| CN105808325A | 2016-07-27 | |||
| CN105681301A | 2016-06-15 | |||
| US20160358135A1 | 2016-12-08 |
| CLAIMS 1. A method of providing control of transactions through block-chain for a prospective subscriber to a virtual bank account in an approved banking institution, the method comprising the steps of: Establishing a subscriber account, the settings of the subscriber account being stored in a database; linking the subscriber account such that control settings of the subscriber account are determined through a transactions processor device; and linking the subscriber account to the virtual bank account via a communications network. 2. The method of providing control of transactions through block-chain for a prospective subscriber to a virtual bank account according to claim 1 , wherein the control settings include a list of approved banking institutions where transactions can be made from the subscriber account; a step of establishing the subscriber account further includes assigning a unique identifier for the subscriber and a mother banking institution; the linking of the subscriber account to the virtual bank account further includes notifying a subscriber associated with the account; and notifying a subscriber associated with the subscriber account is performed via e-mail or short message service; the subscriber account is supported by a communications network. 3. The method of providing control of transactions through block-chain for a prospective subscriber to a virtual bank account according to claim 1, wherein the transactions refer to: transferring value from one subscriber account to another subscriber account or real bank account; depositing fiat money, crypto-currency or value to a subscriber account; withdrawing value from a subscriber account; 4. The method of providing control of transactions through block-chain for a prospective subscriber to a virtual bank account according to claim 3, wherein transferring value means transferring an amount of electronic fiat money, an amount of crypto-currency, an amount of deposits, an amount of loan, an amount of bills, an amount of interest earned or an amount of dividends earned. 5. The method of claim 3, wherein transferring value consists of; initiating a request for a value to transfer from a sender's subscriber account; and debiting the value from a subscriber account of the sender if sufficient; and crediting the amount of funds in a subscriber account of the recipient; where both the sender and the recipient account holders are registered account holders for virtual bank accounts; and where the transferring value process is repeated in their respective virtual bank accounts. 6. The method of claim 3, wherein depositing fiat money, crypto-currency or value to a subscriber account consists of; initiating a request for a value to transfer from a subscriber account to a virtual agent's bank account; and crediting the value into a subscriber account; debiting the value in a virtual agent's bank account; and crediting the value in a virtual bank account of the subscriber in a banking institution, wherein the subscriber account holder performs the deposit transaction at an ATM, or at any bank agent; 7. The method of claim 3, wherein withdrawing value to a subscriber account consists of; Initiating a request for a value to transfer to a virtual agent's bank account from a subscriber account; debiting the value into a subscriber account; crediting the value in a virtual agent's bank account; and debiting the value in a virtual bank account of the subscriber in a banking institution, wherein the subscriber account holder performs the withdrawal transaction at an ATM, or at any bank agent; 8. A system providing control of transactions through block-chain for a prospective subscriber to a virtual bank account comprising; a transactions processor device; a transactions processor program with instructions and a module to execute the program; a subscriber network module and a database hosted on the transactions processor storing information for a subscriber account; wherein the transactions processor device communicates with a list of approved banking institutions. 9. The system providing control of transactions through block-chain for a prospective subscriber to a virtual bank account according to claim 8, wherein the transactions processor device allows any virtual bank agent to transact with any subscriber account through the subscriber network module. 10. A system providing control of transactions through block-chain for a prospective subscriber to a communications network account comprising; a transactions processor device; a transactions processor program with instructions and a module to execute the program; a subscriber network module and a database hosted on the transactions processor storing information for a subscriber account; the transactions processor device communicates with a list of approved network services through the program and stores each communication information in the database; the list of approved network services comprises internet data service, short message service, loyalty reward points service and voice service. 11. The system providing control of transactions through block-chain for a prospective subscriber to a communications network account according to claim 10, wherein the transactions processor device allows transaction of converting electronic money into airtime value and the airtime value back to electronic money, as requested by a subscriber. 