FIELD OF THE INVENTION
The present invention relates to a method and system of funding and payment that
utilizes existing mobile banking or electronic electronic wallet applications that may
5 be installed or launched as mobile browser based web-application/sites on
customer’s personal trusted device. More particularly, the invention provides a
floating guide and help button, invoked by the mobile application which is the
destination of the funds that helps and prompts the customer to make appropriate
navigations leading to a fund transfer.
10
BACKGROUND OF THE INVENTION
The electronic commerce sector has seen an unprecedented growth in past few years
due to adoption of modern devices such as smart phones and tablets, and access to
15 internet though broadband, 3G etc. The e-commerce ecosystem primarily consists of
online travel and ticketing; online retail; online marketplace; online deals and online
portals classified.
Availing goods and services from these sites require the customer to pay
20 electronically. The process of funding or payment involves a source of funds and a
destination of funds. The source of funds is usually a bank account or an electronic
electronic wallet. The destination of funds is the merchant or the electronic wallet
service provider being paid.
25 There exist two main methods of payments and funding. The first commonly
referred as ‘push’ funding which starts with the customer accessing the source of
fund. For example, the customer could log-in to a mobile banking application
provided by a bank and through the mobile application customer interface, instruct
the bank to transfer required funds to a specified destination account. The second
3
commonly referred as ‘pull’ funding which starts with the customer accessing the
destination of fund. For example, a customer logs-in to an electronic or mobile
commerce application and clicks the pay button and this application, through a
payment gateway transmits an instruction to pull funds from the source of fund.
5
Pull based funding is presently the more popular option and most of the transactions
are driven by the electronic and mobile commerce entities. Every transaction
involving pull funding, requires the merchant to integrate a payment gateway which
gives access to sources of funds linked to various card networks like Visa or
10 MasterCard or directly through netbanking based payment pages for the banks or to
various mobile or internet based electronic wallet providers.
Each such transaction necessarily requires multiple page hops for the customer. Each
such hop is a point of failure which may result in losing the customer and thus could
15 adversely affect the potential revenue for the merchant or the destination of funds.
Further, the process of integrations and regulatory compliances are significantly
expensive for each such merchant and gateway. More importantly, as recent cases of
card data hacking and breaches have shown, these transactions potentially expose
20 customers’ credentials for accessing the source of funds to merchants and third
parties both trusted and otherwise. Finally, due to all the significant risks and
multiple parties involved in these transactions, pull funding is presently a costly
proposition for the merchants or destination of funds who pay what is known as an
MDR (Merchant Discount Rate) for each transaction.
25
Push funding is not the preferred choice for merchants or electronic wallet customers
because
push funding has a discontinuous process flow. For example, assume that a customer
4
wishes to purchase a book worth Rs. X from an electronic book store. If the
merchant uses only a push method of payment, the customer, on pressing the ‘BUY’
button will simply be taken to a page which says something like ‘Open up your
mobile or internet banking website, then transfer Rs. X to our bank account
identified as ABC t 5 hen come back to this site to provide us some unique transaction
reference to prove that you made this transaction, then we will ship the book to you’.
The onus of attempting to initiate the push fund transfer is completely on the
customer. It is also completely disconnected with and independent of the merchant’s
app. The process that the customer may follow is open ended. However, this method
10 of funding is usually much cheaper than pull funding because the risks involved are
much less. This is because the customer always provides his/ her access credentials
directly within the secure environment of the application or website for the source of
funds. Thus neither the merchant nor any third party gateways get any access to the
customer's credentials for the source of funds.
15
In US20080010191 provides a comprehensive solution that allows consumers using
mobile devices to consolidate their bills and other payment obligations, pay such bills
and other obligations at anytime and anywhere, using any selectable available funds,
to merchants for goods or services, or to anyone or any other designated entity, with
20 knowledge of the amounts to be paid and the funds available balances.
In US20100125495 provides an improved system and method of managing multiple
accounts via a mobile telephone. A method of providing a mobile electronic wallet is
disclosed and may include displaying a mobile electronic wallet login screen and
25 displaying a mobile electronic wallet. The mobile electronic wallet includes at least
one of the following: an accounts option, a buy now option, an offers option, a
receipts option, and a more option. The method further includes displaying one or
more accounts when the accounts option is selected. The one or more accounts may
include at least one of the following: a bank account, a credit account, a gift card
5
account, and a rewards account. The method may also include displaying account
details when the one or more accounts is selected, displaying a buy now input screen
when the buy now option is selected, and receiving a buy now code. Moreover, the
method may include displaying at least one featured product and at least one
5 featured gift card, when a correct buy now code is received.
