WO2010086879A1 - A system and method for carrying out a financial transaction - Google Patents

A system and method for carrying out a financial transaction Download PDF

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Publication number
WO2010086879A1
WO2010086879A1 PCT/IN2010/000030 IN2010000030W WO2010086879A1 WO 2010086879 A1 WO2010086879 A1 WO 2010086879A1 IN 2010000030 W IN2010000030 W IN 2010000030W WO 2010086879 A1 WO2010086879 A1 WO 2010086879A1
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WO
WIPO (PCT)
Prior art keywords
entity
mobile communication
mobile
financial instrument
financial
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PCT/IN2010/000030
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French (fr)
Inventor
Tamal Das
Valerie Rozycki
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Mchek India Payment Systems Pvt. Ltd.
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Application filed by Mchek India Payment Systems Pvt. Ltd. filed Critical Mchek India Payment Systems Pvt. Ltd.
Publication of WO2010086879A1 publication Critical patent/WO2010086879A1/en

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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/22—Payment schemes or models
    • G06Q20/223—Payment schemes or models based on the use of peer-to-peer networks
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
    • G06Q20/32—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using wireless devices
    • G06Q20/326—Payment applications installed on the mobile devices
    • G06Q20/3265—Payment applications installed on the mobile devices characterised by personalisation for use
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/08—Payment architectures
    • G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
    • G06Q20/32—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using wireless devices
    • G06Q20/322—Aspects of commerce using mobile devices [M-devices]
    • G06Q20/3223—Realising banking transactions through M-devices

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  • Business, Economics & Management (AREA)
  • Engineering & Computer Science (AREA)
  • Accounting & Taxation (AREA)
  • General Business, Economics & Management (AREA)
  • Strategic Management (AREA)
  • Physics & Mathematics (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Computer Networks & Wireless Communication (AREA)
  • Finance (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)

Abstract

A method of processing a financial transaction between a first and second entity over a communication network including a mobile network transaction system is disclosed. The method includes registering the first entity and the second entity in a user database of the mobile network transaction system, wherein registering the first entity includes generating for the first entity a user identity and a personal identification number to validate the user identity; and further includes registering for the first entity a financial instrument and linking the financial instrument to the user identity; and wherein registering the second entity includes registering a mobile communication identifier for the second entity and further includes registering a financial instrument for the second entity and linking the financial instrument to the mobile communication identifier; receiving details of the financial transaction to be processed between the first entity and the second entity, the details including user identity for the first entity, receiving the personal identification number of the first entity and validating the financial transaction on receiving a valid response; transmitting to a payment gateway of the financial instrument of the first entity details of the validated transaction and details of the financial instrument for the second entity. A system for processing a financial transaction is also disclosed.

