Patent Grant
11257071
The resource processing for interactions typically requires a chain of various systems and entities in order to provide entry points for authorization, collection of resources, movement of resources along processing rails, gateways for network communications, or the like, which all require large amounts of processing capacity and memory storage in order to allow for such resource processing, and potential return processing. Furthermore, international resource processing for interactions requires additional entry processing. As such, it is difficult for entities to build out the infrastructure to allow for such resource processing.
The following presents a simplified summary of one or more embodiments of the present invention, in order to provide a basic understanding of such embodiments. This summary is not an extensive overview of all contemplated embodiments, and is intended to neither identify key or critical elements of all embodiments nor delineate the scope of any or all embodiments. Its sole purpose is to present some concepts of one or more embodiments of the present invention in a simplified form as a prelude to the more detailed description that is presented later.
Generally, systems, computer implemented methods, and computer products are described herein for a resource distribution system that improves the processing speeds, memory requirements, security, and costs associated with processing resources related to resource distribution interactions across different resources being exchanged. In the present application, the system creates a closed loop processing interaction network, where the resource pool source of the user and the resource pool destination are both within the same organization or group of organizations.
As such, the closed loop processing interaction network may be controlled by a single organization or may include a multiple organization member network to create an internal resource transfer processing network. As such, resources associated with interactions may be distributed directly between the resource pools of the members within the interaction network without having to use the traditional processing channels that have a number of issues. For example, the system described herein allows for real-time or near real-time transfer of resources without having to wait for approval of such transfers through traditional processing networks, allows for real-time dynamic currency conversion for transfers, allows for a reduced storage requirements because details of each interaction and associated resource transfer do not have to be stored at each entity along the traditional processing networks, allows for improved security because details of the interaction are not touched by each entity within the traditional processing network, allows for improved resource transfer options because the organization has a view of both parties in the interaction, and thus can provide non-traditional resource transfer options, and reduces the costs of resource transfers between the transfer is occurring within a single organization outside of the traditional processing networks.
It should be understood that user computer systems (e.g., mobile devices) and/or interaction terminals of product provides may be utilized to allow for the interactions between members of the interaction network. For example, the interaction terminals may create and allow for the use of interaction zones, which allows for the identification of users that are a part of the interaction network, allows users to receive specialized offers, allow direct transfer of resources within an organization in association with interactions, and by-pass traditional resource processing. As such, the system allows product providers and users to enter into interactions within an interaction zone in order to provide resources via identification of a user computer system linked to a resource pool to complete an interaction as an alternative to physical resources or traditional processing.
The invention utilized the closed loop platform for dynamic currency conversion. For example, in some transactions, a merchant and a buyer may have different currencies, such as foreign currencies or the like. Alternatively a user may have an account in a different currency that that of a merchant. Each of these scenarios result in a currency discrepancy during the resource exchange, resulting in a dynamic currency conversion (DCC) situation where funds are being transferred from one currency to a different one. The system, via the closed loop platform, provides an alternative currency processing for a transaction at a merchant. In this way, the merchant or the user may be able to provide resources in a different currency. The system utilizes the closed loop processing to verify and authorize fund transfers, bypassing current currency conversion processing.
In some embodiments, the invention comprises a system, method, and computer program product for a closed loop resource distribution system for dynamic currency conversion, the invention comprising: identifying a user is interested in an interaction with a product provider based on an action associated with a user computer system of the user or an interaction terminal of the product provider; identifying when the user and the product provider are members of an interaction network by identifying that the user has a user resource pool and the product provider has a product provider resource pool with one or more of the organizations within an interaction network; identifying a currency of the user and a currency of the product provider; displaying a currency selection to the user via interruption of the user computer system of the user or the interaction terminal of the product provider; receiving confirmation from the user or the product provider to enter into the interaction through the user computer system or the interaction terminal with a currency selected from the currency selection; identifying resources and currency of the resources to transfer associated with the interaction between the user resource pool and the product provider resource pool; verifying and authorizing dynamic currency conversion for the interaction; and transferring the resources from the user resource pool to the product provider resource pool of the product provider from the currency of the user to the currency of the product provider.
In some embodiments, identifying the currency of the user and the product provider further comprises identifying the currency of a resource account of the user and identifying a currency associated with a geographic location of the product provider.
In some embodiments, verifying and authorizing dynamic currency conversion for the interaction allows for currency conversion without using traditional currency conversion networks.
In some embodiments, dynamic currency conversion provides for real-time conversion of a currency to a different currency during the interaction without requiring currency conversion network processing.
In some embodiments, receiving confirmation from the user to enter into the interaction comprising identifying when the user is a non-member of the interaction network and requiring the user joining the interaction network before entering into the interaction through the user computer system.
In some embodiments, identifying that the user is the member of the interaction network further comprises identifying when the user resource pool is managed by a first organization of the one or more organizations and the product provider resource pool is managed by a second organization of the one or more organizations within with the interaction network and further identifying the currency associated with the resources of the user resource pool and the product provider resource pool.
