| CPC G06Q 20/223 (2013.01) [G06Q 20/10 (2013.01); G06Q 20/326 (2020.05)] | 17 Claims |
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1. A method of conducting a secure mobile device transaction with a financial institution, comprising the steps of:
sending a request, from a first mobile device, to transfer funds from a first account associated with the first mobile device to a second account associated with a second mobile device;
receiving, by a first financial institution processor, an alias from the first mobile device, wherein the alias identifies an operator of the second mobile device;
comparing, by a payment switch processor, the alias to a database to determine if the alias exists within the database;
in response to the alias existing within the database, the payment switch processor generating a payment options message for displaying one or more payment options on the first mobile device of how the funds may be transferred from the first account to the second account, the first account having a first account number, the second account having a second account number;
receiving the payment options message, with the first mobile device, and displaying the one or more payment options on the first mobile device;
receiving a selected transfer option and an amount with the first financial institution processor, from the first mobile device;
verifying, with the payment switch processor, the selected transfer option against one or more risk thresholds, wherein one risk threshold comprises a maximum number of person-to-person payments permitted within a predetermined time period;
generating a secure party identifier, with the payment switch processor, in response to the payment switch processor verifying that the selected transfer option does not exceed the one or more risk thresholds, the secure party identifier comprising a truncation of at least one of a phone number and a name of the operator of the second mobile device who will receive the selected transfer option into the second account;
transmitting, with the first financial institution processor, the secure party identifier, the amount, and a description of the selected transfer option to the first mobile device and displaying the secure party identifier, the amount, and description of the selected transfer option on the first mobile device;
receiving, with the first financial institution processor, a first confirmation from the first mobile device that the secure party identifier is recognized;
sending a signal, from the second financial institution processor directly to the second mobile device, the signal comprises a message that indicates a payment is pending and a log-in to the second financial institution is needed to accept the payment;
receiving the signal with the second mobile device;
generating a second confirmation, with the second mobile device, that indicates at least one pending payment is accepted after the log-in to the second financial institution has been made;
receiving, with the second financial institution processor, the second confirmation that the selected transfer option is approved for receipt into the second account associated with the second mobile device;
generating an auto-payment option message, with the second financial institution processor, that includes options for configuring the second account for automatic receipt of future payments from the first mobile device;
receiving the auto-payment option message with the second mobile device; and
displaying, with a display device of the second mobile device, the auto-payment option message, the auto-payment message comprising a list of options for configuring the second account for automatic receipt of future payments from the first mobile device.
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