In US20020073025 provides a system and method for a virtual tutorial system is
disclosed. In one embodiment, the system includes a processor, a memory adapted to
communicate with the processor, a display adapted to communicate with the
10 processor, and a virtual electronic device shown on the display by the processor to
emulate operation the electronic device.
In US20130110709 provides system and method that allow for a portable electronic
device to provide smart menus to a user based on a context of a transaction.
15 Specifically, the method of using a portable electronic device may include opening a
near field communication (NFC) channel with a point-of-purchase device and
providing a smart menu based on a determined context. The portable electronic
device may be configured to determine the context based at least in part upon
acquiring sales transaction information for the point-of-purchase device.
20 Additionally, the portable electronic device may be configured to determine the
context based at least in part upon acquiring vendor identification information.
None of the most relevant prior art cited provides a floating guide and help buttons
are installed independent of the existing mobile banking applications/ websites or
25 electronic wallets or sources of funds, that helps and prompts the customer to make
appropriate navigations at each step for executing the fund transfer to a designated
third-party viz. the destination of funds. Further, the floating guide and help buttons
allows auto filling of the destination information into the required input boxes or
making these entries manually or being partially assisted by automatically copying
6
the information selectively into the clipboard (copy+paste) services. Additionally, the
floating guide and help buttons optionally prompts or provides sender's and receiver's
credentials including customer's login credentials which may be a combination of
one or more of customer name, email id, customer id, card number, account
5 number, password, PIN and OTP directly from the server. The floating guide and
help buttons fetches the account details of the destination bank from the server and
navigates through the instant fund transfer screen in case of repeating receiver; and
the floating guide and help buttons allows a customer to insert or copy or drop down
contents from the floating guide.
10
Therefore, there exists a significant gap in prior art that addresses the possibility of
providing a good customer experience using push funding that provides a seamless
pull funding experience to a customer while offering the same level of security and
lower transaction costs as offered by the push funding method.
15
OBJECT OF THE INVENTION
Accordingly, the main object of the invention is to provide a method and system for
destination funding and paying to a merchant or a electronic wallet service provider
20 via mobile banking application or website.
Yet another object of the invention is to provide a method and system for destination
funding and paying to a merchant or a electronic wallet service provider via mobile
banking application or website, wherein a floating guide and help button is provided,
25 working independently by prompting the customer to make appropriate navigations
at each step for utilizing existing mobile banking application or electronic wallet or
source that leads to a funds transfer to the designated destination of funds.
Yet another object of the invention is to provide a method and system for destination
7
funding and paying to a merchant or a electronic wallet service provider via mobile
banking application or website, wherein a floating guide and help button is provided
to prompt the customer to make appropriate navigations at each step for utilizing
existing mobile banking application or electronic wallet or source that leads to a
5 funds transfer to the designated destination of funds offering high level of security
and lower transaction cost.
Yet another object of the invention is to optionally provide customer's credentials
and details including customer's login which may be a combination of one or more
10 of customer name, email id, customer id, card number, account number, password,
PIN and OTP.
Yet another object of the invention is to provide a method and system for providing a
floating guide and help button appear on top of an existing mobile banking
15 application or electronic wallet or source that camouflages push funding method to
appear as pull funding method.
Yet another object of the invention is to provide a menu for optional navigation via
the present system.
20
Yet another object of the invention is to provide a system with floating guide and
help button appear on top of an existing mobile banking or electronic wallet or
source that helps and prompts the customer to make appropriate navigations at each
step and shows the next step to be taken for initiating the fund transfer to the third25
party.
Yet another object of the invention is to prompt or provide the customer with the
amount and account details of the destination of funds, as fetched from the server
and navigating to the instant fund transfer (push funding) screen.
8
Yet another object of the invention is to allow a customer to insert or copy paste or
drop down contents from the floating guide thereby reducing the human error.
Yet another object of the invention is to automatically and appropriately fill in the
5 underlying input boxes in the source of fund mobile banking application or website.
Yet another object of the invention is to provide a system, wherein the module is
configured to notify the details of the transaction to the sender after completion of
the transaction.
10
Yet another object of the invention is to provide a system comprising of payment
check module configured to check and notify the completion of the transaction or
otherwise, including providing details of the sender and recipient, date, time, amount
etc. to the destination of funds.
