METHOD AND SYSTEM FOR PERFORMING FINANCIAL
TRANSACTIONS VIA MOBILE PHONES
Field of invention
[0001] The present invention is directed towards performing financial transactions. More particularly, the present invention provides a method and system for transferring data required for performing a financial transaction over a mobile phone network.
Background of the invention
[0002] Recent years have seen an unprecedented increase in the number of mobile phone users in the world. Various surveys conducted during the past few years have revealed that a majority of people who do not have access to financial services possess mobile phones.
[0003] Conventionally, acquiring a financial institution account in order to avail financial facilities, entails performing a host of formalities including completion of a lot of paperwork. The cumbersome nature of the formalities involved, acts as a deterrent and prevents a large section of the society from availing financial services.
[0004] Further, traditional financial systems require an account holder to travel to the financial institution in order to perform financial transactions such as deposit or withdrawal of money. The financial institutions may be located at inconvenient locations making it difficult for individuals to perform financial transactions with ease. In recent times an increase in the number of automatic teller machines (ATM) offered by most financial institutions have brought some respite to account holders. However, the geographical distribution of ATMs is uneven and account holders residing in rural areas find it difficult to avail financial services.
[0005] Consequently, there is need for a system and a method for providing financial services to users via their respective mobile phones. Since, a large number of people belonging to relatively weaker sections of the society and living in rural areas possess

mobile phones but do not have access to financial facilities, the use of mobile phones as the medium for performing financial transactions would help in greatly increasing the number of people availing financial services.
Summary of the invention
[0006] A system and method for performing financial transactions via mobile phones is provided. The system comprises a mobile phone configured to initiate a transaction request. The transaction request is initiated by dialing a predetermined sequence of numbers that includes a predefined number uniquely associated with the customer. A base transceiver station intercepts the transaction request and forwards the request to a mobile switching center. The mobile switching center is configured to register the predefined number and forward the predetermined sequence of numbers to a service control point. The service control point is configured to extract the digits of the registered predefined number from the predetermined sequence of numbers and transmit the extracted digits to a financial application. The financial application is configured to process the requested transaction and receive transaction status from a financial institution.
{0007] In an embodiment of the present invention, a customer provides a cash amount to a customer service point owner. The customer service point is an establishment registered with the providers of financial services. The customer initiates a financial transaction by entering a predetermined sequence of numbers in a mobile device and pressing a call connect button. The predetermined sequence of numbers includes a predefined number uniquely associated with the customer, the customer's financial institution account number, the cash amount and a secret identification code of the customer service point owner. The financial institution account number may be a mobile number of the customer. A software application extracts the financial institution account number of the customer, the cash amount and the secret identification code of the customer service point owner. Further, the cash amount is transferred from the financial institution account of the customer service point owner to the financial institution account of the customer.

[0008] In another embodiment of the present invention, the customer initiates a financial transaction for withdrawing a cash amount from his financial institution account by entering a predetermined sequence of numbers in a mobile device and pressing a call connect button. The predetermined sequence of numbers include a registered predefined number, the financial institution account number, the cash amount and a secret identification code of the customer service point owner. The financial institution account number may be the mobile number of the customer. A software application extracts the financial institution account number, the cash amount and the secret identification code of the customer. The cash amount is transferred from the financial institution account of the customer to a financial institution account of the customer service point owner. Thereafter, the cash amount is handed over by the customer service point owner to the customer. The customer may receive goods from the customer service point owner in lieu of the cash amount.
[0009] In yet another embodiment of the present invention, a customer transfers a cash amount from his financial institution account to the financial institution account of a recipient. The recipient is registered by the customer by dialing a sequence of numbers comprising the financial institution account number of the recipient. Further, a fund transfer transaction is initiated by the customer by entering a predetermined sequence of numbers in a mobile device and pressing a call connect button. The predetermined sequence of numbers include a registered predefined number, the financial institution account number of the recipient, the cash amount and a secret identification code of the customer. The financial institution account number may be a mobile number of the customer. A software application extracts the financial institution account number of the recipient, the cash amount and the secret identification code of the customer. Thereafter, the cash amount is transferred from the financial institution account of the customer to the financial institution account of the recipient.
Brief description of the accompanying drawings

