U.S. patent application number 15/677843 was filed with the patent office on 2018-08-30 for method for managing funds transferal.
The applicant listed for this patent is MASTERCARD INTERNATIONAL INCORPORATED. Invention is credited to Ravi Pareek.
Application Number | 20180247285 15/677843 |
Document ID | / |
Family ID | 59523283 |
Filed Date | 2018-08-30 |
United States Patent
Application |
20180247285 |
Kind Code |
A9 |
Pareek; Ravi |
August 30, 2018 |
METHOD FOR MANAGING FUNDS TRANSFERAL
Abstract
A method for managing funds is provided. The method includes
receiving a payment vehicle identifier by which a payment vehicle
can be identified, the payment vehicle includes an available
account balance, transaction details of a purchase transaction, and
the transaction details, sending a first amount that is less than
or equal to the transaction value if the transaction value does not
exceed the available account balance, and sending a second amount
that is less than or equal to the first amount. The transaction
details include a transaction value, a merchant identifier of a
merchant with whom the purchase transaction is being made, and a
merchant wallet identifier by which a merchant virtual wallet can
be identified, the merchant virtual wallet being associated with
the merchant identifier.
Inventors: |
Pareek; Ravi; (Pune,
IN) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
MASTERCARD INTERNATIONAL INCORPORATED |
Purchase |
NY |
US |
|
|
Prior
Publication: |
|
Document Identifier |
Publication Date |
|
US 20180060840 A1 |
March 1, 2018 |
|
|
Family ID: |
59523283 |
Appl. No.: |
15/677843 |
Filed: |
August 15, 2017 |
Current U.S.
Class: |
1/1 |
Current CPC
Class: |
G06Q 20/363 20130101;
G06Q 20/40 20130101; G06Q 20/04 20130101; G06Q 20/105 20130101;
G06Q 20/322 20130101 |
International
Class: |
G06Q 20/10 20060101
G06Q020/10; G06Q 20/32 20060101 G06Q020/32; G06Q 20/04 20060101
G06Q020/04; G06Q 20/40 20060101 G06Q020/40 |
Foreign Application Data
Date |
Code |
Application Number |
Aug 25, 2016 |
SG |
10201607113X |
Claims
1. A method for managing funds transferal comprising: receiving, at
a settlement engine: a payment vehicle identifier by which a
payment vehicle can be identified, the payment vehicle including an
available account balance; transaction details of a purchase
transaction, the transaction details comprising: a transaction
value; and a merchant identifier of a merchant with whom the
purchase transaction is being made; and a merchant wallet
identifier by which a merchant virtual wallet can be identified,
the merchant virtual wallet being associated with the merchant
identifier; sending, from the payment vehicle to the settlement
engine, a first amount that is less than or equal to the
transaction value if the transaction value does not exceed the
available account balance; and sending, from the settlement engine
to the merchant virtual wallet, a second amount that is less than
or equal to the first amount.
2. The method according to claim 1, wherein receiving comprises
receiving the payment vehicle identifier, the transaction details,
and the merchant wallet identifier from an online payment
portal.
3. The method according to claim 2, wherein the online payment
portal is a merchant website or merchant app, and wherein receiving
comprises receiving the payment vehicle identifier, transaction
details, and merchant wallet identifier from the merchant website
or merchant app.
4. The method according to claim 1, wherein receiving comprises
receiving the merchant identifier via manual input.
5. The method according to claim 4, wherein the merchant identifier
is manually inputted into at least one of an app and a web portal
hosted by or associated with the merchant.
6. The method according to claim 4, wherein receiving the merchant
identifier via manual input comprises receiving the merchant
identifier through a smartphone interface.
7. The method according to claim 1, wherein sending, from the
payment vehicle to the settlement engine, a first amount that is
less than or equal to the transaction value comprises sending the
first amount from the payment vehicle to a wallet settlement
account associated with the payment vehicle.
8. The method according to claim 7, further comprising sending a
third amount from the wallet settlement account associated with the
customer virtual wallet to a wallet settlement account associated
with the merchant virtual wallet, wherein the third amount is an
amount equal to or less than the first amount and equal to or
greater than the second amount.
