WO2009087668A2

WO2009087668A2 - System. method. and computer program for providing mobile access to financial data

Info

Publication number: WO2009087668A2
Application number: PCT/IN2008/000832
Authority: WO
Inventors: Rohit Bhargava
Original assignee: Rohit Bhargava
Priority date: 2007-12-11
Filing date: 2008-12-11
Publication date: 2009-07-16
Also published as: WO2009087668A3

Abstract

The present invention relates to a mobile communication device for wireless communication with a financial institution. The mobile communication device is operable to obtain financial information from a server associated with the financial institution via a wireless network, and display such financial information by operation of a client program associated with the mobile communication device in a statement or passbook format. The client program is further operable to enable management of financial information, including accounts and transaction information, from the mobile communication device.

Description

TITLE OF THE INVENTION

SYSTEM. METHOD. AND COMPUTER PROGRAM FOR PROVIDING MOBILE ACCESS TO

FINANCIAL DATA

FIELD OF THE INVENTION

This invention relates to a handheld mobile communication device for wireless communication with a Financial Institution, such as a Bank, and storage of Banking details.

BACKGROUND OF THE INVENTION

Normally, data relating to a customer, such as the account number and transactions in the customer's account with a Financial Institution (FI), including remittances, transfers, deposits or withdrawals of money or purchase and sale of securities and other financial assets, are recorded and stored in a paper passbook. Paper passbooks cannot store a large amount of data as the number of pages in a passbook is limited. As a result, the number of passbooks issued by the FI in respect of an account increases. In addition, updating a paper passbook requires either an automated passbook updating machine or manual updating performed by a staff member of the FI. Paper passbooks further require the customer, or someone acting on behalf of the customer, to personally present the passbook to the FI in order for the entries to be updated. The result is that use of paper passbooks is cumbersome and time consuming. Additionally, paper passbooks can be difficult to maintain and data stored in the paper passbooks cannot be seamlessly transferred to other electronic devices, such as a printer or a computer.

Certain FIs, such as banks, have set up Call Centers to answer queries from customers relating to Bank accounts, transaction details, outstanding credit card amounts, merchant offers, interest rates, branch / ATM locations, foreign exchange rates, stock prices, etc. Additionally other non-FI institutions may provide Call Centers to provide prices of agricultural and other commodities. The Call Center model is a very expensive option that limits the number of customers who can access it at any one time. Access to the information provided by the Call Center becomes critical when rates are volatile.

United States Patent No. 4,864,109 describes an electronic passbook comprising a processor connected to at least one data memory, a program memory, a display unit, a key pad and a power supply. Data relating to a customer and his account with a FI are stored in the data memory which may be a RAM. In order to update or enter the customer's account details in the electronic passbook, the electronic passbook has to be brought into physical contact with a transaction device, for example, such as a FI terminal. To cause this physical contact a customer therefore has to visit a FI or a designated place where such a terminal is located in order to update the account details on the electronic passbook. This is time consuming and cumbersome for the customer. It is also expensive for the FI, as the FI has to set up terminals in multiple locations.

United States Patent Application No. 2005/0150945 relates to a wireless banking method using a mobile phone. The method comprises a smart card capable of inputting smart card information consisting of FI account information, log information, and an authentication key. The smart card has a card applet which operates the smart card information. The method further involves one banking service full text consisting of a common full text and individual full texts used for banking transactions being prepared through the smart card information and an input of the mobile phone. Additionally, the method involves an application completing a session after receiving a response to the one banking service full text while transmitting the banking service full text and having an encoding/decoding module for encoding the one banking service full text and decoding the response to the banking service full text by using a session key. Another element of the method is a card manager communicating the application with the smart card. The mobile phone of this prior art conducts wireless banking transactions in association with a server system of a FI through a communication network. It is not possible to store data such as remittance, transfer or deposit details on the mobile phone. It is therefore necessary for the customer to maintain a booklet-type or electronic passbook for storing such data. This is cumbersome and in addition the information is at risk of loss. This can occur when the SIM card of the customer's mobile phone is replaced by the smart card, as the data contained in the SIM card is lost and cannot be transferred to the smart card. Another drawback of this invention is that smart cards are expensive. Japanese Patent Application JP 20000285178 discloses a device for retaining medical consultation records electronically in a specific format. The invention requires contact with the medical institution database in order to upload the records. The reading of the records and uploading of the records is facilitated by a particular program. The disclosed invention allows a patient to carry their medical records with them and to have these records available for future treatment. A drawback of this invention is that is specific to medical records and it requires physical contact with a central database site to update and read the records. Furthermore, the invention provides neither a means of querying nor a means of communicating with a doctor's database that is located remotely from the device. Japanese Patent Application JP 10177670 discloses a means of transferring transaction data from bank records to an IC-based device retained by a customer. When transaction data is transferred data space is released data from the bank's system. Transfer of transaction data requires the IC device to be in physical contact with a bank machine/terminal. A drawback of this invention is that it does not conform to standard banking practices, in that banks are required by law to retain certain transaction records for a period ranging from 2-7 years. Additionally, the invention requires physical contact of a device with a bank's system to cause a transaction.