12. The system providing control of transactions through block-chain for a prospective subscriber to a communications network account according to claim 10, wherein the transactions processor device allows transaction of converting airtime value into approved network services and the approved network services back to airtime value, as requested by a subscriber. 13. The system providing control of transactions through block-chain for a prospective subscriber to a communications network account according to claim 12, wherein the transactions processor device deducts a transaction fee for reverse conversion of approved services into airtime or airtime into electronic money. 14. A system providing control of transactions through block -chain for a prospective subscriber in an exchange point comprising; an exchange processor device; an exchange processor program with instructions and a module to execute the program; a subscriber network module and a database hosted on the exchange processor storing information for a subscriber account: the exchange processor device communicates with a list of approved network products through the program and stores each communication in the database. 15. The system providing control of transactions through block-chain for a prospective subscriber in an exchange point account according to claim 14, wherein the list of approved network products comprises purchase of airtime value in exchange of electronic money and sale of airtime value in exchange of electronic money. 16. The system providing control of transactions through block-chain for a prospective subscriber in an exchange point account according to claim 15, wherein the exchange processor device allows transfer of electronic money to a subscriber account after receiving airtime value from the subscriber account, at a set buying price. 17. The system providing control of transactions through block-chain for a prospective subscriber in an exchange point account according to claim 15, wherein the exchange processor device allows transfer of airtime value to a subscriber account after receiving electronic money from the subscriber account, at a set selling price. |
CROSS-REFERENCE TO RELATED APPLICATIONS
This application claims priority to KE/UM/2017/00773, filed 12th April 2017 and entitled "Mobile Bank Account Management"; KE/P/2017/002769, filed 20th Dec 2017 and entitled "Mobile Virtual Bank Account Management"; KE/P/2018/002786, filed 2nd Feb 2018 and entitled "Airtime and Money Barter Exchange", the entire contents of which are incorporated herein by reference.
TECHNICAL FIELD
This application relates generally to mobile bank account, including electronic mobile money transfer and exchange systems. The present invention involves the use of mobile communication network systems to manage money transfers and exchange, use of remote banking agents and automatic teller machines to manage the payments, loans, deposit and withdrawal of cash money in form of fiat or crypto-currency, systems, and methods for barter exchange of services, commodities and electronic and fiat money in the telecommunications sector. BACKGROUND
Presently, there are several money transfer systems in the prior art. In one known system, some are based on SIM protocol, provides mobile money services to registered customers with a CelPay SIM card. However, the Celpay system is not integrated with the bank account system and the users need to open bank accounts.
Others use short messages services (SMS) notification in relation to conventional money transfer from person to person via outlet agents with SMS directed to a central service.
Network service providers offer different categories of value for their network subscribers. Subscribers who intend to make voice calls over dedicated channels would prepay for airtime or pay for a period of offered call support services after the period. This is commonly referred to as post-pay services. In case of short messaging services or data communication over internet, then value is commonly offered under bundles. Loyalty reward points which are awarded based on accumulated value of expenditure is usually used by subscribers to exchange for other commodities like handsets or buy additional airtime or bundles. In addition, the loyalty points and airtime may be sent directly to another subscriber account. Others use an electronic-wallet card that is linked to a mobile phone account or customers with bank accounts use mobile phones to transact. Even though the prior art have some success, most of them have to operate with bank account infrastructure, where the customer is required to register with a certain bank. This limits the many customers that have limited access to bank accounts. Interestingly, there are some systems that are centrally operated by the communication network. An example is a mobile money account management system based on a mobile telephone based money transfer system account which is an account within a mobile based money transfer system.
The account (i.e. for each user) is not associated with a bank account, current account, credit card account, debit card account, pre-paid card issued by a financial institution or another type of account within a financial institution. In other words, each user of the mobile telephone based money transfer system does not require or need to have access to a bank account or similar account to hold, transfer or process funds. Instead, the funds remain within the mobile based money transfer system unless they are exchanged for goods and services or withdrawn, usually as cash from an agent. Therefore, the mobile telephone based money transfer system does not require common bank branches or an ATM network as basic components, except in the case of loaning facilities.