9. The method according to claim 8, wherein sending, from the
settlement engine to the merchant virtual wallet, a second amount
that is less than or equal to the first amount comprises sending
the second amount from the wallet settlement account associated
with the merchant virtual wallet to the merchant virtual
wallet.
10. The method according to claim 7, further comprising creating
the wallet settlement account associated with the payment vehicle
in response to receiving the payment vehicle identifier.
11. The method according to claim 10, further comprising deleting
the wallet settlement account associated with the payment vehicle
after sending the third amount to the wallet settlement account
associated with the merchant virtual wallet.
12. The method according to claim 7, further comprising creating
the wallet settlement account associated with the merchant virtual
wallet in response to receiving the merchant wallet identifier.
13. The method according to claim 12, further comprising deleting
the wallet settlement account associated with the merchant virtual
wallet after sending the second amount to the merchant virtual
wallet.
14. The method according to claim 1, wherein a customer virtual
wallet comprises the payment vehicle, and wherein the payment
vehicle identifier comprises a customer virtual wallet identifier
by which the customer virtual wallet can be identified.
15. A computer system for managing funds transferal, the computer
system comprising: a settlement engine, the settlement engine
comprising: a memory device for storing data; a display; and a
processor coupled to the memory device, wherein the processor is
configured to: receive a payment vehicle identifier by which a
payment vehicle can be identified, wherein the payment vehicle
includes an available account balance; receive transaction details
of a purchase transaction, the transaction details including: a
transaction value; and a merchant identifier of a merchant with
whom the purchase transaction is being made; and receive a merchant
wallet identifier by which a merchant virtual wallet can be
identified, the merchant virtual wallet associated with the
merchant identifier; receive, from the payment vehicle, a first
amount that is less than or equal to the transaction value if the
transaction value does not exceed the available account balance;
and send a second amount to the merchant virtual wallet, wherein
the second amount is less than or equal to the first amount.
16. The computer system according to claim 15, wherein the
settlement engine is configured to receive the payment vehicle
identifier, the transaction details, and the merchant wallet
identifier from an online payment portal.
17. The computer system according to claim 16, wherein the
settlement engine is configured to receive the payment vehicle
identifier, the transaction details, and the merchant wallet
identifier from at least one of a merchant website and a merchant
app.
18. The computer system according to claim 15, wherein the
settlement engine is configured to receive the merchant identifier
via manual input.
19. The computer system according to claim 18, wherein the
settlement engine is configured to receive the merchant identifier
from a manual input into at least one of an app and a web portal
hosted by or associated with the merchant.
20. The computer system according to claim 18, wherein the
settlement engine is configured to receive the merchant identifier
through a smartphone interface.
Description
CROSS REFERENCE TO RELATED APPLICATIONS
[0001] This patent application claims priority to Singapore
Application No. SG 10201607113X, filed on Aug. 25, 2016, the
disclosure of which is incorporated by reference herein in its
entirety as part of the present application.
BACKGROUND
[0002] The present disclosure relates to methods for managing funds
transferals and, in particular, funds transferals involving virtual
wallets.
[0003] There are presently many methods for performing financial
transactions such as purchase transactions. One recently developed
method involves the use of digital or virtual wallets. Even though
virtual wallets have only been available for a short period of
time, their adoption rate has been rapid at least in part due to
the penetration of smartphones that provide the platform from which
most virtual wallets operate.
[0004] However, various virtual wallets are incompatible with each
other, such that transfers between wallets are prevented. Also,
virtual wallets are often only useable online.
BRIEF DESCRIPTION
[0005] The present disclosure provides a method for managing funds
transferal, including receiving, at a settlement engine, a payment
vehicle identifier by which a payment vehicle can be identified,
the payment vehicle including an available account balance,
transaction details of a purchase transaction, the transaction
details including a transaction value, and a merchant identifier of
a merchant with whom the purchase transaction is being made, and a
merchant wallet identifier by which a merchant virtual wallet can
be identified, the merchant virtual wallet being associated with
the merchant identifier, sending from the payment vehicle to the
settlement engine a first amount that is less than or equal to the
transaction value, if the transaction value does not exceed the
available account balance, and sending from the settlement engine
to the merchant virtual wallet a second amount that is less than or
equal to the first amount.
