CA2885379A1

CA2885379A1 - Realtime prepaid account management system and method

Info

Publication number: CA2885379A1
Application number: CA2885379A
Authority: CA
Inventors: Ho Kwak
Original assignee: Korea Exchange Bank Of Canada
Current assignee: Korea Exchange Bank Of Canada
Priority date: 2015-03-06
Filing date: 2015-03-06
Publication date: 2016-09-06

Abstract

A method and an account management server are disclosed herein. The account management server includes: a memory device; a communication module configured to communicate with at least one user terminal, at least one automatic teller machine (ATM), and at least one point of sale terminal (POS); and a processor. The processor is configured to: process membership requests by: performing a user check based on personal information received from the user terminal; and if the user passes the check: creating a prepaid account for the user; and linking a debit card to the prepaid account. The processor also process transactions received from any one of the user terminal, ATM or POS and updates the prepaid account balance based on the transactions.

Description

REALTIME PREPAID ACCOUNT MANAGEMENT SYSTEM AND METHOD
FIELD
[0001] The present disclosure relates electronic systems and methods for facilitating and managing financial transactions.
BACKGROUND

[0002] In order to engage in financial transactions, consumers have several options.
These include the use of debit cards, which are generally tied to a consumer's bank account and allow a consumer to withdraw funds that have been deposited in the account. A
consumer may also apply for a credit card, which allows the consumer to purchase items on credit and pay the issuer of the credit card at a later date. Improvements in systems that facilitate financial transactions are desirable.

[0003] The above information is presented as background information only to assist with an understanding of the present disclosure. No determination has been made, and no assertion is made, as to whether any of the above might be applicable as prior art with regard to the present invention.
BRIEF DESCRIPTION OF THE DRAWINGS

[0004] Embodiments of the present disclosure will now be described, by way of example only, with reference to the attached Figures, wherein:

[0005] Figure 1 is a block diagram of a system in accordance with an embodiment of the present disclosure;

[0006] Figure 2 is a block diagram of the account management server of Figure 1, according to an embodiment;

[0007] Figure 3 is a block diagram showing the connections between the server and the ATM and POS terminals of Figure 1, in accordance with an embodiment of the present disclosure;

[0008] Figure 4 is a block diagram of the user terminal of Figure 1, according to an embodiment;

[0009] Figure 5 is a schematic diagram illustrating various options for transferring funds, according to an embodiment;

[0010] Figure 6 is a process diagram illustrating a method in accordance with an embodiment of the present application;

[0011] Figure 7 is a flow chart diagram illustrating a method of processing a request for a membership, according to an embodiment;

[0012] Figure 8 is a flow chart diagram illustrating a method of transferring funds, according to an embodiment;
DETAILED DESCRIPTION

[0013] For simplicity and clarity of illustration, reference numerals may be repeated among the figures to indicate corresponding or analogous elements. Numerous details are set forth to provide an understanding of the examples described herein. The examples may be practiced without these details. In other instances, well-known methods, procedures, and components are not described in detail to avoid obscuring the examples described. The description is not to be considered as limited to the scope of the examples described herein.

[0014] The inventors have realized that there are several disadvantages with traditional payment methods. For example, there is generally a significant lag between the time at which financial transactions are executed and the time at which the consumer's account is updated to reflect the transaction. This can be frustrating to the consumer as it can cause them to have an inaccurate picture of their financial situation. In addition, the inventors have recognized a need for a prepaid card that can be continually reloaded and used immediately, with full access to the funds that have been loaded.

[0015] Reference is first made to Figure 1, which is a block diagram of a system 100 in accordance with an embodiment of the present disclosure. System 100 includes an account management server 102. In an embodiment, account management server 102 is a server that includes a microprocessor and a storage device. In an embodiment, server 102 comprises a web application server (WAS). Server 102 communicates with other devices over one or more networks, which can include, but is not limited to the internet. Server 102 interacts with other components of system 100 to execute financial transactions.

