Banking system with enhanced identification of financial accounts

Abstract

A computer based banking system is provided in which at least selected clients termed participating system members have access to a remote device adapted to communicate with the computer base banking system such that financial transactions can be conducted by remote operation of the remote device by the participating system member 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. Each data base record is identified by a conventional account number generated to conform to banking numbering standards as well as a linked communication number different from the relevant bank account number and composed of at least two component strings of numbers and / or letters, one of which is a number regionally unique to the participating system member, and the other of which is a bank identifying number unique to the particular bank at least on a regional basis. The communication number preferably also includes the two digit international dialing code; the telecommunications area code or the mobile operator code; and a check digit.

Description

[0001] This invention relates to a banking system with enhanced identification of financial accounts employed for the purpose of conducting commercial transactions and, more particularly, to a banking system which includes a provision for the transfer of funds or other redeemable value from one account to another account at the instance of a person or agency other than the financial institution in whose computer system the account is being administered.[0002] Still more particularly, the invention relates to a banking system in which an account holder has the facility for transferring funds from a particular account over which he or she has control to another account by operation of a remote device, usually a wireless mobile device, with such transactions optionally being carried out in parallel with other financial transactions involving the same account with clearing possibly, but not essentially, being effected in real time insofar as the transactions carried out at the instance ...

AI Technical Summary

Benefits of technology

[0072] The system described herein has the advantage that the loss of a cellular telephone for whatever reason does not seriously prejudice a participating system member in the same way as loss of a smart card in the prior art system. In the system of this invention a participating system member who loses his cellular telephone can still conduct transactions by way of the Internet or by way of a call centre set up for the purpose using the communication number to identify the bank account. 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 in which case the communication may rather embody some other regionally unique number such as the client's national identity number, for example. All that the client will need to have available (conveniently by memory) is the communication number.

Problems solved by technology

These disadvantages are clearly the danger of either losing hard cash or being defrauded, or simply robbed of it.

Whilst these arrangements do have certain advantages over the use of hard cash the electronic wallets themselves are always susceptible to theft or being lost and also need to be re-loaded from time to time.

Such numbers are thus generally rather difficult to remember.

The problem is that the complicated numbers allocated to bank accounts in accordance with banking numbering standards are extremely difficult to remember.

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