In some embodiments, the user computer system is a mobile device of the user and the interaction terminal is a mobile device of the product provider.
To the accomplishment the foregoing and the related ends, the one or more embodiments comprise the features hereinafter described and particularly pointed out in the claims. The following description and the annexed drawings set forth certain illustrative features of the one or more embodiments. These features are indicative, however, of but a few of the various ways in which the principles of various embodiments may be employed, and this description is intended to include all such embodiments and their equivalents.
Having thus described embodiments of the invention in general terms, reference will now be made to the accompanying drawings, and wherein:
Embodiments of the invention will now be described more fully hereinafter with reference to the accompanying drawings, in which some, but not all, embodiments of the invention are shown. Indeed, the invention may be embodied in many different forms and should not be construed as limited to the embodiments set forth herein; rather, these embodiments are provided so that this disclosure will satisfy applicable legal requirements. In the following description, for purposes of explanation, numerous specific details are set forth in order to provide a thorough understanding of one or more embodiments. It may be evident; however, that such embodiment(s) may be practiced without these specific details. Like numbers refer to like elements throughout.
Systems, methods, and computer program products are herein disclosed for a resource distribution system that improves the processing speeds, memory requirements, security, and costs associated with processing resources related to interactions. In the present application, the system creates a closed loop processing interaction network, where the resource pool source of the user and the resource pool destination are both within the same organization or group of organizations. As such, the closed loop processing interaction network may be controlled by a single organization or may include a multiple organization member network to create an internal resource transfer processing network. As such, resources associated with interactions may be distributed directly between the resource pools of the members within the interaction network without having to use the traditional processing channels that have a number of issues. For example, the system described herein allows for real-time or near real-time transfer of resources without having to wait for approval of such transfers through traditional processing networks, allows for a reduced storage requirements because details of each interaction and associated resource transfer do not have to be stored at each entity along the traditional processing networks, allows for improved security because details of the interaction are not touched by each entity within the traditional processing network; allows for improved resource transfer options because the organization has a view of both parties in the interaction, and thus can provide non-traditional resource transfer options, and reduces the costs of resource transfers between the transfer is occurring within a single organization outside of the traditional processing networks.
The invention utilized the closed loop platform for dynamic currency conversion. For example, in some transactions, a merchant and a buyer may have different currencies, such as foreign currencies or the like. Alternatively a user may have an account in a different currency that that of a merchant. Each of these scenarios result in a currency discrepancy during the resource exchange, resulting in a dynamic currency conversion (DCC) situation where funds are being transferred from one currency to a different one. The system, via the closed loop platform, provides an alternative currency processing for a transaction at a merchant. In this way, the merchant or the user may be able to provide resources in a different currency. The system utilizes the closed loop processing to verify and authorize fund transfers, bypassing current currency conversion processing.
It should be understood that user computer systems (e.g., mobile devices) and/or interaction terminals of product provides may be utilized to allow for the interactions between members of the interaction network. For example, the interaction terminals may create and allow for the use of interaction zones, which allows for the identification of users that are a part of the interaction network, allows users to receive specialized offers, allow direct transfer of resources within an organization in association with interactions, and by-pass traditional resource processing. As such, the system allows product providers and users to enter into interactions within an interaction zone in order to provide resources via identification of a user computer system linked to a resource pool to complete an interaction as an alternative to physical resources or traditional processing.
In this way, the one or more organization systems 10 may be the systems that run the applications that the organization uses within the organization's operations (e.g., that store and process interactions using resources from resource pools). The users 4 (e.g., one or more associates, employees, agents, contractors, sub-contractors, third-party representatives, customers, or the like), may include customers, employees of the product providers, employees of the organization, or the like. In some embodiments, the user 4 may be an individual transacting with resources of various currencies. The users 4 may use the user computer systems 20 to communicate with the other systems and devices (e.g., interaction terminals 40) and/or components thereof. The one or more closed loop resource systems 30 may be utilized to allow the users to enter into closed loop interactions with the one or more product provider systems 50 through the one or more organization systems 10. The interaction terminals 40 may facilitate the interactions between the users 4 and the product provider systems 50, such as through the use of an interaction zone through which the users 4 and/or the product providers may communication and/or through mobile devices, point of interaction devices, or other systems, as will be described herein in further detail. The third-party systems 60 may act as an intermediary between the various systems and/or may be other organizations that that belong to the interaction network, which will be described in further detail herein.
As such, the users 4 (e.g., customers, or the like) may use the resources that the users 4 have with the organization to enter into interactions with the product providers, which may also have resources with the same organization (or different organizations within the same interaction network). As such, the one or more user computer systems 20 may communicate with the closed loop resource systems 30 and/or through one or more organization systems 10, directly and/or through each other and/or through third party systems 60 such that the interactions between the users 4, the organizations, and/or the product providers are completed more efficiently, timely, cost-effectively, and/or with reduced memory and processing speed requirements, as will be discussed in further detail herein.
