U.S. patent application number 10/181928 was filed with the patent office on 2003-01-02 for banking system with enhanced identification of financial accounts.
Invention is credited to Saks, Craig Sheldon, Van Rensburg, Johannes Janse, Willis, Anthony Ian.
Application Number | 20030004870 10/181928 |
Document ID | / |
Family ID | 27145433 |
Filed Date | 2003-01-02 |
United States Patent
Application |
20030004870 |
Kind Code |
A1 |
Van Rensburg, Johannes Janse ;
et al. |
January 2, 2003 |
Banking system with enhanced identification of financial
accounts
Abstract
A computer based banking system is provided in which at least
selected clients termed participating system members have access to
a remote device adapted to communicate with the computer base
banking system such that financial transactions can be conducted by
remote operation of the remote device by the participating system
member to result in the debiting of a financial data base record
associated with an instructing participating system member and in
the crediting of a different financial data base record. Each data
base record is identified by a conventional account number
generated to conform to banking numbering standards as well as a
linked communication number different from the relevant bank
account number and composed of at least two component strings of
numbers and/or letters, one of which is a number regionally unique
to the participating system member, and the other of which is a
bank identifying number unique to the particular bank at least on a
regional basis. The communication number preferably also includes
the two digit international dialing code; the telecommunications
area code or the mobile operator code; and a check digit.
Inventors: |
Van Rensburg, Johannes Janse;
(Welgemoed, ZA) ; Saks, Craig Sheldon;
(Durbanville, ZA) ; Willis, Anthony Ian;
(Centurion, ZA) |
Correspondence
Address: |
JACOBSON HOLMAN PLLC
400 SEVENTH STREET N.W.
SUITE 600
WASHINGTON
DC
20004
US
|
Family ID: |
27145433 |
Appl. No.: |
10/181928 |
Filed: |
July 29, 2002 |
PCT Filed: |
January 29, 2001 |
PCT NO: |
PCT/IB01/00100 |
Current U.S.
Class: |
705/39 |
Current CPC
Class: |
G06Q 20/20 20130101;
G06Q 20/3227 20130101; G06Q 20/108 20130101; G06Q 20/04 20130101;
G06Q 20/3223 20130101; G06F 21/6245 20130101; G06Q 20/388 20130101;
G06Q 40/00 20130101; G06Q 20/385 20130101; G06Q 20/10 20130101;
G07F 17/16 20130101; G06Q 20/382 20130101 |
Class at
Publication: |
705/39 |
International
Class: |
G06F 017/60 |
Foreign Application Data
Date |
Code |
Application Number |
Jan 28, 2000 |
ZA |
2000/0385 |
Mar 3, 2000 |
ZA |
2000/1095 |
Claims
1. A computer based banking system including banking style of
software and hardware providing a data base in which clients of a
bank are each allocated a financial data base record in which data
relating to transactions conducted by the relevant client is
maintained together with any other data concerning the client which
is considered by the bank or client to be necessary or appropriate
with each data base record being identified by an account number
generated to conform to banking numbering standards and wherein the
banking style of software includes program material enabling at
least some of the bank's clients to function as participating
system members (as herein defined) with each participating system
member having access to a remote device adapted to communicate with
the computer based banking system such that financial transactions
can be conducted by remote operation of the remote device of a
participating system member to result in the debiting of a
financial data base record associated with an instructing
participating system member and in the crediting of a different
financial data base record associated with any one of self, another
participating system member and a merchant, the system being
characterized in that a communication number different from the
relevant bank account number is linked to the data base record so
that the communication number may be embodied in communications
from the remote device to identify a relevant data base record in
order to carry out transactions therein, the communication number
being composed of at least two component strings of numbers and/or
letters, one of which is a number regionally unique to the
participating system member, and the other of which is a bank
identifying number unique to the particular bank at least on a
regional basis.