[0010] The present invention is described by way of embodiments illustrated in the accompanying drawings wherein:
[0011] FIG. 1 is a block diagram illustrating the system of the present invention;
[0012] FIG. 2 is a flowchart illustrating the method of performing a fund deposit transaction, in accordance with an embodiment of the present invention;
[0013] FIG. 3 is a flowchart illustrating the method of performing a fund withdrawal transaction, in accordance with an embodiment of the present invention; and
[0014] FIG. 4 is a flowchart illustrating the method of performing a fund transfer transaction from the customer's financial institution account to a recipient's financial institution account, in accordance with an embodiment of the present invention.
Detailed description of the invention
[0015] A method and system for transferring data required for performing a financial transaction over a mobile phone network are described herein. In an embodiment of the present invention, the financial transaction may be crediting a financial institution account, debiting a financial institution account or checking account balance. Crediting and debiting of a financial institution account is performed using a missed call service. A missed call is defined as an incoming call which is not received or connected. Therefore, a voice channel is not activated or used in case of a missed call. In another embodiment of the present invention, the financial transaction may be checking account balance using an Unstructured Supplementary Service Data (USSD) service. The method and system of the present invention enables the provision of financial services to customers and does not require the customers to physically visit a financial institution. A customer may perform cash deposits and withdrawals at predetermined customer service points (CSPs). Customer service points (CSPs) are defined as predetermined retail shops or other easily accessible commercial establishments whose owners have registered themselves with the providers of the financial services in accordance with the present invention.

[0016] The present system provides a banking platform and enables customers to open savings accounts. In an embodiment of the present invention, wherein each savings account is identified by a unique account number which is the corresponding customer's mobile number. Since, each mobile number is distinct and unique across the globe, it may easily serve as a financial institution account number. In other embodiments of the present invention, the savings accounts may be identified by any unique sequence of numbers other than the customer's mobile phone number. In an embodiment of the present invention, a unique secret personal identification number (PIN) is set by each account holder during registration of the account. The PIN is used to authenticate the transactions made by account holders via mobile phones. In another embodiment of the present invention, the PIN number is generated and issued by using any of the methods known in the art in the context of financial applications.
[0017] The following disclosure is provided in order to enable a person having ordinary skill in the art to practice the invention. Exemplary embodiments are provided only for illustrative purposes and various modifications will be readily apparent to persons skilled in the art. The general principles defined herein may be applied to other embodiments and applications without departing from the spirit and scope of the invention. Also, the terminology and phraseology used is for the purpose of describing exemplary embodiments and should not be considered limiting. Thus, the present invention is to be accorded the widest scope encompassing numerous alternatives, modifications and equivalents consistent with the principles and features disclosed. For purpose of clarity, details relating to technical material that is known in the technical fields related to the invention have not been described in detail so as not to unnecessarily obscure the present invention.
[0018] The present invention would now be discussed in context of embodiments as illustrated in the accompanying drawings.
[0019] FIG. 1 is a block diagram illustrating the system of the present invention. System 100 comprises a mobile phone 102, a base transceiver station (BTS) 104, a mobile switching centre (MSC) 106, a service control point (SCP) 108, a financial

application 110, a financial institution 112 and a short message service centre (SMSC) 114.
[0020] Mobile phone 102 may be a cellular communication device or any other portable electronic device for mobile communication that comprises a keypad for keying in numbers and symbols and a display unit for displaying at least the keyed in numbers and symbols. In various embodiments of the present invention, mobile phone 102 is used to initiate a request for a financial transaction by a customer. The keypad on mobile phone 102 is used to dial a predetermined sequence of numbers followed by a predefined symbol and then a call connect button is pressed.
[0021] The predetermined sequence of numbers comprises a predefined number that is registered with a plurality of mobile service providers at the time of account activation by the customer. In an embodiment of the present invention, registering the predefined number with a plurality of mobile operators comprises defining a routing path corresponding to the number with each operator. For example, it is specified in a routing table of the home mobile switching centre of every customer and registered CSP owner that every call intercepted from the registered predefined number would be routed to a predefined application. The predetermined sequence of numbers further comprises an account number, which in an embodiment of the invention, is also the mobile phone number of a customer whose financial institution account is required to be credited or debited. The predetermined sequence of numbers also comprises a secret identification code of the initiator of the transaction request which is also registered at the time of account activation.
[0022] In various embodiments of the present invention, a first step in activating a financial institution account of a customer at an authorized Customer Service Point (CSP) comprises sending an activation command by the CSP to a mobile operator. For opening an account for a customer, the CSP owner sends an account activation command from his mobile phone. The CSP owner may dial the following string for activating an account:
*543*639*9899246466*4058349659#