Description

A System and Method for Carrying out a Financial Transaction
The invention relates to a method and system for processing a financial transaction over a mobile communication network. More particularly, the invention relates to a method and system of processing a financial transaction between two entities using a mobile communication device. BACKGROUND
Purchase of goods or services from stores or other providers are paid for through cash, cheque or cards such as credit cards, debit cards or smart cards. Such payment methods tend to be slow, cumbersome and may involve significant security risks. Cash is often inconvenient to carry and is at a risk of being stolen. Cards such as credit cards, debit cards or smart cards are also at a risk of being stolen and misused. Moreover, to accept payments through credit card, debit card or smart cards, card readers are required at the point of sale. This may be inconvenient due to high cost of such machines and as it may not be possible for the second entity's to carry such machines with them at all times.
With the advent of mobile phone technology customers may store their account details on mobile phones and make payments through their mobile phone. Such transactions over a mobile communication network require both the customer and the second entity to use previously registered mobile phones.
However, a large number of customers do not own mobile phones. Some customers who own mobile phones are reluctant to use such payment systems, often on account of security and complexity of such systems. Another deterrent in the use of mobile payment technology is the need for mobile users to enter their details and authenticate their mobile phone each time they change their mobile phone or service provider.
In view of these limitations there is a need for a system for processing financial transactions on a mobile phone that does not require users to have a personal mobile phone.
SUMMARY
The disclosure relates to a method of processing a financial transaction between a first and second entity over a communication network including a mobile network transaction system. The method involves registering the first entity and the second entity in a user database of the mobile network transaction system, wherein registering the first entity includes generating for the first entity a user identity and a personal identification number to validate the user identity. The method further includes registering for the first entity a financial instrument and linking the financial instrument to the user identity. Registering the second entity includes registering a mobile communication identifier for the second entity and further includes registering a financial instrument for the second entity and linking the financial instrument to the mobile communication identifier. The method involves receiving details of the financial transaction to be processed between the first entity and the second entity, the details including user identity for the first entity. The method further involves receiving the personal identification number of the first entity and validating the financial transaction on receiving a valid response; and transmitting to a payment gateway of the financial instrument of the first entity details of the validated transaction and details of the financial instrument for the second entity.
The disclosure further relates to a mobile network transaction system for processing a financial transaction between a first and second entity over a communication network. The mobile network transaction system includes .a transaction processor configured to register the first entity and the second entity in a user database, wherein registering the first entity includes generating for the first entity a user identity and a personal identification number to validate the user identity; and further includes registering for the first entity a financial instrument and linking the financial instrument to the user identity. Registering the second entity includes registering a mobile communication identifier for the second entity and further includes registering a financial instrument for the second entity and linking the financial instrument to the mobile communication identifier. The mobile network transaction system further includes a mobile network interface configured to communicate with a mobile communication device; and a switch configured to communicate with payment gateways of the financial instruments for the first and second entity. The mobile network transaction system is configured to receive a request for processing a financial transaction between the first entity and the second entity, the request including user identity for the first entity. The mobile network transaction system is also configured to request for personal identification number of the first entity and to validate the transaction on receiving a valid response; the system further configured to forward to the payment gateway for the financial instrument of the first entity details of the validated transaction and details of the financial instrument for the second entity.
BRIEF DESCRIPTION OF THE DRAWINGS
Examples of embodiments of the invention are illustrated by way of illustration and not limitation in the figures of the accompanying drawings, in which like references indicate similar element and in which; Figure 1 is a schematic illustration of a mobile network transaction system for carrying a financial transaction between a first entity and a second entity in accordance with an embodiment.
Figure 2 is a schematic illustration of a mobile network transaction system for carrying a financial transaction between a first entity and a second entity in accordance with another embodiment.
DETAILED DESCRIPTION
For the purpose of promoting an understanding of the principles of the invention, reference will now be made to the embodiment illustrated in the drawings and specific language will be used to describe the same. It will nevertheless be understood that no limitation of the scope of the invention is thereby intended, such alterations and further modifications in the illustrated method and system, and such further applications of the principles of the invention as illustrated therein being contemplated as would normally occur to one skilled in the art to which the invention relates.
It will be understood by those skilled in the art that the foregoing general description and the following detailed description are exemplary and explanatory of the invention and are not intended to be restrictive thereof. Throughout the patent specification, a convention employed is that in the appended drawings, like numerals denote like components.
Reference throughout this specification to "one embodiment" "an embodiment" or similar language means that a particular feature, structure, or characteristic described in connection with the embodiment is included in at least one embodiment of the present invention. Thus, appearances of the phrase "in one embodiment", "in an embodiment" and similar language throughout this specification may, but do not necessarily, all refer to the same embodiment.
Many of the functional units described in this specification have been labelled as modules, in order to more particularly emphasize their implementation independence. For example, a module may be implemented as a hardware circuit comprising custom very large scale integration circuits or gate arrays, off-the-shelf semiconductors such as logic, chips, transistors, or the other discrete components. A module may also be implemented in programmable hardware devices such as field programmable gate arrays, programmable array logic, programmable logic devices or the like.