US Patent No. 5,773,804 discloses a device that facilitates cash withdrawals and deposits that may occur while the device is online and offline. The device functions so as to store data on an IC card which may be updated at a bank counter or by insertion in an automated teller machine. The IC card may be used to replace a paper passbook by providing an electronic equivalent that has a larger amount of storage capacity than a paper passbook. A drawback of this invention is that it requires physical contact of the IC card with a bank machine or teller in order to receive the data.

SUMMARY OF THE INVENTION

In one aspect, the present disclosure relates to a system for enabling access to and management of financial information from a mobile communication device that is connectable to a wireless network, characterized in that the system comprises: a wireless network; a financial institution server operable to transmit financial information to at least one mobile communication device connectable to the wireless network; a mobile client program included in the at least one communication device, wherein the mobile communication device is operable to: receive financial information from the financial institution server, the mobile client program is operable to present the financial information on the mobile communication device; store financial information from the financial institution server in a mobile communication device memory; and enable a user to initiate from the mobile communication device one or more instructions for processing financial information, the mobile communication device is operable to transmit the instructions to the financial institution server, and the financial institution server is operable to receive the instructions and to implement the instructions.

A method for enabling access to and management of financial information from a mobile communication device that is connectable to a wireless network, characterized in that the system comprises the steps of: transmitting financial information by a financial institution server through the wireless network; receiving the financial information by a mobile communication device via the wireless network; presenting the financial information on the mobile communication device for viewing by a user; storing the financial information in the mobile communication device; enabling the user to initiate from the mobile communication device one or more instructions for processing financial information; transmitting the instructions to the financial institution server; receiving the instructions by the financial institution server; and implementing the instructions by the financial institution server.

In this respect, before explaining at least one embodiment of the invention in detail, it is to be understood that the invention is not limited in its application to the details of construction and to the arrangements of the components set forth in the following description or illustrated in the drawings. The invention is capable of other embodiments and of being practiced and carried out in various ways. Also, it is to be understood that the phraseology and terminology employed herein are for the purpose of description and should not be regarded as limiting.

BRIEF DESCRIPTION OF THE DRAWINGS

The invention will be better understood and objects of the invention will become apparent when consideration is given to the following detailed description thereof. Such description makes reference to the annexed drawings wherein:

FIG. 1 is a block diagram of the handheld mobile communication device for wireless communication with a FI and storage of Banking details according to an embodiment of the invention; and

FIG. 2 is a passbook format as may be displayed on the output unit of a handheld mobile communication device.

FIG. 3 is a diagram of the flow whereby a user may make a payment to a pre-defined beneficiary.

FIG. 4 is a diagram of the flow between the FI and mobile communication device through the wireless network

In the drawings, embodiments of the invention are illustrated by way of example. It is to be expressly understood that the description and drawings are only for the purpose of illustration and as an aid to understanding, and are not intended as a definition of the limits of the invention. DETAILED DESCRIPTION OF THE INVENTION

One aspect of the invention is a mobile communication device that enables accessing and management of financial information, as between the mobile communication device and a server associated with an FI, by means of a wireless network.