2. A computer based banking system as claimed in claim 1 in which
the banking style of software and hardware enable the conduct of
conventional banking transactions wherein the system includes
software and any necessary hardware to provide a sub-system in
which said transactions can be conducted using a remote device.
3. A computer based banking system as claimed in either one of
claims 1 and 2 in which the remote device is a mobile wireless
device.
4. A computer based banking system as claimed in claim 3 in which
the mobile wireless device is a mobile telephone.
5. A computer based banking system as claimed in any one of the
preceding claims in which the number regionally unique to the
participating system member is selected from the member's telephone
number; all or part of a national or regional identity number or a
pager or an e-mail or other similar unique address or
identifier.
6. A computer based banking system as claimed in any one of the
preceding claims in which the communication number to includes a
third string of numbers and/or letters being the mobile operator or
telecommunications area code.
7. A computer based banking system as claimed in any one of the
preceding claims in which the communication number includes an
further string of numbers and/or letters being the relevant
country's international dialing code.
8. A computer based banking system as claimed in any one of the
preceding claims in which the communication number includes a check
digit.
9. A computer based banking system as claimed in any one of the
preceding claims in which the communication number commences with
the two digit international dialing code followed by the
appropriate two, three, or four digit national area code or
national mobile operator code followed in turn by the relevant
subscriber mobile telephone number or the subscriber's national
identity number, or a part thereof, followed by a two or three
digit bank identifying number, followed optionally by a check
digit.
Description
FIELD OF THE INVENTION
[0001] This invention relates to a banking system with enhanced
identification of financial accounts employed for the purpose of
conducting commercial transactions and, more particularly, to a
banking system which includes a provision for the transfer of funds
or other redeemable value from one account to another account at
the instance of a person or agency other than the financial
institution in whose computer system the account is being
administered.
[0002] Still more particularly, the invention relates to a banking
system in which an account holder has the facility for transferring
funds from a particular account over which he or she has control to
another account by operation of a remote device, usually a wireless
mobile device, with such transactions optionally being carried out
in parallel with other financial transactions involving the same
account with clearing possibly, but not essentially, being effected
in real time insofar as the transactions carried out at the
instance of the client are concerned.
BACKGROUND TO THE INVENTION
[0003] There are a number of different proposals which have been
put forward in an attempt to obviate the disadvantages of the use
of hard cash in day to day financial transactions or periodic
transactions such as the payment of monthly expenses and the like.
These disadvantages are clearly the danger of either losing hard
cash or being defrauded, or simply robbed of it. Many of the
proposals have involved the use of electronic wallets such as smart
cards in which electronic cash is loaded and which are unloaded as
the electronic cash is spent by transferring the electronic cash
held in the electronic memory of the wallet to a recipient's device
such as another smart card in which an electronic memory is
present. Whilst these arrangements do have certain advantages over
the use of hard cash the electronic wallets themselves are always
susceptible to theft or being lost and also need to be re-loaded
from time to time.
[0004] As a consequence, other proposals have been put forward
which involve the direct debiting and crediting of a client's bank
account (as broadly defined herein) at the instance of the client
himself and from a remote location. These arrangements are becoming
more appealing as they obviate the obvious dangers of any type of
physical entity serving the purpose of an electronic wallet.
[0005] One form of device that has been proposed as a device for
effecting remote transfer of funds from one account to another is a
mobile wireless device, more particularly mobile telephone, and
especially a cellular telephone.
[0006] Clearly, the bank account number of both the account to be
debited and the account to be credited must be available for use
whenever a transaction is to be carried out and, as a general rule,
the conventional bank account numbers are complex numbers created
to comply with banking numbering standards. Such numbers are thus
generally rather difficult to remember. Of course, certain of the
numbers may be retained in memory in the electronic device being
used to effect such remote transfer of funds but there will be
numerous occasions in which the number of one party will have to be
conveyed to the other party.