In addition, there are mobile money transfer systems used by financial institutions, where a mobile network simcard account is internally linked to an existing real bank account of a customer in a financial institution. Moreover, the prior art methods fall under two categories of money movements: peer-to-peer and real bank account-to-bank account systems. Some consist of the use of evolution of global system for mobile communications (GSM) network accounts while others consists of the use of evolution of GSM network accounts and real bank accounts for the subscribers under peer-to-peer system. Other related business systems like PesaLink have enabled inter-bank transfers between accounts. However, such methods do not prevent fraud from another member bank since the communication is authenticated through a control switch without prior request confirmations. Furthermore, MobiKash product on the other hand is an agency network banking system with a hierarchy of super agents and regional agents.
It is evident that the prior art methods either involve opening bank accounts, which limits people with limited access to bank facilities and are prone to high fraud risks or the use of mobile network account management systems, which is more expensive because it involves hiring banking services or less distributed agency networks. It has been observed that systems like MPESA are used for temporary money transfer activities and no interests are earned on deposits. In summary, the drawbacks in the prior art include: Management cost overhead on the network operator providing the service due to banking requirements. Time delay in resolving the electronic-money float issues by agents. Governmental social grants are hard to disburse to beneficiaries from the prior art systems. There is possibility of missing customers who may not want to be account holders with real financial banks. No interests are earned from long term deposits on such platforms. Little trust by regulators (central bank or communications) due to lack of legitimacy as financial institution.
It is evident that three descriptive classes can be deduced from mobile money platforms in the prior art: (a) network based mobile money in banking institutions e.g. Equitel (b) mobile money in communication network e.g. M-pesa (c) Mobile money in agency network e.g. MobiKash. (d) The other class is the common banking platform of the present invention that provides a system of banking that utilizes common agency and all banking institutions to additionally offer commodity trading from universal subscriber network access.
Therefore, there is required a system and method that overcomes these problems. In order to overcome the previous limitations, a system of the present invention is provided that allows for a new sort of banking. It is both peer-to-peer and bank-to-bank system that consists of the use of evolution of GSM network or Internet, software applications, transaction devices, common bank agents and virtual bank accounts.
The present invention involves the use of a network system e.g. mobile network hired by participating banks having subscriber account for subscribers. Furthermore, each subscriber account is linked to a virtual bank account that is not operated by the customer in the front-desk of a banking institution. This means that the subscribing customer does not have to hold the conventional bank account with the financial institution. The financial institution provides a virtual bank account linked to each subscriber's mobile network subscriber account. In addition, a customer may have a real bank account with a bank and the said customer may additionally be subscribed to a virtual bank account with the same bank or any other bank.
A registered banking agent for the virtual bank system works in favour of all the participating banks, but reconciliation is done by a transactions processor for all the participating banks. The transactions processor of the current invention manages all transactions in the virtual bank network, manages charges for transactions, manages interests for deposits and updates balances on ledgers and manages storage in a data base. The transactions processor also assigns mother bank identity (ID) for each subscriber during registration. Mother bank identity is used to identify the bank that registers or owns the subscribing customer and the ID is given at the time of registration of a customer. Virtual bank transfers may be intra-bank transfer from a subscriber A to another subscriber B registered by the same bank or inter-bank transfer from a subscriber A of Bank 1 to another subscriber B registered by Bank 2.
The proposed invention is important in making sure that everyone has access to a banking platform without being a customer to or aware of a given financial institution as neither a bank account holder nor face bank representatives.
Since all the participating banks are virtually linked, costs of transactions are expected to be lower or fixed rates irrespective of the amount debited or credited. However, the customer must subscribe to the mobile network subscriber account. The mobile network subscriber account is contained in a handset hardware or software which is operated by a subscriber.
