Patent ID: 8538845
Filing Date: 2013-09-17
Classification: G06Q,H04L

Abstract:
1. A monetary transaction system for conducting monetary transactions between unbanked subscribers and other entities, the system comprising: a mobile device configured to run a monetary transaction system application; an unbanked monetary transaction system subscriber that has a profile with the monetary transaction system, wherein the unbanked subscriber indicates, via the monetary transaction system application, one or more specified transactions that are to be performed using the monetary transaction system; a monetary transaction system processor that performs the one or more transactions specified by the unbanked 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 unbanked subscriber's profile; at least one entity that is to be involved in the specified transaction, the at least one entity having a profile with the monetary transaction system; and wherein the monetary transaction system is implemented to deposit funds at an agent branch through a mobile wallet, including performing the following steps: receiving communication from an agent branch over one of a plurality of channels connected to the monetary transaction system, the agent communication indicating that the unbanked subscriber desires to deposit a specified amount of funds into the unbanked subscriber's mobile wallet account; validating the status of the unbanked subscriber's mobile wallet account; determining if the agent branch is authorized to receive deposited money; performing one or more of a limit check and a velocity check on the unbanked subscriber's mobile wallet account, the limit check determining whether sufficient funds are available to make the deposit amount, the velocity check determining whether the unbanked subscriber has exceeded a specified number of transactions within a specified time period; crediting the unbanked subscriber's mobile wallet account with the specified amount of funds when the agent bank is authorized to receive the deposited money; returning a notification to the agent branch confirming the deposit; and notifying the subscriber that the specified amount of funds was deposited in the unbanked subscriber's mobile wallet account over at least one of the plurality of channels connected to the monetary transaction system.