The mobile communication device includes a client program that enables the financial information access and management functions described herein.

The mobile communication device is operable to communicate with a server associated with the FI. The server is linked to a FI database. It should be understood that the FI database (or data warehouses linked to the FI database stores the master files for the financial information). In one aspect of the invention, the financial data provided to the mobile communication device may be provided to the mobile communication device on a temporary basis because the user may rely on the availability of such financial information for a longer period of time from the FI.

In one aspect of the invention, the client program embodies (1) means for contacting the server computer, (2) information for identifying the user and/or the mobile communication device to the server computer for authentication purposes, and (3) programming enabling the financial data received at the mobile communication device from the server computer to be organized and presented on the mobile communication device by means of financial information user interface, such financial information user interface further enabling the user to initiate one or more processes for managing the financial information. Examples of such processes are provided below.

In one specific implementation of the invention the financial information user interface provides means for organization data received at the mobile communication devices from the server computer in a bank book or passbook type interface, as further detailed below.

It should be understood that the mobile communication device of the present invention may consist of a hand-held two-way wireless paging computer, a wirelessly enabled palm-top computer, a mobile telephone with data messaging capabilities, a portable digital media player, or a wirelessly enabled laptop computer, but could be any type of mobile data communication device capable of sending and receiving messages via a network connection. The majority of current mobile communication device users, however, use a mobile telephone with data messaging capabilities, such as server addressing capabilities such as Short Message Service ("SMS") or Multimedia Messaging Service ("MMS"). Where the disclosure herein references SMS messages, MMS messages may also be applied. The present invention therefore provides means for providing the functionality described herein, from mobile communication devices that are relatively common and inexpensive.

In one possible implementation of the present invention, the mobile communication device is operable to store banking details relating to the user's account information, including for the purpose of enabling the exchange of data messages between the mobile communication device and the server computer via the wireless network.

Only a small percentage of the global population have access to a computer, or a web-enabled communication device. To engage in activities such as online banking it is a necessity that a user has access to a computer or device that allows for Internet access. Consequently, facilities such as online banking are not available to many people around the globe.

However, the use of cellular phones and other mobile devices generally is increasing globally. Many areas of the globe do not have traditional telephone infrastructures in place, such as telephone wiring, and the introduction of cellular and satellite phone technology has caused these areas to be telephonically connected where they were unable to be in the past. Also, the transportability and constant connectivity offered by mobile devices, such as cellular phones, has increased the popularity of such devices. Although, a wide range of mobile device models are available on global markets, many are inexpensive, as are the service packages, some of which are even pay as you go, and it is this range of mobile device that enjoy the broadest market share globally. Most mobile devices, whether at the expensive or inexpensive ends of the range, are capable of receiving and sending SMS messages.

The present invention is designed to be utilized by any mobile device having SMS message capabilities. The method and system of the present invention may function from a platform that is applicable to a variety of mobile devices. As such, the present invention provides access to FI information and account transaction functions that are presently inaccessible to users who lack a computer or other communication device having web-browser capabilities. Features of the present invention, described in more detail herein, further provide for a system and method that are not state dependent. Asynchronous access to account information transferred to a mobile device may be provided which decreases the cost of FI account and transaction access from that are required to undertake such functions through an online banking system that requires a constant Internet connection, and therefore incurs a charge for such connection throughout the access period.

The present invention may be applied by FIs of all sizes, whether large or small. A complex system is not required to send and receive data between FIs and mobile devices. The FI need only be able to compose a SMS message with the account data to be sent to a user, and to receive a SMS message with instructions from a user. The application of the present invention therefore avoids issues raised by a need to integrate the system of a FI with that of a user because the SMS message function is easily undertaken by both the FI and the user. Consequently, the FI can take advantage of the cost-savings experienced by the user as well as a decreased infrastructure cost.