Furthermore, there is more confidence and trust in using registered financial institutions, where customers store the bulk of their savings. In addition, social grants can be deposited directly to registered banking institutions and sent directly to beneficiaries like the aged, single-parents or disabled people who do not have to open bank accounts but could afford remotely handheld subscriber accounts.
In the end, each participating bank will have a given number of subscribers assigned to them. This will depend on registration campaigns for subscribers by different banks on the same banking agency umbrella. The bank may decide on allocation agreements and initial offers based on the number of subscribers registered. However, a single bank may as well implement the proposed platform.
For value addition, the number of subscribers owned by different banks may be used to create shares where a bank may decide to trade by transferring subscribers to the other banks in the network. This trading will increase revenues or dividends to participating banks and subscribers may earn rewards from such sales.
The key inventive features of the virtual bank account system is that a subscriber is registered with an identifier of a mother bank and a registered banking agent acts for the entire member banking institutions such that a subscriber is unaware of the mother bank and subscriber base is turned into commodity.
In addition, a virtual bank account is an electronic wallet that contains value that is tethered to an existing fiat currency and the exchange rate between the wallet value and the fiat currency is one-to-one. This implies that there is no trading between the wallet value and fiat value, thus different from crypto-currency. The following channels may be used for accessing the virtual bank account system:
Mobile banking, unstructured subscriber service dialing (USSD), Application based remote hardware, SIM toolkit, Internet banking, automatic teller machines (ATM) or point of sale and agency banking. The methods of use for the new inventions include: Money transfers: peer-to-peer, subscriber account to real bank account, real bank account to subscriber account; cash deposits; cash withdrawals from virtual agency banking; payments of bills (prepaid, real-time and postpaid), trading; and loans, dividends and interest provision.
125 Moreover, there are several methods of transferring airtime value from one subscriber account to another.
A service that performs a reverse role may be is a new service provided in the present invention. In a similar fashion to bank systems, mobile payment platforms also allow exchange of fiat money with electronic money in the telecommunications sector.
However, backward exchange of these values for fiat money or electronic money has not been enabled. 130 Such an exchange would be synonymous with barter trade. Furthermore, the exchange will allow a subscriber to own her/his value beyond the purchase of airtime and will still be able to convert her/his airtime back to other personal values.
Moreover, an exchange point for trading these commodities for other values is not known. As an example, in the conventional fiat money currencies, an exchange bureau is used to effect exchange of different
135 currencies from different countries at a profit margin.
Firstly, there is need to exchange fiat money with airtime value, whereby a subscriber may buy voice, internet data or sms airtime directly using fiat money and sell airtime back into fiat money through an electronic money conversion system within a mobile network operator (MNO) system. This would be possible by allowing exchange of airtime into electronic money, which can then be exchanged with fiat
140 money. Electronic money can be based on the communication network system or on a banking system.
The airtime value may also be exchanged directly for more loyalty points and the loyalty points exchanged for airtime directly. The latter is a known procedure. The voice, internet data or sms airtime value may also be exchanged directly for data or sms bundles and the data or sms bundles exchanged for voice or sms airtime directly. This holistic service does not exist and a processor to execute such services is proposed.
145 Secondly, there is need to offer a freedom of an exchange service outside the MNO system to trade airtime and fiat money from individual subscribers through a transactions processor. This trading would constitute a new business venture, thus a new form of employment.
Therefore, firstly, the present invention solves the limitations of the prior art by providing a method and system for a back-and-forth exchange of airtime and electronic money within an MNO system. The 150 electronic money may then be exchanged for fiat money at minimal transactions fee. Secondly, the present invention also solves the problem of the prior art by providing an exchange port for trading airtime and electronic money at a positive margin. The airtime traded is derived from the float value of airtime obtained from users who use the exchange. Some users will be buying airtime at a rate cheaper than or equal to the market rate while other users will be selling their airtime for electronic money at a rate 155 cheaper than the market rate resulting into a profit margin. Transfer services like Sambaza will be adopted.
The new system will introduce a service called M-Peana or M-Pasha or M-pashe, where an electronic money value is transferred to a subscriber who issues a given value of airtime. The electronic money may then be exchanged for fiat money.