15
SUMMARY OF THE INVENTION
Accordingly, the present invention relates to a method and system of guided push
funding and payments working independently, that utilizes existing mobile banking
20 application or electronic wallet or other sources of funds that may be installed or
accessible on the customer's personal trusted device such as smart phone.
The method and system, helps and prompts the customer to undertake appropriate
navigations within existing mobile banking application or electronic wallet or other
25 sources of funds, and provide inputs that are required to make the funds transfer
from the existing account or electronic wallet or source to the third-party account
representing the destination of funds.
9
The invention is specifically push funding which is made to appear and function as a
pull funding used for most electronic or mobile-commerce payments or mobile
electronic wallet loading.
5 The method for guided push funding utilizing existing mobile banking application or
electronic wallet or source with floating guide and help button, the method
comprising the following steps of:
a. installing a mobile commerce application or a mobile electronic wallet
10 application;
b. selecting a particular pre-installed source such as a mobile commerce
application or a mobile electronic wallet application;
c. launching the selected mobile banking application or electronic wallet or
source which the customer accesses by securely and directly using on it his/
15 her security credentials;
d. inputting the amount to be funded/paid from said mobile banking application
or mobile electronic wallet application;
e. following the navigational path to the funds transfer screen on the selected
mobile banking application or electronic wallet or source;
20 f. providing the account details of the destination bank and the amount on the
floating guide and help buttons;
g. initiating the money transfer;
h. awaiting confirmation of the funds transfer being initiated;
i. awaiting for the destination bank account to confirm the transfer or payment
25 or credit;
j. notifying the source of fund application of the successful credit (or otherwise);
and
k. reflecting the credit in the Payee's account if integrated into a electronic wallet
system or merchant’s account;
10
In an embodiment of the present invention, the method wherein the floating guide
and help buttons are installed independent of the existing mobile banking
applications/ websites or electronic wallets or sources of funds, that helps and
5 prompts the customer to make appropriate navigations at each step for executing the
fund transfer to a designated third-party viz. the destination of funds; floating guide
and help buttons allows auto filling of the destination information into the required
input boxes or making these entries manually or being partially assisted by
automatically copying the information selectively into the clipboard (copy+paste)
10 services provided.
Further, the method uses the floating guide and help buttons which optionally
prompts or provides sender's and receiver's credentials including customer's login
credentials which may be a combination of one or more of customer name, email id,
15 customer id, card number, account number, password, PIN and OTP directly from
the server; the floating guide and help buttons fetches the account details of the
destination bank from the server and navigates through the instant fund transfer
screen in case of repeating receiver; and the floating guide and help buttons allows a
customer to insert or copy or drop down contents from the floating guide.
20
The invention further relates to a system for guided push funding with floating guide
and help button using existing mobile banking or electronic wallet applications the
system comprising of:
a. a means to input the amount to be transferred to a designated recipient including
25 an input system to enter the routing information of a bank in which the sender has an
account and the recipient has an account;
b. a communications module configured to
i. transfer and receive data from one or more server or module;
11
ii. launch an existing mobile banking application or mobile electronic wallet
application;
iii. communicate the routing information of a bank in which the sender has
an account and the recipient has an account; and
5 iv. notify the details of the transaction to the sender after completion of
the transaction;
c. the system further comprises of payment check module configured to check and
notify the completion of the transaction including providing details of the sender and
receiver, date, time, amount etc.
10
In another embodiment the system wherein the communications module is
customized to configure and activate floating guide and help button on top of mobile
banking application or mobile electronic wallet application, that helps and prompts
the customer to make appropriate navigations at each step and shows the next step to
15 be taken for initiating the fund transfer to the third-party. The system further
prompting or providing sender's and receiver's credentials including customer's login
credentials which may be a combination of one or more of customer name, email id,
customer id, card number, account number, password, PIN and OTP directly from
the server; and allowing a customer to insert or copy or drop down contents from the
20 floating guide; the system camouflages push funding method to appear as pull
funding. The system optionally fetching the account details of the destination bank
from the server and navigating to the instant fund transfer screen in case of repeating
receiver; and optionally the system provides a menu for facilitating navigation.
25 BRIEF DESCRIPTION OF THE DRAWINGS
A complete understanding of the system and method of the present invention may be
obtained by reference to the following drawings:
12
Figures 1A, 1B, 1C, 1D & 1E show screen shots of the method for guided push
funding in accordance with the present invention; and
Figure 2 shows a block diagram elucidating the system for guided push funding in
accordance with the present invention.