The network 2 illustrated in
As illustrated in
The one or more processor components 14 use the one or more communication components 12 to communicate with the network 2 and other components on the network 2, such as, but not limited to, the one or more user computer systems 20, the one or more closed loop resource systems 30, the one or more interaction terminals 40, the one or more product provider systems 50, the one or more third party systems 60, and/or other systems (not illustrated). As such, the one or more communication components 12 generally comprise a wireless transceiver, modem, server, electrical connection, electrical circuit, or other component for communicating with other components on the network 2. The one or more communication components 12 may further include an interface that accepts one or more network interface cards, ports for connection of network components, Universal Serial Bus (USB) connectors and the like.
As further illustrated in
As further illustrated in
It should be understood that the one or more user computer systems 20 may be any type of device, such as a desktop, mobile device (e.g., laptop, smartphone device, PDA, tablet, watch, wearable device, or other mobile device), server, or any other type of system hardware that generally comprises one or more communication components 22, one or more processor components 24, one or more memory components 26, and/or the one or more user applications 27, such as web browsers applications, dedicated applications, specialized applications, or portions thereof. The one or more processor components 24 are operatively coupled to the one or more communication components 22, and the one or more memory components 26. The one or more processor components 24 use the one or more communication components 22 to communicate with the network 2 and other components on the network 2, such as, but not limited to, the one or more organization systems 10, the one or more closed loop resource systems 30, the one or more interaction terminals 40, the one or more product provider systems 50, the one or more third party systems 60, and/or other systems (not illustrated). As such, the one or more communication components 22 generally comprise a wireless transceiver, modem, server, electrical connection, or other component for communicating with other components on the network 2. The one or more communication components 22 may further include an interface that accepts one or more network interface cards, ports for connection of network components, Universal Serial Bus (USB) connectors and the like. Moreover, the one or more communication components 22 may include a keypad, keyboard, touch-screen, touchpad, microphone, speaker, mouse, joystick, other pointer, button, soft key, and/or other input/output(s) for communicating with the users 4.
As illustrated in
As illustrated in
The close loop resource systems 30 generally comprise one or more communication components 32, one or more processor components 34, and one or more memory components 36. The one or more processor components 34 are operatively coupled to the one or more communication components 32, and the one or more memory components 36. The one or more processor components 34 use the one or more communication components 32 to communicate with the network 2 and other components on the network 2, such as, but not limited to, the one or more organization systems 10, the one or more user computer systems 20, the one or more interaction terminals 40, the one or more product provider systems 50, the one or more third party systems 60, and/or the other systems. As such, the one or more communication components 32 generally comprise a wireless transceiver, modem, server, electrical connection, or other component for communicating with other components on the network 2. The one or more communication components 32 may further include an interface that accepts one or more network interface cards, ports for connection of network components, Universal Serial Bus (USB) connectors and the like.
As illustrated in
Moreover, the one or more interaction terminals 40, the one or more product provider systems 50, the one or more third party systems 60, and/or other systems may be may be operatively coupled to and communicate with the one or more organization systems 10, the one or more user computer systems 20, and/or the one or more closed loop resource systems 30, through the network 2. The one or more interaction terminals 40, the one or more product provider systems 50, the one or more third party systems 60, and the one or more other systems may have the same or similar components as the one or more organization systems 10, the one or more user computer systems 20, and/or the one or more closed loop resource systems 30 (e.g., communication component, processor component, memory component—computer readable instructions for applications, datastore), and/or each other in same or similar way as previously described with respect to the one or more organization systems 10, the one or more user computer systems 20, and/or the one or more closed loop resource systems 30.
It should be understood that the one or more interaction terminals 40 may comprise any type of device or component thereof, such as a desktop, mobile device (e.g., laptop, smartphone device, PDA, tablet, watch, wearable device, or other mobile device), server, wireless device, geo-fenced device, beacon, or any other type of system hardware, through which an interaction may occur. Moreover, it should be understood that the one or more interaction terminals 40 may be point of interaction devices (e.g., point of sale devices, or the like). As such, it should be understood that the one or more interaction terminals 40 may facilitate the closed loop resource interactions, traditional resource interactions, or combinations thereof to allow for interactions between the users 4, product providers, and/or organizations. It should be understood that in some embodiments the one or more interaction terminals 40 may be owned and/or provided by the organization (or the interaction network—combinations of organizations). In some embodiments, the one or more interaction terminals 40 may be able to create an interaction zone (e.g., through a wired, wireless, or like component interaction) through which the interactions can occur between users 4, product providers, and the organization, as will be discussed in further detail herein.