The present invention reduces fraud by implementing block-chain technology. In block-chain, all transaction 160 requests from a subscriber are referred to in subsequent execution of transfers and account changes. This means that if a bank fraudulently initiates a transaction, then a prior transaction log from a user will be missing from the transactions device and such transaction will be rejected.
SUMMARY OF INVENTION
165 It is an aim of the invention notably to overcome the limits of the prior art in mobile money account management. In some embodiments, a mobile bank account management system comprises a conventional bank system, a conventional communication network system, a network of automatic teller machines (ATM) and a network of banking agents, each representing a collection of different banks.
According to one broad aspect of the present invention there is provided known subscriber identification
170 module (SIM) modules to support the software transactions between a bank and subscriber account holder or USSD; a handset to hold the SIM module and provide a console screen for selecting a menu of transaction options, where the options for transactions are money transfer, withdrawal, deposits, trading, interests, payments and accompanying security features like personal identification numbers (PIN) and confirmation prompts.
175 In some embodiments, the subscribers to the mobile virtual bank account management system register as users of the subscriber account with a banking agent but they do not have to register as real bank account holders.
In some embodiments, the SIM modules can be owned by the banking institutions or hired from network service providers or USSD service, where network service can be mobile phone network or internet 180 network and SIM modules could be applications on the hardware. In some embodiments, the subscriber account holders deposit money into their subscriber accounts by issuing money and titles with the nearest banking agents and receive alerts in the form of short messages, where their accounts are credited and that of the agent is debited by the same amount by a transactions processor device and in virtual bank accounts.
185 In some embodiments, the account holders withdraw money from their subscriber accounts through a menu in their SIM module by receiving money and titles from the nearest banking agents and receive alerts in the form of short messages, where their accounts are debited and that of the agent is credited by the same amount plus the transaction fee charges for the withdrawal process by the transactions processor device and in virtual bank accounts.
190 In some embodiments, the account holders transfer money from their subscriber accounts to another subscriber account holder through a menu in the SIM module after which the sender's account is debited by the amount transferred plus transaction fee charges while that of the recipient is credited by the same amount by the transactions processor device and in virtual bank accounts.
In some embodiments, the account holders transfer money from their SIM card accounts to bill accounts to 195 pay for goods and services through a menu in the SIM module after which the subscriber account holder is debited by the amount transferred plus transaction fee charges while that of the bill account is credited by the same amount by the transactions processor device and in virtual bank accounts.
In some embodiments, the transactions fee charges are free or predetermined by the owner of the mobile virtual bank account management system.
200 In some embodiments, the banking agents maintain both real bank accounts with the financial institutions that own the mobile bank account management system, where fiat money is deposited or withdrawn from and they also maintain virtual bank accounts.
In some embodiments, the banking agents may be allowed to maintain a predetermined negative float value by accepting more deposits from subscriber account holders before the banking agents could deposit 205 the cash with the participating bank branches.
In some embodiments, the owner of the mobile virtual bank account management system, which is the financial institutions, manages all the subscriber accounts by virtually linking them to the actual real bank accounts for auditing, security, risk analysis and regulatory purposes.
In some embodiments, the subscriber accounts are linked to virtual bank accounts through the Internet or 210 private networks e.g. mobile network service like evolution of GSM. In some embodiments, there are limits to the amounts that can be withdrawn or transferred in terms of daily usage and transaction fee charges vary according to the nature of the recipients of the transfers.
In some embodiments, trading of shares based on the number of subscribers owned by each participating banking institution may be initiated and dividends provided based on charges on transfers of subscribers from one participating bank to another.
According to one broad aspect of the present invention, an airtime value is purchased from fiat money or electronic money.
According to one broad aspect of the present invention, electronic money is generated from a value of fiat money deposited in a mobile money account in a communications system or in a banking system.
According to one broad aspect of the present invention, airtime value is converted into a value for a voice bundle.