The infrastructure of the present invention (explained in greater detail below) is relatively inexpensive to operate, integrate, and maintain. It should be understood that the server computer of FI will either include or be linked to a data messaging infrastructure. In one particular implementation of the present invention the system of the present invention includes a customizable Application Program Interface ("API") (108) which provides an interface between the various mobile communication devices and the back office system of the FI. For example, the API is operable to decrypt data received from the mobile communication device (if the data is encrypted), tag the data as required in accordance with the back office system processes, translate the data into one or more formats if required by the back office system processes, interface with an application repository that is part of the back office system, and place data elements into the back office system workflow, In an embodiment of the present invention SMS messages may be structured so as to include short data strings.

The present invention may involve a FI server capable of sending and receiving messages from a mobile device via a wireless connection. The mobile device may further be capable of sending and receiving message from the FI server. As such both the FI server and mobile device have push and pull messaging capabilities. For example, a transaction pull message by a FI (from a mobile device) may include a Fund Transfer, Bill Payment, or other financial services like share trading. A push message by a FI may include: Credit/Debit Alerts; Minimum Balance Alerts; and Bill Payment Alerts. A pull enquiry message by a mobile device may include: an Account Balance Enquiry; Account Statement Enquiry; Cheque Status Enquiry; Cheque Book Requests; or Recent Transaction History.

One embodiment of the present invention may incorporate an administrative tool whereby push and pull rules may be set. For example, the administrative tool may be set to include a rule whereby a mobile device will only pull messages from the FI server at particular points in time, or upon a particular event or command. Such a rule would restrict the upload of messages from the FI server to the mobile device to particular points in time, thereby limiting the ability of the mobile device to pull messages continuously. A benefit of such a rule is a cost saving for the user where by uploads will not occur continuously during the day whenever the account or transaction information is updated which would cause multiple charges to the mobile device owner for each upload. A user will be able to control the uploads and simultaneously the wireless connection charges relating to the uploads. A skilled reader will recognize that a variety of other rules may be set in the administration tool relating to the pushing or pulling of account or transaction information between a FI server and a mobile device.

The administration tool may function at several levels of the system and method of the present invention. For example, the administration tool may exist on the FI server. A user may send messages through a wireless connection from a mobile device to alter the administration tool settings and rules. Alternatively, the administration tool may exist on a computer that the mobile device may be linked to from time to time, and that is linked to the FI server, whereby the FI server pushes may be driven by the administration tool existing on the computer. A skilled reader will recognize that a variety of means of applying an administration tool to facilitate rule-based push and pull functions by the FI server and mobile device may be applied.

The mobile communication device may allow for the storage of large amounts of data relating to a customer's account and account transactions, and may further keep such data separate from other messages received by the mobile communication device. This is achieved by a special SMS interceptor program that may be incorporated into the application loaded on the mobile device. The SMS interceptor program may be operable to identify specific messages received from the FI. The program may facilitate authentication and translation of a line text message into a specific format. The formatting of the text message may enable the message to be viewed in a passbook format on request on the mobile device, or other formats as requested. The message information may be retained on the phone, by way of being stored in the phone memory or other retention means. Retention of the message may facilitate asynchronous viewing of the account details sent in the message, As a result there is no need to have a wireless connection in place in order to achieve viewing of the message and the account details therein. This has the benefit of allowing account details to be viewed without incurring costs relating to a wireless connection.

To further reduce costs, the phone may be connected to a computer or other computing apparatus; such as a desktop PC, laptop or smart phone, and the account details may be downloaded from the phone onto the computer. The account details may be stored on the computer, or may be printed by a printer connected to the computer, Alternatively, the phone may be directly connected to a printer and the details may be printed by the printer. This aspect of the present invention can create cost and time savings for FIs as they may no longer be required to undertake the activities and expense of printing and sending account statements to customers. Keeping data relating to a customer's account and transactions separate from other messages may further enable details account details to be PIN protected. The PIN or other login information may be integrated into a message sent between the FI server and the mobile device. This protection adds a layer of security. A person who has access to the phone will be unable to access and/or view the account details unless such a person knows the PIN and enters the PIN into the phone. To further protect information sent between the FI server and the mobile device, such information may be encrypted in known manners. A skilled reader will recognize that other means of verification of a user and tying such verification to a message may be implemented by the present invention.

