Monetary transaction system

A monetary transaction system for conducting monetary transactions between subscribers and other entities, the system comprising:

• a mobile device configured to run a monetary transaction system application;
• a monetary transaction system subscriber that has a profile with the monetary transaction system, wherein the subscriber indicates, via the monetary transaction system application, one or more specified transactions that are to be performed using the monetary transaction system;
• a monetary transaction system processor that performs the one or more transactions specified by the subscriber, wherein performing the specified transactions includes communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the subscriber's profile;
• at least one entity that is to be involved in the specified transaction, the at least one entity having a profile with the monetary transaction system;
• wherein the monetary transaction system is implemented to withdraw funds at an agent branch using a mobile wallet, including performing the following steps:
• receiving a communication from the unbanked subscriber over one of a plurality of channels connected to the monetary transaction system, the communication indicating that the unbanked subscriber desires to withdraw a specified amount of funds from the unbanked subscriber's mobile wallet account at the agent branch;
• validating the status of the unbanked subscriber's mobile wallet account;
• determining if the balance of the unbanked subscriber's mobile wallet account is sufficient to accommodate the requested withdrawal for the specified amount of funds;
• performing one or more of a limit check and a velocity check on the unbanked subscriber's mobile wallet account, the limit check determining whether sufficient funds are available to make the deposit amount, the velocity check determining whether the unbanked subscriber has exceeded a specified number of transactions within a specified time period;
• returning a secure, perishable withdrawal code to the subscriber over at least one of the plurality of channels connected to the monetary transaction system;
• receiving subsequent agent branch communication over at least one of the plurality of channels connected to the monetary transaction system, the agent branch communication indicating that the withdrawal code has been presented to the agent branch;
• debiting the unbanked subscriber's mobile wallet account by the specified amount of funds;
• returning a notification to the agent branch confirming the withdrawal;
• and
• notifying the subscriber that the specified amount of funds was withdrawn from the unbanked subscriber's mobile wallet account over at least one of the channels connected to the monetary transaction system.

A monetary transaction system for conducting monetary transactions between unbanked subscribers and other entities, the system comprising:

• a mobile device configured to run a monetary transaction system application;
• a monetary transaction system subscriber that has a profile with the monetary transaction system, wherein the subscriber indicates, via the monetary transaction system application, one or more specified transactions that are to be performed using the monetary transaction system;
• a monetary transaction system processor that performs the one or more transactions specified by the subscriber, wherein performing the specified transactions includes communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the subscriber's profile;
• at least one entity that is to be involved in the specified transaction, the at least one entity having a profile with the monetary transaction system;
• and
• wherein the monetary transaction system is implemented to transfer money between mobile wallets, including performing the following steps:
• receiving subscriber communication over one of a plurality of channels connected to the monetary transaction system, the subscriber communication indicating that an unbanked subscriber desires to transfer a specified amount of funds to specified recipient using a specified payment method from the subscriber's mobile wallet;
• validating the status of the selected payment method;
• performing at least one of a limit check and a velocity check on the selected payment method, the limit check determining whether sufficient funds are available to make the deposit amount, the velocity check determining whether the unbanked subscriber has exceeded a specified number of transactions within a specified time period;
• validating the status of the specified recipient to ensure the specified recipient has a valid mobile wallet account;
• debiting the specified payment method by the specified amount of funds;
• transferring the specified amount of funds to the specified recipient over at least one of the plurality of channels connected to the monetary transaction system;
• notifying the unbanked subscriber that the specified amount of funds was transferred to the specified recipient over at least one of the plurality of channels connected to the monetary transaction system.