[0016] In an embodiment, user terminal 200 is a device used by a user to interact with account management server 102 in order to execute financial transactions.
User terminal 200 can be any suitable communication device such as, for example but not limited to, a smartphone, personal digital assistant, tablet computing device, phablet, laptop, notebook, desktop computer, television (such as a smart TV having integrated computing and communications functions), or any other suitable communication or computing device.

[0017] A prepaid debit card 106 is issued to the user, which allows the user to interact with automated teller machines (ATM) 108 and point of sale (POS) terminals 110.
The user can utilize user terminal 104 to interact with account management server 102 load funds onto card 106 from a variety of sources, as will be explained in greater detail below.

[0018] ATM 108 can be any suitable ATM, such as, for example but not limited to, those operated by a variety of financial institutions or other corporate entities. POS terminal 110 can be any suitable electronic sales terminal that accepts debit cards, such as those, for example but not limited to, utilized at a verity of retail business. In an embodiment, point of sale terminal 110 is an InteracTM device. ATM 108 and POS terminal 110 are coupled to account management server through one or more networks.

[0019] Reference is now made to Figure 2, which illustrates server 102 according to an embodiment of the present disclosure. Server 102 includes a processor 120, a memory 122, a network interface 124, an I/O interface 126, and a storage device 128.
Server 102 can be implemented as a single device or as a plurality of devices.

[0020] Processor 120 can be any suitable processor, such as for example but not limited to, a central processing unit (CPU), a microprocessor, and a multi core processor.

[0021] Memory 122 may be implemented in any suitable manner, such as for example but not limited to, dynamic access memory (DRAM), a rambus DRAM
(RDRAM), a synchronous DRAM (SDRAM), a static RAM.

[0022] Network interface 124 allows processor 120 and storage device 128 to access a network, which may include, for example, the internet and secure local bank network.

[0023] I/O interface 126 allows processor 120 and memory 122 to access (e.g. read from or write to) storage device 128.

[0024] Storage device 128 can be any suitable storage device including but not limited to, a magnetic storage device (e.g. hard disk drive), semiconductor based memory device (e.g. solid state memory device), optical storage device, as well as other volatile and non-volatile memory devices, or some combination thereof.

[0025] Processor 120 is programed and configured to implement various modules, including, registration manager 130, prepaid account manager 132, and transaction manager 134.

[0026] Registration manager 130 performs registration of users. In an embodiment, registration manager implements an instantaneous verification process through the use of suitable personal information of the user, which can include but is not limited to one or more of the user's: name, data of birth, address, and social insurance number.

[0027] Prepaid account manager 132 generates a prepaid account for a user once the user has been registered. Prepaid account manager 132 also stores transaction records in storage device 128 for transactions that have been executed by the user. In an embodiment, the user's account is identified by their mobile telephone number.
In some such embodiments, the mobile telephone number is the number of user terminal 104.
Prepaid account manager 132 also assigns a prepaid debit card 106 to the user's account.

[0028] Transaction manager 134 processes transactions that are requested by the user and delivers the results of the transactions, in real time, to prepaid account manager 132. Examples of transactions are discussed in greater detail below. As used herein, the term "real time" does not necessarily mean instantaneously. In some embodiments, the term "real time" can refer to a situation in which there is a delay between an event occurring and relevant information being updated based on the event. In some embodiments, the delay is can be on the order of several seconds. In some embodiments, depending on the situation the delay may be, for example, approximately 1 or 2 seconds. In other embodiments, the delay may be greater. In some embodiments, the term "real time" indicates that there is not a significant delay from the perspective of the user.

[0029] In an embodiment, server 102 is able to process transaction and update the prepaid account status in real time. In such embodiments, this is achieved by having server 102 process all of the transactions related to the prepaid account.
Accordingly, server 102 need not wait for other systems to process the transactions before receiving the information and providing updates to users.

