Patent ID: 7840494

Claim:
A monetary transaction system comprising: a payment processing system to: associate a profile with a user, the profile including security information, historical information, and at least one of financial information, device information, transaction information, or authorized recipient information, receive, from a wireless device associated with the, a request for a monetary transaction, identify, in response to receiving the request for the monetary transaction, the profile associated with the user, receive, from the wireless device, information identifying a payee and information identifying an amount, of the monetary transaction, verify identification information of the wireless device based on an Internet Protocol (IP) address associated with the wireless device and one or more IP addresses, of one or more devices associated with the user, included in the identified profile, determine, in response to receiving the information identifying the amount, whether sufficient funds exist in a first account associated with the user, whether the first account has been disabled, and whether a previous fraudulent activity of a user has been detected, determine, in response to receiving the information identifying the payee, whether a profile associated with the payee exists, the profile associated with the payee including information identifying a second account associated with the payee, request the profile associated with the payee when the profile associated with the payee does not exist, transfer funds between the first account and the second account, based on the information identifying the amount, and based on determining whether sufficient funds exist in the first account associated with the user, whether the first account has been disabled, and whether a previous fraudulent activity of a user has been detected, and send, in response to transferring the funds, a notification of the transfer of the funds to the wireless device, the notification including an itemization of goods or services associated with the transfer.