Monetary transaction system

Abstract

Embodiments are directed to monetary transaction system for conducting monetary transactions between transaction system subscribers and other entities. In one scenario, the monetary transaction system includes a mobile device that runs a monetary transaction system application. The monetary transaction system also includes a subscriber that has a profile with the system. The subscriber indicates a transaction that is to be performed with the monetary transaction system. The system further includes a monetary transaction system processor that performs the transactions specified by the subscriber including communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the subscriber's profile. The monetary transaction system also includes at least one entity that is to be involved in the specified transaction, where the entity has a profile with the monetary transaction system. This entity may be a person, a retail store, an agent or other entity.

I claim: 
     
         1 . A monetary transaction system for conducting monetary transactions between subscribers and other entities, the system comprising:
 a monetary transaction system processor that performs one or more transactions specified by a subscriber, wherein performing the specified transactions includes communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the subscriber's profile; and   the monetary transaction system processor performing the following steps to purchase airtime on a prepaid mobile account using a mobile wallet:   receiving a subscriber communication over one of a plurality of channels connected to the monetary transaction system, the subscriber communication indicating that the subscriber desires to purchase a specified amount of airtime on the prepaid mobile account using at least one payment method linked to the subscriber's mobile wallet;   validating the operational status of the selected payment method to determine that the selected payment method is capable of providing requested funding;   debiting the specified payment method by the specified amount of funds;   processing the airtime purchase via at least one of a billing system integrator and an aggregator; and   notifying the subscriber that the specified amount of airtime was added to the prepaid mobile account over at least one of the plurality of channels connected to the monetary transaction system.   
     
     
         2 . The monetary transaction system of  claim 1 , wherein determining whether the transaction is permissible based on data indicated in the subscriber's profile comprises determining that the subscriber has sufficient funds available in the selected payment method. 
     
     
         3 . The monetary transaction system of  claim 1 , wherein the subscriber's mobile wallet is associated with a plurality of stored value accounts. 
     
     
         4 . The monetary transaction system of  claim 1 , wherein the communication indicating that the subscriber desires to purchase a specified amount of airtime on the prepaid mobile account using at least one payment method linked to the subscriber's mobile wallet comprises a text message. 
     
     
         5 . The monetary transaction system of  claim 1 , further comprising authenticating the subscriber including:
 sending a request for a unique identifier to the subscriber;   receiving the unique identifier from the subscriber; and   upon receiving the unique identifier from the subscriber, authenticating the subscriber to the monetary transaction system.   
     
     
         6 . The monetary transaction system of  claim 1 , wherein notifying the subscriber that the specified amount of airtime was added to the prepaid mobile account over at least one of the plurality of channels connected to the monetary transaction system comprises sending the subscriber at least one of an email message and a text message. 
     
     
         7 . The monetary transaction system of  claim 6 , wherein the email message or text message includes a transaction receipt that identifies an amount paid and an amount of airtime received. 
     
     
         8 . A monetary transaction system for conducting monetary transactions between subscribers and other entities, the system comprising:
 a monetary transaction system processor that performs one or more transactions specified by a subscriber, the subscriber having an associated mobile wallet, wherein performing the specified transactions includes communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the subscriber's profile; and   the monetary transaction system processor performing the following steps to purchase airtime on a prepaid mobile account using a mobile wallet to pay a bill for a specified amount using a specified payment method from the subscriber's mobile wallet, including performing the following steps:
 receiving a subscriber communication over one of a plurality of channels connected to the monetary transaction system, the subscriber communication indicating that the subscriber is paying a bill for a specified amount using a payment method associated with the subscriber's mobile wallet; 
 validating the operational status of the selected payment method to determine that the selected payment method is capable of providing requested funding; 
 debiting the specified payment method by the specified amount of funds; 
 processing the bill payment via at least one of a direct biller connection and a bill pay aggregator; and 
 notifying the subscriber that the bill was paid over at least one of the plurality of channels connected to the monetary transaction system. 
   
     
     
         9 . The monetary transaction system of  claim 8 , wherein processing the bill payment via at least one of a direct biller connection and a bill pay aggregator further comprises:
 sending the specified amount of funds to the direct biller connection or the bill pay aggregator such that the direct biller connection or the bill pay aggregator processes the transaction; and   receiving a notification from the direct biller connection or the bill pay aggregator indicating that the transaction was processed.   
     
     
         10 . The monetary transaction system of  claim 8 , wherein notifying the subscriber that the bill was paid over at least one of the plurality of channels connected to the monetary transaction system comprises providing a notification message within a mobile wallet application. 
     
     
         11 . The monetary transaction system of  claim 10 , wherein the mobile wallet application is running on a mobile device associated with the subscriber. 
     
     
         12 . The monetary transaction system of  claim 8 , further comprising allowing the subscriber to initiate automatic payments for at least one bill originator. 
     
     
         13 . A monetary transaction system for conducting monetary transactions between subscribers and other entities, the system comprising:
 a monetary transaction system processor that performs one or more transactions specified by a subscriber, the subscriber having an associated mobile wallet, wherein performing the specified transactions includes communicating with a monetary transaction database to determine whether the transaction is permissible based on data indicated in the subscriber's profile; and   the monetary transaction system processor performing the following steps to complete an international money transfer using at least one specified account associated with the subscriber's mobile wallet, including performing the following steps:
 receiving an indication from the subscriber that a specified amount of money is to be transferred from at least one account associated with the subscriber's mobile wallet to a specified entity; 
 transferring the specified amount of money from the at least one account associated with the subscriber's mobile wallet to an account associated with a money transferring entity, the money transferring entity being configured to transfer money internationally; 
 determining that the specified amount of money has been transferred by the money transferring entity to at least one account associated with the specified entity; and 
 sending a notification to the specified entity indicating that the specified amount of money is available for use in the at least one account associated with the specified entity. 
   
     
     
         14 . The monetary transaction system of  claim 13 , wherein the specified entity to whom the money is transferred is a second subscriber that has an associated mobile wallet. 
     
     
         15 . The monetary transaction system of  claim 14 , wherein the money transferred to the second subscriber is transferred to at least one account associated with the second subscriber's mobile wallet. 
     
     
         16 . The monetary transaction system of  claim 13 , wherein the specified entity to whom the money is transferred is a non-subscriber. 
     
     
         17 . The monetary transaction system of  claim 16 , wherein sending a notification to the specified entity indicating that the specified amount of money is available for use in the at least one account associated with the specified entity comprises sending a notification to the non-subscriber indicating that the specified amount of money is available for pickup by the non-subscriber. 
     
     
         18 . The monetary transaction system of  claim 17 , wherein the notification specifies one or more locations at which the transferred money is to be picked up. 
     
     
         19 . The monetary transaction system of  claim 13 , wherein a specified amount of money is automatically transferred to the money transferring entity as part of the transaction. 
     
     
         20 . The monetary transaction system of  claim 13 , wherein the money transferring entity comprises an international money transfer agency.