Sim chip bank system and method

Abstract

A Subscriber Identity Module (SIM) Chip Bank system and method for enabling users registered in the system to control their financial and telecommunications resources from their mobile device over a mobile communications network. The system combines mobile network providers and financial services through the use of SIM chips without the need for modifying the users' mobile devices or SIM chip installed thereon. A SIM Chip Bank System Operator (SCB-O) regulates data flow between users, banks, mobile communications service providers, SIM Chip Automated teller Machines and SIM Chip Service Providing Machines through a plurality of communications channels. Upon a user connecting to the SCB-O to request a transaction, the SCB-O connects to the appropriate bank to authorize the requested transaction. Upon successful completion, reports are sent back and forth to users confirming the event.

Description

CROSS REFERENCE TO RELATED APPLICATIONS[0001]This application claims priority on Jordan Application No. 110 / 2008, filed on Mar. 9, 2008 and which is herein incorporated by reference in its entirety.FIELD OF THE INVENTION[0002]The present invention relates to a Subscriber Identity Module (SIM) Chip Bank System and method. In particular, the system and method enable users to perform various bank operations and to acquire telecommunications services through the use of personal mobile phone with SIM chips installed thereon.BACKGROUND OF THE INVENTION[0003]The Internet has revolutionized the manner in which the financial services industry conducts business, in particular by providing customers with permanent accessibility through online and mobile banking business models, which alleviate the need for users to visit their correspondent financial institution. Typically, mobile banking allows customers of a bank to use their mobile devices to access banking services at anytime and from any ...

AI Technical Summary

Benefits of technology

"The patent describes a method and system for enabling a user of a mobile device to directly access their bank account on a wireless network and make financial transactions. The mobile device is registered with the bank and has an identifier associated with it. When the user requests a financial transaction, the system operator authenticates the user through the identifier and directs the request to the bank. The bank then communicates with the user to confirm the request before effecting the financial transaction. The technical effect of this invention is to provide a convenient and secure way for users to access their bank accounts on their mobile devices and make financial transactions."

Problems solved by technology

Still, one of the main challenges with current mobile banking systems is a lack of interoperability between different technology standards.

In particular, a plurality of protocols is currently being used for mobile banking, thus making it difficult for mobile banking applications to connect multiple banks to provide financial services between accounts held within different banks.

Also, given the large variety of mobile devices currently on the market, it is a challenge for banks to offer mobile banking solutions on any type of device.

As a result, the complexity of the overall system is significantly increased.

Moreover, strong security concerns arise as financial transactions are executed from remote locations.

Images