System and method for facilitating value exchanges using mobile devices

Abstract

A system and method for facilitating a value exchange transaction. A first party initiates the transaction by selecting or providing an identifier of another party and the value to be exchanged. The second party may be identified by a pre-existing identifier such as an electronic mail address, telephone number, etc. The system informs the second party of the transaction (e.g., using the specified pre-existing identifier). If the second party is not a registered user of the system, he or she is invited to register and complete the transaction. The system may comprise a synchronization server for exchanging transaction details with users' devices, a communication server for registering new users and/or conducting transactions online and a financial server for interacting with external financial institutions.

1 . A method comprising:
 receiving information to conduct a value exchange transaction from a sender to a recipient, the information including a phone number of the recipient and a value to be exchanged; and   transmitting, using one or more processors, a communication to a device corresponding to the phone number of the recipient, the communication informing the recipient of the value exchange transaction.   
     
     
         2 . The method of  claim 1 , wherein the communication further comprises details for completing the value exchange transaction. 
     
     
         3 . The method of  claim 1 , wherein the device corresponding to the phone number is a mobile device of the recipient. 
     
     
         4 . The method of  claim 1 , further comprising maintaining a record of the value exchange transaction. 
     
     
         5 . The method of  claim 1 , further comprising using a token to verify authenticity of the value exchange transaction. 
     
     
         6 . The method of  claim 1 , further comprising allowing the sender and the recipient to directly communicate information associated with the value exchange transaction. 
     
     
         7 . The method of  claim 6 , wherein the information comprises a token used to authenticate the value exchange transaction. 
     
     
         8 . The method of  claim 1 , further comprising completing the value exchange transaction by allowing the recipient to withdraw the value as cash. 
     
     
         9 . The method of  claim 1 , further comprising allowing the value to be exchanged from a first currency to a second currency. 
     
     
         10 . The method of  claim 1 , further comprising interacting with one or more financial institutions in order to complete the value exchange transaction. 
     
     
         11 . The method of  claim 10 , further comprising causing a charge against the sender's account with one of the financial institutions in completing the value exchange transaction. 
     
     
         12 . A non-transitory machine-readable storage medium in communication with at least one processor, the machine-readable storage medium storing instructions which, when executed by the at least one processor, provides a method comprising:
 receiving information to conduct a value exchange transaction from a sender to a recipient, the information including a phone number of the recipient and a value to be exchanged; and   transmitting a communication to a device corresponding to the phone number of the recipient, the communication informing the recipient of the value exchange transaction.   
     
     
         13 . The machine-readable storage medium of  claim 12 , wherein the communication further comprises details for completing the value exchange transaction. 
     
     
         14 . The machine-readable storage medium of  claim 12 , wherein the device corresponding to the phone number is a mobile device of the recipient. 
     
     
         15 . The machine-readable storage medium of  claim 12 , wherein the method further comprises using a token to verify authenticity of the value exchange transaction. 
     
     
         16 . The machine-readable storage medium of  claim 12 , wherein the method further comprises allowing the sender and the recipient to directly communicate information associated with the value exchange transaction. 
     
     
         17 . The machine-readable storage medium of  claim 16 , wherein the information comprises a token used to authenticate the value exchange transaction. 
     
     
         18 . The machine-readable storage medium of  claim 12 , wherein the method further comprises completing the value exchange transaction by allowing the recipient to withdraw the value as cash. 
     
     
         19 . The machine-readable storage medium of  claim 12 , wherein the method further comprises allowing the value to be exchanged from a first currency to a second currency. 
     
     
         20 . The machine-readable storage medium of  claim 12 , wherein the method further comprises interacting with one or more financial institutions in order to complete the value exchange transaction.