5
DETAILED DESCRIPTION OF THE INVENTION
The present invention will now be described more fully hereinafter with reference to
the accompanying drawings in which a preferred embodiment of the invention is
10 shown. This invention may, however, be embodied in many different forms and
should not be construed as being limited to the embodiment set forth herein. Rather,
the embodiment is provided so that this disclosure will be thorough, and will fully
convey the scope of the invention to those skilled in the art.
15 In an embodiment of the present invention the invention provides guided push
funding utilizing existing mobile banking application or electronic wallet or source
with floating guide and help button.
The method and system shall now be elucidated with the help of different figures. As
20 shown in Figs 1A, 1B, 1C, 1D & 1E, the method of guided push funding is illustrated
with the help of the screen shots. The customer requiring to fund money
electronically, installing a mobile application associated with the destination of
funds, capturing the amount to be funded, selects a particular pre-installed source
and fetch and launch an existing banking application or electronic wallet or source
25 installed on the communicating device such as mobile, Laptops, tablets etc.
The source of funds application 100is launched by destination of funds application
integrated with guided push funding module as shown in Fig. 1A.On launching the
banking application or electronic wallet or source the floating guide 2 and help
13
button 1 are launched in sync with the existing mobile banking application or
electronic wallet or source. Preferably, the floating guide 2 and help button 1 are
located on the top end of the screen as shown in the Figs. 1B & 1C, wherein the login
credentials are required by a customer to initiate transfer. Optionally, the floating
5 guide 2 and help button 1 may accesses the customer's records automatically and
prompt the credentials. After entering the login credentials the floating button 1 helps
and prompts the customer to make appropriate navigations at each step for executing
5 the fund transfer to the third party as shown in the Figs. 1D& 1E. Where possible
the present invention provides the method of entering the destination information
10 automatically into the required input boxes or expecting the customer to make these
entries manually or being partially assisted by automatically copying the information
selectively into the clipboard (copy+paste) services provided. Once a customer
navigates to the fund transfer screen on the selected mobile banking application or
electronic wallet or source the floating button 1 may prompt or provide beneficiary
15 details that includes but are not limited to contact information, Money Identification
Number, amount, reference or remark, account number, password, PIN and OTP
directly from the server and information alike, as shown in Fig. 1B. Further,
optionally navigating to the instant fund transfer screen in case of repeating receiver;
and allowing a customer to insert or copy or drop down contents from the floating
20 guide.
Further, mediating communication from the destination bank account to confirm the
transfer or payment or credit; awaiting confirmation of fund transfer, notifying the
sender of the credit; and reflecting the credit in the Payee's account if integrated into
25 a electronic wallet system or merchant’s account.
As shown in Figure 2, the system for guided push funding with floating guide and
help button using existing mobile banking or electronic wallet applications is
illustrated. The system provides a means to input the amount to be transferred to a
14
designated recipient including an input system to enter the routing information of a
bank in which the sender has an account and the recipient has an account. The
Communication server communicates primarily with the Input Module containing
the Mobile Application 101. The communication primarily results in insertion,
5 configuring and activating, at least one floating guide, and help button 104. The
insertion is made on the existing Mobile Application 101 and can be seen on the top
of the screen. A sender requiring money transfer shall be able to see this floating
guide 104 on their input devices as a floating guide. The system shall prompt the
customer to make appropriate navigations at each step and shows the next step to be
10 taken for initiating the fund transfer to the third-party.
The present system utilizes a mobile application 101 associated with the destination
of funds having a payment request capture module 102 in the existing mobile
banking application or electronic wallet or destination. The floating guide and help
15 button 104 shall navigate at each step and communicate with source of funds
app/site launcher module 103, existing mobile banking application 105, source of
funds service provider 106, fund transfer service provider 106 e.g. Visa, MasterCard,
NPCI, IMPS, and destination of fund service provider 107.
20 Optionally, the system may fetch the account details of the destination bank from the
server and navigating to the instant fund transfer screen through funds credit event
monitoring/alert module 109 in case of repeating receiver for instant payment
referring to the initial beneficiary details such as reference number, mobile number,
name, account number, card number, address etc.
25
The system finally checks and notifies the initiator the details of the transaction to
the sender after completion of the transaction and the system further sends details of
the sender and receiver, date, time, amount etc through payment/funding complete
polling service/event receiver module 110.
