MONETARY TRANSACTION SYSTEM
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.
1 . A computer system for conducting electronic money transactions, comprising:
one or more processors; and
one or more computer-readable media having stored thereon executable instructions that when executed by the one or more processors configure the computer system to perform at least the following:
receive, through an API associated with an integration tier of a monetary transaction system, a communication message from a first device over one of a plurality of channels connected to the monetary transaction system, the integration tier including web services communication mechanisms for interfacing with a mobile wallet application and a plurality of different device types over a plurality of different communication channels, the integration tier being configured to receive messages from the first device, the communication message indicating that a particular type of electronic money transaction;
activate by the monetary transaction system an electronic hold on electronic money associated with a first user;
generate a network communication to a second device, the network communication generated by a notification services engine, the notification services engine configured to interface with the integration tier and to send a plurality of corresponding different types of messages over different communication channels to different devices to interface with a mobile wallet application installed on the first device wherein the communication comprises:
a code, wherein the code is used to effectuate the electronic money transaction;
communicate to a third-party entity the code and information about a specified amount of electronic money for verification by the third-party entity and transfer of the specified amount of electronic money to a second user;
when the second user fails to collect the specified amount of electronic money within a particular time period, automatically release the electronic hold from the electronic money associated with the first user; and
when the second user collects the specified amount of electronic money within the particular time period, perform the following:
receive through a network connection from the third-party entity a verification of the electronic money transaction.
2 . The computer system of claim 1 , wherein the mobile wallet application comprises stored value account.
3 . The computer system of claim 2 , wherein the mobile wallet application comprises is not associated with a bank account.
4 . The computer system of claim 2 , wherein the electronic money is stored within the stored value account.
5 . The computer system of claim 4 , wherein the mobile wallet application and stored value account and stored locally on the first device.
6 . The computer system of claim 4 , wherein the first device comprises a mobile phone.
7 . The computer system of claim 1 , wherein the electronic money transaction comprises a transfer of money from the first user to the second user.
8 . A computer-implemented method for conducting electronic stored value monetary transaction, executed on one or more processors, the method comprising:
receiving, through an API associated with an integration tier of a monetary transaction system, a communication message from a first device over one of a plurality of channels connected to the monetary transaction system, the integration tier including web services communication mechanisms for interfacing with a mobile wallet application and a plurality of different device types over a plurality of different communication channels, the integration tier being configured to receive messages from the first device, the communication message indicating that a particular type of electronic money transaction;
activating by the monetary transaction system an electronic hold on electronic money associated with a first user;
generating a network communication to a second device, the network communication generated by a notification services engine, the notification services engine configured to interface with the integration tier and to send a plurality of corresponding different types of messages over different communication channels to different devices to interface with a mobile wallet application installed on the first device wherein the communication comprises:
a code, wherein the code is used to effectuate the electronic money transaction;
communicating to a third-party entity the code and information about a specified amount of electronic money for verification by the third-party entity and transfer of the specified amount of electronic money to a second user;
when the second user fails to collect the specified amount of electronic money within a particular time period, automatically releasing the electronic hold from the electronic money associated with the first user; and
when the second user collects the specified amount of electronic money within the particular time period, performing the following:
receiving through a network connection from the third-party entity a verification of the electronic money transaction.
9 . The computer-implemented method of claim 8 , wherein the mobile wallet application comprises stored value account.
10 . The computer-implemented method of claim 9 , wherein the mobile wallet application comprises is not associated with a bank account.
11 . The computer-implemented method of claim 9 , wherein the electronic money is stored within the stored value account.
12 . The computer-implemented method of claim 11 , wherein the mobile wallet application and stored value account and stored locally on the first device.
13 . The computer-implemented method of claim 11 , wherein the first device comprises a mobile phone.
14 . The computer-implemented method of claim 13 , wherein the electronic money transaction comprises a transfer of money from the first user to the second user.
15 . 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 an electronic monetary transaction, the method comprising:
receiving, through an API associated with an integration tier of a monetary transaction system, a communication message from a first device over one of a plurality of channels connected to the monetary transaction system, the integration tier including web services communication mechanisms for interfacing with a mobile wallet application and a plurality of different device types over a plurality of different communication channels, the integration tier being configured to receive messages from the first device, the communication message indicating that a particular type of electronic money transaction;
activating by the monetary transaction system an electronic hold on electronic money associated with a first user;
generating a network communication to a second device, the network communication generated by a notification services engine, the notification services engine configured to interface with the integration tier and to send a plurality of corresponding different types of messages over different communication channels to different devices to interface with a mobile wallet application installed on the first device wherein the communication comprises:
a code, wherein the code is used to effectuate the electronic money transaction;
communicating to a third-party entity the code and information about a specified amount of electronic money for verification by the third-party entity and transfer of the specified amount of electronic money to a second user;
when the second user fails to collect the specified amount of electronic money within a particular time period, automatically releasing the electronic hold from the electronic money associated with the first user; and
when the second user collects the specified amount of electronic money within the particular time period, performing the following:
receiving through a network connection from the third-party entity a verification of the electronic money transaction.
16 . The computer-readable media of claim 15 , wherein the mobile wallet application comprises stored value account.
17 . The computer-readable media of claim 16 , wherein the mobile wallet application comprises is not associated with a bank account.
18 . The computer-readable media of claim 16 , wherein the electronic money is stored within the stored value account.
19 . The computer-readable media of claim 18 , wherein the mobile wallet application and stored value account and stored locally on the first device.
20 . The computer-readable media of claim 19 , wherein the first device comprises a mobile phone.