[0007] Also, the more sophisticated systems which have been
proposed do not wish to limit access to such banking facilities to
the exclusive use of a single electronic device such as a mobile
wireless device. Their aim is to provide greater flexibility so
that, if the electronic device is stolen, malfunctions, or is
simply not available, the client can still access the relevant bank
account to conduct financial transactions by way of other
communications devices such as a computer and modem; a land-line, a
call centre or other device capable of communicating with the
bank's computer system by way of wireless or hard-wired
connections. However, in order to do so, the client must have the
relevant bank account number available and the best method of
ensuring that it is available at all times is to remember it. The
problem is that the complicated numbers allocated to bank accounts
in accordance with banking numbering standards are extremely
difficult to remember.
OBJECT OF THE INVENTION
[0008] It is, accordingly, an object of the invention to provide a
banking system for the identification of bank accounts which will
render the remembering of complex bank allocated account numbers in
terms of banking numbering standards unnecessary.
DEFINITIONS
[0009] In this specification it is to be understood that the
following terms are to be accorded the meanings stated
hereunder.
[0010] "Bank" means any financial institution carrying on the
business of transferring funds held on behalf of, or loaned to, a
customer and recorded in a computer data base record from that data
base record to a computer data base record of another customer of
that, or of another, bank whether or not the institution complies
with the local or national requirements for trading under the name
of a bank.
[0011] "Cleared", "clearance" or any other form of the word as
applied to a transaction means that the relevant credit has become
available for use by the recipient without restriction by the
computerized server in which the relevant financial data base
record is held.
[0012] "Conventional banking transactions" includes those carried
out in respect of a current account and involving the use of
cheques and/or ATM access and/or computer or land-line telephone
banking access, a savings account, a credit or debit card account,
or a transmission account.
[0013] "Electronic purse" includes "electronic wallets" and other
equivalents and is intended to mean any electronic memory for
retaining data which translates into a positive balance of
redeemable value units, usually, but not necessarily, units of
currency generally referred as electronic money or e-cash and which
can generally be used as and when desired by or on behalf of the
holder by a simple credit transfer off-line with respect to any
bank or credit card institution.
[0014] "Financial data base record" is intended to mean any data
base record including data as to an amount of money reflected in
currency units or a record of a number of any other type of
redeemable or consumable units having value.
[0015] "Irreversible" as applied to a transaction means that,
absent criminal activity (including fraud) or processing error
(whether hardware or software related) the transaction cannot be
reversed other than at the instance of the recipient.
[0016] "Merchant" is intended to include all suppliers of goods and
services of all types which may be participating system members as
herein defined but irrespective of such membership have been
allocated a financial data base record in a computerized server of
the invention as defined below.
[0017] "Mobile device" means any device communicating by way of a
wireless network operated by a service provider and including
mobile telephones but which need not necessarily assume the form of
a telephone.
[0018] "Participating system member" is intended to mean any
subscriber of a wireless network forming a part of a system
according to this invention as hereinafter defined and includes
mobile telephone subscribers as well as users of prepaid cellular
or mobile services who form part of such a system.
[0019] "Region", "regional", "regionally" or any other form of the
word as applied to any entity including participating system
members, merchants, vendors, service providers and banks is
intended to mean a portion of a whole such as a country, a
province, a clearly defined economic sector, a particular category,
a particular acknowledged electronically defined domain or zone, a
defined telecommunications area or provider, a pre-defined postal
area or any other portion of a whole as may make logical sense in
the context hereof and in practice.
[0020] "Settled", "settlement" or any other form of the word as
applied to a transaction means the final transfer of money or other
units of value as between financial institutions; between financial
institutions and a central bank; between financial institutions and
computerized servers according to this invention; or between
different computerized servers according to this invention and
which generally take place on a periodic basis (for example daily
or weekly) and wherein set-off may or may not be employed to result
in a single net transfer of money or units of value in respect of a
plurality and often a large number of transactions.