According to one broad aspect of the present invention, airtime value is converted into a value for a short message bundle.
According to one broad aspect of the present invention, airtime value is converted into a value for internet data message bundle.
According to one broad aspect of the present invention, a short message bundle is converted into a value for airtime.
According to one broad aspect of the present invention, internet data message bundle value is converted into a value for airtime.
According to one broad aspect of the present invention, airtime value is converted into a value for electronic money at minimal transactions fee charged by a mobile network operator (MNO).
According to one broad aspect of the present invention, electronic money is converted into a value for fiat money and fiat money is withdrawn.
In some embodiments of the present invention, an exchange system is implemented to carry out trading of airtime value into electronic money.
In some embodiments of the present invention, a value of service airtime is transferred from a subscriber account to an exchange account number through known services.
In some embodiments of the present invention, a value of electronic money is transferred to a subscriber account number at a value known as buying price through this service envisaged in the current invention. In some embodiments of the present invention, a value of electronic money is transferred from a subscriber account to an exchange account number in order to purchase service airtime. In some embodiments of the present invention, a value of service airtime is transferred from an exchange account to a subscriber account number at a value known as selling price.
In some embodiments of the present invention, a service airtime refers to internet data bundle, short 245 message bundle, voice call bundle and loyalty reward points.
In some embodiments of the present invention, a profit margin is obtained from the difference between the selling price and the buying price of service airtime.
BRIEF DESCRIPTION OF THE DRAWINGS
The invention will be explained in more detail in the following text using one exemplary embodiment and
250 with reference to the drawings, in which
FIG.1 shows a block diagram illustrating a mobile virtual bank account management system
FIG.2 shows a block diagram illustrating apparatuses for airtime conversion into electronic money
FIG. 3 shows a block diagram illustrating trading and exchange of airtime and electronic money
DETAILED DESCRIPTION OF EMBODIMENTS
255 The present invention relies on both banking concepts and mobile network service concepts, in which the network services are used to support banking transactions, where the customer does not have to open the conventional bank account. The proposed system and its methods lead to more accessible banking platform, especially for the unbanked communities and cheaper and trusted option for banking transactions, especially for peer-to-peer money transfer.
260 Fig.1 illustrates architecture of the mobile virtual bank account management. The architecture consists of a mobile handset (1), banking agent or payments recipient (2) and a network service system (3) in a remote access component which is easily accessible to any subscriber using (1). Here, (1) may be a mobile phone or a device that holds a registered module for managing a subscriber account. The handset (1) is served by a network service (3) to provide communication between the mobile handset (1) and the banking agent or
265 payments recipient (2). In addition, (3) connects the remote access component to other components. In other components, (4) is a transactions processor device, (5) is a data base, (6) is a virtual bank A, (7) is a virtual bank B and (8) is a virtual bank N and (9) refers to core component of the virtual banking system. On the other hand, (10) is a physical bank for bank A, (11) is a physical bank for bank B and (12) is a physical bank for bank N. Evidently, (13) is a group of real banking halls consisting of N banks.
270 In terms of roles, (4) manages all transactions from (3) to all other components and updates records and ledgers in (5) while (5) stores subscriber information and ledgers as recorded also in (6), (7) and (8). Even though the subscriber account holders of (1) register and operate their accounts through the mobile handset (1), the account holders are connected to the banking facility (13) through a virtual network, that is, they do not have to hold and manage bank accounts in (13), yet their accounts are actually operated in (13) 275 between the transaction processor device (4) and the banks (13) through a communications system only.
To complete the system a transaction involves the movement of money and titles between accounts and thus (14) forms the other account holder and (15) is another agent or automatic teller machines (ATM) network.
Furthermore, (2) is responsible for carrying out all transactions for all subscribers on behalf of all member 280 bank institutions from bank A to bank N. For example, (2) or (15) may walk in and access fiat money or value from the banks in (13) through deposits and withdrawals, while (1) or (14) may only access fiat money or value from (2) or (15).
