ZA200101729B - A banking system with enhanced utility. - Google Patents

Description

© WO 01/55983 PCT/IB01/00098

BANKING SYSTEM WITH ENHANCED UTILITY

FIELD OF THE INVENTION

This invention relates to a banking system with enhanced utility for conducting commercial transactions and, more particularly, to a system which includes a provision for the transfer of funds or other redeemable value from an account under the control of one entity to another account with clearing being effected in real time.

Still more particularly, but not exclusively, the invention relates to a banking system for enabling the convenient transfer of amounts of money value including both small and large amounts of money value, for example, from one person to another, or to a merchant, and which can obviate other systems which enable value (sometimes referred to as electronic cash, or e- cash) to be transferred from one electronic purse or wallet, usually in the form of a smart card, to another, in transactions free of hard cash and also free of the trouble, uncertainties and costs associated with the issue of a cheque or the use of a credit or debit card.

BACKGROUND TO THE INVENTION

There have been numerous different proposals of systems aimed at substantially diminishing the use of hard cash in every-day transactions, particularly, but by no means exclusively, the generally large number of transactions of small money value; and also systems aimed at the safe and secure disposal of income, with a view to improving convenience, and particularly with a view to avoiding the necessity of persons carrying appreciable amounts of hard cash on their person.

CONFIRMATION COPY i ) .

Broadly, the proposals which are currently under consideration, and some of which are being implemented, involve the use of a smart card or equivalent electronic memory embodied in a dedicated physical entity (herein referred to as a smart card irrespective of actual physical form), often referred to in 5s the industry as an electronic purse or wallet, in which a pasitive cash balance is retained in memory for utilization by transferring amounts from time to time 5) a similar smart card of another person or of a supplier of goods or

B services. :

Whilst many of these systems might operate effectively from a conceptual point of view, applicant believes that they suffer from basic disadvantages from a practical point of view not least of which are the possibility of the smart card of whatever form being stolen or lost and the necessity that a person needing to replenish the credit or other redeemable value in the " 15 Smart card generally needs to present it physically to a machine or institution. ’ Also, these systems mostly involve the use of special equipment with which the smart card can communicate at a point of sale in order to effect a transfer of electronic cash and such equipment represents an appreciable cost. . a

Various other proposals have therefore been put forward to avoid the use of a smart card or electronic purse in any other physical form. One such proposal is set out in United States Patent 5,991,749 to Morrill Jr. This proposal hinges on the use of a cellular telephone service provider's central processing unit (CPU) and the cellular telephone accounts structure for enabling commercial transactions to be carried out by suitable operation of a cellular telephone to credit and debit the relevant cellular telephone accounts. It is mentioned that other accounts could be debited and credited but no meaningful disclosure of any such arrangement is provided.

Whilst this proposal does address certain of the difficulties inherent in the smart card type of proposals it too has a number of serious disadvantages,

LU } WO 01/55983 PCT/IB01/00098 at least when particular objectives are to be achieved. In particular, other than in a pre-paid situation, ultimate retention of the funds by the recipient is still dependent on recovery thereof by the service provider from the subscriber and the transaction is reversible at the instance of the service provider.

PCT patent publication no WO9613814 describes a similar arrangement but one in which the transfer of funds is aimed at being carried out in the bank's computer system without any attempt to address the general difficulties associated with the manner in which banks control clients’ accounts and more particularly the way in which they control access to newly deposited funds as indicated below.

The general difficulties which applicant perceives in both of the latter . - is proposals as well as in banking systems presently in common use and which - . employ credit cards, debit cards, cheques and other fund transfers carried } ) out by the bank such as stop orders, debit orders and the like, is that any E }

B fund transfer credited to an account of a recipient can be reversed at the instance of, in amongst others, the payer of the relevant funds with the assistance of the relevant financial institution, the service provider in the case of the system of Morrill, the payer's bank or other financial institution in cases in which a bank or other financial institution is involved, or a credit card company which may be involved. Thus there is considerable doubt on the part of the recipient for an appreciable length of time as to whether or not the transfer can be relied upon fully.