[0021] "Sub-system" is intended to mean any modifications and/or
additions made to the software and/or hardware of a conventional
style of banking system for the purpose of enabling the
transactions of this invention to be conducted in parallel with
conventional banking transactions whether or not the software and
hardware of the sub-system is separately identifiable from the
banking system with which it may be intricately mixed.
[0022] "Vendor" is intended to include all suppliers of goods and
services of all types which do not have a financial data base
record as herein defined.
SUMMARY OF THE INVENTION
[0023] In accordance with this invention there is provided a
computer based banking system including banking style of software
and hardware providing a data base in which clients of a bank are
each allocated a financial data base record in which data relating
to transactions conducted by the relevant client is maintained
together with any other data concerning the client which is
considered by the bank or client to be necessary or appropriate
with each data base record being identified by an account number
generated to conform to banking numbering standards and wherein the
banking style of software includes program material enabling at
least some of the bank's clients to function as participating
system members (as herein defined) with each participating system
member having a remote device adapted to communicate with the
computer based banking system such that financial transactions can
be conducted by remote operation of the remote device of a
participating system member to result in the debiting of a
financial data base record associated with an instructing
participating system member and in the crediting of a different
financial data base record associated with any one of self, another
participating system member and a merchant, the system being
characterized in that a communication number different from the
relevant bank account number is linked to the data base record so
that the communication number may be embodied in communications
from the remote device in order to carry out transactions in the
relevant data base record of the account, the communication number
being composed of at least two component strings of numbers and/or
letters, one of which is a number regionally unique to the
participating system member, and the other of which is a bank
identifying number unique to the particular bank at least on a
regional basis.
[0024] Further features of the invention provide for the banking
style of software and hardware to enable the conduct of
conventional banking transactions wherein the system includes
software and any necessary hardware to provide a sub-system in
which said transactions can be conducted using a remote device; for
the remote device to be a mobile wireless device such as a mobile
telephone, in particular a cellular telephone; for the number
regionally unique to the participating system member to be the
member's telephone number such as a cellular telephone number, all
or part of a national or regional identity number, or a pager or an
e-mail or other similar unique address or identifier; for the
communication number to include a third string of numbers and/or
letters being the mobile operator or telecommunications area code
and also optionally a fourth string being the relevant country's
international dialing code; and for the communication number to
include a check digit such as Luhn check digit.
[0025] It will be understood that a communication number including
all four strings of numbers and/or letters will generally be
inherently unique globally.
[0026] The bank identifying number may be a part of, or the whole
of, the commonplace six or eight digit bank identification number
(BIN) or institution identification number (IIN) in wide use.
However, in the preferred form of the invention in which the
communication number includes both a country code and a
telecommunications area or mobile operator code it is considered
that a two or three digit bank identifying number unrelated to the
BIN or IIN will be used and will be adequate as the region will be
relatively closely restricted by the country and telecommunications
area or operator code. It is also to be noted that where a bank has
more than one official BIN or IIN the bank identifying number
indicated above may identify a particular BIN or IIN.
[0027] The bank account number complying with banking numbering
standards will generally consist of a six to eight digit BIN number
followed by an account number and a check digit. These numbers are
totally meaningless to most people and are thus extremely difficult
to remember. Inputting such a number or conveying it to another
party to enable them to effect a transaction as and when required
would be troublesome to say the least.
[0028] A communication number as provided by the invention, on the
other hand would require minimal effort to remember. The preferred
communication number would conveniently commence with the two digit
international dialing code followed by the two, three, or four
digit national area code or national mobile operator code and
thereafter the subscriber mobile telephone number or the
subscriber's national identity number, or a part thereof. This is
followed by a two or three digit bank identifying number which in
turn is followed by a final check digit. The only new part which
really needs to be remembered by a client is the bank identifying
number and the check digit.
[0029] The computerized server will simply link the account number
to the communication number so that the correct account is accessed
each time the communication number is employed.
[0030] In order that the invention may be more fully understood, a
banking system embodying the inventive features of the invention
will now be described with reference to the accompanying
drawings.
