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Method and system for transferring funds between two phone callers

A technology of funds and telephones, applied in the fields of banking, finance, and money transmission

Inactive Publication Date: 2008-10-01
AURORA FINANCIAL SYST INC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

Of course, identity theft and associated fraud are real and frequent risks to any Internet-enabled system

Method used

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  • Method and system for transferring funds between two phone callers
  • Method and system for transferring funds between two phone callers
  • Method and system for transferring funds between two phone callers

Examples

Experimental program
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Embodiment Construction

[0015] While the methods and systems described herein work equally well when the phones are part of different PSTN or cellular systems, ideally both phone users use the same cellular or mobile system. Having calls within the same system is more desirable since fraud is more likely to occur less where a single system has more overall control over the course of a given call.

[0016] For purposes of illustration, assume that the two phones are phone #1 (P1) and phone #2 (P2), as shown in FIG. 2 . When either party talks to the other, there is a communication channel between P1 and P2. According to an embodiment of the present invention, the cellular system's equipment monitors the outgoing channel of each phone for key presses, detecting (standard) DTMF tones in the audio channel produced by key presses. In one embodiment of the invention, a sequence of tones may be specified to indicate the start of transmission, while, optionally, the system does not forward the tones to the ...

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PUM

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Abstract

A system and method for enabling transfer of funds between two people engaged in a telephone communication. The method includes monitoring for a predetermined series of key presses by an initiator that are entered during the course of the telephone communication. In one embodiment, a funds transfer initiator account is identified based on automatic number identification (AM) and a funds transfer recipient account is identified by detecting dialed number identification service (DNIS). With these accounts so identified, the initiator of the funds transfer is prompted to enter an amount of funds to be transferred and, thereafter, such funds are caused to be transferred from the initiator's account to the recipient's account, all while the initiator and the recipient are still engaged in the telephone communication.

Description

[0001] This application claims priority to US Provisional Application No. 60 / 722,008, filed September 30, 2005, the entire contents of which are hereby incorporated by reference. technical field [0002] Embodiments of the present invention relate to finance, banking, money transfers, and the like. More specifically, the present invention relates to methods and systems for transferring funds between persons on a telephone conversation. Background technique [0003] While there are many ways to transfer funds between a business and an individual in real time or near real time, there are few solutions for between two individuals. [0004] Checks are a solution, but checks themselves are a rather slow means of achieving transmission, with indeterminate deadlines to complete the transaction, as well as insufficient funds, stop payments, or have to be canceled due to charge-backs The likelihood (risk) of the transaction. [0005] Cash works face-to-face without the aforemention...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q40/00G06Q20/00
CPCG06Q20/32G06Q20/10G06Q20/223G06Q20/322G06Q20/3223G06Q40/00G06Q20/325
Inventor 勒内·皮埃尔·巴比马克·马蒂亚斯·西尔贝纳格尔
Owner AURORA FINANCIAL SYST INC