Registers – Systems controlled by data bearing records – Credit or identification card systems
Patent
1996-07-22
2000-01-04
Hajec, Donald
Registers
Systems controlled by data bearing records
Credit or identification card systems
235379, G06K 500
Patent
active
060100672
DESCRIPTION:
BRIEF SUMMARY
FIELD OF THE INVENTION
This invention relates to a funds transaction device and relates particularly but not exclusively to one which may be mobile and operated via a mobile telephone service.
DESCRIPTION OF PRIOR ART
Automated teller machines and EFTPOS (Electronic Funds Transfer Point of Sale) terminals have operated for many years. All current EFTPOS devices function in the same manner. An EFTPOS card is "swiped" through the device to obtain account details, then an account type and P.I.N. (personal identification number) are entered and the information is sent to the banks for electronic authorisation. The aforementioned information is processed through a PINpad which encrypts the P.I.N. details for data security. The data is sent via a modem through specialised phone lines (leased lines that have a permanent connection) to a transaction switching network where it is "switched" through the correct bank's host computer to obtain bank authorisation. In Australia, the system operates on Australian Telecom's Tran$end network.
The known systems offer many disadvantages. In particular, the ability to have credit transfers from one account to another, such as from a customer's account to a store-holder's account who operates the EFTPOS device is currently limited to a fixed in-store situation and is therefore not practical for on-site tradespeople, market store holders or the like as it is not possible to have the necessary Tran$end leased lines at the various sites where the transaction is to occur for such persons.
OBJECT AND STATEMENT OF THE INVENTION
It is therefore an object of the present invention to overcome the aforementioned problem.
Therefore in accordance with a first broad aspect of the present invention there may be provided a funds transaction device for transferring funds between one bank account or credit facility and another bank account or credit facility through 6, said communication device, in use, being connectable with a communications network to connect to a host EFTPOS type network connected with a bank or credit establishment, owner/leasee of the device and to activate said PINpad device so a user can enter information via said PINpad device such as, account type, account transaction type, transaction amount, and a PIN number with said PIN number being encrypted by said PINpad device, and wherein said PIN number is encrypted and said user entered information encrypted as a Message Authentication Code and stored by said CPU, activate a communication connection via said modem device and said interface device to connect with the host EFTPOS device and transmit the stored user entered data as well as transmit the merchant identifying data of the owner/leasee of the device, so that funds can be transferred from the user's bank account or credit or debit card to the owner/leasee's bank account or vice versa and to provide signals to the output report device confirming the transaction or denial of the transaction or other information relating to the transaction.
Most preferably, the communication device for communication with the host EFTPOS device is a mobile telephone system. It is particularly preferred that a mobile telephone be built into the device. It is particularly preferred that the mobile telephone is dedicated to the purposes of communicating with the host EFTPOS network and is without the usual microphone or earpiece associated with a telephone handset.
In accordance with a further broad aspect of the present invention there may be provided a method of permitting a funds transaction between one bank account, and another bank account, said method comprising entering transaction particulars via a PINpad device such as account type, account transaction type, transaction amount, and PIN number encrypting the PIN number and storing those particulars as an encrypted Message Authorisation Code, communicating with a host EFTPOS type network and transmitting the stored Message Authorisation Code and data of the one party transferring funds from one party's bank account to the oth
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Dynamic Data Systems Pty. Ltd.
Hajec Donald
Rodriguez Douglas X.
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