BRIEF DESCRIPTION OF THE DRAWINGS
[0031] In the drawings:
[0032] FIG. 1 is a schematic diagram of a system according to the
invention; and,
[0033] FIG. 2 is a block diagram of a cellular telephone forming
part of the system illustrated in FIG. 1.
DETAILED DESCRIPTION WITH REFERENCE TO THE DRAWINGS
[0034] In this embodiment of the invention a conventional computer
based banking system (100) includes conventional banking systems
generally including the usual current account system (101) and ATM
system (102). The detailed operation of such systems is well known
in the art and will not be described further herein.
[0035] That system is added to in order to provide a sub-system
operating in parallel with the conventional banking systems as
follows.
[0036] Simply by way of example the instant embodiment of the
invention is described as being applied to a sub-system to be
accessed using, in amongst other devices, cellular telephones in
which a microprocessor and memory are embodied in a telephone,
often in a SIM card removably held in each of the relevant cellular
telephones. However it will be quite apparent to those skilled in
the art that the system can just as easily use any other type of
cellular or mobile telephone or other suitable wireless or other
remote device and associated network and that the term cellular
telephone can be replaced by such other suitable device in what
follows. Also a single system will generally involve the use of a
plurality of different wireless and other remote communications
devices as will be apparent from a reading of this specification
although for simplicity of description cellular telephones will be
used to exemplify a banking system utilizing the invention.
[0037] The sub-system for conducting commercial transactions
enables any number of the bank's clients to become participating
system members (as herein defined) each of which has, in this case,
a cellular telephone (1) embodying a SIM card (2) or having
alternative memory specially selected to be adequate for the
purposes of implementing the invention as described below. The
cellular telephones (SIM cards in this instance) are each
preprogrammed with conventional applications and data as indicated
by numeral (3) (see FIG. 2) as well as with additional applications
and additional data necessary for the implementation of a
sub-system according to the invention as indicated by numeral (4)
in FIG. 2 so as to enable the cellular telephone to be used as a
remote device whereby commercial transactions can be carried out as
will be more apparent from the following.
[0038] It is to be noted that the participating system members need
not all belong to the same network and that a plurality of networks
can be involved without in any way adversely affecting the
operation of the system of the invention.
[0039] The conventional programs and data include data embodying
the cellular telephone number; the conventional access PIN number;
any other security number or other personal identifier such as one
using a biometric characteristic; and the conventional menu and
data relating to stored telephone numbers, addresses, short
messages etc. to be used, processed or transmitted as required.
[0040] The additional program applications and menu structures
enable commercial transactions to be carried out employing an
additional PIN number or personal identifier, such as a biometric
identifier. The menu items may provide access to a variety of
different financial and other transactions selectively. The
additional applications may also include a program providing the
ability to update menu items remotely by way of distributed
messages originating from the sub-system (see below) and containing
updated menu data and also to change the settings in a particular
cellular telephone.
[0041] Each additional menu item has associated with it a preset
standard message which is a substantially complete instruction only
requiring a small amount of data in order to complete it, for
example, the identity of the recipient; the amount to be
transferred; and the additional PIN or other security input. The
identity of the recipient may even be selected from a sub-menu in
which there may be a custom list of potential recipients. The
additional data may include account details relating to selected
other institutions of a banking, retail, or service nature;
selected merchants; selected vendors; associated broadcast or
information services; and other remote similar banking systems or
stand alone computerized servers in other geographic areas or
countries. An example of the general arrangement of a part of an
additional menu structure of the cellular telephone is illustrated
in FIG. 2.
[0042] The basic and most important additional menu item (111),
namely financial transactions, may be divided, in the first place,
into local (112); international (113); query (114) and
authorization request (115) activities. Provision for additional
items (116) may also be made. At the next level down, for example,
local transactions (112) can be divided into transactions between
participating system members (117); transactions with merchants
(118) (who do not necessarily have a cellular telephone as such but
by definition have a financial data base record); and transactions
between a participating system member and a participating banking
institution (119). Also it may be convenient to provide as a
separate menu item transactions between own accounts (120).