Modules may also be implemented in software for execution by various types of processors. An identified module of executable code may, for instance, comprise one or more physical or logical blocks of computer instructions that may, for instance, be organised as an object, procedure, or function. Nevertheless, the executables of an identified module need not be physically located together, but may comprise disparate instructions stored in different locations which, when joined together, comprise the module and achieve the started purpose for the module.
Indeed, a module of executable code could be a single instruction, or many instructions, and may even be distributed over several different code segments, among different programs, and across several memory devices. Similarly, operational data may be identified and illustrated herein within modules, and may be embodied in any suitable form and organised within any suitable type of data structure. The operational data maybe collected as a single data set, or may be distributed over different locations including over different member disks, and may exist, at least partially, merely as electronic signals on a system or network. A method and system for processing a financial transaction over a communication network using a mobile phone is described. The mobile network transaction system disclosed provides an interface between an entity with a mobile communication device such as a mobile phone at one end and an entity without a mobile communication device at the other end. The method and system disclosed allows a first entity not having a mobile phone to carry out financial transactions with a second entity using a shared mobile phone.
The first entity registers with the mobile network transaction system. On registration with the mobile network transaction system, the first entity is provided with a user identity and a password or Personal Identification Number [PIN] to validate the user identity. Alternatively, the first entity may select the user identity and the password or PIN at the time of registration. The user identity is a unique alias that may be easily remembered by the user and- identifies the user within the mobile network transaction system. The PIN is an input secret entry, such as an alphanumeric string that is used for authorisation of the financial transaction by the first entity. On registering with the mobile network transaction system, the first entity submits details of his financial instrument such as a credit card, debit card or a bank account to the mobile network transaction system for registration. The mobile network transaction system verifies the details of the financial instrument of the first entity and links the details of the financial instrument to the user identity and the PIN. The first entity may register multiple financial instruments with the mobile network transaction system. The first entity may also be allowed to change the PIN from time to time.
In accordance with an aspect the first entity may also register with the mobile network transaction system through a bank. By way of a specific example, the first entity at the time of opening a bank account may request the bank to register the bank account with the mobile network transaction system. In such embodiments, the bank submits the first entity's financial instrument details to the mobile network transaction system, which then generates the user identity and PIN and sends it to the first entity.
The second entity also registers with the mobile network transaction system. To register with the mobile network transaction system the second entity submits a mobile communication identifier. The mobile communication identifier may be a mobile number or a mobile device number representing a mobile communication device. Specifically, the mobile communication device is a mobile phone. However, other devices can be utilized with one or more disclosed embodiments. Examples of such devices include smart phones and personal digital assistants (PDA's). On registration, the second entity may be provided with a second entity identity and PIN that are linked to the mobile communication identifier. Alternatively the second entity may select the second entity ID and the password or PIN at the time of registration. On registering with the mobile network transaction system, the second entity submits details of his financial instrument such as a credit card, debit card or a bank account to the mobile network transaction system for registration. The mobile network transaction system verifies the details of the financial instrument of the second entity and links the details of the financial instrument to the mobile communication identifier or to the user identity for the second entity. The second entity may register details of multiple financial instruments with the mobile network transaction system.
In accordance with an aspect, the second entity may register at the mobile network transaction system with the mobile communication identifiers of other second entities. hi accordance with an aspect, a client application is provisioned on the mobile communication device identified by the mobile communication identifier. The client application facilitates communication between the mobile communication device and the mobile network transaction system and further allows the first and second entity to initiate and authorise the financial transaction by interacting with the mobile network transaction system. In accordance with an embodiment the client application on the mobile communication device is configured to display or present various prompts in order to facilitate the entry of the transaction details and the authentication information. Such menu prompts can guide the user through the transaction process in a predetermined manner allowing information to be communicated to the mobile network transaction system in an appropriate format.
In accordance with an embodiment, the second entity at the time of registration or at any later stage may also register a second or multiple mobile communication identifiers with the mobile network transaction system, with each mobile communication identifier representing a mobile communication device. The plurality of such mobile communication identifiers are also linked to the second entity's identity. The second entity may also install the client application on all subsequent mobile communication devices that the second entity registers with the mobile network transaction system.