The one or more product provider systems 50 may comprise the systems that a product provider uses to enter into interactions with user 4. For example, the product provider may be a merchant that provides a product (e.g., goods or services) to users during an interaction, and collects resources through the one or more organization systems 10. It should be understood that both the user 4 and the provider may have resource pools (e.g., accounts, or the like) with the organization, and as such, a closed loop interaction network may be created between the users 4, product providers, and/or one or more organizations (e.g., at which the users 4 and product providers have resource pools). Consequently, the closed loop interaction network may allow for the real-time (e.g., real-time or near real-time) transfer of resources in response to an interaction without having to use traditional processing networks (e.g., processing channels through multiple entities, or the like) that are used for the transfer of resources. Traditional processing may include processing interactions through multiple entities such as one or more entities that provide gateways for accessing the traditional processing networks, one or more entities for clearing houses, one or more entities for exchanges, one or more entities for SWIFT processing, one or more entities for credit card processors, one or more entities for holding resources until the interaction is completed, or other like entities. The present invention bypasses these traditional processing networks, and thus, the present closed loop system has improved processing speeds, reduced memory requirements for interactions (e.g., interaction details do not need to be stored along the each rail), improved efficiency (e.g., multiple systems and entities are cut of the interactions), improved security (e.g., much fewer entities touch—have access to—the interaction data) and/or reduced costs due to elimination of processing through entities through the traditional processing networks.
In addition, the present invention utilized the closed loop platform for dynamic currency conversion. The invention, via the closed loop interaction network, provides an alternative currency processing for a transaction with a product provider. In this way, the product provider or the user 4 may be able to provide resources in a different currency. Utilizing the closed loop processing to verify and authorize fund transfers, bypassing current currency conversion processing, and the like.
The third party systems 60 may be systems of other organizations that may be part of the interaction network through which the closed loop interactions may occur. For example, these may include the other organizations (e.g., resource organizations, or the like) that hold other resource pools of the users 4 and/or product providers.
It should be understood that traditionally, product providers (e.g., merchants, or the like) set up an arrangement with an interaction processor that is an entry point into the channels for authorizing the transfer of resources, the collection of resources, and the movement of resources into product provider resource pools when users enter into interactions with the product providers. Furthermore, in some instances there is an additional resource transfer gateway process for e-commerce interactions. The resource transfer gateway ensures that the collection of information (e.g., resource pool information, user information, or the like) is in compliance with regulatory and security mechanisms. The channels do not allow for simple encryption and storage, so many smaller product providers employ a third party to handle developing the components and processes needed to enter the interactions (i.e., instead of trying to develop and build out such systems internally).
It should be further understood that interactions and the associated resource transfers described herein may include “on-us” and “off-us” interactions. On-us interactions include interactions that only involve a single organization, such that resource transfers occur within the single organization (e.g., transferring resources between two different resource pools of a single user within a single institution, or transferring resources between resource pools of a first user and a product provider within the same organization, or the like). Alternatively off-us interactions require another organization to be involved (e.g., a second financial institution) in order to transfer resources between two resource pools at two different organizations. With respect to on-us interactions between users and product providers that both have resource pools with the same organization, the present invention allows these types of interactions to proceed without having to use the traditional processing networks.
As such, in the present application, the system creates a closed loop processing network, where the resource pool source of the user and the resource pool destination are both within the same organization. Furthermore, the closed loop systems may include other organization network partners to create a membership network with multiple organizations to create an “on-we” (similar to on-us except there may be multiple organizations) resource transfer processing network.
Moreover, it should be understood that current resource transfer technology currently uses Internet based network processing to allow small sized product providers that typical operate using physical resources (e.g., food trucks, family owned stored, farmers market, or the like) to accept other forms of resource transfers (e.g., credit cards, debit cards, or the like). In some embodiments of the invention the systems, and in particular, the interaction terminal 40 at the one or more product providers may create an interaction zone (e.g., zone in which users may be identified and/or transfer resources, or the like), which allows a customer to transfer resources in association with interactions. As such, the system allows the product providers and users 4 to enter into interactions to provide resources via identification of a user computer system 20 at the interaction zone (e.g., identified via Bluetooth, near field communication (NFC), beacon, or the like through the interaction terminal 40) linked to a resource pool to complete an interaction as an alternative to physical resources (e.g., cash, negotiable instrument, or the like). To identify the user 4, the system may recognize the user 4 as being associated with the interaction network and provide the user 4 with the ability to enter an interaction through the interaction zone. The system may also present specialized offers for the product through the use of the interaction network, including the interaction zone. The system may further provide interaction terminals 40 at the product providers to provide the ability to enter interactions with users 4 through the use of the user computer system 20 and/or interaction terminals 40 without additional equipment with which the user 4 has to interact(e.g., dongle, touchscreen, or the like).
In this way, the present system creates an eco-system with connecting e-commerce through a payment gateway, connecting interaction terminals 40, and creating a back-end closed loop interaction network (e.g., for members) for expedited interaction processing including resource transfers (e.g., product provider receives funds in real-time or near real-time) without the necessity or lag time involved in traditional resource transfers.
The present system provides and alternative interaction terminal 40 and/or application therefor, for product providers and/or users 4, which increases the speed of the resource transfers, reduces the capacity needed to allow for the interactions, reduces the costs associated with traditional processing (e.g., cuts out the traditional entities through which the current resource transfers occur). For example, using an on-us or on-we, or other closed network system, the system may allow a user to use the resource transfers prevent the associated with traditional processing networks.