[0006] The present disclosure further provides a computer system
for managing funds transferal, the computer system including a
settlement engine, the settlement engine including a memory device
for storing data, a display, and a processor coupled to the memory
device and being configured to receive a payment vehicle identifier
by which a payment vehicle can be identified, the payment vehicle
including an available account balance, receive transaction details
of a purchase transaction, the transaction details including, a
transaction value, and a merchant identifier of a merchant with
whom the purchase transaction is being made, and receive a merchant
wallet identifier by which a merchant virtual wallet can be
identified, the merchant virtual wallet being associated with the
merchant identifier, receive, from the payment vehicle, a first
amount that is less than or equal to the transaction value, if the
transaction value does not exceed the available account balance,
and send to the merchant virtual wallet a second amount that is
less than or equal to the first amount.
BRIEF DESCRIPTION OF THE DRAWINGS
[0007] Some non-limiting exemplary embodiments will now be
described with reference to the drawings in which:
[0008] FIG. 1 illustrates a method for registering for an account
with a wallet settlement engine;
[0009] FIG. 2 illustrates a method for managing funds transferal
from a customer in accordance with present teachings;
[0010] FIG. 3 illustrates a method for managing funds transferal
from a customer in accordance with present teachings;
[0011] FIG. 4 shows a schematic of a system for facilitating
dispensing fuel into a vehicle according to present teachings;
and
[0012] FIG. 5 shows an exemplary computing device suitable for
executing the method for facilitating dispensing fuel into a
vehicle according to present teachings.
DETAILED DESCRIPTION
[0013] Embodiments of the present disclosure will be described, by
way of example only, with reference to the drawings. Like reference
numerals and characters in the drawings refer to like elements or
equivalents.
[0014] Some portions of the description which follows are
explicitly or implicitly presented in terms of algorithms and
functional or symbolic representations of operations on data within
a computer memory. These algorithmic descriptions and functional or
symbolic representations are the means used by those skilled in the
data processing arts to convey most effectively the substance of
their work to others skilled in the art. An algorithm is here, and
generally, conceived to be a self-consistent sequence of steps
leading to a desired result. The steps are those requiring physical
manipulations of physical quantities, such as electrical, magnetic
or optical signals capable of being stored, transferred, combined,
compared, and otherwise manipulated.
[0015] Unless specifically stated otherwise, and as apparent from
the following, it will be appreciated that throughout the present
specification, discussions utilizing terms such as "receiving",
"retrieving", "authorizing", "issuing", "offering" or the like,
refer to the action and processes of a computer system, or similar
electronic device, that manipulates and transforms data represented
as physical quantities within the computer system into other data
similarly represented as physical quantities within the computer
system or other information storage, transmission or display
devices.
[0016] The present specification also discloses apparatus for
performing the operations of the methods. Such apparatus may be
specially constructed for the required purposes, or may include a
computer or other device selectively activated or reconfigured by a
computer program stored in the computer. The algorithms and
displays presented herein are not inherently related to any
particular computer or other apparatus. Various machines may be
used with programs in accordance with the teachings herein.
Alternatively, the construction of more specialized apparatus to
perform the required method steps may be appropriate. The structure
of a computer will appear from the description below.
[0017] In addition, the present specification also implicitly
discloses a computer program, in that it would be apparent to the
person skilled in the art that the individual steps of the method
described herein may be put into effect by computer code. The
computer program is not intended to be limited to any particular
programming language and implementation thereof. It will be
appreciated that a variety of programming languages and coding
thereof may be used to implement the teachings of the disclosure
contained herein. Moreover, the computer program is not intended to
be limited to any particular control flow. There are many other
variants of the computer program, which can use different control
flows without departing from the spirit or scope of the
disclosure.
[0018] Furthermore, one or more of the steps of the computer
program may be performed in parallel rather than sequentially. Such
a computer program may be stored on any computer readable medium.
The computer readable medium may include storage devices such as
magnetic or optical disks, memory chips, or other storage devices
suitable for interfacing with a computer. The computer readable
medium may also include a hard-wired medium such as exemplified in
the Internet system, or wireless medium such as exemplified in the
GSM mobile telephone system. The computer program when loaded and
executed on such a computer effectively results in an apparatus
that implements the steps of the preferred method.