15
Although the invention has been illustrated and described with respect to one or
more implementations, equivalent alterations and modifications will occur to others
skilled in the art upon the reading and understanding of this specification and the
5 annexed drawings. In addition, while a particular feature of the invention may have
been disclosed with respect to only one of several implementations, such feature may
be combined with one or more other features of the other implementations as may be
desired and advantageous for any given or particular application.
10 Therefore, the foregoing is considered as illustrative only of the principles of the
invention. Further, since numerous modifications and changes will readily occur to
those skilled in the art, it is not desired to limit the invention to the exact
construction and operation shown and described, and accordingly, all suitable
modifications and equivalents may be resorted to, falling within the scope of the
15 invention.
20
25
16

CLAIMS
We Claim:
1. The method for guided push funding comprising steps of:
a) installing a mobile commerce application or a mobile electronic wallet
application;
b) selecting a particular pre-installed source such as the mobile commerce
application or the mobile electronic wallet application;
c) launching the selected mobile banking application or electronic wallet or source
which the customer accesses by securely and directly using on customer’s security
credentials;
d) inputting the amount to be funded/paid from said mobile banking application or
said mobile electronic wallet application;
e) following the navigational path to the funds transfer screen on the selected said
mobile banking application or electronic wallet or source;
f) providing the account details of the destination bank and the amount on a
floating guide and a help button;
g) initiating the money transfer;
h) awaiting confirmation of the funds transfer being initiated;
i) awaiting for the destination bank account to confirm the transfer or payment or
credit;
j) notifying a source of fund application of the successful credit (or otherwise); and
k) reflecting a credit in the Payee's account if integrated into said electronic wallet
system or merchant’s account;
wherein;
the floating guide and said help buttons are installed independent of the existing mobile
banking applications/websites or said electronic wallets or sources of funds, that helps
and prompts;
the customer to make appropriate navigations at each step for executing the fund transfer
to a designated third-party viz. the destination of funds;
17
the floating guide and said help buttons allow auto filling of the destination information
into the required input boxes or making these entries manually or being partially assisted
by automatically copying the information selectively into the clipboard (copy+paste)
services being provided;
the floating guide and said help buttons optionally prompts or provides sender's and
receiver's credentials including customer's login credentials which may be a combination
of one or more of customer name, email id, customer id, card number, account number,
password, PIN and OTP directly from the server;
the floating guide and said help buttons fetches the account details of the destination
bank from the server and navigates through the instant fund transfer screen in case of
repeating receiver; and
the floating guide and said help buttons allow the customer to insert or copy or drop
down contents from the floating guide.
2. The method as claimed in claim 1, wherein the method shall typically present a menu
of possible in-app navigational options.
3. The method as claimed in claim 1, wherein the method shall present said floating
guide and said help buttons as translucent button which always remains on top.
4. The method as claimed in claim 1, wherein said floating guide and said help buttons
can be moved around the screen if required.
5. The method as claimed in claim 1, wherein tapping on said floating guide and said
help buttons assist the next step to be taken for initiating the fund transfer.
6. The method as claimed in claim 1, wherein said floating guide and said help buttons
provide a clipboard service to copy and paste or using the keypad to key in the account
details.
18
7. A system for guided push funding comprising of:
a) a means to input the amount to be transferred to a designated recipient including an
input system to enter the routing information of a bank in which the sender has an
account and the recipient has an account;
b) a communications module configured to
i. transfer and receive data from one or more server or module;
ii. launch an existing mobile banking application or mobile electronic wallet
application;
iii. communicate the routing information of a bank in which the sender has
an account and the recipient has an account; and
iv. notify the details of the transaction to the sender after completion of
the transaction;
c) the system further comprises of payment check module configured to check and notify
the completion of the transaction including providing details of the sender and receiver,
date, time, amount etc.
wherein;
said communications module is customized to configure and activate said floating guide
and said help button on top of said mobile banking application or mobile electronic
wallet application, that helps and prompts the customer to make appropriate navigations
at each step and shows the next step to be taken for initiating the fund transfer to the
third-party; prompting or providing sender's and receiver's credentials including
customer's login credentials which may be a combination of one or more of customer
name, email id, customer id, card number, account number, password, PIN and OTP
directly from the server; and allowing a customer to insert or copy or drop down
contents from the floating guide;
the system camouflages push funding method to appear as pull funding;
19
optionally fetching the account details of the destination bank from the server and
navigating to the instant fund transfer screen in case of repeating receiver; and
optionally the system provides a menu for facilitating navigation.