Moreover, block 104 of
Block 106 of
As such, it should be understood that in some embodiments product providers may enter into interactions with users 4 through Internet enabled interaction terminals 40, such as a smart phones, desktop computers, or the like. In this way, the interaction network may be based on an Internet application accessed through mobile device, desktops, or other user computer systems 20. For example, a web-based application or a dedicated application accessed through a system, such as a mobile device, may be created through which a user 4 may enter into an interaction with a product provider, if the user and product provider have resource pools with the one or more organizations within the interaction network. As such, instead of the interaction occurring through traditional networks (e.g., traditional processing rails, such clearing housings, exchanges, SWIFT processing, credit card processors, or the like), the interaction and/or resource transfer may occur directly within the one or more organizations within the interaction network for which both the user and product provider have resource pools. The interaction may occur through an application, online banking application, or interaction network application that both the user 4 and the product provider may access.
Alternatively, in some embodiments the product provider may have one or more interaction terminals 40 that may comprise point-of-interaction devices, such as a card reader, mobile device reader, touchscreen device, near field communication reader, RFID reader, or any other type of point-of-interaction device, or the like. It should be understood that such an interaction terminal 40 may already be utilized by the product provider to enter into interactions with users 4 utilizing traditional processing network. It should be understood that such a current interaction terminal 40 may be updated with applications that allow such an interaction terminal 40 to be utilized for both traditional processing along traditional rails, or for closed looped interactions over the interaction network discussed herein. For example, the traditional interaction terminals 40 may be updated with software that allows for the determination that a user 4 has a user resource pool with the same organization (or otherwise with an organization that belongs to an interaction network of multiple organizations) that the product provider has a product provider resource pool, and as such, the closed loop interaction may occur for this particular interaction.
In still other embodiments of the invention, the organization my create a specialized interaction terminal 40 and provide such a device to the product providers. The specialized interaction terminal 40 may include any type of dedicated interaction terminal 40 that allows for interactions on the interaction network outside of traditional networks, and in some embodiments, may also allow for transactions over traditional channels when the users 4 do not have resource pools with the same organization or interaction network as the product provider for dynamic currency conversion between the parties of the network. The specialized interaction terminal 40 may create an interaction zone through which the user 4 may be identified and/or enter into interactions with the product provider through the interaction zone.
It should be understood that the interaction network may be created in order to allow the product providers and/or the user 4 to enter into interactions anywhere. As such, the product providers may use stationary interaction terminals 40 at stationary locations. Otherwise, the interaction terminals 40 may be mobile interaction terminals 40 that allow the product providers, such as mobile product providers, to set up for interactions using the interaction terminals 40 (e.g., using interaction zones, or the like) in any location (e.g., festivals, farmers markets, food trucks, or the like).
Once the interaction network is established, the system may identify a user 4 that is interested in an interaction with the product provider, an illustrated by block 112 of
In other embodiments, the user action may include allowing the user computer system 20, such as a mobile device, to capture information (e.g., scan, take a photo, communicate with an RFID tag, capture a unique barcode or other identifier, capture infrared information, or the like) from a product or material (e.g., marketing materials, brochures, signs, product labels, or the like). For example, in some embodiments the product provider may list a resource amount for a product using traditional processing channels, and a discounted resource amount (or other offer) should the user enter the interaction through the interaction network. It should be understood that product provider may be able to make such offers (e.g., discounts, add-ons, special transfer options, or the like) due to the increased savings associated with transferring resources over the closed loop system (e.g., due to reduced interaction information storage requirements, reduced third-parties entities that are required to achieve the traditional processing, or the like).
In other embodiments, identifying that the user is interested in a interaction with the product provider may be the user's wish list, interaction history (e.g., previous interactions with the product provider or other product providers), and/or the location of the user 4 with respect to product providers (e.g., based on location determining device in the user computer system 20).
Regardless of how the potential interaction is identified, in response to identifying that a user is interested in an interaction with a product provider, the system may identify that the user 4 and/or product provider are a part of the interaction network. This determination may be made in order to identify if the user 4 satisfies requirements for particular offers, as will be described in block 116. In order to determine if the user 4 and/or the product provider, the user computer systems 20, the interaction terminals 40, and/or the product provider systems 50 may communicate with the closed loop resource systems 30 and/or the organization systems 10 information is captured from the user 4 and/or product provider (or the systems associated with each) in order to determine if the user 4 and the product provider are part of the interaction network (e.g., have resource pools at the same institution or with member organizations). For example, the tokens associated with the user computer system 20 and the product provider (e.g., through the interaction terminal 40) can be used to determine if the user and product provider are a part of the interaction network (e.g., compare the captured tokens to the stored token values, the product provider, and/or the resource pools associated with the user and product provider). However, it should be understood that any method of authenticating the user and/or the product provider may be used in order to determine if the parties are part of the interaction network.
