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.

What is claimed is: 
     
         1 . A monetary transaction system for conducting monetary transactions between subscribers and other entities, the monetary transaction system comprising:
 one or more processors;   a storage system configured to store financial transaction details, customer profiles and money containers;   an integration tier configured to manage mobile wallet sessions, the integration tier also including a communication application programming interface (API) and other communication mechanisms to accept messages from channels;   notification services configured to send notifications through different notification channels;   a payment handler configured to use APIs of different payment processors including one or more APIs of banks, credit and debit cards processors, and bill payment processors;   a security service configured to perform subscriber authentication;   an entity profile saved with the monetary transaction system, the entity profile associated with an entity that is to be involved in a specified transaction; and   one or more computer-readable media having stored thereon executable instructions that when executed by the one or more processors configure the monetary transaction system to perform at least the following:
 receiving a communication message from a mobile device over one of a plurality of channels connected to the monetary transaction system, the communication message being received by the integration tier of the monetary transaction system, the communication message indicating that a subscriber desires to perform a digital financial transaction, 
 validating a status of the subscriber's account, wherein validating the status of the subscriber's account comprises communicating from the integration tier to the storage system to query attributes of the subscriber's account, and 
 receiving confirmation that the digital financial transaction has been performed. 
   
     
     
         2 . A method for conducting monetary transactions between subscribers and other entities within a monetary transaction system, the method executed on a computer system comprising one or more processors, the method comprising:
 initiating a storage system configured to store financial transaction details, customer profiles and money containers;   initiating an integration tier configured to manage mobile wallet sessions, the integration tier also including a communication application programming interface (API) and other communication mechanisms to accept messages from channels;   initiating notification services configured to send notifications through different notification channels;   initiating a payment handler configured to use APIs of different payment processors including one or more APIs of banks, credit and debit cards processors, and bill payment processors;   initiating a security service configured to perform subscriber authentication;   initiating an entity profile saved with the monetary transaction system, the entity profile associated with an entity that is to be involved in a specified transaction;   receiving a communication message from a mobile device over one of a plurality of channels connected to the monetary transaction system, the communication message being received by the integration tier of the monetary transaction system, the communication message indicating that a subscriber desires to perform a digital financial transaction;   validating a status of the subscriber's account, wherein validating the status of the subscriber's account comprises communicating from the integration tier to the storage system to query attributes of the subscriber's account; and   receiving confirmation that the digital financial transaction has been performed.   
     
     
         3 . A monetary transaction system for conducting monetary transactions between subscribers and other entities, the system comprising:
 one or more processors; and   (i) a storage system for storing financial transaction details, customer profiles and money containers, the storage system configured to:
 validate a status of a subscriber's account, wherein validating the status of the subscriber's account comprises communicating from an integration tier to the storage system to query attributes of the subscriber's account; 
   (ii) the integration tier comprising a communication application programming interface (API) and other communication mechanisms to accept messages from channels, the integration tier configured to:
 manage mobile wallet sessions, and 
 receive a communication message from a mobile device over one of a plurality of channels connected to the monetary transaction system, the communication message being received by the integration tier of a monetary transaction system, the communication message indicating that the subscriber desires to perform a digital financial transaction; 
   (iii) a payment handler configured to:
 use APIs of different payment processors including one or more APIs of banks, credit and debit cards processors, bill payment processors; 
   (iv) a security service configured to perform subscriber authentication; and   (v) an entity profile saved with the monetary transaction system, the entity profile associated with an entity that is to be involved in a specified transaction.   
     
     
         4 . A computer-readable media comprising one or more physical computer-readable storage media having stored thereon computer-executable instructions that, when executed at a processor, cause a computer system to perform a method for conducting monetary transactions between subscribers and other entities within a monetary transaction system, the method comprising:
 initiating a storage system configured to store financial transaction details, customer profiles and money containers;   initiating an integration tier configured to manage mobile wallet sessions, the integration tier also including a communication application programming interface (API) and other communication mechanisms to accept messages from channels;   initiating notification services configured to send notifications through different notification channels;   initiating a payment handler configured to use APIs of different payment processors including one or more APIs of banks, credit and debit cards processors, and bill payment processors;   initiating a security service configured to perform subscriber authentication;   initiating an entity profile saved with the monetary transaction system, the entity profile associated with an entity that is to be involved in a specified transaction;   receiving a communication message from a mobile device over one of a plurality of channels connected to the monetary transaction system, the communication message being received by the integration tier of the monetary transaction system, the communication message indicating that a subscriber desires to perform a digital financial transaction;   validating a status of the subscriber's account, wherein validating the status of the subscriber's account comprises communicating from the integration tier to the storage system to query attributes of the subscriber's account; and   receiving confirmation that the digital financial transaction has been performed.