The FI may disseminate information simultaneously, for example in real time, to the mobile communication device which is operable to store such information in a passbook format. Real time dissemination may involve the FI server sending information relating to accounts or transactions as soon as such information is updated on the FI server, which may be at the point in time when the account change or transaction occurs.

The mobile communication device additionally may be capable of retaining data downloaded from a computer, recording any action required on each item of data, and recording signatures on a touch screen that can be stored digitally.

The mobile communication device may receive specific information on bank accounts, credit cards, stocks, commodities, and may store this information in a passbook format. Data relating to a customer's account and transactions in the account stored upon the mobile communication device may be seamlessly transferred to other electronic devices, for example, such as printers or computers.

A benefit of the present invention over the prior art is that it does not require a customer to come into physical contact with an automated passbook updating machine or FI terminal in order to update the data relating to a customer's account and transactions in the account stored therein. The present invention provides a mobile communication device which updates the data relating to a customer's account and account transactions via a wireless means. Such updates may occur on a real-time basis. A further benefit of the present invention is that the mobile communication device is designed to have a simple construction, be easy to use, and be secure and reliable.

As illustrated in Fig. 1 of the accompanying drawings, the mobile communication device 10, in one particular implementation thereof, comprises a processor 12 connected to a data memory 13 , a program memory 14, an input unit 15, an output unit 16 and a SIM card 17 and a power supply 18 connected to each of the above components. All the above components are located in a housing 19. The processor and the memories may be encompassed in an IC chip. One embodiment of the present invention may incorporate a mobile communication device that has only data communication capability.

In one embodiment of the present invention the output unit may comprise a display and the input unit may comprise a keypad and a key switch. The data memory stores customer details, for example, such as account number or PIN number, as well as data relating to the customer's transactions in his account with a FI, for example, such as remittances, transfers, deposits or withdrawals of money, purchase and sale of securities . and other financial assets. A skilled reader will recognize that other account details and account transactions may be received and stored by the mobile communication device.

The present invention may apply encryption technology and process requirements as a means of protecting the security of the transmission of data between the FI server and the mobile device. One embodiment of the present invention may apply 5P security. This security application may involves a PIN, a protocol, a process, parameters and phone numbers. The PIN may be an encryption key such as one supported by the XTEA algorithm. The XTEA is a 64-bit block Feistel network with a 128-bit key and a suggested 64 rounds. The XTEA cipher has not been patented and is available for free use in the public domain. The protocol may include a basic level of encryption provided on the mobile device by the manufacturer. The protocol level encryption may be enhanced. The process facilitates security means such as paper versions of some document, web registration of beneficiaries with whom transactions may occur, as well as the requirement that certain bill details be provided by a user. The parameters may include a maximum limit amount set for funds that a transaction that is instigated by a user upon a mobile device may involve. A user's phone number may be used as a primary form of ID for authentication purposes. A skilled reader will recognize that other security means and methods may be applied to the present invention.

The processor of the present invention may control the operation of the mobile communication device in response to actuation of keys on the keypad by a customer. The SIM card 17 may establish connectivity with the mobile telephone service provider (not shown) and the application installed in the program memory enables the mobile communication device to communicate with the FI database 20 through a wireless FI server 22 and wireless communication server (not shown) through Short Messaging System (SMS) which contains customer details and data relating to the customer's account. The program memory also may comprise the mobile software module, which enables the SIM card to establish connectivity with the mobile telephone service provider. The application program installed in the program memory may enable the device to extract transaction details from a received SMS, store the extracted details in a data file in an encrypted format in the data memory of the mobile communication device, and then decrypt the data file such that the data file may be displayed on the display unit of the mobile communication device in a passbook format as and when required.

The customer details and data relating to the customer's account may also be stored in the FI database. The program memory with an application program may be installed in the FI database to enable the mobile communication device to send instructions to the FI to execute on the linked account by way of a SMS. The installation of the program memory with an application program in the FI database may enable the FI to authenticate SMS sent from a mobile communication device, execute the instruction contained in the SMS and send an SMS to the mobile communication device confirming the transaction. In this way, the customer may link his or her account at the FI between the mobile communication device and the FI database.