It should be understood that the system may already automatically have verified that the product provider is a part of the interaction network due to the fact that the interaction terminals 40 are registered with the system (e.g., closed loop resource systems) as being a part of the interaction network. For example, the interaction terminals 40 may include the applications that allow for the closed loop interactions over the interaction network (e.g., as well as traditional interaction processing), moreover, in some embodiments the interaction terminals 40 may be provided by the organization, and thus, the organization already knows what product providers are part of the interaction network. As such, in some embodiments, the system may only have to authenticate and/or identify that the user 4 is a member of the interaction network. It should be understood that in some embodiments the identification of the user 4 may be tied to the user computer system 20, application on the user computer system 20, or the like. For example, the user 4 may have resource pools at many institutions, and as such, the user 4 may be using a resource pool (e.g., a digital wallet, resource pool, or the like) from a non-affiliated organization that is outside of the interaction network for the interaction, and thus, the system may not be able to identify that the user 4 is part of the interaction network. As such, the identification of the user 4 as member of the interaction network may be required to be made through the identification of the use of the user computer system 20 and not a resource transfer instrument (e.g., credit or debit card, electronic resource transfer pool, or the like) that is affiliated with a non-member organization. In some embodiments, it should be understood that this step in the process may occur before or after the user 4 and the product provider enter into an interaction.
Block 116 of
Other product information may also be presented to the users 4 on the user computer systems 20. For example, when the system determines that the user 4 is not a part of the interaction network, the system may provide a notification to allow the user to join the interaction network in order to achieve benefits associated with the entering the interaction through the interaction network. For example, the organization may send a notification to allow the user 4 to open a resource pool (e.g., checking, savings, credit line, or other like resource pool) with the organization in order to be able to take advantage of the benefits associated with interactions that occur over the interaction network.
Block 118 of
In some embodiments, it should be understood that the user 4 and product provider may enter into the interaction through a user mobile device and a product provider mobile devices. As previously described, a user may be identified as interested in a product of the product providers by taking an action with the user's mobile device (e.g., scanning something, entering an interaction zone, or the like), which may automatically open an interaction network application on the user's mobile device (e.g., dedicated app, online banking application, or the like). The application on the user's mobile device may communicate with a corresponding application on the product provider's mobile device in order to enter into the interaction. As such, it should be understood that interaction network application on both the user's mobile device and the product provider's mobile device may only be accessed if the both are members of the interaction network. As such, in some embodiments of the present invention, the interaction may occur between the user 4 and the product provider without having to use additional dongles (e.g., accessories to the mobiles devices such as card readers, or the like) and over a closed loop interaction network that provides improved technical features that results in reduced costs and/or additional benefits to both the users 4 and the product providers.
As illustrated in block 120 of
As such, the invention described with respect to
Block 204 illustrates that the one or more interaction terminals 40 establish an interaction zone, through which a user 4 may be identified and/or enter into an interaction with a product provider. It should be understood that the interaction zone may comprise any way that the one or more interaction terminals 40 may create a definite or scaled zone for a product provider through which a user 4 can be identified (e.g., by connecting to, or otherwise communicating with) in order to enter into interactions with the user 4. In one example, the interaction zone may be formed through a wireless network that is created by a point of interaction device or a router that communicates with the point of interaction device (or a mobile device) of the product provider. As such, when a user computer system 20 associated with the user 4 is in range of the interaction zone, the wireless network communicates with the user computer system 20 and/or the interaction terminal 40 in order to identify the presence of the user 4. In other examples, the interaction zone may be formed by a geo-fenced location (e.g., wired area), which when crossed by a user computer system 20 communicates with the user computer system 20 and/or the interaction terminal in order to identify the presence of the user 4. In another embodiment of the invention, the interaction zone may be an RFID, near-field communication device, interaction network beacons, or the like that is used to detect the presence of user computer systems 20 of a user 4. In other embodiments of the invention, the interaction zone may be determined by triangulated wireless communication devices, global positing tracking of a user computer system 20, or other like tracking of the location of a user computer system 20 that comes within a defined range of the product provider (e.g., a mobile and/or stationary product provider).