Added to this problem is the fact that banks very often restrict the immediate use of deposited funds pending clearance for an appreciable length of time, typically days, but sometimes even weeks or longer in the case of international transactions. This problem is particularly significant in respect of payments made by cheque.

it is in overcoming the latter general difficulties that smart cards and other : electronic money have been considered an attractive solution in spite of their te disadvantages as set out above.

OBJECT OF THE INVENTION o It is, accordingly, an object of this invention to provide a computer based we banking system for conducting commercial transactions whereby one or - ‘more of the general difficulties outlined above may be overcome, at least to some extent, and whereby, at least in respect of particular types of

ES transactions, the general disadvantages of the smart card type of arrangement may also be addressed whilst retaining, at least to an appreciable extent, the advantages of the smart card type of arrangement. - 15 DEFINITIONS

In this specification it is to be understood that the following terms are to be accorded the meanings stated hereunder. © “Bank” means any financial institution carrying on the business of transferring funds held on behalf of, or loaned to, a customer and recorded in a computer data base record from that data base record to a computer data base record of another customer of that, or of another, bank whether or not the institution complies with the local or national requirements for trading under the name of a bank. “Cleared”, “clearance’ or any other form of the word as applied to a transaction means that the relevant credit has become available for use by the recipient without restriction by the computerized server in which the relevant financial data base record is held.

Co } WO 01/55983 PCT/IB01/00098

“Conventional banking transactions” includes those carried out in respect of a current account and involving the use of cheques and/or ATM access and/or computer or land-line telephone banking access, a savings account, a credit or debit card account, or a transmission account. 5 “Electronic purse” includes “electronic wallets” and other equivalents and is intended to mean any electronic memory: for retaining data which translates into a positive balance of redeemable value units, usually, but not necessarily, units of currency generally referred as electronic money or e- cash and which can generally be used as and when desired by or on behalf of the holder by a simple credit transfer off-line with respect to any bank or credit card institution. “Financial data base record" is intended to mean any data base record including data as to an amount of money reflected in currency units or a record of a number of any other type of redeemable or consumable units oo having value. - “Irreversible” as applied to a transaction means that, absent criminal activity (including fraud) or processing error (whether hardware or software related) the transaction cannot be reversed other than at the instance of the recipient. "Merchant" is intended to include all suppliers of goods and services of all types which may be participating system members as herein defined but 2s irrespective of such membership have been allocated a financial data base record in a computerized server of the invention as defined below. “Mobile device” means any device communicating by way of a wireless network operated by a service provider and including mobile telephones but ‘30 which need not necessarily assume the form of a telephone.

“Participating system member” is intended to mean any subscriber of a ® wireless network forming a part of a system according to this invention as 2 hereinafter defined and includes mobile telephone subscribers as well as = users of prepaid cellular or mobile services who form part of such a system. - 5 or “Settled”, “settlement” or any other form of the word as applied to a oo transaction means the final transfer of money or other units of value as

Fe between financial institutions; between financial institutions and a central : bank: between financial institutions and computerized servers according to this invention; or between different computerized servers according to this

Fr invention and which generally take place on a periodic basis (for example : daily or weekly) and wherein set-off may or may not be employed to result in wf a single net transfer of money or units of value in respect of a plurality and = often a large number of transactions. ts - is © or “Sub-system” is intended to mean any modifications and/or additions made ’ to the software and/or hardware of a conventional style of banking system for the purpose of enabling the transactions of this invention to be conducted in parallel with conventional banking transactions whether or not the software anid hardware of the sub-system is separately identifiable from the banking system with which it may be intricately mixed. "Vendor" is intended to include all suppliers of goods and services of all types which do not have a financial data base record as herein defined.