[0019] FIG. 1 shows a method 100 for registering for an account
with a wallet settlement engine (WSE) 102. The method 100 includes:
[0020] Step 104: providing merchant details; [0021] Step 106:
validating merchant details; [0022] Step 108: generating merchant
identifier; [0023] Step 110: sending merchant identifier to
merchant 112; and [0024] Step 114: storing merchant identifier.
[0025] The method 100 facilitates registration of a merchant 112
with a WSE 102 so that the merchant 112 can transact using accounts
created with the WSE 102.
[0026] To start the process, the merchant 112 supplies various
merchant details to the WSE 102 so that the WSE 102 can identify a
virtual wallet provider 116 with whom the merchant 112 holds a
virtual wallet account--step 104. The details may be the name or
other identifier of the virtual wallet provider 116, the account
number of the merchant's virtual wallet account or an identifier
registered with the virtual wallet provider 116 and identifying the
merchant.
[0027] The merchant 112 sends the merchant details to the WSE 102.
For example, the merchant details may be sent through an online
portal or webpage hosted by or associated with the WSE 102. The
details may alternatively be sent through an app hosted by or
associated with the WSE 102.
[0028] The WSE 102 then forwards the merchant details to the
virtual wallet provider 116. The virtual wallet provider 116
validates the merchant details to ensure the merchant 112 is the
party requesting the creation of the account with the WSE 102--step
106. For example, the virtual wallet provider 116 may send to a
smartphone associated with the merchant 112 a short message service
(SMS) message containing a unique code for entry into the webpage,
portal or app through which the merchant details were sent to the
WSE 102.
[0029] Upon entry of the unique code, the unique code is sent to
the WSE 102 and is then forwarded to the virtual wallet provider
116. If the virtual wallet provider 116 can match the unique code
with the unique code sent to the smartphone of the merchant 112
(i.e. the correct code has been entered by the merchant 112) then
the virtual wallet provider 116 advises the WSE 102 of validation
of the merchant 112.
[0030] Once the merchant is validated, the WSE 102 generates a
unique merchant identifier or unique merchant code by which the
merchant is identified in the WSE servers--step 108. The unique
merchant identifier can be entered by customers of the merchant
when making purchase transactions, thereby enabling the WSE 102 to
match the purchase transactions to the particular merchant with
whom the transactions are being made.
[0031] The WSE 102 also creates a wallet settlement account and
associates that account with the unique merchant identifier. The
wallet settlement account may also be associated with the virtual
wallet details entered by the merchant 112 when initiating
registration with the WSE 102. Thus transfers of funds from the
wallet settlement account can be consistently made to the same
virtual wallet (i.e. the merchant virtual wallet).
[0032] The unique merchant identifier may be a random number or an
algorithmically generated unique number. The unique merchant
identifier may alternatively be the account number of the wallet
settlement account established for the merchant 112.
[0033] The unique merchant identifier is sent to the merchant 112,
for example by SMS or email--step 110. This enables the merchant
112 to supply the unique merchant identifier to customers in order
for transactions to be made through the WSE 102.
[0034] The WSE 102 also therefore stores the unique merchant
identifier along with the virtual wallet details of the merchant
112--step 114. In practice, the WSE 102 will store all details
necessary for making transactions between the merchant's wallet
settlement account and the merchant's virtual wallet, and for
contacting the merchant 112 and performing other functions
unrelated to funds transferal--for example, supplying advertising
and deals (e.g. discounts on usage costs of WSE functions).
[0035] Once the unique merchant identifier has been generated,
shared with the merchant 112 and stored by the WSE 102, the
merchant 112 is registered with the WSE 102. The merchant 112 can
therefore use the WSE 102 to make funds transferals such as during
purchase transactions initiated by customers of the merchant
112.
[0036] FIG. 2 shows a method 200 for managing funds transferal. The
method 200 broadly includes: [0037] Step 202: receiving details at
a settlement engine; [0038] Step 204: sending funds from a payment
vehicle; and [0039] Step 206: sending funds to a merchant virtual
wallet.
[0040] The method 200 operates during a purchase transaction when,
for example, a customer 208 selects products or services for
purchase form the merchant 210. In the present method, the customer
208 uses a payment vehicle (e.g. credit card, debit card, bank
account or other payment vehicle) to make the purchase transaction.
While a payment vehicle may be used on its own in the present
methods, a customer virtual wallet is used in the present
illustrative example, the customer virtual wallet including the
payment vehicle.