Regardless of how the interaction zone is created by the one or more interaction terminals 40, as illustrated in block 206, the system may identify when a user has entered into the interaction zone. For example, a user may be automatically identified when the user computer system 20 of the user communicates with and/or is identified as being present by the interaction zone (e.g., by the one or more interaction terminals 40, product provider system 50, and/or the closed loop resources systems 30). The user 4 may be identified in some embodiments as previously described with respect to block 112 of
Blocks 208 and 210 of
Block 212 of
Moreover, as illustrated by block 214 the system provides interaction information to the user 4 regarding the interaction in which the user 4 is interested, as previously described with respect to block 116 of
Furthermore, as illustrated by block 216, the system identifies that the user 4 and the product provider entered into an interaction through the interaction network, as previously discussed with respect to block 118 of
Finally, as illustrated by block 218, the system completes the interaction between the user 4 and the product provider directly through the organization, as previously discussed with respect to block 120 of
It should be understood that the present invention can be used for any users 4 (e.g., customers) and any product providers (e.g., merchants). However, it should be understood that the interaction network may be especially beneficial for small businesses, cash businesses, and/or groups of small businesses. Small businesses do not have the resources to build out the systems and applications for in-person and/or e-commerce interactions between the users 4 and the small businesses. As such, small businesses typically have to contract with and/or interact with multiple third parties to complete the interactions with users, which increases the time it takes to complete resource transfers associated with interactions (e.g., may take days for resource transfers to clear), increases the costs for the small businesses (e.g., payments have to be made to each of the third parties along the traditional processing rails), and requires storage of the interaction and resource transfer details along the various processing like which increases the amount of memory storage for each interaction because the resource transfer. As previously described herein. Unlike traditional processing, the present invention provides a closed loop system that does not require the businesses to contract with and/or interact with multiple third parties to complete the interactions with users 4, which decreases the time it takes to complete resource transfers (e.g., may occur in real-time or near-real time), decreases the costs for the small businesses (e.g., payments occur directly between accounts at the same institution outside of traditional processing rails), reduces storage requirements because the interactions and resource transfer details only need to be stored at the organization that holds the resource pools, and/or improves security because the organization has a relationship with each party (e.g., users have user resource pools and product providers have product provider pools with the same organization). As such, the present invention provides improvements over traditional interaction systems.
Block 304 illustrates that the one or more interaction terminals 40 establish an interaction zone, through which a user 4 may be identified and/or enter into an interaction with a product provider. It should be understood that the interaction zone may comprise any way that the one or more interaction terminals 40 may create a definite or scaled zone for a product provider through which a user 4 can be identified (e.g., by connecting to, or otherwise communicating with) in order to enter into interactions with the user 4. In one example, the interaction zone may be formed through a wireless network that is created by a point of interaction device or a router that communicates with the point of interaction device (or a mobile device) of the product provider. As such, when a user computer system 20 associated with the user 4 is in range of the interaction zone, the wireless network communicates with the user computer system 20 and/or the interaction terminal 40 in order to identify the presence of the user 4. Regardless of how the interaction zone is created by the one or more interaction terminals 40, as illustrated in block 306, the system may identify when a user has entered into the interaction zone. For example, a user may be automatically identified when the user computer system 20 of the user communicates with and/or is identified as being present by the interaction zone (e.g., by the one or more interaction terminals 40, product provider system 50, and/or the closed loop resources systems 30). The user 4 may be identified in some embodiments as previously described above. As such, an identifier associated with the user computer system 20 (e.g., a token, or other type of identifier) may be determined automatically (e.g., associated with the device itself, an application on the device, or the like), or the user may be required to open an application, activate the application, scan and/or capture information from a product or material, and/or take another action in order to allow the interaction zone to identify the user 4 through the user computer system 20. Block 308 of
Block 310 of
Block 312 illustrates receiving the selected currency from the user for the interaction. In this way, in some embodiments, the user 4 may select the currency from a display to complete the interaction with the product provider. Furthermore, the product provider may select the currency for the interaction. As such, both the user 4 and the product provider may select a currency for the interaction. The user 4 may be able to complete the transaction in the user 4 selected currency. The closed loop resource system 30 may, via the closed loop, process the interaction to verify and authorize resource transfers to the product provider system 50 in the currency requested by the product provider, thus generating a dynamic currency conversion, bypassing current currency conversion processing.
Block 404 illustrates identifying the user and product provider entering into an interaction with each the user 4 and the product provider selecting a currency. In this way, the user 4 approached an interaction terminal 40 and interacted with the product provider to perform a transaction with the product provider for a product, service, or the like. At that point, the user 4 may select a currency presented by the closed loop resource system 30 onto the user computer system 20 and/or the interaction terminal 40. The currency may be predetermined by the closed loop resource system 30 based on user 4 resource account currency, product provider system currency, geographic location currency, or the like.
Next, at block 406, the process 400 continues by verifying the interaction and currencies selected. In this way, the closed loop resource system 30 may verify the occurrence of the interaction and confirm the user 4 and product provider currencies. Upon verification the process 400 continues by performing a closed loop network dynamic currency conversion, as illustrated in block 408. The currency conversion converts the user 4 provided currency for the interaction into the currency of the product provider in a closed loop for real-time processing and conversion.
Block 410 illustrates an authorization of the currency conversion from the user 4 currency to the product provider currency and a resource transfer in the appropriate currency to the product provider. Finally, as illustrated in block 412, the process 400 is completed by processing the selected currency form the user for real-time dynamic currency conversion to product provider for completion of the interaction.