[0030] Reference is now made to Figure 3, which is a block diagram showing the connections between server 102 and ATM 108 and POS terminal 110, according to an embodiment. In the embodiment illustrated in Figure 3, server 102 comprises a Web Application Server (WAS). Server 102 is coupled to a GLI (Global Interface) system 304, which in turn is coupled to legacy bank server 306. Legacy bank server 306 manages traditional bank accounts operated by the bank, such as for example, chequing and savings accounts. GLI system 304 which facilitates communication between legacy bank spryer 306 and server 102. For example, GLI system 304 handles the conversion of messages and =
information generated by server 102 to the format utilized by legacy server 306 and provides the information and messages to Legacy Server 306. Similarly, GLI system 304 also converts messages and information generated by legacy server 306 to the format utilized by a server 102 and provides the information and messages to server 102. In this manner GLI
system 304 allows server 102 and legacy server 306 to communicate with one another.

[0031] IN & OUT and to transform & incorporate these messages into new format to communicate between two different system (WAS & Legacy). Server 102, ORIS
(I/F) 304, and legacy bank server 306 are coupled together as part of an internal bank network 308.

[0032] Legacy bank server 306 executes and records transactions related to traditional bank accounts. legacy bank server 306 is coupled to a debit card management system 312, through a direct network connection 310. In an embodiment, the direct network connection is provided through a dedicated line. In an embodiment, the debit card management system comprises an EverlinkTM card system 312. EverlinkTM card system 312 is in turn coupled to ATM 108 and POS 110 through and external network, such as the internet.

[0033] Accordingly, as will be clear from Figure 3 and the description thereof, server 102 and server 306 are coupled together and to ATMs 108 and POS terminals 110.

Therefore both the legacy back system and the prepaid debit card management server are coupled together and support transactions that are executed at point of sale terminals 110 and automated teller machines 108. Therefore, not only do embodiments of the disclosed system allow for prepaid debit card transactions to be executed at various point of sale terminals 110 and automated teller machines 108 but they also allow for the user's accounts to be updated in real time. In addition, embodiments of the disclosed system further allow these transactions to be reflected and or reported to the user in real time through the user's terminal 104.

[0034] Reference is now made to Figure 4, which illustrates user terminal 104 according to an embodiment of the present disclosure. Terminal 104 includes a processor 420, such as for example a microprocessor, a memory 422, network interface 424, a communication module 426, a storage device 420, a display 430, and a input device 432. In an embodiment, a touch sensitive screen can be used as both the display and the input device.

[0035] Processor 420 can be any suitable processor, such as for example but not limited to, a central processing unit (CPU), a microprocessor, and a multi core processor.

[0036] Memory 422 may be implemented in any suitable manner, such as for example but not limited to, dynamic access memory (DRAM), a rambus DRAM
(RDRAM), a synchronous DRAM (SD RAM), a static RAM.

[0037] Communication module 424 allows processor 420 and storage device 428 to access a network, which may include, for example, a Wi-Fi network, a cellular network, or the internet. Communication module 424 may include a transceiver and an antenna for communicating with wireless networks.

[0038] I/O interface 426 allows processor 420 and memory 422 to access (e.g. read or write to) storage device 428.

[0039] Storage device 428 can be any suitable storage device including but not limited to, a magnetic storage device (e.g. hard disk drive), semiconductor based memory device (e.g. solid state memory device), optical storage device, as well as other volatile and non-volatile memory devices, or some combination thereof.

[0040] Reference is now made to Figure 5, which illustrates various options for transactions that can be executed with the system 100 by the user through user terminal 104 and/or debit card 106. The user can use user terminal 104 to perform transactions by transferring funds from a source to a destination. For example, the user can load funds onto their prepaid account and then utilize their prepaid debit card 106 to perform transactions at an ATM 108 or a POS terminal 110.