With reference to figure 1, a mobile network transaction system (100) for processing a financial transaction between a first entity (200) and a second entity (180) using a mobile communication device (190) in accordance with an embodiment is illustrated. The mobile network transaction system (100) includes a transaction processor (300), a mobile network interface (150), a user database (160) and a switch (140). The transaction processor (300) by way of corresponding modules controls the operation of the mobile network transaction system (100) including the mobile network interface (150) and the switch (140). The transaction processor (300) in implementation of a registration module registers the first entity (200) and second entity (180) in the user database (160) and generates user identities and personal identifications numbers or passwords to validate the user identities. The transaction processor (300) in implementation of a financial instrument module registers a financial instrument for the first entity (200) in the user database (160) and links the financial instrument with the user identity. The transaction processor (300) in implementation of a mobile communication device module registers a mobile communication identifier representing a mobile communication device (190) in the user database (160) for the second entity (180). The transaction processor (300) in further implementation of the financial instrument module registers a financial instrument for the second entity (180) in the user database (160) and links the financial instrument with the mobile communication identifier for the second entity.
The mobile network interface (150) enables communication between the mobile network transaction system (100) and the mobile communication device (190). The mobile network interface (150) includes a short messaging service (SMS) module or a USSD module configured to receive and transmit messages between the mobile network transaction system (100) and the mobile communication device (190). In accordance with an aspect, the mobile network interface (150) is configured to communicate with the client application provisioned on the mobile communication device (190).
The mobile network transaction system (100) communicates with the payment gateways (170) of the financial instruments via the switch (140). The payment gateway (170) provides a secure communication to the banks system for processing the financial transaction. Once the financial transaction is successfully processed, a message is sent to the transaction processor (300). The transaction processor (300) in implementation of a transaction module is configured to generate a receipt for the transaction and send it to the mobile communication device (190). The receipt may be sent to any of a plurality of mobile communication device for which mobile , communication identifiers are registered with the mobile network transaction system (100).
Still referring to Figure 1 , in a financial transaction between a first entity (200) and a second entity (180), the first entity (200) either provides his user identity to the second entity (180) or directly enters the same in to the mobile communication device (190). The user identity may be entered into the client application on the mobile communication device (190) along with the transaction details. The user identity and the transaction details are transmitted to the mobile network transaction system (100) by the mobile communication device (190). The mobile network transaction system (100) verifies the first entity (200) and the second entity (180) and identifies the mobile communication identifier linked to the second entity's (180) account. A request for authentication of the financial transaction is then sent to the mobile communication device (190). The first entity(200) authorises the financial transaction by entering his PIN into the mobile communication device (190). On receiving the authentication from the mobile communication device (190) and verification of the user's PIN, the transaction is validated and details are sent to the payment gateway (170) for the transaction to be processed.
In accordance with an aspect the second entity (180) may need to enter it's user identity and PIN into the client application of the mobile communication device (190) along with the user identity for the first entity (200). The second entity (180) may also need to enter it's user identity and PIN to activate the client application on the mobile communication device (190). In accordance with an aspect, the first and second entity may at the time of initiation of the transaction select the financial instrument or bank from which the transaction is to be processed.
Figure 2 is a schematic illustration of a mobile network transaction system (100) in accordance with an embodiment where a plurality of mobile communication devices (190) is registered for a second entity. In the example illustrated, two mobile communication devices (190A, 190B) are provisioned. In accordance with an aspect the second entity (180) at the time of registration of the second mobile phone (190B) with the mobile network transaction system (100), selects the mobile communication device on which the request for authentication of the financial transaction is to be sent. The mobile network transaction system (100) is configured to request for the personal identification number of the first entity (200) from a specified mobile communication identifier for the second entity (180) from the plurality of mobile communication identifiers. The second entity (180) may initiate the transaction and transmit details of the transaction including user identity for the first entity (200) to the mobile network interface (150) through the first mobile communication device (190A). The mobile network transaction system (100) then identifies the mobile communication device (190) on which the request for authentication of the financial transaction is to be sent, from the database (160). The mobile communication device on which the request for authentication of the financial transaction is to be sent is the second mobile communication device(190B) that has been registered by the second entity (180).
In accordance with an aspect multiple second entity's may register a single mobile communication identifier. In accordance with a further aspect, multiple second entity's may register a single mobile communication identifier as the second mobile communication identifier (190B) with the mobile network transaction system (100).
In accordance with an aspect a user (first entity) may pay a bill generated by a service provider(second entity) by using the mobile communication device of another second entity. By way of a specific example, the user (first entity) may give the second entity his user identity and specify the service provider whose bill is to be paid. The service provider must be registered with the mobile network transaction system. In accordance with an aspect, a service provider as a second entity may be registered with the mobile communication identifiers of all other second entity's such that a transaction between the service provider and a user may be processed from any second entity's registered mobile communication device.
The second entity may then input into the client application the users identity, the details of the service provider and his second entity PIN. The client application of the mobile communication device sends the details of bill to be paid to the mobile network transaction system. The mobile network transaction system verifies the second entity and the user and identifies the details of the service provider and bill that the user wants to pay. The details of the bill, for example the amount due, the period of the bill along with a request for authentication of the transaction are sent to the mobile communication device by the mobile network transaction system. The user then authorizes the payment of the bill by entering his PIN into the mobile communication device. On verification of the user's PIN, the transaction details are sent to the payment gateway for processing the bill payment.