The mobile communication device may comprise more than one data memory. Delivery reports for SMS sent from the mobile communication device may be generated. Transaction details contained in the SMS may be stored solely by the mobile communication device and the FI database and may not be stored anywhere else during transit of the SMS to and from the FI server and the mobile communication device. SMS may be delivered within a pre-defined time. The transaction details contained in the SMS may be stored in the device in an encrypted format. All the above stated measures may be undertaken to ensure the security and reliability of the present invention.

The messages containing transaction details may be transmitted to and from the FI and the mobile communication device wirelessly by way of but not limited to a SMS or Wireless Application Protocol (WAP) or internet.

A typical transaction (wherein the communication is initiated by the FI) using the electronic passbook of the invention may be facilitated in the following manner, although a skilled reader will recognize that other facilitations may be applied by the present invention.

When a cheque issued by the customer is cleared, the same may be reflected in the customer's log stored in the FI database. A SMS containing the details of the cheque clearance and the resultant balance may be sent to the customer's mobile communication device by the FI server through the communication server. The application installed in the mobile communication device may extract the clearance details contained in the SMS and store it in the data memory of the mobile communication device in the form of an encrypted data file. When the customer wishes to view the account transaction details, the data file may be decrypted. The customer may then display these details along with all previous account transactions by actuation of the key switch 18 on the display unit 16 in the passbook format after inputting the correct PIN.

A typical transaction (wherein the communication is initiated by the customer) using the electronic passbook of the invention may be facilitated in the following manner, although a skilled reader will recognize that other facilitations may be applied by the present invention.

A customer may initiate communication with the FI server by sending a SMS to a pre-specified number asking it to transfer a certain amount of money to a beneficiary 40, as shown in FIG. 3. The beneficiary may be been pre-defined by the customer 42 by way of paper instructions to the FI. The details of the customer stored on the electronic passbook may be sent to the wireless server in an encrypted format and are decrypted by the FI's server and compared with the details stored against that customer in the FI database. If the details match, further processing of the task can be carried out. The FI server may transfer the stated amount from the customer's account into the beneficiaries account. An intimation in the form of an SMS may be sent to the customer confirming the transaction. The application installed in the passbook may extract the transaction details in the form of a data file which is stored in the data memory in an encrypted format. The customer may be able to view such details along with all previously stored account transactions by actuation of the key switch 18 on the display unit 16 in the passbook format after inputting the correct PIN.

When the current market price of a collection of stocks held by the customer changes, the same may be reflected in the customer's log stored in the FI database. A SMS containing the details related to the market price may be sent to the customer's mobile communication device by the FI server through the communication server. The application installed in the mobile communication device may extract the

^' market price details contained in the SMS and stores it in the data memory of the device in the form of an encrypted data file. The customer may decrypt the data file and view the market price details along with all previous account transactions by actuation of the key switch 8 on the display unit 6 in the passbook format after inputting the correct PIN. In the same way, a customer may be able to request updated information on the prices of financial instruments, for example, such as stocks, mutual funds, bond, derivatives, by way of an SMS to the FI. The FI may then authenticate the SMS and execute the instruction, then send an SMS with the requested information to the mobile communication device by way of an SMS, where such information may then be extracted and stored as a data file. This information may then be displayed on the. mobile communication device by way of a ticker tape or crawler.

A typical transaction (wherein the communication is initiated by the mobile communication device) using the electronic passbook of the invention may be facilitated in the following manner, although a skilled reader will recognize that other facilitations may be applied by the present invention.

The mobile communication device may obtain information on a list of accounts by connecting to another digital device, for example, such as a computer, and store and display this information in a passbook format. The customer may then use this information by sending instructions from the mobile communication device to the FI by way of an SMS, which the receiving FI authenticates and executes the instructions. The subsequent change in the customer's account may then be instantly viewed on the mobile communication device by way of an SMS sent from the FI to the mobile communication device. The customer may also use this information to execute other actions, such as paying out money, capturing the signatures on a touch screen as a form of receipt, download this information to another computer, and send these details by way of SMS to the FI,

The above transactions are by way of examples only and should not be considered to restrict or limit the scope of the invention. A skilled reader will recognize that these represent mere examples of some of the embodiments of the present invention, or applications of the invention.