It should be understood, that the systems described herein may be configured to establish a communication link (e.g., electronic link, or the like) with each other in order to accomplish the steps of the processes described herein. The link may be an internal link within the same entity (e.g., within the same organization) or a link with the other systems. In some embodiments, the one or more systems may be configured for selectively responding to dynamic inquires. These feeds may be provided via wireless network path portions through the Internet. When the systems are not providing data, transforming data, transmitting the data, and/or creating the reports, the systems need not be transmitting data over the Internet, although it could be. The systems and associated data for each of the systems may be made continuously available, however, continuously available does not necessarily mean that the systems actually continuously generate data, but that a systems are continuously available to perform actions associated with the systems in real-time (i.e., within a few seconds, or the like) of receiving a request for it. In any case, the systems are continuously available to perform actions with respect to the data, in some cases in digitized data in Internet Protocol (IP) packet format. In response to continuously receiving real-time data feeds from the various systems, the systems may be configured to update actions associated with the systems, as described herein.
Moreover, it should be understood that the process flows described herein include transforming the data from the different systems (e.g., internally or externally) from the data format of the various systems to a data format associated with a particular display. There are many ways in which data is converted within the computer environment. This may be seamless, as in the case of upgrading to a newer version of a computer program. Alternatively, the conversion may require processing by the use of a special conversion program, or it may involve a complex process of going through intermediary stages, or involving complex “exporting” and “importing” procedures, which may convert to and from a tab-delimited or comma-separated text file. In some cases, a program may recognize several data file formats at the data input stage and then is also capable of storing the output data in a number of different formats. Such a program may be used to convert a file format. If the source format or target format is not recognized, then at times a third program may be available which permits the conversion to an intermediate format, which can then be reformatted.
As will be appreciated by one of skill in the art in view of this disclosure, embodiments of the invention may be embodied as an apparatus (e.g., a system, computer program product, and/or other device), a method, or a combination of the foregoing. Accordingly, embodiments of the invention may take the form of an entirely hardware embodiment, an entirely software embodiment (including firmware, resident software, micro-code, etc.), or an embodiment combining software and hardware aspects that may generally be referred to herein as a “system.” Furthermore, embodiments of the invention may take the form of a computer program product comprising a computer-usable storage medium having computer-usable program code/computer-readable instructions embodied in the medium (e.g., a non-transitory medium, or the like).
Any suitable computer-usable or computer-readable medium may be utilized. The computer usable or computer readable medium may be, for example but not limited to, an electronic, magnetic, optical, electromagnetic, infrared, or semiconductor system, apparatus, or device. More specific examples (a non-exhaustive list) of the computer-readable medium would include the following: an electrical connection having one or more wires; a tangible medium such as a portable computer diskette, a hard disk, a random access memory (RAM), a read-only memory (ROM), an erasable programmable read-only memory (EPROM or Flash memory), a compact disc read-only memory (CD-ROM), or other tangible optical or magnetic storage device.
Computer program code/computer-readable instructions for carrying out operations of embodiments of the invention may be written in an object oriented, scripted or unscripted programming language such as Java, Pearl, Python, Smalltalk, C++ or the like. However, the computer program code/computer-readable instructions for carrying out operations of the invention may also be written in conventional procedural programming languages, such as the “C” programming language or similar programming languages.
Embodiments of the invention described above, with reference to flowchart illustrations and/or block diagrams of methods or apparatuses (the term “apparatus” including systems and computer program products), will be understood to include that each block of the flowchart illustrations and/or block diagrams, and combinations of blocks in the flowchart illustrations and/or block diagrams, can be implemented by computer program instructions. These computer program instructions may be provided to a processor of a general purpose computer, special purpose computer, or other programmable data processing apparatus to produce a particular machine, such that the instructions, which execute via the processor of the computer or other programmable data processing apparatus, create mechanisms for implementing the functions/acts specified in the flowchart and/or block diagram block or blocks.
These computer program instructions may also be stored in a computer-readable memory that can direct a computer or other programmable data processing apparatus to function in a particular manner, such that the instructions stored in the computer readable memory produce an article of manufacture including instructions, which implement the function/act specified in the flowchart and/or block diagram block or blocks.
The computer program instructions may also be loaded onto a computer or other programmable data processing apparatus to cause a series of operational steps to be performed on the computer or other programmable apparatus to produce a computer implemented process such that the instructions, which execute on the computer or other programmable apparatus, provide steps for implementing the functions/acts specified in the flowchart and/or block diagram block or blocks. Alternatively, computer program implemented steps or acts may be combined with operator or human implemented steps or acts in order to carry out an embodiment of the invention.
Specific embodiments of the invention are described herein. Many modifications and other embodiments of the invention set forth herein will come to mind to one skilled in the art to which the invention pertains, having the benefit of the teachings presented in the foregoing descriptions and the associated drawings. Therefore, it is to be understood that the invention is not to be limited to the specific embodiments disclosed and that modifications and other embodiments and combinations of embodiments are intended to be included within the scope of the appended claims. Although specific terms are employed herein, they are used in a generic and descriptive sense only and not for purposes of limitation.
To supplement the present disclosure, this application further incorporates entirely by reference the following commonly assigned patent applications:
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