In accordance with an aspect in order to secure mobile financial transactions details sent by the mobile communication device and the mobile network transaction system are encrypted. In accordance with an embodiment, the mobile network transaction system may keep a detailed log of all transaction initiated and completed, such that the first entity or second entity may view the transaction history.
The communication network may be a mobile communication network configured to relay communication between mobile communication devices. The communication network may further be a network configured to communicate with payment gateways and Internet servers. Appropriate channel integration platforms may be incorporated in the communication network to facilitate communication between mobile communication devices and Internet based web portals.
Specific embodiments are described below:
A method of processing a financial transaction between a first and second entity over a communication network including a mobile network transaction system comprising registering the first entity and the second entity in a user database of the mobile network transaction system, wherein registering the first entity includes generating for the first entity a user identity and a personal identification number to validate the user identity; and further includes registering for the first entity a financial instrument and linking the financial instrument to the user identity; and wherein registering the second entity includes registering a mobile communication identifier for the second entity and further includes registering a financial instrument for the second entity and linking the financial instrument to the mobile communication identifier; receiving details of the financial transaction to be processed between the first entity and the second entity, the details including user identity for the first entity, receiving the personal identification number of the first entity and validating the financial transaction on receiving a valid response; transmitting to a payment gateway of the financial instrument of the first entity details of the validated transaction and details of the financial instrument for the second entity.
Such method(s) further comprising generating a user identity and a personal identification number for the second entity.
Such method(s) further comprising registering a plurality of mobile communication identifiers for the second entity.
Such method(s) further comprising requesting for the personal identification number of the first entity from a specified mobile communication identifier for the second entity from the plurality of mobile communication identifiers.
Such method(s) further comprising linking the financial instrument of the second entity to the plurality of mobile communication identifiers.
Such method(s) further comprising registering a plurality of second entities with the same mobile communication identifier or the same group of mobile communication identifiers.
Such method(s) further comprising receiving the request for processing a financial transaction from the registered mobile communication identifier for the second entity.
Such method(s) further comprising receiving verification details for the financial instrument to be linked from the first entity and second entity and validating the verification details with the provider of the financial instrument.
Such method(s) wherein the mobile communication identifier is a mobile number or a mobile device number.
Further embodiments:
A mobile network transaction system for processing a financial transaction between a first and second entity over a communication network comprising: a transaction processor configured to register the first entity and the second entity in a user database, wherein registering the first entity includes generating for the first entity a user identity and a personal identification number to validate the user identity; and further includes registering for the first entity a financial instrument and linking the financial instrument to the user identity; and wherein registering the second entity includes registering a mobile communication identifier for the second entity and further includes registering a financial instrument for the second entity and linking the financial instrument to the mobile communication identifier; a mobile network interface configured to communicate with a mobile communication device; as witch configured to communicate with payment gateways of the financial instruments for the first and second entity; wherein the mobile network transaction system is configured to receive a request for processing a financial transaction between the first entity and the second entity, the request including user identity for the first entity, the mobile network transaction system also configured to request for personal identification number of the first entity and to validate the transaction on receiving a valid response; the system further configured to forward to the payment gateway for the financial instrument of the first entity details of the validated transaction and details of the financial instrument for the second entity.
Such mobile network transaction system(s) further configured to generate a user identity and a personal identification number for the second entity.
Such mobile network transaction system(s) further configured to register a plurality of mobile communication identifiers for the second entity.
Such mobile network transaction system(s) further configured to request for the personal identification number of the first entity from a specified mobile communication identifier for the second entity from the plurality of mobile communication identifiers.
Such mobile network transaction system(s) further configured to link the financial instrument of the second entity to the plurality of mobile communication identifiers.
Such mobile network transaction system(s) further configured to register a plurality of second entities with the same mobile communication identifier or the same group of mobile communication identifiers.
Such mobile network transaction system(s) further configured to receive the request for processing a financial transaction from the registered mobile communication identifier for the second entity.
Such mobile network transaction system(s) further configured to receive verification details for the financial instrument to be linked from the first entity and second entity and validating the verification details with the provider of the financial instrument.
Such mobile network transaction system(s) wherein the mobile communication identifier is a mobile number or a mobile device number.
INDUSTRIAL APPLICABILITY
Various financial transactions may be carried out using the method and system described. Such transactions may include for example payments for a product or service provided by the second entity, payment of loan installments, payment of premiums or payment of a bill. The system as described by this invention also allows a user to deposit or withdraw cash from his account through a second entity.
The system as described by this invention allows users that do not have access to their own mobile phone to carry out a secure financial transaction over a shared mobile phone. Moreover, the method and system as described by this invention allows a second entity to carry out a cashless transaction over an existing mobile phone without the need of complicated equipment.