The transaction details in a customer's account with the FI may be communicated to the electronic passbook of the customer through SMS! The mobile communication device allows the transaction details to be stored in the data memory thereof in a passbook format. Therefore, the customer may not require an additional paper or electronic passbook for storing the transaction details. The data memory may be able to accommodate large amounts of data. As and when there is any change in the customer's account with the FI, this change may be communicated directly to the electronic passbook via SMS and the information may be stored in the device. The device need not be brought in physical contact with an automated passbook updating machine or FI terminal for recording the transactions or changes in the account details stored in a physical passbook. As the changes in the customer's account details may be immediately communicated to the electronic passbook via SMS₅ the changes are stored in the electronic passbook on a real-time basis. The data contained in the electronic passbook may be transferred seamlessly to other electronic devices, for example, such as printers or computers in a known manner. The electronic passbook may comprise few components and may be configures so as to not be complex in nature. As the data related to the transaction details may be stored in the mobile communication device in an encrypted format and requires a PIN to access, the passbook is secure and reliable. At the time of viewing, the data may be decrypted and read.

One embodiment of the present invention is shown in FIG. 4, wherein a FI database 50 is capable of receiving and sending SMS messages. The SMS messages may be generated through the use of a SMS Application 52. The message may be transferred via a wireless communication means to a mobile device 54. A user may view the message upon the mobile device and may store the message therein. A skilled reader will recognize that other configurations of the present invention are also possible.

The present invention may facilitate the provision of any FI information that is available over the Internet to a user by way of transfer to the user's phone. The information may be transferred by text messages received on the SMS platform that may be retained on the mobile device. Once the messages are received subsequent viewing of the transferred information may be asynchronous. The result may be that the user does not incur any charges for subsequent viewings, as there is no need to be connected to a wireless connection to access and view the information.

The present invention may further facilitate remote banking for users who may otherwise not have access to Internet banking facilities. Presently Internet banking is not always available everywhere and may require subscription by a user to expensive data plans. SMS texting is available wherever a mobile device can be connected to the service providers. Often no additional charges are incurred for the SMS texting facility. Consequently, the present invention may facilitate the transfer of data to and from a phone as formatted SMS texts, in a manner described above, whereby a user may undertake remote banking through their phone that is comparable to Internet banking.

The present invention may further facilitate this remote banking without the reliance upon webpages. Many Internet banking systems provide the relevant information and functions in the context of a webpage. The present invention may format the account information so as to avoid the requirement of access to account information and banking functions via a webpage by formatting the account information in a manner that is less cumbersome for phone based use, Additionally, the formatted account information may require less bandwidth than a webpage while retaining all of the account related function. In fact, SMS message capable systems may take up only a fraction of the bandwidth required for web browsing and are hence much cheaper and have a greater coverage as compared to web access. A user may register bills, check if certain cheques have been processed, transfer funds between account and undertake other account transactions. Certain account transactions may be undertaken in an asynchronous manner, so that the user does not incur wireless communications during the whole of the transaction. Instead the user may access and view the account information in an asynchronous manner and indicate the transactions to be undertaken. Once a wireless connection between the phone and the FI is re-established the transactions will occur. This can provide the user with significant cost savings.

The present invention is applicable to a wide range of phone models and types as receiving or sending SMS messages and related function is available on virtually every phone model and type. A "smart phone", for example, such as a Blackberry™, having advanced wireless capabilities is not required for the present invention to function. As smart phones are often offered at a premium price, the present invention may be applied on any phone that is capable of sending and receiving SMS text message, which includes phones that are sold at a lower cost than smart phones. Additionally, wireless browsing capabilities that require expensive data plans and will not work on all phone models and types, are not required for the present invention to function. This offers the user of the present invention an additional cost benefit, in that the user does not need to pay high rates for such wireless browsing capable data plans.

The present invention being aimed at SMS message capable mobile devices, including more basic phones, may take into account the small screen size available on such phones as well as keyboard limitations. The display and functions of the present invention may be more convenient than those developed for Web browsing on the phone.