SUMMARY OF THE INVENTION

In accordance with this invention there is provided a computer based banking system including banking style of software and hardware providing a data base in which clients of the bank each have a financial data base record in which data relating to transactions conducted by the relevant client is maintained together with any other data concerning the client which is retained by the bank and wherein the banking style of software includes program material enabling conventional banking transactions to be conducted in terms of rules laid down by the bank, the system being 5s characterized in that software and any necessary hardware are embodied in the banking system to provide a sub-system in which at least some of the bank's clients are participating system members (as herein defined) with each participating system member having a mobile device adapted to communicate via an associated wireless network with the computer based banking system and wherein the sub-system includes a plurality of merchants (each of which by definition. has a financial data base record in the computer based banking system), the sub-system being one in which the computer based banking system is programmed such that financial transactions can be conducted by remote operation of the mobile device of a participating system member, via the associated wireless network, to result 5 : in the debiting of a financial data base record associated with an instructing i“ participating system member and in the crediting of a different financial data :, ; base record associated with any one of self, another participating system

E ‘member or a merchant, the sub-system being run on rules different from those applicable to conventional banking transactions such that in respect of at least one or more predetermined categories of transactions in respect of which the recipient is also a participating system member or merchant operating within the sub-system, a transaction, once completed, is cleared in real time.

Further features of the invention provide for a transaction carried out in the sub-system to utilize the same data base record as is employed for conventional banking transactions which may be carried out in parallel therewith: for a transaction carried out in the sub-system to not only become cleared in real time but to become irreversible (as herein defined); for a participating system member to be provided with the facility of selecting to use a mobile device, typically a mobile telephone, in the sub-system as an

. alternative to a conventional banking activity on an extemporaneous basis in instances in which the recipient is participating system member; for the

Fe computer based banking system and sub-system to be programmed to = cooperate with other computer based banking systems and/or stand alone

Ee s general computerized servers operating according to the rules and general : = program of the sub-system, and, more particularly, for the said sub-system to a" cooperate with similar sub-systems of other computer based banking

ES systems or stand alone general computerized servers located in different - geographical locations, and in particular, in different countries in which case any necessary currency exchange rates (set according to prevailing we exchange rates and any particular policy being applied in relation thereto) ’ are applied to the value of the transaction as may be appropriate in real time - so as to render the transaction immediately cleared; and for settlement between the various computer based banking systems and any general

ES 15 computerized servers to be effected periodically on a bulk basis optionally a with the setting off of transactions carried out during a relevant period. :

Further features of the invention provide for the said categories of transactions to include at least transactions in respect of which the recipient i$ one of a predetermined list of participating system members or merchants but, more typically, said categories include all transactions in respect of which the recipient is a participating system member or merchant; for the program of the sub-system to disallow any requested transaction in the event that the balance in an instructing participating member's financial data base record is inadequate to fund the requested transaction; for the financial data base records, in the absence of special individually allocated credit facilities, to be programmed to operate exclusively on a credit balance basis; and for each transaction to become finalized only if the sub-system is fed with a security signal from the instructing participating system member's mobile device, the security signal being either a PIN or like code inputted by the instructing participating system member, or a biometrically triggered authorization signal either checked at the mobile device or at the sub-server

WO o01/55983 PCT/IB01/00098 end, or both.

Briefly, the computer based banking system incorporating a sub-system outlined above has all the advantages of a smart card or other system based on electronic money, operative on a national and/or international level without any of the disadvantages. The balance of units in a financial data base record may be considered as, and is indeed, real money in a bank account with the facility of transferring it irreversibly as with hard cash or electronic cash. There are, however, none of the risks associated with either forms of cash as the financial data base record is located in a secure computer based banking system remote from the mobile device, generally a mobile telephone and typically a cellular telephone which may be used to transfer it. i 15 The effect is, therefore, one in which transactions falling within the relevant. : categories and carried out within the sub-system, become immediately . cleared in terms of the different rules applicable to such transactions when i compared to the standard rules applicable to the conventional banking

C7 transactions whilst settlement can take place at a later time in the usual »0 manner. The conventional banking system and the sub-system of this invention thus run in parallel.