Claims

We claim:
1. A method of processing a financial transaction between a first and second entity over a communication network including a mobile network transaction system comprising: registering the first entity and the second entity in a user database of the mobile network transaction system, wherein registering the first entity includes generating for the first entity a user identity and a personal identification number to validate the user identity; and further includes registering for the first entity a financial instrument and linking the financial instrument to the user identity; and wherein registering the second entity includes registering a mobile communication identifier for the second entity and further includes registering a financial instrument for the second entity and linking the financial instrument to the mobile communication identifier; receiving details of the financial transaction to be processed between the first entity and the second entity, the details including user identity for the first entity, receiving the personal identification number of the first entity and validating the financial transaction on receiving a valid response; transmitting to a payment gateway of the financial instrument of the first entity details of the validated transaction and details of the financial instrument for the second entity.
2. A method as claimed in claim 1 further comprising generating a user identity and a personal identification number for the second entity.
3. A method as claimed in 1 further comprising registering a plurality of mobile communication identifiers for the second entity.
4. A method as claimed in 3 further comprising requesting for the personal identification number of the first entity from a specified mobile communication identifier for the second entity from the plurality of mobile communication identifiers.
5. A method as claimed in claim 3 further comprising linking the financial instrument of the second entity to the plurality of mobile communication identifiers.
6. A method as claimed in claim 1 further comprising registering a plurality of second entities with the same mobile communication identifier or the same group of mobile communication identifiers.
7. A method as claimed in claim 1 further comprising receiving the request for processing a financial transaction from the registered mobile communication identifier for the second entity.
8. A method as claimed in claim 1 further comprising receiving verification details for the financial instrument to be linked from the first entity and second entity and validating the verification details with the provider of the financial instrument.
9. A method as claimed in claim 1 wherein the mobile communication identifier is a mobile number or a mobile device number.
10. A mobile network transaction system for processing a financial transaction between a first and second entity over a communication network comprising: a transaction processor configured to register the first entity and the second entity in a user database, wherein registering the first entity includes generating for the first entity a user identity and a personal identification number to validate the user identity; and further includes registering for the first entity a financial instrument and linking the financial instrument to the user identity; and wherein registering the second entity includes registering a mobile communication identifier for the second entity and further includes registering a financial instrument for the second entity and linking the financial instrument to the mobile communication identifier; a mobile network interface configured to communicate with a mobile communication device; a switch configured to communicate with payment gateways of the financial instruments for the first and second entity; wherein the mobile network transaction system is configured to receive a request for processing a financial transaction between the first entity and the second entity, the request including user identity for the first entity, the mobile network transaction system also configured to request for personal identification number of the first entity and to validate the transaction on receiving a valid response; the system further configured to forward to the payment gateway for the financial instrument of the first entity details of the validated transaction and details of the financial instrument for the second entity.
11. A mobile network transaction system as claimed in claim 10 further configured to generate a user identity and a personal identification number for the second entity.
12. A mobile network transaction system as claimed in 10 further configured to register a plurality of mobile communication identifiers for the second entity.
13. A mobile network transaction system as claimed in 12 further configured to request for the personal identification number of the first entity from a specified mobile communication identifier for the second entity from the plurality of mobile communication identifiers.
14. A mobile network transaction system as claimed in claim 12 further configured to link the financial instrument of the second entity to the plurality of mobile communication identifiers.
15. A mobile network transaction system as claimed in claim 10 further configured to register a plurality of second entities with the same mobile communication identifier or the same group of mobile communication identifiers.
16. A mobile network transaction system as claimed in claim 10 further configured to receive the request for processing a financial transaction from the registered mobile communication identifier for the second entity.
17. A mobile network transaction system as claimed in claim 10 further configured to receive verification details for the financial instrument to be linked from the first entity and second entity and validating the verification details with the provider of the financial instrument.
18. A mobile network transaction system as claimed in any preceding claim wherein the mobile communication identifier is a mobile number or a mobile device number.
19. A method of processing a financial transaction substantially as herein described with reference to and as illustrated by the accompanying figures.
20. A mobile network transaction system substantially as herein described with reference to and as illustrated by the accompanying figures.
PCT/IN2010/000030 2009-01-16 2010-01-18 A system and method for carrying out a financial transaction WO2010086879A1 (en)

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