user is able to obtain a statement at an automated teller machine relating to his real currency account (3) or his virtual currency account (4). The transaction processing system (1) includes a transaction database (not shown) which contains transaction data associated with each issued transfer instruction executed by the application server (6). Such transaction data is provided, for example, by a merchant from whom the user has purchased goods or services . The Internet Web site (7) enables the user to "drill-down" and access and view the transaction data relating to any transaction appearing on the account statement.
The transaction processing system (1) may also be conveniently employed to transfer value from one party to another in an on-line environment. Although, in the description which follows, this particular aspect of the invention will be described with particular reference to the transfer of funds, it is to be clearly understood that the use of the invention for transferring value is not limited to this particular application.
Referring specifically to Figure 2, transaction processing system (1) includes, additionally, a value account (10) corresponding to each authorised user of the system and a suspense value account (11). The application server (6) is operable to access and to operate the authorised user's value accounts (10) and the suspense account (11), as will be described in detail below. It will be appreciated by those skilled in the art that, where the value to be transferred is cash or e-cash, the value accounts (10) may be the individual user real currency accounts (3) or the virtual currency accounts (4), respectively.
The register (2) includes a unique messaging address, in the form of an Internet e- mail address, corresponding to each authorised user of the transaction processing system (1). The value account (10) of each authorised user has a corresponding value balance therein.
In use an authorized user who wishes to transfer a predetermined quantity of value to another party is required to access the Internet Web server (7) and to submit transfer instructions to the application server (6). The transfer instructions are required to designate the quantity of value to be transferred, as well as the identity of the transferee to who the predetermined quantity of value is to be transferred. The transferee is uniquely identified by a corresponding Internet e-mail address.
Once transfer instructions have been submitted in this manner by the transferor through the Internet Web server, the application server (6) automatically debits the value balance of the transferor account with the predetermined quantity of value.
Two possibilities exist at this stage of the process:
• Firstly, if the transferee, as uniquely identified by his Internet e-mail address, appears on the register (2) as an authorized user of the transaction processing system (1), the corresponding transferee value account is automatically credited with the predetermined quantity of value and the transfer transaction is complete; or
• Secondly, if the transferee, as identified by his Internet e-mail address, does not appear on the register of authorized users of the transaction processing system (1), the application server (6) credits the suspense account (11) with the predetermined quantity of value debited from the value balance in the transferor value account. The transferee is then required to access the application server (6) through the Web server (7), and to claim the transferred quantity of value by first registering as an authorized user and establishing his own corresponding value account (10). Once these requirements have been met, the application server (6) credits the new value account (10) of the transferee with the predetermined amount of value, and the transfer transaction is complete.
It is envisaged that the transfer system (1) may be conveniently employed to transfer any form of value such as money, credits for the consumption of utilities, or the like.
Numerous modifications are possible to this embodiment without departing from the scope of the invention. In particular, the token employed by a user to access the real currency account (3) at an automated teller machine may be a conventional magnetic card or, alternatively, a smart card. Further, the automated teller machine may be operated by means of a mobile telephone handset or a personal digital assistant, instead of by means of the token. It is envisaged that in this instance the automated teller machine, the mobile telephone handset, and the personal assistant would be equipped with infra-red communication ports operating according to a communication protocol such as the well-known Bluetooth communication protocol.
The invention therefore provides a transaction processing system (1) which is operable to conveniently effect party-to-party settlements in both a physical and an on-line environment, and which facilitates transfer of real currency to virtual currency, and vice versa. The transaction processing system also enables value to be transferred on-line from one party to another in which a transferee is identified by means of a unique identifier conforming to an open standard, and which is not proprietary to any financial institution or the like.

Claims

1. A transaction processing system, comprising: a register of unauthorized users of the transaction processing system; a real currency account and a virtual currency account corresponding to each user, each account having a balance associated therewith and the real currency account being held at a financial institution; an access facility operable by an authorized user to issue transfer instructions for transferring a predetermined amount of currency between the user's currency accounts; and an administration facility responsive to the transfer instructions, to debit the virtual currency account of the particular user, and to credit that user's real currency account, by the predetermined amount of currency.
2. A transaction processing system as claimed in claim 1 in which the administration facility is responsive to the transfer instructions, to also credit the virtual currency account of the user, and to debit that user's real currency account, by the predetermined amount of the currency.