where
'*' symbol denotes separation of the numbers;
'#' symbol denotes an end of the string of numbers;
'543'denotes a predefined number that is registered with a plurality of mobile service
providers
'639' denotes a number signifying activation of customer account;
'9899246466' denotes mobile number of the new customer which is also the account
number of the customer;
'4058349659' denotes a digital signature with a unique secret PIN number of the
CSP. In an embodiment of the present invention, upon sending the activation
command by the CSP to the mobile operator, the customer receives a Short Message
Service (SMS) message on his mobile number, which is a welcome message asking
the customer to register the signature booklet with the mobile operator.
[0023] In various embodiments of the present invention, a second step in activating the financial institution account of the customer comprises registering a signature booklet with the mobile operator. A signature booklet comprising a set of digital signatures and account activation instructions are issued to every customer at the time of activating an account. Each signature booklet is identified by a unique serial number. Digital signature is a ten digit number wherein six digits are randomly generated and the other four digits are randomly placed 'X's wherein the account holder is required to place his PIN number. The use of digital signatures provides a layer of security over the financial transactions performed via mobile phones. In an embodiment of the present invention, the set of digital signatures comprises 100 digital signatures. In an embodiment of the present invention, the customer registers the signature booklet with the mobile operator by sending a signature booklet registration command from his own mobile number. The customer may dial the following string for registering the signature booklet with the mobile operator:
*543*0910001746287298*55X2XX8X33# where

'*' symbol denotes separation of the numbers;
'#' symbol denotes an end of the string of numbers;
'543'denotes a predefined number that is registered with a plurality of mobile service
providers
'0910001746287298' denotes the unique serial number of the signature booklet issued
to the customer and
'55X2XX8X33' denotes a digital signature from the set of digital signatures in the
signature booklet wherein 'XXXX' denotes a unique secret PIN number selected by
the customer. In an embodiment of the present invention, upon sending the signature
registration booklet command by the customer to the mobile operator, the customer
receives a Short Message Service (SMS) message which is a confirmation of the
account activation.
[0024] In another embodiment of the present invention, the signature booklet can be registered with the mobile operator by the customer through the CSP. The CSP enters part of a string and the customer enters a digital signature from the set of digital signatures in the signature booklet along with the unique secret PIN number. The following information is entered from the mobile phone of the CSP owner for registering the signature booklet with the mobile operator:
*543*9*9899246466*0910001746287298*55X2XX8X33#
where
'*' symbol denotes separation of the numbers;
'#' symbol denotes an end of the string of numbers;
'543'denotes a predefined number that is registered with a plurality of mobile service
providers
'9' denotes that the transaction is an aided transaction and is being sent through the
mobile phone of a CSP.
'0910001746287298' denotes the unique serial number of the signature booklet issued
to the customer and
'55X2XX8X33' denotes a digital signature from the set of digital signatures in the
signature booklet wherein 'XXXX' denotes a unique secret PIN number selected by

the customer. In an embodiment of the present invention, upon sending the signature registration booklet command through the CSP to the mobile operator, the customer receives a Short Message Service (SMS) message which is a confirmation of the account activation.
[0025] BTS 104 intercepts the transaction request made by the mobile phone 102 and forwards the request to the MSC 106 which is the home MSC of the mobile phone 102. The registered predefined number is configured on the MSC 106 which consequently does not truncate the digits and symbols following the registered predefined number and forwards the entire predetermined sequence of numbers to the SCP 108. SCP 108 extracts all the digits following the registered predefined number from the predetermined sequence of numbers. In an embodiment of the present invention, the SCP 108 captures the extracted information in the destination address (DA) parameter of the incoming byte stream. Once the digits following the registered predefined number are extracted, the SCP 108 disconnects the call initiated by the mobile phone 102 without receiving the call. Hence, the information transmitted by the mobile phone 102 is extracted by the SCP 108 without receiving the call i.e. without activating a voice channel of mobile telephony. In an embodiment of the present invention, the SCP 108 comprises a software application having a program instruction code embedded therein for identifying the registered predefined number and extracting all digits and symbols appended to it.
[0026] SCP 108 forwards the extracted digits to the financial application 110. In an embodiment of the present invention, the extracted information is transmitted to a uniform resource location (URL) corresponding to the financial application 110, over TCP/IP protocol. In various embodiments of the present invention, the financial application 110 is a software application comprising program instructions for interpreting the extracted digits, identifying the requested transaction, conveying instructions to the financial institution 112 for processing the transaction and receiving a transaction status from the financial institution 112. In various embodiments of the present invention, the financial institution may be a bank, a credit union, a stock brokerage, an asset management firm, an arbitrage house and an automatic clearing house or any other organization dealing in financial transactions.

