Registers – Systems controlled by data bearing records – Banking systems
Reexamination Certificate
1999-01-29
2001-10-23
Pitts, Harold I. (Department: 2876)
Registers
Systems controlled by data bearing records
Banking systems
C235S492000
Reexamination Certificate
active
06305603
ABSTRACT:
BACKGROUND OF THE INVENTION
1. Technical Field
The present invention relates generally to financial electronic transactions and, in particular, to convenient electronic financial transactions and financial account(s) access with immediate account updates via a personal digital assistant (PDA).
2. Related Art
Heretofore, credit cards, automated teller machine (hereafter“ATM”cards and so called smart cards have been used to purchase products and services without the use of cash. Unfortunately, the before mentioned cards suffer from a number of disadvantages. First, they do not provide the ability to use multiple accounts to pay for a transaction. Second, some cards such as credit cards or smart cards do not require an electronic signature or password for access to a users account. Hence, if lost or stolen, the card holders assets can be lost. Third, the above-mentioned cards do not provide feedback for record keeping other than a purchase receipt. The card user, therefore, must remember to enter the amount of purchases into his/her account register and update the account balance. Balance maintenance and budgeting, therefore, are burdensome.
In view of the foregoing, there is a need for a process and system(s) for conveniently conducting multiple financial transactions and automatically updating accounts.
SUMMARY OF THE INVENTION
In a first general aspect of the present invention is provided a method comprising the steps of: accessing at least two financial accounts at at least one financial institution using a personal digital assistant, performing at least one financial transaction during accessing using the personal digital assistant, and transmitting from each financial institution to the personal digital assistant updated information regarding each financial account. The present invention provides a number of advantages over related art devices. First, the process allows access to accounts with immediate updated feedback from the financial institution(s) accessed. This allows the user to access more than one account at one time if necessary and immediately see updated account balances on the personal digital assistant. Hence, the user receives more accurate account information. Additionally, prior to proceeding with a financial transaction, the PDA user may be provided with current financial account information so as to prevent overdrafts and allow for budgeting. Another advantage is found in how the retail institution or other transaction processor would receive immediate payment for goods or services, and potentially without providing a check out clerk or other service representative. Payment would be provided automatically by the PDA user before exiting the store. Accordingly, usage of the present invention could ultimately lead to lower costs to a transaction processor.
In a second general aspect in accordance with the present invention is provided a financial transaction system comprising: a hand held microcomputer electronically communicative with a store computer, the store computer being electronically communicative with at least one financial institution computer. The system further includes means for executing an electronic financial transaction between at least one hand held microcomputer user account at the at least one financial institution and a store account, and for immediately updating account information on the hand held microcomputer after the electronic financial transaction has been completed. This aspect provides a system to carry out the process of the first aspect and provides all of the advantages outlined above.
A third general aspect of the present invention provides a system for performing a financial transaction at a store, the system comprising: a store computer communicative with a store financial institution computer and a hand held computer user financial institution computer. The hand held computer has means for communicating with the store computer, means for initiating a financial transaction between the hand held computer user financial institution and the store financial institution computer via the store computer, and means for receiving financial transaction and account details from the hand held computer user financial institution computer via the store computer. This aspect provides similar advantages as that of the second aspect.
A fourth general aspect of the invention provides a store computer system for performing a financial transaction at a store with a hand held computer, the system comprising: means for communicating with a financial institution of the store and with a financial institution of the hand held computer user, means for communicating with, and performing a financial transaction based on input from, the hand held computer, and means for transmitting financial transaction and updated financial account information from the financial institution of the hand held computer user to the hand held computer. This aspect provides a store system capable of obtaining the above-described advantages.
A fifth general aspect of present invention provides a program storage device readable,by a machine, tangibly embodying a program of instructions executable by the machine to perform the method steps for executing a financial transactions between computer systems, the method steps comprising: accessing at least two financial accounts at at least one financial institution using a personal digital assistant, performing at least one financial transaction during accessing using the personal digital assistant, and transmitting from each financial institution to the personal digital assistant updated information regarding each financial account. This aspect provides a mechanism of storage for instructions to carry out the process outlined above.
The foregoing and other features and advantages of the invention will be apparent from the following more particular description of preferred embodiments of the invention.
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Grunbok, Jr. Warren William
Martino Gilford Francis
Fraley Lawrence R.
International Business Machines - Corporation
Pitts Harold I.
Schmeiser Olsen & Watts
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