[0041] In various embodiments, the system allows for multiple transfers from the prepaid debit card. For example, the debit card can be used for multiple purchases or ATM
withdrawals. In addition, the prepaid account to which debit card 106 is linked can be replenished an unlimited number of times, and thereby the prepaid debit card can be used to execute transactions for an indefinite period of time. In some embodiments, restrictions can be placed on the transactions associated with the prepaid account. For example, limits can be placed on the amount of funds that can be applied to (loaded onto) the debit cards and/or the amount that can be spent. In an embodiment, applying funds to a debit card is equivalent to depositing funds in the pre-paid account associated with said debit card.
The limits can apply to a single transaction or transactions executed over a given time period.

[0042] Column 502 illustrates various options that may be available to the user with respect to a source of funds. One possible set of options includes local accounts. The term local account, as used herein, refers to an account offered by the financial institution that operates server 102. The local account in this situation would correspond to the user's own account, such as for example but not limited to a chequing or savings account, at the local bank. Another option is that funds can be transferred from the user's account at another financial institution. Another option is that funds can be transferred from the user's prepaid account. A further option is that the user can transfer money from an ATM.

[0043] Column 504 illustrates various options that may be available to the user in terms of a destination to which the funds may be transferred. For example, the user can utilize user terminal 104 to transfer funds to a traditional account (e.g. a savings or chequing account) at the bank operating server 102 or to an account at another financial institution.
The local account or the account at the other financial institution may be an account held by the user or by another individual. The user may also transfer money to a prepaid account.
The prepaid account may be the user's own account or an account held by another individual. The individual may also execute a transfer by withdrawing money at an ATM 108 or by making a payment at a POS terminal 110. In an embodiment, the user may card 106, which is linked to their prepaid account, to withdraw money at an ATM 108

[0044] In an embodiment, the user may use user terminal 104 to send funds to another person and to send a message to the recipient to notify them of the funds that are being transferred. The message can be sent to the recipient's communication device. In an embodiment, the message is an SMS or push message. In an embodiment, a push message is a message that displays on a communication device even when the application associated with the message is not in active use. In other embodiments, other messages such as emails can be utilized. The message allows the potential recipient to download an application to use their communication device (which is their own user terminal 104) to deposit the funds into their prepaid account, if they are an existing holder of such an account. In other embodiments, if the recipient is an account holder, the funds are automatically deposited in their account and the message simply notifies the recipient of the transaction. If the recipient does not currently hold a prepaid account, then the recipient can utilize the message to download an application to their communication device and to deposit the funds from the sender into their prepaid account.

[0045] Reference is now made to Figure 6, which illustrates a flow diagram for a method in accordance with an embodiment of the present disclosure. Figure 6 illustrates various processes that may be executed between various components of system 100. The processes may occur in a different order than that illustrated. In addition, the method can include different processes than those described and or illustrated.

[0046] At 602, a user utilizes user terminal 104 to apply for a prepaid account.

[0047] At 604, server 102 processes the request. In various embodiments, the process of approval and the transaction itself are virtually instantaneous and the user need not wait several days for the approval decision to be made. Figure 7 illustrates an example method by which server 102 can process account requests.

[0048] As part of the processes at 602 and 604, the user uses user terminal 104 to send suitable identifying information to server 102.

[0049] At 606, the user utilizes user terminal 104 to make a deposit to their prepaid account. The deposit can be made by transferring funds from a variety of sources including, for example, those listed in Figure 5.

[0050] At 608, server 102 processes the deposit by, for example, updating the account balance.

[0051] At 610, the user requests a transfer of funds through user terminal 104. This could be, for example, a transfer of funds between the various accounts shown in Figure 5.

[0052] At 612, server 102 processes the transfer by, for example, updating balances of one or more of the accounts involved in the transfer.

[0053] At 614, the user utilizes card 106 at an ATM 108 to withdraw money from the user's prepaid account.

[0054] At 616, ATM 108 transmits a report of the withdrawal to server 102.

[0055] At 618, server 102 updates the balance of the prepaid account to which card 106 is linked.