[0043] The extent to which the additional menu items and data are
carried by the cellular telephone itself will depend largely on the
capacity of the memory (in the instant case the SIM card) in the
mobile device and the associated microprocessor. Thus, in its most
comprehensive form, as far as the cellular telephone is concerned,
all of the applications and data occasioned by the additional menu
structures will be resident in the memory of the cellular
telephone. In other cases a lesser portion of those applications
and data may be present but in any event whatever is necessary to
achieve the objectives set out below. The smallest amount will
inevitably be cases in which the cellular telephone has a browser
for accessing the necessary applications and data which may then be
maintained on the server, for example.
[0044] The cellular telephone is programmed to communicate by way
of suitable interpretive software (6) with the sub-system (7) of
the banking system, the communication being by way of the
associated cellular network (5).
[0045] The sub-system (7) is programmed to accept instructions not
only from the cellular telephones but also from a computer, for
example a laptop computer (8); via the Internet as indicated by
numeral (9) as well as from call centres indicated by numeral (10);
or even by way of intra-net as indicated by numeral (11).
Participating system members can thus, as an alternative, carry out
transactions from a remote telephone (12) and land line (13), by
calling in to the call centre or by way of a computer via the
Internet.
[0046] Finally, the computer based banking system is also linked to
other banking systems (100a) having similar sub-systems (7a) and to
similar stand alone computerized servers (7b) and which may be
located in different geographic areas or in different countries and
each of which has its own set of participating system members and
merchants.
[0047] The computer based banking system in this embodiment of the
invention provides a financial data base record for each client and
thus for each participating system member and merchant.
[0048] Each data base record will be identified by its conventional
bank account number generated to comply with banking numbering
standards. However, each data base record of a participating system
member may, as provided by this invention, also be accessed using a
communication number which includes, as at least a part of it, in
this embodiment, the cellular telephone number. In such a case the
bank's computer is programmed to associate the communication number
with the official bank account number. Preferably the communication
number is structured on an international level.
[0049] The communication number could thus be structured as a two
digit international dialing code followed by a two, three, or four
digit national area code or national mobile operator code and
thereafter the subscriber mobile telephone number. This may be
followed by a two or three digit bank identifying number ( which
will generally bear no resemblance to the BIN or IIN number) which
in turn is followed by a final check digit. The only new
information which really needs to be remembered by a client is the
bank or server identifying number and the check digit.
[0050] As an example, a communication number could be
[0051] +27823918711015.
[0052] This is composed of the following component strings:
[0053] + is a sign to introduce the communication number;
[0054] 27 is the international country dialing code;
[0055] 82 is the mobile operator code;
[0056] 3918711 is the subscriber identifier (telephone) number
which should be well known to the subscriber/client;
[0057] 01 is the bank or institution identifying number (within the
mobile operator's subscriber list within the particular country and
therefore with two digits allowing for up to 100 different
participating); and,
[0058] 5 is the check digit. The check digit can be generated by
any chosen algorithm such as, for example, the Luhn algorithm.
[0059] Thus, in this case all that a client has to remember afresh
is the two digit bank identifying number and the check digit.
[0060] The length of each of these strings can obviously be altered
according to requirements. In particular, the institution
identifying number may be, say, three digits long to allow for 1000
institutions.
[0061] Clearly, the number of digits allocated to each part of the
composite communication number described above can be varied
according to particular circumstances.
[0062] Each data base record also includes data embodying the
additional PIN number, and any additional security number or data
which may be employed.
[0063] The programming of the sub-system enables the functions of
receiving and sending out of data in the form of messages; a
facility for encrypting and decrypting data at least with regard to
financial transactions; and the ability to link up with vendors;
broadcast services; other third party services and other similar
banking systems (100a) having similar sub-systems (7a) and to
similar stand alone computerized servers (7b).