Upon receiving a transaction status from the financial institution 112, the financial application 110 forwards the same to the SCP 108 which in turn forwards it to the mobile phone 102 as well as to the mobile phone number contained in the predefined sequence of numbers. In an embodiment of the present invention, the transaction status information is forwarded by the SCP 108 via the SMSC 114 by using short messaging service (SMS). In other embodiments of the present invention, the transaction status may also be forwarded by using various alternative mechanisms such as Interactive Voice Response (IVR), USSD, missed call and the like. USSD is a real-time messaging service without any store-and-forward capability. It is a standard for transmitting information over GSM signaling channels.
[0027] FIG. 2 is a flowchart illustrating the method of performing a fund deposit transaction, in accordance with an embodiment of the present invention. At step 202, a customer provides the cash amount to be deposited into his account to a CSP owner. In an embodiment of the present invention, the mobile phone number of the customer also denotes the customer's account number. A plurality of retail shop owners are authorized to act as CSP owners and the mobile phone numbers of each of the CSP owners is registered as their respective account numbers. At step 204, the CSP owner checks his account balance to make sure that there is enough money in his account. In an embodiment of the present invention, the CSP owner checks his account balance by a USSD transaction. In an embodiment of the present invention, the CSP owner dials the following string for checking his account balance:
*543*123#
[0028] At step 206, the CSP owner enters a string of numbers and symbols into a mobile phone and presses a call connect button for initiating a financial transaction for depositing the cash amount. The entered string comprises a registered predefined number, an account number which is also the mobile phone number of the customer whose financial institution account is required to be credited, the amount of money which is required to be credited, and a secret identification code of the CSP owner. For example, the following string may be entered by the CSP owner: *543*9899246466*100*2345678945#

where:
'543' denotes a registered predefined number registered with a plurality of mobile operators i.e. a routing path corresponding to the number is predefined. The length of the number is dependent on the corresponding mobile service provider.
9899246466 denotes the mobile number which is also the account number of the customer whose account is required to be credited
100 denotes the amount that requires to be credited to the customer's account
2345678945 denotes a digital signature comprising a PIN number
'*' symbol denotes separation of the numbers, and
'#' symbol denotes an end of the string of numbers
[0029] In other embodiments of the present invention, various other schemes known in the art may be employed for providing a layer of security over the financial transactions performed via mobile phones.
[0030] At step 208, the string is transferred to an intelligent application and the information appended to the registered predefined number is extracted. At step 210, it is verified if the CSP owner and the customer are authorized to perform a financial transaction. In an embodiment of the present invention, the verification is performed by comparing the mobile phone numbers of the customer and the CSP owner i.e. the number of the mobile phone that initiated the financial transaction with a list of registered mobile phone numbers stored in a database of the intelligent application.
[0031] At step 212, if both the customer and the CSP owner are authorized to perform a financial transaction, it is verified if the CSP owner has furnished a valid PIN number. In an embodiment of the present invention, the verification is performed by comparing the PIN number entered by the CSP owner against a PIN number stored in

a database maintained by the intelligent application. At step 214, if the CSP owner has furnished a valid PIN number, the amount of money specified in the string is transferred from the CSP owner's account to the customer's account. In various embodiments of the present invention, the intelligent application coordinates with a financial institution for creating accounts and performing the deposit of money in the customer's account. At step 216, notification of transaction completion is sent to the mobile phones of the customer and the CSP owner. In an embodiment of the present invention, the customer receives a deposit receipt message and the CSP owner receives a withdrawal receipt message. In various embodiments of the present invention, the notification of transaction completion may be sent via SMS, missed call, IVR and the like. In another embodiment of the present invention, the customer may receive goods from the CSP owner in lieu of the cash amount. Hence, the method illustrated in FIG. 2 enables a customer to deposit money into his account without visiting a financial institution.
[0032] FIG. 3 is a flowchart illustrating the method of performing a fund withdrawal transaction, in accordance with an embodiment of the present invention. At step 302, in an embodiment of the present invention, the customer checks his account balance to make sure that there is enough money in his account. In an embodiment of the present invention, the customer checks his account balance by a USSD transaction. The customer dials the following string for checking his account balance: *543*123# where:
'543' is a predefined number registered with a plurality of mobile service providers
and
'123' is the balance enquiry code.
In another embodiment of the present invention, the CSP owner checks the account
balance of the customer. The CSP owner dials the following string to check the
account balance of the customer: *543* 9*9891667007* 123# where:
'543' is a predefined number registered with a plurality of mobile service providers,
'9' denotes an aided transaction,
'9891667007'denotes the mobile number which is also the account number of the
customer whose account is required to be debited and