[0056] At 620, the user utilizes card 106 at a POS terminal 110 to make a payment.

[0057] At 622, POS terminal 110 transmits a report of the transaction to server 102.

[0058] At 624, server 102 updates the balance of the prepaid account to which card 106 is linked.

[0059] At 626, user terminal 104 transmits a request for balance update of the user's account(s). In some embodiments, this may happen in response to the user launching an application on their user terminal 104. Alternatively, this may occur when a command is entered into user terminal 104 by the user. The account(s) can include, for example, the user's prepaid account or one or more of their traditional accounts, such as a chequing or a savings account.

[0060] At 628, server 102 transmits a balance update to user terminal 104. In some embodiments, server 102 does not only transmit balance information to user terminal 104 in response to requests but "pushes" updates to user terminal 104 anytime a transaction is executed.

[0061] Reference is now made to Figure 7, which is a flow chart diagram illustrating a method 700 of processing a request for a membership. The method may be carried out by software executed, for example, by processor 120 of server 102. Coding of software for carrying out such a method is within the scope of a person of ordinary skill in the art given the present description. The method may contain additional or fewer processes than shown and/or described, and may be performed in a different order. Computer-readable code executable by at least one processor of the system to perform the method may be stored in a computer-readable storage medium device or apparatus, which may be a non-transitory or tangible storage medium.

[0062] At 702, server 102 receives a request to open a prepaid account from user terminal 104.

[0063] At 704, server 102 sends user terminal 104 a request for personal information of the applicant (i.e. prospective prepaid account holder).

[0064] At 706, server 102 receives personal information from user terminal 104. In an embodiment, the personal information can include, but is not limited to, one or more of the applicant's: name, date of birth, address, social insurance number, telephone number (e.g.
mobile number), and email address.

[0065] In an embodiment, if the applicant is successful in obtaining an account, the mobile number of the applicant is used to identify their account. In some embodiments, the mobile number is used as an account identifier in order to allow users to transfer funds to other users without needing to identify the actual bank account numbers (i.e.
the bank account number utilized by the financial institution). In other words, a user can send funds to a recipient by identifying the recipient by their mobile number. This is explained in greater with reference to Figure 8.

[0066] At 708, server 102 performs a check based on the personal information. The check could include, for example, a credit check of the user based on the personal information.

[0067] At 710, server 102 determines whether the customer meets the required criteria for the account. If not, then the applicant is denied an account at 712. This may include server 102 sending a message to user terminal 104 to indicate that the user has been denied as an applicant. If the applicant passes the check, then 714 is executed.

[0068] At 714, server 102 creates a prepaid account for the applicant.

[0069] At 716, server 102 links a prepaid debit card to the user.

[0070] At 718, the card is issued to the user. In an embodiment, the card may be issued to the user in person at branch of the bank. Alternatively, the card may be mailed to the user.

[0071] Figure 8 illustrates a method 800 for transferring funds from a user's account to another person's prepaid account, according to an embodiment. The method may be carried out by software executed, for example, by processor 120 of server 102.
Coding of software for carrying out such a method is within the scope of a person of ordinary skill in the art given the present description. The method may contain additional or fewer processes than shown and/or described, and may be performed in a different order.
Computer-readable code executable by at least one processor of the system to perform the method may be stored in a computer-readable storage medium device or apparatus, which may be a non-transitory or tangible storage medium.

[0072] As part of the request of the transaction, the user enters the destination of the funds into user terminal 104, which in turn transmits that information to server 102. In an embodiment, the destination of the funds can be specified by providing a phone number or email address. In an embodiment, the user can also specify a source of the funds, which may for example be the user's prepaid account or a traditional bank account held by the user.

[0073] At 802, server 102 receives the request and relevant information, such as the destination or recipient (e.g. identified by a phone number or email address) of the funds from the sender's user terminal 104.

[0074] At 804, server 102 searches its records for destination information received at 802.