[0064] Most importantly the program associated with the sub-system
enables financial transactions to be carried out from a
participating system member as the instructing participating system
member to another participating system member merchant or vendor by
remote operation of the cellular telephone or any of the other
devices mentioned above.
[0065] Implementation of an application and menu structure of the
type described above with pre-set standard messages, enables data
pertaining to a transaction to be captured rapidly and a composite
message, including the additional PIN (almost invariably encrypted)
if it be required by the server, to be formulated on the cellular
telephone prior to connection with the sub-system where the size of
memory is adequate to permit this. This results from the fact that
a substantial part, if not an entire duplicate, of the necessary
parts of the program or application as well as the menu data are
resident in the memory of the cellular telephone itself so that
certain activities can be carried out independently of the server.
This facility will be limited if inadequate memory is available in
the cellular telephone. In any event, included in the message is
the communication number, whether this be inputted by the
participating system member or extracted from memory.
[0066] It must, therefore, be noted that the menu facility is not
essential and could be replaced by another expedient such as a
browser programmed into the cellular telephone for use in accessing
the necessary facilities to conduct transactions, for example by
way of the Internet. WAP phones could be used to particular
advantage in this instance.
[0067] As a general rule the program is adapted to enable, by way
of the sub-system, the debiting from a relevant data base record
which has an adequate positive balance (or specially arranged
credit facilities) to another data base record. The system can
operate in two basically different ways, namely in respect of a
transaction initiated by the recipient being the creditor or in
respect of a transaction initiated by the participating system
member being the debtor. In instances in which the recipient or
creditor initiates the transaction it will be necessary for the
communication number to be transferred to such person. In that case
the communication number of the data base record to be debited must
be conveyed to the creditor. In the event that the transaction is
initiated by the debtor, being a participating system member, then
the communication number of the data base record of the recipient
or creditor will need to be conveyed to the participating system
member if he does not already had as a standard menu item, for
example.
[0068] In either case the person initiating the transaction will
select a desired transaction in respect of an inputted amount, will
enter, if not automatically recalled the communication number; and
request the transaction to be effected. In the case of the
participating system member he will also enter the additional PIN
or carry out any other appropriate security activity, and will then
communicate with the sub-system. In the case of the creditor
initiating the transaction the computerized server will generally
communicate with the participating system member requesting
authorization to effect the transaction.
[0069] The computerized server will identify the relevant bank
account number from the communication number; will check that the
PIN or other security signal is in order; will check that the
necessary funds or credit facility is available; will check the
validity of the identity of the selected recipient, and the program
will then effect the transfer of the relevant funds from the data
base record of the participating system member to the data base
record of a recipient who will usually be a different participating
system member or a merchant, a vendor or any other person or
institution as indicated above.
[0070] Once the transaction has been completed the sub-system may
be programmed to send a confirmatory message to both parties
advising them of the completion of the transaction.
[0071] It will be understood that the activity described above may
be carried out using the communication number to communicate a
transaction to the data base record in parallel with the usual
activities of running the conventional bank account involving a
current account and any ATM account using the conventional bank
account number.
[0072] The system described herein has the advantage that the loss
of a cellular telephone for whatever reason does not seriously
prejudice a participating system member in the same way as loss of
a smart card in the prior art system. In the system of this
invention a participating system member who loses his cellular
telephone can still conduct transactions by way of the Internet or
by way of a call centre set up for the purpose using the
communication number to identify the bank account. The call centre
also enables persons to use the system who do not have a cellular
telephone and similarly computer owners who have access to the
Internet can use the system without possessing a cellular telephone
in which case the communication may rather embody some other
regionally unique number such as the client's national identity
number, for example. All that the client will need to have
available (conveniently by memory) is the communication number.
[0073] There are numerous other ways in which the invention can be
implemented and numerous other possible ways in which the
communication number can be derived so long as at least the said
two components or strings of the number are regionally unique.
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