3. A transaction processing system as claimed in either one of claims 1 and 2 which includes a pooled real currency account held at a financial institution.
4. A transaction processing system as claimed in claim 3 in which the pooled currency account has a balance therein equal to at least the sum of the balances of all the virtual currency accounts of the users.
5. A transaction processing system as claimed in claim 4 in which the administration facility credits the user's real currency account by transferring the predetermined amount of cash from the pooled real currency account to that user's real currency account.
6. A transaction processing system as claimed in claim 5 in which the administration facility debits the user's real currency account by transferring the predetermined amount of currency from that user's real currency account to the pooled real currency account.
7. A transaction processing system as claimed in any one of the preceding claims in which the access facility is operable by the authorised user to issue transfer instructions for transferring a predetermined amount of currency from any one of that user's currency accounts to any one of the currency accounts of a different authorized user of the transaction processing system.
8. A transaction processing system as claimed in any one of the preceding claims in which the access facility is operable by the authorized user to issue transfer instructions for simultaneously transferring a plurality of different predetermined amounts of currency from any one of the user's currency accounts to any one of the currency accounts of a plurality of corresponding different authorized users of the transaction processing system.
9. A transaction processing system as claimed in any one of the preceding claims in which the access facility is an Internet Web Site.
10. A transaction processing system as claimed in any one of the preceding claims in which the user's real currency account is accessible by the user at an automated teller machine.
11. A transaction processing system as claimed in claim 1o in which the user's real currency account is operable by means of a token.
12. A transaction processing system as claimed in claim 10 in which the user's real currency account is operable by means of a telephone handset or a personal digital assistant.
13. A transaction processing system as claimed in claim 11 in which the token is a debit card.
14. A transaction processing system as claimed in claim 13 in which the debit card is a magnetic card, or a smart card.
15. A transaction processing system as claimed in claim 12 in which the mobile telephone handset and the portable digital assistant have an infra-red communication port.
16. A transaction processing system as claimed in any one of the preceding claims in which the user's virtual currency account held at a financial institution.
17. A transaction processing system as claimed in any one of the preceding claims in which he transfer instructions issued by means of the access facility includes a user identification, an identification of a different authorized user to whom currency is to be transferred, the predetermined amount of currency to be transferred, and whether the currency to be transferred is real currency or virtual currency
18. A transaction processing system as claimed in claim 17 in which the identification of the different authorized user to be paid is a function of a corresponding account number and an authorization code associated with the account number.
19. A transaction processing system as claimed in claim 8 in which and for the authorization code is a randomly generated number.
20. A transaction processing system as claimed in any one of the preceding claims which includes a transaction database.
21. A transaction processing system as claimed in claim 20 in which the transaction database contains transaction data associated with each issued transfer instructions executed by the administration facility.
22 A transaction processing system as claimed in claim 21 in which the transaction data is accessible and viewable by an authorized user by means of the access facility.
23. A transaction processing system as claimed in any one of the preceding claims which includes a transferor value account corresponding to each authorised user each value account having a value balance associated therewith.
24. A transaction processing system as claimed in claim 23 in which the access facility is operable by a transferor to issue transfer instructions for transferring a predetermined quantity of value from the transferor value account to a transferee, the transferee being identified in the transfer instructions by a corresponding unique messaging address
25. A transaction processing system as claimed in claim 24 in which the administration facility to be responsive to the issued transfer instructions to debit the value balance in the transferor account with the predetermined quantity of value.
26. A transaction processing system as claimed in either one of claims 24 or 25 in which the register includes a unique messaging address corresponding to each authorized user
27. A transaction processing system as claimed in claim 26 in which the administration facility automatically credits the value account of the identified transferee with the predetermined amount of value when the transferee is registered as an authorized user of the transaction processing system.
28. A transaction processing system as claimed in claim 27 which includes a suspense value account .
29. A transaction processing system as claimed in claim 28 in which the administration facility credits the suspense value account with the predetermined quantity of value debited from the value balance in the transferor value account when the identified transferee is not an authorized user of the transaction processing system.
30. A transaction processing system as claimed in claim 29 in which the administration facility enables the identified transferee who is not an authorized user of the transfer system to first register as an authorized user and to establish a corresponding value account, prior to crediting the value account of the transferee with the predetermined amount of value and debiting the suspense account with the predetermined amount of value.