[0075] At 806, server 102 determines whether the destination information matches the records of an account holder. If the information provided matches that of an existing prepaid account holder, then 808 is executed. Otherwise, 812 is executed.

[0076] At 808, server 102 sends a message to notify the recipient that a deposit is being made into their prepaid account. In some embodiments, the message requires the recipient to take some action before the funds are actually deposited.

[0077] At 810, the funds are deposited in the recipient's prepaid account.

[0078] At 812, server 102 sends a message with a link to the recipient. The message could be for example, but not limited to, a SMS message or an email. The link allows the user to download an application that can be used to register for a prepaid account.

[0079] At 814, server 102 receives a request for the downloading the application. In other embodiments, the request can be transmitted to separate server such as that operated by an app store.

[0080] At 816, the application is provided to the recipient.

[0081] At 818, server 102 registers the recipient as a user and creates a prepaid account for the recipient.

[0082] At 820, server 102 deposits the funds into the recipient's prepaid account.

[0083] In the preceding description, for purposes of explanation, numerous details are set forth in order to provide a thorough understanding of the embodiments.
However, it will be apparent to one skilled in the art that these specific details are not required. In other instances, well-known electrical structures and circuits are shown in block diagram form in order not to obscure the understanding. For example, specific details are not provided as to whether the embodiments described herein are implemented as a software routine, hardware circuit, firmware, or a combination thereof.

[0084] Embodiments of the disclosure can be represented as a computer program product stored in a machine-readable medium (also referred to as a computer-readable medium, a processor-readable medium, or a computer usable medium having a computer-readable program code embodied therein). The machine-readable medium can be any suitable tangible, non-transitory medium, including magnetic, optical, or electrical storage medium including a diskette, compact disk read only memory (CD-ROM), memory device (volatile or non-volatile), or similar storage mechanism. The machine-readable medium can contain various sets of instructions, code sequences, configuration information, or other data, which, when executed, cause a processor to perform steps in a method according to an embodiment of the disclosure. Those of ordinary skill in the art will appreciate that other instructions and operations necessary to implement the described implementations can also be stored on the machine-readable medium. The instructions stored on the machine-readable medium can be executed by a processor or other suitable processing device, and can interface with circuitry to perform the described tasks.

[0085] The above-described embodiments are intended to be examples only.
Alterations, modifications and variations can be effected to the particular embodiments by those of skill iri the art without departing from the scope, which is defined solely by the claims appended hereto.

Claims

CLAIMS:

1. An account management server, comprising:
a memory device;
a communication module configured to communicate with at least one user terminal, at least one automated teller machine (ATM), and at least one point of sale terminal (POS); and a processor, configured to:
process membership requests by:
performing a user check based on personal information received from the user terminal; and if the user passes the check:
creating a prepaid account for the user; and linking a debit card to the prepaid account;
process transactions received from any one of the user terminal, ATM or POS;
and update the prepaid account balance based on the transactions.

2. The account management server of claim 1, wherein the updating of the prepaid account balance occurs in real time.

3. The account management server of claim 1, wherein the processor is further configured to process deposits into the prepaid account.

4. The account management server of claim 1, wherein a user's prepaid account is identified by the user's mobile number, and wherein the processor is further configured to:
process a transfer of funds from a first user's prepaid account to a second user's prepaid account based on a request from the first user, wherein the request comprises a message received from the first user's user terminal, the message comprising a mobile number of the second user.

5. The account management server of claim 4, wherein the processor is further configured to:

determine whether the mobile number of the second user corresponds to an existing account holder;
deposit the funds in the second user's account, if the second user is an existing account holder;
if the second user is not an existing account holder, then:
send a message to a mobile device of the second user, the message containing a link for downloading an application, the application allowing the second user to register for an account and deposit the funds into the account.