For the many reasons addressed previously, the method and system of the present invention may be less expensive than other alternatives means of disseminating account transaction information to a remote customer. For example, it is estimated a SMS text message costs 1% of the cost of providing the same information through a manned call center.

It will be appreciated by those skilled in the art that other variations of the embodiments described herein may also be practiced without departing from the scope of the invention. Other modifications are therefore possible.

Claims

CLAIMSI Claim:

1. A system for enabling access to and management of financial information from a mobile communication device that is connectable to a wireless network, characterized in that the system comprises:

(a) a wireless network;

(b) a financial institution server operable to transmit financial information to at least one mobile communication device connectable to the wireless network; and

(c) a mobile client program included in the at least one communication device, wherein the mobile communication device is operable to:

(i) receive financial information from the financial institution server, the mobile client program is operable to present the financial information on the mobile communication device;

(ii) store financial information from the financial institution server in a mobile communication device memory; and

(iii) enable a user to initiate from the mobile communication device one or more instructions for processing financial information, the mobile communication device is operable to transmit the instructions to the financial institution server, and the financial institution server is operable to receive the instructions and to implement the instructions.

2. The system of claim 1 characterized in that the mobile client program is further operable to set and manage rules for the receiving and sending of financial information and instructions between the financial institution server and the mobile communication device.

3. The system of claim 1 characterized in that the mobile client program is operable to receive financial information and transmit instructions generated by a SMS application.

4. The system of claim 1 characterized in that the mobile client program is operable to receive financial information and transmit instructions generated by a SMS application.

5. The system of claim 1 characterized in that the financial institution server is operable to receive instructions and transmit financial information generated by a SMS application.

6. The system of claim 1 characterized in that the financial institution server is operable to receive instructions and transmit financial information generated by a SMS application.

7. The system of claim 1 characterized in that the mobile client program is operable to present the financial information on the mobile communication device as a passbook format.

8. A method for enabling access to and management of financial information from a mobile communication device that is connectable to a wireless network, characterized in that the system comprises the steps of:

(a) transmitting financial information by a financial institution server through the wireless network;

(b) receiving the financial information by a mobile communication device via the wireless network;

(c) presenting the financial information on the mobile communication device for viewing by a user;

(d) storing the financial information in the mobile communication device;

(e) enabling the user to initiate from the mobile communication device one or more instructions for processing financial information;

(f) transmitting the instructions to the financial institution server;

(g) receiving the instructions by the financial institution server; and

(h) implementing the instructions by the financial institution server.

9. The method of claim 8 characterized in that it comprises the further steps of generating the financial information and instructions by a SMS application.

10. The method of claim 9 characterized in that it comprises the further steps of structuring the SMS generated financial information and instructions to a specific format defined by the financial information server to facilitate authentication of the user of the mobile communication device.

11. The method of claim 8 characterized in that it comprises the further steps of generating the financial information and instructions by a MSS application,

12. The method of claim 8 characterized in that it comprises the further steps of structuring the MSS generated financial information and instructions to a specific format defined by the financial information server to facilitate authentication of the user of the mobile communication device.

13. The method of claim 8 characterized in that it comprises the further step of presenting the financial information on the mobile communication device in a passbook format.

14. The method of claim 8 characterized in that it comprises the further steps of transmitting and receiving the financial information and instructions by way of a secure communication means.

15. The method of claim 14 characterized in that it comprises the further steps of:

(a) encrypting the financial information and instructions upon transmission; and (b) decrypting the financial information and instructions upon receipt.

16. The method of claim 14 characterized in that it comprises the further step of entering a PIN on the mobile communication device to generate the presentation of the financial information.

17. The method of claim 8 characterized in that it comprises the further step of implementing the instructions on the financial server to effect a financial transaction.

18. The method of claim 8 characterized in that it comprises the further step of setting rules through an administration tool to determine the transmission of financial information and instructions.

19. The method of claim 8 characterized in that it comprises the further steps of:

(a) accessing from storage of the mobile communication device the financial information;

(b) presenting the financial information on the mobile communication device to a user; and (c) facilitating management of the financial information by the user when the mobile communication device is not connected to the wireless network.