In order that the above and other features of the invention may be more fully understood one embodiment as well as a variety of optional features thereof will now be described with reference to the accompanying drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

In the drawings:-

Figure 1 is a schematic diagram of a system according to the

10 oo wi invéntion; and, i + Figure 2 is a block diagram of a cellular telephone forming part of the

Eo FE system illustrated in Figure 1. - oo

Ea DETAILED DESCRIPTION WITH REFERENCE TO THE DRAWINGS

Ee In this embodiment of the invention a conventional computer based banking : system (100) includes conventional banking systems generally including the : 10 usual cheque account system (101) and ATM system (102). These systems operate according to a chosen set of rules of the particular bank concerned ca which invariably result in delays in the clearance of funds deposited to the

He various accounts which are herein termed financial data base records. = Clients of the bank therefore often experience. considerable inconvenience in

Es 1s --consequence of the delays inherent in such systems. The detailed operation

Es of such systems is well known in the art and will not be described further : herein.

The system is, in terms of this invention, added to in the form of any “nécessary hardware and software in one way or another to provide a sub- system operating in parallel with the conventional banking systems such as the cheque account and ATM systems as follows.

Simply by way of example the instant embodiment of the invention is described as being applied to a sub-server to be accessed using, in amongst other devices, cellular telephones in which a microprocessor and memory are embodied in a SIM card removably held in each of the relevant cellular telephones. However it will be quite apparent to those skilled in the art that the invention can just as easily be applied to any other type of cellular or mobile telephone or other suitable wireless device and associated network and that the term cellular telephone can be replaced by such other suitable

CL } WO 01/55983 PCT/IB01/00098 device in what follows. Also a single system may involve the use of a plurality of different wireless and other communications devices as will be apparent from a reading of this specification although for simplicity of description cellular telephones will be used as the example.

Also, in the embodiment of the invention described below, whilst the format of transmitting messages is that of the well known short message service (SMS), it will be appreciated that any other appropriate format or protocol can be employed, the format being irrelevant insofar as the principles of operation of the invention are concerned.

In this embodiment of the invention the sub-system for conducting commercial transactions enables any number of the bank's clients to : become participating system members (as herein defined) each of which i 15 has, in this case, a cellular telephone (1) embodying a SIM card (2) or having i ~~. . alternative memory specially selected to be adequate for the purposes, of : % implementing the invention as described below. The cellular telephones (SIM g cards in this instance) are each pre-programmed with conventional ' applications and data as indicated by numeral (3) (see Figure 2) as well as with additional applications and additional - data necessary for the implementation of a sub-system according to the invention as indicated by numeral (4) in Figure 2.

It is to be noted that the participating system members need not all belong to 2s the same network and that a plurality of networks can be involved without in any way adversely affecting the operation of the system of the invention.

The conventional programs and data include data embodying the cellular telephone number; the conventional access PIN number; any other security number or other personal identifier such as a biometric characteristic; and the conventional menu and data relating to stored telephone numbers, addresses, short messages etc. to be used, processed or transmitted as required. =a The additional program applications and menu structures include a program = "and associated menu items for enabling the activities described hereinafter to be conducted; for providing access to financial transactions by employing an additional PIN number; for controlling access via an optional further financial security number or personal identifier, such as a biometric identifier. we if required; and for accessing additional menu items each of which may be : divided into sub-items. The additional applications may also include a program providing the ability to update menu items remotely by way of hE distributed messages originating from the sub-system (see below) and oT © ‘containing updated menu data and also to change the settings in a particular “ cellular telephone. 1s "Each additional menu item has associated with it a preset standard i message which is a substantially complete instruction only requiring a small ) amount of data in order to complete it, for example, the identity of the recipient; the amount to be transferred; and the additional PIN or other security input. The identity of the recipient may even be selected from a sub- © Tnenu in which there may be a custom list of potential recipients. The additional data may include account details relating to selected other institutions of a banking, retail, or service nature; selected merchants; selected vendors: associated broadcast or information services; and other remote similar banking systems or stand alone computerized servers in other geographic areas or countries. An example of the general arrangement of an additional menu structure of the cellular telephone is illustrated in-Figure 2.