6. The account management server of claim 5, wherein the message comprises a push message.

7. The account management server of claim 5, wherein the message comprises an SMS
message.

8. The account management server of claim 1, wherein the server comprises a web application server.

9. A computer based banking system comprising:
the account management server of anyone of claims 1 to 8;
a legacy bank server, for managing traditional bank accounts;
a global interface system coupled to each of the account management server and the legacy bank server, the global interface system being configured to facilitate communication between the account management server and the legacy bank server; and a communication interface for providing a direct connection to a debit card management system.

10. The system of claim 9, wherein transactions between the account management and legacy bank server are updated in real time.

11. A
computer program product comprising a computer readable memory storing computer executable instructions thereon that when executed by a computer perform a method of interfacing between computer systems to manage financial transactions in real time, the method being executed by an account management server, the account management server comprising at least one processor and a communication module for coupling the account management server to a network for communicating with at least one user terminal, at least one automated teller machine (ATM), and at least one point of sale terminal (POS), the method comprising:
receiving a transmission from the user terminal through the network, the transmission comprising a membership request;
processing the membership request by:
performing a user check based on personal information received from the user terminal; and if the user passes the check:
creating a prepaid account for the user; and linking a debit card to the prepaid account;
processing transactions received from any one of the user terminal, ATM or POS; and updating the prepaid account balance based on the transactions.

12. The computer program product of claim 11, wherein the updating of the prepaid account balance occurs in real time.

13. The computer program product of claim 11, wherein the method further comprises processing deposits into the prepaid account.

14. The computer program product of claim 11, wherein a user's prepaid account is identified by the user's mobile number, and wherein the method further comprises:
processing a transfer of funds from a first user's prepaid account to a second user's prepaid account based on a request from the first user, wherein the request comprises a message received from the first user's user terminal, the message comprising a mobile number of the second user.

15. The computer program product of claim 14, wherein the method further comprises:
determining whether the mobile number of the second user corresponds to an existing account holder;
depositing the funds in the second user's account, if the second user is an existing account holder;

if the second user is not an existing account holder, then:
sending a message to a mobile device of the second user, the message containing a link for downloading an application, the application allowing the second user to register for an account and deposit the funds into the account.

16. The computer program product of claim 15, wherein the message comprises a push message.

17. The computer program product of claim 15, wherein the message comprises an SMS
message.

18. The computer program product of claim 11, wherein the server comprises a web application server.

19. A
method of interfacing between computer systems to manage financial transactions in real time, the method being executed by an account management server, the account management server comprising at least one processor and a communication module for coupling the account management server to a network for communicating with at least one user terminal, at least one automated teller machine (ATM), and at least one point of sale terminal (POS), the method comprising:
receiving a transmission from the user terminal through the network, the transmission comprising a membership request;
processing the membership request by:
performing a user check based on personal information received from the user terminal; and if the user passes the check:
creating a prepaid account for the user; and linking a debit card to the prepaid account;
processing transactions received from any one of the user terminal, ATM or POS; and updating the prepaid account balance based on the transactions.

20. The method of claim 19, wherein the updating of the prepaid account balance occurs in real time.

21. The method of claim 19, wherein the method further comprises processing deposits into the prepaid account.

22. The method of claim 19, wherein a user's prepaid account is identified by the user's mobile number, and wherein the method further comprises:
processing a transfer of funds from a first user's prepaid account to a second user's prepaid account based on a request from the first user, wherein the request comprises a message received from the first user's user terminal, the message comprising a mobile number of the second user.

23. The method of claim 22, wherein the method further comprises:
determining whether the mobile number of the second user corresponds to an existing account holder;
depositing the funds in the second user's account, if the second user is an existing account holder;
if the second user is not an existing account holder, then:
sending a message to a mobile device of the second user, the message containing a link for downloading an application, the application allowing the second user to register for an account and deposit the funds into the account.

24. The method of claim 23, wherein the message comprises a push message.

25. The method of claim 23, wherein the message comprises an SMS message.

26. The method of claim 19, wherein the server comprises a web application server.