[0041] The method involves the settlement engine or WSE 212
receiving various details to establish and define the
transaction--step 202. The details include a payment vehicle
identifier by which the payment vehicle can be identified. As
previously mentioned, the customer is using a virtual wallet
including the payment vehicle, such that the payment vehicle
identifier is presently the customer wallet identifier by which the
customer wallet can be identified--these will hereinafter be
referred to as a customer wallet identifier and the customer's
virtual wallet. The details also include transaction details of the
purchase transaction. The transaction details consist of whatever
is needed by the WSE 212 to manage settlement of the purchase
transaction, and presently include the transaction value (i.e. the
value of the basket or total value of goods and services being
purchased, along with any taxes and other relevant fees) and the
unique merchant identifier. The unique merchant identifier
identifies the merchant with whom the purchase transaction is being
made, and thereby enables the WSE 212 to match the purchase
transaction with the merchant 210.
[0042] In addition to the first virtual wallet identifier of the
first virtual wallet (i.e. the customer wallet identifier of the
customer virtual wallet), the WSE 212 also receives a second wallet
identifier by which a second virtual wallet can be identified--the
second wallet identifier and second virtual wallet are those of the
merchant and will hereinafter be referred to as the merchant's
wallet identifier and merchant's virtual wallet. It will be
appreciated that, upon registration of the merchant with the WSE
212, using the method 100 of FIG. 1, the second wallet identifier
will already be known to the WSE 212 in advance of future
transactions.
[0043] The WSE 212 may receive the transaction details and merchant
wallet identifier from various sources. For example, the purchase
transaction may take place using an online payment portal. In such
a case the client fills their basket with the products (e.g. goods
and services) they wish to purchase and proceeds to checkout--step
214. The transaction details and merchant wallet identifier may be
supplied to the WSE 212 by the payment portal--step 216. Supply of
these details may be made when finalizing a purchase transaction or
during input of details necessary to complete the purchase process.
For example, the transaction details and merchant wallet identifier
may be sent while the customer is inputting or confirming address
details for delivery of goods purchase by the purchase
transaction.
[0044] The online payment portal may be a merchant website or
merchant app hosted by the merchant 210, a merchant aggregator
website or app or another online platform through which goods or
services can be purchased from the merchant 210. In each case, the
WSE 212 will receive the transaction details, and merchant wallet
identifier from the website or app.
[0045] After receipt of the information by the WSE 212, the
customer selects the virtual wallet from which to debit funds to
pay for the transaction--step 218. Alternatively, a default wallet
may be automatically selected or where the customer has a single
virtual wallet that single virtual wallet may be automatically
selected.
[0046] The process then undergoes a standard authentication process
involving navigation to the authentication page of the wallet
provider 220--step 222--identification or authentication of the
customer--step 224--and approval or declination of the
transaction--step 226. If the customer 208 fails authentication or
has insufficient funds in the relevant wallet account to fulfil the
transaction, the wallet provider 220 declines the transaction--step
228.
[0047] Provided the available account balance in the account
associated with the virtual wallet is at least the transaction
value, a first amount of funds is sent from the first virtual
wallet (i.e. the customer virtual wallet) to the settlement engine.
The first amount is less than or equal to the transaction value.
While the first amount of funds will typically be the same as the
transaction value, it may be less than the transaction value where
fees are deducted from the transaction value by the wallet provider
or another party.
[0048] In one embodiment, if the customer is authenticated and has
sufficient funds then funds are transferred by the WSE 212 directly
from the customer account associated with the virtual wallet, to a
merchant account associated with a merchant's virtual wallet. In
the embodiment shown in FIG. 2, if the customer is authenticated
and has sufficient funds, the wallet provider 220 debits the
customer account associated with the digital wallet and credits the
debited funds to a customer settlement account managed by the WSE
212--step 230.
[0049] The customer settlement account may be pre-established in a
similar manner to banking or other financial accounts. The customer
settlement account may alternatively be dynamically created to
temporarily holds funds for a particular transaction, and then
removed or deleted after the funds have been transferred from it
(e.g. to the merchant 210). In either case, when the customer
settlement account is created it is associated with the first
digital wallet, namely the digital wallet of the customer based on
the identifier of that wallet.
