System and Method for Conducting Commercial Transactions
OwnerAndre Luis Zandonadiinventor
Life of this patent
Estimating the term…
Abstract
A system and method are disclosed which may include providing a processing center, at least one mobile device, and a third party device, wherein quantities of financial value are stored in accounts associated, respectively, with the at least one mobile device and the third party device; enabling communication between the at least one mobile device and the processing center; enabling communication between the third party device and the processing center; conducting at least one commercial transaction between the mobile device and the third party device; and employing the processing center as an intermediary for the commercial transaction.
Claims25
A system, comprising:
- a processing center;
- at least one mobile device configured to communicate with the processing center, wherein a quantity of financial value is stored in an account associated with the mobile device;
- and
- wherein the mobile device is configured to conduct one or more commercial transactions with a third party device employing the processing center as an intermediary for the one or more transactions.
A method, comprising:
- a. providing a processing center, at least one mobile device, and a third party device, wherein quantities of financial value are stored in accounts associated, respectively, with the at least one mobile device and the third party device;
- b. enabling communication between the at least one mobile device and the processing center;
- c. enabling communication between the third party device and the processing center;
- d. conducting at least one commercial transaction between the mobile device and the third party device;
- and
- e. employing the processing center as an intermediary for the commercial transaction.
- f. The method of claim 11 wherein the employing step comprises:
- g. creating a temporary account accessible by the processing center to store value associated with the commercial transaction.
- h. The method of claim 11 wherein the conducting step comprises:
- i. requesting a given transaction by the mobile device.
The method of claim 13 wherein the conducting step further comprises:
- a. confirming receipt of the request by the third party device.
The method of claim 13 wherein the conducting step further comprises:
- a. authorizing the given transaction by the processing center.
The method of claim 15 wherein the conducting step further comprises:
- a. upon receiving the authorization, performing at least one funds transfer operation as part of the given transaction.
The method of claim 16 wherein the performing step comprises:
- a. crediting one of the account associated with the mobile device;
- and the account associated with the third party device;
- and
- b. debiting the other of the account associated with the mobile;
- and the account associated with the third party device.
The method of claim 17 further comprising:
- a. transmitting an indication of completion of the commercial transaction to at least one of the mobile device and the third party device.
- b. The method of claim 11 wherein the third party device is a store cash register in communication with the processing center, and wherein the conducting step comprises:
- c. a user of the mobile device providing value to the store cash register;
- and
- d. crediting at least a portion of the provided value to the mobile device account.
- e. The method of claim 11 further comprising:
- f. determining an initial credit amount for a user of the mobile device based on at least one of an average call volume and an average bill amount for the user;
- and
- g. providing the initial credit amount in the mobile device account.
The method of claim 21 wherein the dividing step comprises:
- a. transferring at least a portion of the first amount of value from the second mobile device account to the first mobile device account via the processing center.
The method of claim 21 wherein the third party device is a store cash register that is located remotely from the mobile device and wherein the conducting step comprises:
- a. transferring at least a first amount of value from the mobile device to the store cash register;
- wherein the method further comprises:
- b. the mobile device identifying a person to the store cash register;
- and
- c. transferring currency having said first amount of value from the store cash register to the identified person.
The method of claim 23 further comprising:
- a. transferring a second amount of value from the mobile device to the store cash register to serve as a service fee for the commercial transaction.
The method of claim 21 wherein the third party device is an automatic teller machine (ATM), and wherein the conducting step comprises:
- a. creating a temporary account by the processing center;
- b. transferring a given amount of value from the mobile device to the processing center for access from the ATM;
- c. storing the given amount of value in the temporary account;
- d. accessing the ATM by a user of the mobile device;
- and
- e. transferring currency having the given amount of value to the mobile device user at the ATM.
The method of claim 27 wherein the storing step comprises:
- a. buffering the commercial transaction information for subsequent use.
The method of claim 27 wherein the step of completing the plurality of commercial transactions is scheduled so as to minimize processing delay times at the processing center.
Dependencies are inferred from the claim text.