31. A transaction processing system as claimed in any pone of claims 23 to 30 in which the value account is either a real currency account or a virtual currency account
32. A transaction processing system as claimed in any one of claims 24 to 30 in which the unique messaging address is an e-mail address.
33. A transaction processing system as claimed in claim 132 in which the e-mail address to be an Internet e-mail address.
34. A method of operation of a transaction processing system, comprising the steps of: providing a register of authorized users of the transaction processing system; providing a real currency account and a virtual currency account corresponding to each user, each account having a balance associated therewith, the real currency account being held at a financial institution; issuing transfer instructions for transferring a predetermined amount of currency between the user's currency accounts; and instructing an administration facility to debit the virtual currency account of a particular user, and to credit that user's real currency account, by the predetermined amount of currency.
35. A method as claimed in claim 34 which includes the additional step of selectively instructing the administration facility to credit the virtual currency account of the user, and to debit that user's real currency account, by the predetermined amount of currency.
36. A method as claimed in either one of claims 34 or 35 which provides for establishing, in the transaction processing system, a pooled real currency account held at a financial institution
37. A method as claimed in claim 36 in which the pooled currency account is operated to have a balance therein equal to at least the sum of the balances of all the virtual currency accounts of the users
38. A method as claimed in claim 3y which provides s for crediting the user's real currency account by transferring the predetermined amount of cash from the pooled real currency account to that user's real currency account
39. A method as claimed in either one of claims 37 or 38 which provides for debiting the user's real currency account by transferring the predetermined amount of cash from that user's real currency account to the pooled real currency account.
40. A method as claimed in any one of claims 34 to 39 which includes the step of issuing transfer instructions for transferring a predetermined amount of currency from any one of a user's currency accounts to any one of the currency accounts of a different authorized user of the transaction processing system.
41. A method as claimed in claim 40 in which transfer instructions are issued for simultaneously transferring a plurality of different predetermined amounts of currency from any one of a user's currency accounts to any one of the currency accounts of a plurality of corresponding different authorized users of the transaction processing system.
42. A method as claimed in any one of claims 34 to 41 in which the transfer instructions are issued through an Internet Web site.
43. A method as claimed in any one of claims 34 to 42 which provides for accessing a user's real currency account at an automated teller machine.
44. A method as claimed in claim 43 in which the user's real currency account is operated at the automated teller machine by means of a token.
45. A method as claimed in claim 44 in which the user's real currency is operated by a mobile telephone handset or a personal digital assistant.
46. A method as claimed in either one of claims 39 or 40 which provides for issuing transfer instructions which include a user identification, an identification of a different authorized user to whom currency is to be transferred, the predetermined amount of currency which is to be transferred, and whether the currency to be transferred is real currency or virtual currency.
47. A method as claimed in claim 46 in which the identification of the different authorized user to be paid is a function of a corresponding account number and an authorization code associated with the account number.
48. A method as claimed in claim 47 in which the authorization code is generated as a random number.
49. A method as claimed in any one of claims 34 to 48 which includes the step of transferring value in an on-line environment
50. A method as claimed in claim 49 in which value is transferred by the steps of: providing a transferor value account corresponding to each user, each account having a value balance associated therewith; issuing transfer instructions to transfer a predetermined quantity of value from a transferor value account to a transferee, the transferee being identified in the transfer instructions by a corresponding unique messaging address: and debiting the value balance in the transferor value account with the predetermined quantity of value.
51. A method as claimed in claim 50 which provides for including in the register a unique messaging address corresponding to each authorized user.
52. A method as claimed in claim 51 which includes the step of automatically crediting a value account of the identified transferee with the predetermined amount of value when the transferee is registered as an authorized user.
53. A method as claimed in claim 52 which includes the additional step of providing a suspense value account
54. A method as claimed in claim 53 which provides for crediting the suspense account with the predetermined quantity of value debited from the value balance in the transferor value account when the identified transferee is not an authorized user of the transaction processing system
55. A method as claimed in claim 54 which provides for enabling the identified transferee who is not an authorized user to first register as an authorised user and to establish corresponding value account, prior to crediting the value account of the transferee with the predetermined amount of value and debiting the suspense account with the predetermined amount of value.
56. A method as claimed in any one of claims 49 to 55 in which the unique messaging address is an e-mail address.
PCT/IB2001/000304 2000-03-06 2001-03-05 Transaction processing system and method of operation thereof WO2001067409A1 (en)

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CA2401980A1 (en) 2001-09-13

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