[0050] Once the funds have been credited to the customer settlement
account, the customer wallet provider 220 sends payment
confirmation to the WSE 212 to confirm that payment has been
made--step 232.
[0051] The WSE 212 may similarly send payment confirmation to the
merchant 210--step 234. This advises the merchant 210 that the
goods and/or services have been paid for and can be delivered or
performed.
[0052] After sending payment confirmation to the merchant 210, the
transaction successfully completes--step 236.
[0053] FIG. 3 illustrates a method 300 for managing funds
transferal in which the purchase transaction takes place in-store.
In such circumstances the customer 302 arrives at checkout with
their basket for purchase--step 304. The merchant 306 then supplies
their unique merchant identifier--generated in accordance with step
108--to the customer 304 at checkout. The merchant identifier may
be supplied verbally, written down for the customer to read,
delivered through a readable device such as a quick response (QR)
code or barcode, automatically determined based on location (e.g.
using the GPS on a smartphone on which the customer would otherwise
enter the merchant identifier if delivered verbally), or may be
found on the merchant's website.
[0054] The WSE 308 then receives the merchant identifier--step 312.
Where the merchant identifier is not automatically delivered to the
customer 302, the WSE 308 prompts the customer to enter the
merchant identifier--step 310. The customer 302 may enter the
merchant identifier via manual input--for example, the customer 302
may enter the merchant identifier into an app (e.g. on the
customer's smartphone or other device carried by the customer) or
web portal hosted by the merchant 306 or associated with the
merchant 306. The customer 302 may alternatively have the merchant
identifier entered automatically--for example where the merchant
identifier is determined based on location. The WSE 308 therefore
receives the merchant identifier through the smartphone interface,
whether or not that merchant identifier is manually or
automatically entered.
[0055] The merchant identifier enables the WSE 308 to locate the
merchant wallet details, or merchant settlement account (discussed
with reference to FIG. 4) for completion of funds transferal to the
merchant.
[0056] The customer's wallet identifier may be supplied in the same
manner as the transaction details and merchant wallet identifier.
However, in some situations the customer 302 may have multiple
virtual wallets and need to make a selection of the wallet from
which the funds for purchase should be debited--step 314. In this
situation, after initiating the purchase transaction the customer
302 will select the customer's virtual wallet to be used in the
purchase transaction. The WSE 308 may then receive the customer's
wallet identifier from the wallet provider 316 that issued the
customer's virtual wallet.
[0057] Steps 316 to 330 are the same as for steps 222 to 236 of
method 200, and therefore need not be repeated.
[0058] As mentioned with reference to FIG. 2, funds may be
transferred directly from the customer's virtual wallet to the
merchant's virtual wallet. However, in broad step 206, the WSE 212
operates as an intermediary during funds transferal.
[0059] Once funds have been received into the customer's wallet
settlement account per step 230, the WSE 212 transfers funds from
the customer's wallet settlement account to the merchant's wallet
settlement. While the first amount of funds--for example, the
amount transferred from the customer's virtual wallet to the WSE
212--may be the same as the second amount of funds--for example
words the amount transferred from the WSE 212 to the merchant's
virtual wallet--it will be appreciated that fees will often be
deducted from the purchase amount such that the second amount is
less than the first amount. Similarly, a third amount--the amount
transferred from the customer's settlement account to the
merchant's settlement account--will be equal to or less than the
first amount and equal to or greater than the second amount.
[0060] Once funds are in the merchant's settlement account, the WSE
212 sends payment receipt confirmation to the merchant's wallet
provider 238--step 240. This alerts the merchant's wallet provider
that funds are available for collection. The merchant's wallet
provider 238 then debits the merchant's wallet settlement account
and credits the merchant's virtual wallet account--step 242. Once
credited, the merchant's wallet provider 238 sends payment
confirmation to both the WSE 212 and merchant 210--step 244. The
confirmation may be received by the merchant--step 246--before or
after supply of the goods or services to the customer 208.