The basic and most important additional menu item (111), namely financial transactions, may be divided, in the first place, into local (112); international (113); query (114) and authorization request (115) activities. Provision for additional items (116) may also be made. At the next level down, for example, local transactions (112) can be divided into transactions between participating system members (117); transactions with merchants (118) (who do not necessarily have a cellular telephone as such but by definition have a financial data base record); and transactions between a participating system member and a participating banking institution (119). Also it may be s convenient to provide as a separate menu item transactions between own accounts (120).

The extent to which the additional menu items and data are carried by the cellular telephone itself will depend largely on the capacity of the memory (in the instant case the SIM card) in the mobile device and the associated microprocessor. Thus, in its most comprehensive form, as far as the cellular telephone is concerned, all of the applications and data occasioned by the additional menu structures will be resident in the memory of the cellular : telephone. In other cases a lesser portion of those applications and data may be present but in any event whatever is necessary to achieve the objectives 4 “set out below. The smallest amount will inevitably be cases in which the oy cellular telephone has a browser for accessing the necessary applications . a and data which may then be maintained on the server, for example.

The cellular telephone is programmed to communicate interactively by way of suitable interpretive software (6) with the sub-system (7), the communication being by way of the associated cellular network (5).

The sub-system (7) is programmed to accept instructions also from a computer, for example a laptop computer (8); via the Internet as indicated by numeral (9) as well as from call centres indicated by numeral (10); or even by way of intra-net as indicated by numeral (11). Participating system members can thus, as an alternative, carry out transactions from a remote telephone (12) and land line (13), by calling in to the cali centre or by way of a computer via the Internet.

Finally, the computet based banking system ‘is also linked to other banking : systems (100a) having similar sub-systems (7a) and to similar stand alone

Eh Gomputerized servers (7b) and which may be located in different geographic 3 oo areas or in different countries and each of which has its own set of oe 5 participating system members and merchants.

The computer based banking system in this embodiment of the invention provides a financial data base record for each client and thus for each participating system member and merchant. Each data base record will have ” 10 its conventional bank account number but may also be accessed using a communication number which includes, as at least a part of it, the cellular “ telephone number, where appropriate. In such a case the bank's computer is oe programmed to associate the communication number with the official bank account number. Preferably the communication number is structured on an ow 1s international level.

The communication (account) number could thus be structured as a two digit international dialing code followed by a two, three, or four digit national area code or national mobile operator code and thereafter the subscriber mobile telephone number. This may be followed by a two or three digit bank or server identifying number which in turn is followed by a final check digit. The only new information which really needs to be remembered by a client is the bank or server identifying number and the check digit.

As an example, a communication number could be +27823918711015.

This is composed of the following component strings: + is a sign to introduce the communication number; 27 is the international country dialing code; 82 is the mobile operator code;

©. WO 0155983 PCT/IB01/00098 3918711 is the subscriber identifier (telephone) number which should be well known to the subscriber/client; 01 is the institution identifying number (within the mobile operator's . subscriber list within. the particular country and therefore with two digits allowing for up to 100 different participating institutions); and, 5 is the check digit.

The length- of each of these strings can obviously be altered according to requirements. In particular, the institution identifying number may be, say, three digits long to allow for a greater number thereof.

Thus, in this case all that a client has to remember afresh is the two digit bank identifying number and the check digit.

B 1s Clearly, the number of digits allocated to each part of the composite g communication number described above can be varied according to particular circumstances. : “ Each data base record also includes data embodying the additional PIN number, and any additional security number or data which may be employed.

The programming of the sub-system enables the functions of receiving and sending out of data in the form of messages as indicated by numeral; a facility for encrypting and decrypting data at least with regard to financial transactions as indicated by numeral; and the ability to link up with vendors; broadcast services; other third party services and other similar banking systems (100a) having similar sub-systems (7a) and to similar stand alone computerized servers (7b).