'123' is the balance enquiry code.
[0033] At step 304, a customer enters a string into his mobile phone and presses a call connect button for initiating a fund withdrawal transaction. The entered string comprises a registered predefined number, an account number, which in an embodiment of the present invention, is also the mobile phone number of a registered CSP owner, the amount of money which is required to be withdrawn, and a secret identification code of the customer. For example, the following string may be entered by the customer: *543*9829846466*100*2345678956#
where:
'543' denotes a registered predefined number registered with a plurality of mobile operators i.e. a routing path corresponding to the number is predefined. In an embodiment of the present invention, the registered predefined number is a short code such as '543'. The length of the number is dependent on the corresponding mobile service provider.
9829846466 denotes the mobile number which is also the account number of the CSP owner whose account would be credited
100 denotes the amount that requires to be withdrawn by the customer
2345678945 denotes a digital signature comprising a PIN number of the customer
'*' symbol denotes separation of the numbers, and
'#' symbol denotes an end of the string of numbers
[0034] In various embodiments of the present invention, a fund withdrawal transaction can be initiated by the customer through the mobile number of the CSP. At step 304, the CSP owner types a part of the string and the customer then types a signature from the signature booklet with the PIN number to complete the string. The

CSP owner dials the following string: *543*9*9829846466*100*2345678956#
where:
'543' is a predefined number registered with a plurality of mobile service providers,
'9' denotes an aided transaction,
'9829846466'denotes the mobile number which is also the account number of the customer whose account is required to be debited,
100 denotes the amount that requires to be withdrawn by the customer
2345678956 denotes a digital signature comprising a PIN number of the customer
'*' symbol denotes separation of the numbers, and
'#' symbol denotes an end of the string of numbers
[0035] At step 306 the string is transferred to an intelligent application and the information appended to the toll free number is extracted. At step 308 it is verified if the customer and the CSP owner are authorized to perform a financial transaction. In an embodiment of the present invention the verification is performed by comparing the mobile phone numbers of the CSP owner and the customer i.e. the number of the mobile phone that initiated the financial transaction with a list of registered mobile phone numbers stored in a database of the intelligent application.
[0036] At step 310 if both the customer and the CSP owner are authorized to perform a financial transaction, it is verified if the customer has furnished a valid PIN number. In an embodiment of the present invention, the verification is performed by comparing the PIN number entered by the customer against a PIN number stored in a database maintained by the intelligent application. At step 312 if the customer has furnished a valid PIN number, the amount of money specified in the string is transferred from the customer's account to the CSP owner's account.
[0037] In various embodiments of the present invention, the intelligent application coordinates with a financial institution for creating accounts and performing the

withdrawal of money from the customer's account. At step 314 a notification of transaction completion is sent to the mobile phones of the customer and the CSP owner. In various embodiments of the present invention, the notification of transaction completion may be sent via SMS, missed call, IVR and the like. At step 316 the CSP owner hands over the amount of money that has been credited to his account from the customer's account to the customer. Hence, the method illustrated in FIG. 3 enables a customer to withdraw money from his account without visiting a financial institution.
[0038] FIG. 4 is a flowchart illustrating the method of performing a fund transfer transaction from the customer's account to a recipient's account, in accordance with an embodiment of the present invention. At step 402, a customer registers a recipient for authorizing transfer of money. In an embodiment of the present invention, the customer registers the recipient by entering the following string: *543*9995647133# where:
'543' is a predefined number registered with a plurality of mobile service providers and
'9995647133' is the recipient's account number who has already been registered as a customer with the plurality of mobile service providers. In an embodiment of the present invention, the recipient's account number is his mobile number. The customer can register a maximum of number of recipients for transferring money. The customer receives a confirmation message and the details of the recipient's registered number. At step 404, the customer enters a string into his mobile phone and presses a call connect button for initiating a fund transfer transaction from the customer's account to the recipient's account. In an embodiment of the present invention, the customer enters the following string: *543*9995647133*100*0095647133#
'543' is a predefined number registered with a plurality of mobile service providers,
'9995647133' is the recipient's account number,
100 denotes the amount that is required to be transferred from the customer account to
the recipient's account and
'0095647133'is the customer's signature with PIN number