[0061] Upon receipt of the payment confirmation at the WSE
212--step 248--the WSE may delete the merchant settlement account
if that account was set up for the specific transaction. This
illustrates that there is significant flexibility in using the WSE
212 to manage interaction between the customer's virtual wallet and
the merchant's virtual wallet. In particular, in one embodiment
funds are transferred directly from the customer's virtual wallet
via the WSE 212 to the merchant's virtual wallet. In another
embodiment, a single wallet settlement account is set up for the
particular transaction (e.g. by mapping the settlement account to
the transaction receipt number), funds from the customer's virtual
wallet are credited that the single wallet settlement account and
funds from the single wallet settlement account are then credited
to the merchant's virtual wallet account. In this case, the single
wallet settlement account may be considered the customer's
settlement account but also the merchant's settlement account. In a
further embodiment, the customer and merchant have separate
settlement accounts--this embodiment is discussed in relation to
FIGS. 1-3.
[0062] FIG. 4 shows a schematic of a network-based system 400 for
managing funds transferal according to an embodiment of the
disclosure. The system 400 includes a computer 402--for example, a
WSE, one or more databases 404a . . . 404n--for example, for
storing settlement accounts and related information, a user input
module 406--for example, a customer wallet provider server, and a
user output module 408--for example a merchant wallet provider
server.
[0063] Each of the one or more databases 404a . . . 404n is
communicatively coupled with the computer 402. The user input
module 406 and a user output module 408 may be separate and
distinct modules communicatively coupled with the computer 402.
Alternatively, the user input module 406 and a user output module
408 may be integrated within a single mobile electronic device
(e.g. a mobile phone, a tablet computer, etc.). The mobile
electronic device may have appropriate communication modules for
wireless communication with the computer 402 via existing
communication protocols.
[0064] The computer 402 may include at least one processor, and at
least one memory including computer program code. The at least one
memory and the computer program code are configured to, with at
least one processor, cause the computer at least to: (A) receive a
first wallet identifier by which a first virtual wallet can be
identified, the first virtual wallet including an available account
balance, receive transaction details of a purchase transaction, the
transaction details including a transaction value, and a merchant
identifier of a merchant with whom the purchase transaction is
being made, receive a second wallet identifier by which a second
virtual wallet can be identified, the second virtual wallet being
associated with the merchant identifier, send from the first
virtual wallet to the settlement engine a first amount that is less
than or equal to the transaction value, if the transaction value
does not exceed the available account balance; and send from the
settlement engine to the second virtual wallet a second amount that
is less than or equal to the first amount.
[0065] The various types of data (e.g. transaction details, first
and second wallet identifiers, merchant identifier, transaction
completion or failure, wallet settlement account details, payment
receipt confirmations) can be stored in a single database (e.g.
404a), or stored in multiple databases (e.g. wallet settlement
account details may be stored in database 404a, transaction details
may be stored in database 404n, etc.). The databases 404a . . .
404n may be realized using cloud computing storage modules and/or
dedicated servers communicatively coupled with the computer
402.
[0066] FIG. 5 depicts an exemplary computing device 500, such as a
computer, hereinafter interchangeably referred to as a computer
system 500, where one or more such computing devices 500 may be
used to facilitate execution of the above-described method for
managing funds transferal. In addition, one or more components of
the computer system 500 may be used to realize the computer 402.
The following description of the computing device 500 is provided
by way of example only and is not intended to be limiting.
[0067] As shown in FIG. 5, the example computing device 500
includes a processor 504 for executing software routines. Although
a single processor is shown for the sake of clarity, the computing
device 500 may also include a multi-processor system. The processor
504 is connected to a communication infrastructure 506 for
communication with other components of the computing device 500.
The communication infrastructure 506 may include, for example, a
communications bus, cross-bar, or network.
[0068] The computing device 500 further includes a main memory 508,
such as a random access memory (RAM), and a secondary memory 510.
The secondary memory 510 may include, for example, a storage drive
512, which may be a hard disk drive, a solid state drive or a
hybrid drive and/or a removable storage drive 514, which may
include a magnetic tape drive, an optical disk drive, a solid state
storage drive (such as a USB flash drive, a flash memory device, a
solid state drive or a memory card), or the like. The removable
storage drive 514 reads from and/or writes to a removable storage
medium 544 in a well-known manner. The removable storage medium 544
may include magnetic tape, optical disk, non-volatile memory
storage medium, or the like, which is read by and written to by
removable storage drive 514. As will be appreciated by persons
skilled in the relevant art(s), the removable storage medium 544
includes a computer readable storage medium having stored therein
computer executable program code instructions and/or data.