Most importantly the program associated with the sub-system enables financial transactions to be carried out between a participating system member as the instructing participating system member and another participating system member or merchant.

Implementation of an application and menu structure of the type described above with pre-set standard messages, enables data pertaining to a s transaction to be captured rapidly and a composite message, including the tT additional PIN (almost invariably encrypted) if it be required by the server, to 0 Be formulated on the cellular telephone prior to connection with the sub- system where the size of memory is adequate to permit this. This results from the fact that a substantial part, if not an entire duplicate, of the ’ 10 necessary parts of the program or application as well as the menu data are or resident in the memory of the cellular telephone itself so that certain activities can be carried out independently of the server. This facility will be limited if

Ho inadequate memory is available in the cellular telephone.

It must, therefore, be noted that the latter facility is not essential to the “= invention and another implementation of the invention may be to have a : browser programmed into the cellular telephone for use in accessing the necessary facilities to conduct transactions, for example by way of the

Internet. WAP phones could be used to particular advantage in this instance. 0

As a general rule the program is adapted to enable, by way of the sub- system, the debiting from a relevant data base record which has an adequate positive balance (or specially arranged credit facilities) to another data base record. Thus, a participating system member will operate the cellular telephone to select a desired transaction with a selected recipient in respect of an inputted amount, will enter the additional PIN or carry out any other appropriate security activity, and will then communicate with the sub- system. The computerized server will check that the PIN or other security signal is in order; will check that the necessary funds or credit facility is available: will check the validity of the identity of the selected recipient; and the program will then effect the transfer of the relevant funds from the data base record of the instructing participating system member to the data base record of a recipient who will usually be a different participating system member or a merchant, a vendor or any other person or institution as indicated above.

The most important aspect of this invention then comes into play in that, once the transaction becomes completed, as described, at least as between an instructing participating system member and a recipient who has a data base record in the banking system, the transaction becomes cleared and preferably irreversible (as herein defined). The transaction is therefore as good as having taken place in cash of any type as the only person who can reverse the transaction (other than in instances addressed in the definition of : “irreversible” above), either in whole or partly by way of a refund, is the recipient. Dispute resolution is therefore up to the payer and recipient. hy 15 Once the transaction has been completed the sub-system may be : programmed to send a confirmatory message to both parties advising them of the completion of the transaction. : It will be understood that the activity described above is carried out in parallel with the usual activities of running the conventional bank account involving a cheque account and any ATM account.

In effect, the invention provides a facility operating with all the advantages of a smart card facility but without the disadvantages in that the security and »s convenience of the system of this invention is very much enhanced by using real money kept in a real bank account remote from the activating unit (generally a cellular telephone). Furthermore, the cost of providing the infrastructure operating in the manner of this invention is substantially less than that of providing each participant with a smart card and merchants and vendors with special transfer devices for effecting a transfer of funds from one smart card to another as well as the other facilities required. This results from the fact that many persons who operate bank accounts already operate cellular telephones.

The system of this invention also has the advantage that the loss of a cellular telephone for whatever reason does not seriously prejudice a participating

I 5 system member in the same way as loss of a smart card in the prior art ie system. In the system of this invention a participating system member who iE i6ses his cellular telephone can still conduct transactions by way of the - Internet or by way of a call centre set up for the purpose. The call centre ; also enables persons to use the system who do not have a cellular telephone and similarly computer owners who have access to the Internet can use the system without possessing a cellular telephone.

Also, in instances in which there are other similarly configured and programmed banking systems and servers inter-linked with the system described above, the recipient could be a participating system member of a different server from that of which the payer is a participating system member. In order to ensure that transactions are nevertheless irreversible and can be carried out with clearance taking place in real time the computerized servers must all be connected, or be capable of immediate connection, at all times via fixed connections. Each server will, of course, have its own unique identification number.

It is also preferred that the programming of both the server and the cellular telephones is such that the additional menu data can be changed remotely by way of the sub-system as and when required and the additional PIN, if resident on the cellular telephone, can also be change remotely as required.