A card module which is inserted in the mobile handset (1) has software and capability to perform operations from a short menu displayed on the handsets (1). The operations in the menu include authentication, 285 confirmation of operations, transfer, withdrawal and security features. In essence, a single subscriber (1) may have both real accounts in (13) and virtual accounts (6), (7) and (8). Thus, transactions are allowed between (9) and (13) if both accounts exist for a subscriber.
Examples of transactions handled by the transactions processor device (4) include: registering a subscriber into the virtual bank system, data base management, transfer, deposits, withdrawals and payments.
290 The following is a classic example of a transfer operation. When a subscriber account holder using (1) needs to transfer money from subscriber account in (1), a transfer item is selected from a menu from the handset (1), and the destination account number is entered or selected from the memory of the handset. An amount is keyed into the handset followed by a personal identification number (PIN) of the sender and then the handset queries the virtual bank account in (9) through the network service system (3). A
295 confirmation message is displayed if the amount to be transferred is allowed. The amount to be transferred is checked by (4) from the virtual bank (9) balances and that information is relayed back to (1) through the network (3).
If the transfer is possible, the subscriber account in (1) is debited and the balance reduces as well as the virtual account in (9). The subscriber account of the recipient in (14) is credited and the balance increases 300 both in the database (5) and in the virtual bank accounts (9). A confirmation of the transaction and the new balance is received in handset in (1). The subscriber account holder in (14) is also informed about the transfer and the increase in balance. The following is a classical example of a deposit operation. When a subscriber account holder using needs to deposit money into his or her account, the he or she hands over money or value to (2). The (2) then keys
305 in the amount into a handset in (2) followed by the personal identification number (PIN) and sends the message. Then, (4) receives message and updates data base (5), virtual bank account of the subscriber in (9) and real bank accounts (13) of the bank agent through the network service system (3). The amount to be deposited is checked by (4) from the virtual bank (9) balances and that information is relayed back to (1) and (2) through the network service system (3).
310 The (4) further manages transfer of charges or benefits to real revenue accounts for mother banks, wherein a mother bank is assigned the transacting subscriber.
The amount of deposits received by agent in (1) may be regulated by a limit called float so that the agent does not keep large amounts of deposited cash before transferring the cash to real banks (13), in which case the bank agent is operating with a negative balance of float figure. Transaction data bases are 315 maintained both at a transactions processor data base (5) and at all participating banking institutions for each corresponding transaction in (9) and (13).
In summary:
The transactions processor device for virtual bank accounts does the following:
Assigns mother bank ID during registration, manages intra-virtual bank account transfers and inter-virtual 320 bank account transfers, updates ledgers for charges imposed, updates ledgers for interest earned from money deposited or dividends and updates ledgers for balances after withdrawals and deposits or payments.
Processes at the transactions processor device include:
(a) Transfer where Subscriber A and subscriber B belong to the same mother bank;
325 (b) Transfer where Subscriber A and subscriber B belong to different mother banks;
(c) Transactions between real bank accounts (RBA) and virtual bank accounts (VBA) of the same bank;
(d) Withdrawal procedure for fiat money or crypto-currency consists of: 1. Debit subscriber's virtual bank account (VBA) in Bank k, 2. Credit agent's VBA in Bank k or any other corresponding to the banking agent, 3. Banking agent presents fiat money or crypto-currency or value to subscriber A, 4. Update the database,
330 5. Agent withdraws fiat money from RBA of any issuing bank according to the balances respective to RBA of all banks, (e) Deposit procedure for fiat money or crypto-currency consists of: 1. debit agent's virtual bank account (VBA), 2. credit subscriber A VBA, 3. agent takes fiat or crypto-currency or value from subscriber A, 4. update database (DB), 5. agent deposits fiat money into real bank account (RBA) of any receiving bank; 6. receiving bank transfers balances to respective RBAs of all participating banks, (e) Loan
335 facility procedures; and
(f) Interest on deposits and dividends earned by banks from trading the amount of subscribers.