[0069] In an alternative embodiment, the secondary memory 510 may
additionally or alternatively include other similar means for
allowing computer programs or other instructions to be loaded into
the computing device 500. Such means can include, for example, a
removable storage unit 522 and an interface 540. Examples of a
removable storage unit 522 and interface 540 include a program
cartridge and cartridge interface (such as that found in video game
console devices), a removable memory chip (such as an EPROM or
PROM) and associated socket, a removable solid state storage drive
(such as a USB flash drive, a flash memory device, a solid state
drive or a memory card), and other removable storage units 522 and
interfaces 540 which allow software and data to be transferred from
the removable storage unit 522 to the computer system 500.
[0070] The computing device 500 also includes at least one
communication interface 524. The communication interface 524 allows
software and data to be transferred between computing device 500
and external devices via a communication path 526. In various
embodiments of the disclosures, the communication interface 524
permits data to be transferred between the computing device 500 and
a data communication network, such as a public data or private data
communication network. The communication interface 524 may be used
to exchange data between different computing devices 500 which such
computing devices 500 form part an interconnected computer network.
Examples of a communication interface 524 can include a modem, a
network interface (such as an Ethernet card), a communication port
(such as a serial, parallel, printer, GPIB, IEEE 1393, RJ35, USB),
an antenna with associated circuitry and the like. The
communication interface 524 may be wired or may be wireless.
Software and data transferred via the communication interface 524
are in the form of signals which can be electronic,
electromagnetic, optical or other signals capable of being received
by communication interface 524. These signals are provided to the
communication interface via the communication path 526.
[0071] As shown in FIG. 5, the computing device 500 further
includes a display interface 502 which performs operations for
rendering images to an associated display 530 and an audio
interface 532 for performing operations for playing audio content
via associated speaker(s) 534.
[0072] As used herein, the term "computer program product" may
refer, in part, to removable storage medium 544, removable storage
unit 522, a hard disk installed in storage drive 512, or a carrier
wave carrying software over communication path 526 (wireless link
or cable) to communication interface 524. Computer readable storage
media refers to any non-transitory, non-volatile tangible storage
medium that provides recorded instructions and/or data to the
computing device 500 for execution and/or processing. Examples of
such storage media include magnetic tape, CD-ROM, DVD, Blu-ray.TM.
Disc, a hard disk drive, a ROM or integrated circuit, a solid state
storage drive (such as a USB flash drive, a flash memory device, a
solid state drive or a memory card), a hybrid drive, a
magneto-optical disk, or a computer readable card such as a SD card
and the like, whether or not such devices are internal or external
of the computing device 500. Examples of transitory or non-tangible
computer readable transmission media that may also participate in
the provision of software, application programs, instructions
and/or data to the computing device 1100 include radio or infra-red
transmission channels as well as a network connection to another
computer or networked device, and the Internet or Intranets
including e-mail transmissions and information recorded on Websites
and the like.
[0073] The computer programs (also called computer program code)
are stored in main memory 508 and/or secondary memory 510. Computer
programs can also be received via the communication interface 524.
Such computer programs, when executed, enable the computing device
500 to perform one or more features of embodiments discussed
herein. In various embodiments, the computer programs, when
executed, enable the processor 504 to perform features of the
above-described embodiments. Accordingly, such computer programs
represent controllers of the computer system 500.
[0074] Software may be stored in a computer program product and
loaded into the computing device 500 using the removable storage
drive 514, the storage drive 512, or the interface 540.
Alternatively, the computer program product may be downloaded to
the computer system 500 over the communications path 526. The
software, when executed by the processor 504, causes the computing
device 500 to perform functions of embodiments described
herein.
[0075] It is to be understood that the embodiment of FIG. 5 is
presented merely by way of example. Therefore, in some embodiments
one or more features of the computing device 500 may be omitted.
Also, in some embodiments, one or more features of the computing
device 500 may be combined together. Additionally, in some
embodiments, one or more features of the computing device 500 may
be split into one or more component parts.
[0076] It will be appreciated by a person skilled in the art that
numerous variations and/or modifications may be made to the present
disclosure as shown in the specific embodiments without departing
from the spirit or scope of the disclosure as broadly described.
The present embodiments are, therefore, to be considered in all
respects to be illustrative and not restrictive.
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