It is also preferred that the program of the sub-system include the facility for specifying additional conditions under which debiting of a data base record may or may not take place and the conditions could, for example, be that certain funds can only be used for certain purposes or can only be transferred to certain merchants, vendors or types of merchants or vendors or that funds can only be used at a preset maximum rate.

For this purpose a data base record can have a plurality of sub-records although this is not necessarily so.

s It will be understood that numerous alternative and additional rules and requirements can be imposed on a system as described without departing from the scope hereof.

Also, the basic system can be changed widely, the basic feature being only that the data base records be maintained separately from an associated cellular telephone in a general remote computerized server.

! 15 : K

Claims (11)

1. N CLAIMS: or 1. A computer based banking system including banking style of software and hardware providing a data base in which clients of the bank each 3 5 have a financial data base record in which data relating to transactions RB conducted by the relevant client is maintained together with any other B © data concerning the client which is retained by the bank and wherein the banking style of software includes program material enabling conventional banking transactions to be conducted in terms of rules laid ) 10 N down by the bank, the system being characterized in that software and : any necessary hardware are embodied in the banking system to : © provide a sub-system in which at least some of the bank's clients are ha participating system members (as herein defined) with each - participating system member having a mobile device adapted to : communicate via an associated wireless network with the computer oe based banking system and wherein the sub-system includes a plurality - of merchants (each of which by definition has a financial data base record in the computer based banking system), the sub-system being h one in which the computer based banking system is programmed such that financial transactions can be conducted by remote operation of the : mobile device of a participating system member, via the associated wireless network, to result in the debiting of a financial data base record associated with an instructing participating system member and in the crediting of a different financial data base record associated with any one of self, another participating system member or a merchant, the sub-system being run on rules different from those applicable to conventional banking transactions such that in respect of at least one or more predetermined categories of transactions in respect of which the recipient is also a participating system member or merchant operating within the sub-system, a transaction, once completed, is cleared in real time. :
2. 2. A system as claimed in claim 1 in which a transaction carried out in the sub-system utilizes the same data base record as is employed for : conventional banking transactions which may be carried out in parallel : therewith.
3. 3. A system as claimed in either one of claims 1 or 2 in which a transaction carried out in the sub-system is not only. cleared in real time but becomes irreversible.
4. 4. A system as claimed in any one of the preceding claims in which a participating system member is provided with the facility of electing to : use a mobile device in the sub-system as an alternative to a conventional banking activity on an extemporaneous basis in instances in which the recipient is participating system member. ~ :

   15 .
5. 5. A system as claimed in any one of the preceding claims in which the . computer based banking system and sub-system are programmed to oo cooperate with other computer based banking systems and/or stand : alone general computerized servers operating according to the rules - and general program of the sub-system.
6. 6. A system as claimed in claim 5 in which the said sub-system cooperates with similar sub-systems of other computer based banking systems or stand alone general computerized servers located in different countries in which case any necessary currency exchange rates (set according to prevailing exchange rates and any particular policy being applied in relation thereto) are applied to the value of the transaction as may be appropriate in real time so as to render the transaction immediately cleared.
7. 7. A system as claimed in any one of the preceding claims in which the said categories of transactions include at least transactions in respect of which the recipient is one of a predetermined list of participating system members or merchants. } = ‘
8. 8. A system as claimed in claim 7 in which said categories include all transactions in respect of which the recipient is a participating system member or merchant.
9. 9. A system as claimed in any one of the preceding claims in which the program of the computerized server is adapted to disallow any requested transaction in the event that the balance in an instructing participating member's financial data base record is inadequate to fund E the requested transaction.
10. 10. A system as claimed in any one of the preceding claims in which the N 15 financial data base records, in the absence of special individually : allocated credit facilities, are programmed to operate exclusively on a - credit balance basis.
11. 11. A system as claimed in any one of the preceding claims in which each transaction becomes finalized only if a security signal from the instructing participating system member's mobile device is received by the sub-system.