Fig. 2 illustrates an apparatus in a communications system, where a subscriber is able to use fiat money (1) to buy a given value of airtime (2). The subscriber may also deposit fiat money into an electronic money account (3) and use the electronic money (3) account to purchase a value of airtime (2). The value of
340 airtime (2) may then be divided into various service values (4). These service values are in the form of voice calls, short messaging service, internet data and loyalty reward point values. In addition, airtime (2) is enabled to purchase loyalty reward points without having to spend the airtime on the various network services. The process (5) of purchasing airtime from fiat money may be executed through prepaid or postpaid services. A value of electronic money in a subscriber account is converted into fiat money through
345 a withdrawal process (6) in mobile money systems. A value of electronic money in a subscriber account is converted from fiat money through a deposit process (7) in mobile money systems. A purchase process (8) for buying airtime (2) from electronic money (3) is required. Moreover, a sale process (9) is proposed for converting airtime value back to electronic money (3), by charging minimal fees.
The airtime value may be converted into various services (4) through a known purchase process (10). In
350 addition, airtime value assigned to any of the various services may be converted back to airtime value (2) in a sale process (11). The sale processes of service to airtime (9) and airtime to electronic money (11) may be effected at minimal sale fees or transaction charges C sa and C ae , respectively. The transaction charges generate revenues to the network service provider and the revenue R t is expressed in equation (1) as
Rt = { sa + C ae } (1)
355 FIG. 3 shows a block diagram illustrating trading and exchange of airtime and electronic money. If a network subscriber (1) has airtime in the subscriber's account and requires electronic money, then the network subscriber (1) sends a value of airtime to an exchange account (2) through known services in a process (4). The information about the transaction is recorded in a database (3). The exchange account (2) must have electronic money balance or float. Then the exchange account transfers an equal value of
360 electronic money to the subscriber's account (1) at a predetermined selling price. A service dubbed Peana may be used in that transfer process (4).
Over some time, the exchange account (2) may accumulate huge values of airtime and a small balance of electronic money. As a result, a buying process is also enabled. A subscriber may also buy airtime from the exchange through a buying process (5) by sending electronic money to the exchange account. The 365 exchange account then transfers airtime to the subscriber account (1) at a value of buying price.
The selling price of airtime at exchange P sx is set at a price below or equal to the selling price in the market P sm i.e. P sm ≥ P sx . In addition, the buying price of airtime value at the exchange P bx is set at a price below market rate P bm i.e. P bx < P bm .
Therefore, the trading at the exchange generates revenues R x for every complete transaction which is 370 given in equation (2) as
Rx = {Psx ~ Pbx) (2)
In summary a device is required that will implement the transactions and revenue collection methods expressed in equation (1) and equation (2).
As mentioned herein, some of the advantages of the systems and methods described include low costs, 375 ownership of services, subscriber base commodity trading and low block-chain fraud. Various methods and benchmarks may be used to quantify the improvement in fraud and costs compared with other known methods, and these methods and benchmarks (as well as their application) are known in the art.
It will be appreciated that all methods described herein are intended to be suitable for implementation on standard/known or later developed communication equipment. Such systems for implementing the methods 380 herein are intended to be within the scope of the invention. It will further be appreciated that, where specialized equipment is desirable for implementing the methods or any portions of the methods herein, preparation and operation of such equipment will be within the scope of the art and will not require more than minimal/routine optimization by one of ordinary skill in the art.
It is to be understood that while the invention has been described in conjunction with examples of specific 385 embodiments thereof, that the foregoing description and the examples that follow are intended to illustrate and not limit the scope of the invention. It will be understood by those skilled in the art that various changes may be made and equivalents may be substituted without departing from the scope of the invention, and further that other aspects, advantages and modifications will be apparent to those skilled in the art to which the invention pertains. The pertinent parts of all publications mentioned herein are incorporated by 390 reference. All combinations of the embodiments described herein are intended to be part of the invention, as if such combinations had been laboriously set forth in this disclosure.