[0039] At step 406, the string is transferred to an intelligent application and the information appended is extracted. At step 408 it is verified if the customer and the recipient are authorized to perform a financial transaction. In an embodiment of the present invention the verification is performed by comparing the mobile phone numbers of the recipient and the customer with a list of registered mobile phone numbers stored in a database of the intelligent application. At step 410 if both the customer and the recipient are authorized to perform a financial transaction, it is verified if the customer has furnished a valid PIN number. In an embodiment of the present invention, the verification is performed by comparing the PIN number entered by the customer in his signature against PIN numbers stored in a database maintained by the intelligent application. At step 412 if the customer has furnished a valid PIN number, the amount of money specified in the string is transferred from the customer's account to the recipient's account.
[0040] In various embodiments of the present invention, the intelligent application coordinates with a financial institution for creating accounts and performing the transfer of money from the customer's account to the recipient's account. At step 414 a notification of transaction completion is sent to the mobile phones of the customer and the recipient. In various embodiments of the present invention, the notification of transaction completion may be sent via SMS, missed call, IVR and the like.
[0041] As would be apparent to a person of skill in the art the system and method of the present invention may be used for performing a plurality of financial transactions other than deposit and withdrawal of money such as checking account balance, transferring money from one account to the other, paying utility bills, etc.
[0042] Therefore the present invention provides a system, and a method for performing financial transactions via a mobile phone without physically visiting a financial institution. The system and method of the present invention also provide a method of transferring data required for performing financial transactions via a missed call without activating a voice channel and thereby without incurring any charge for the use of mobile communication system. Further, the present invention

requires a customer to be only number literate and capable of dialing in a sequence of numbers on a mobile phone keypad. Hence, the system and method of the present invention enables a large majority of people to avail financial services.
[0043] While the exemplary embodiments of the present invention are described and illustrated herein, it will be appreciated that they are merely illustrative. It will be understood by those skilled in the art that various changes in form and detail may be made therein without departing from or offending the spirit and scope of the invention.

We claim:
1. A system for performing a fmancial transaction over a wireless netw ork by a
customer, the system comprising:
a portable electronic device configured to initiate a transaction request,
wherein the transaction request is initiated by dialing a predetermined
sequence of numbers that includes a predefined number uniquely
associated with the customer;
a base transceiver station configured to intercept the transaction
request and forward the request to a mobile switching center;
a mobile switching center configured to register the predefined number
and forward the predetermined sequence of numbers to a service
control point;
a service control point configured to extract the digits of the registered
predefined number from the predetermined sequence of numbers and
transmit the extracted digits to a financial application; and
a financial application configured to process the requested transaction
and receive transaction status from a financial institution.
2. The system of claim 1, wherein processing the requested transaction comprises at least one of crediting a financial institution account, debiting a financial institution account, and checking account balance.
3. The system of claim 1, wherein the wireless network is a mobile phone network and the portable electronic device is a mobile phone.
4. The system of claim 1, wherein the financial application is further configured to interpret the extracted digits, identify the requested transaction and forward instructions to the financial institution to process the requested transaction.

5. The system of claim 1 further comprising a short message service center
configured to receive the transaction status from the financial application and
to forward it to the portable electronic device using short messaging service.
6. The system of claim 1, wherein the transaction status received by the financial
application is forwarded to the portable electronic device using at least one of
an interactive voice response system, an unstructured supplementary service
data system, and a missed call service.
7. A method for depositing a cash amount in a financial institution account of a
customer over a wireless network, the method comprising the steps of:
providing the cash amount to a customer service point owner by the customer;
initiating a financial transaction by entering a predetermined sequence of numbers in a mobile device and pressing a call connect button; transferring the predetermined sequence of numbers to a financial application, wherein the predetermined sequence of numbers comprises a registered predefined number, the financial institution account number, the cash amount and a secret identification code of the customer service point owner, further wherein the financial institution account number is mobile number of the customer; extracting the financial institution account number of the customer, the cash amount and the secret identification code of the customer service point owner by a software application; and
transferring the cash amount from a financial institution account of the customer service point owner to the financial institution account of the customer.
8. The method of claim 7 further comprising the step of sending notification of
completion of cash amount deposit to mobile number of the customer and
mobile number of the customer service point owner, wherein mobile number

of the customer service point owner is the financial institution account number of the customer service point owner.
9. The method of claim 7 further comprising the step of determining whether the customer service point owner and the customer are authorized to perform a financial transaction with the financial institution, wherein the authorization is performed by comparing the mobile phone numbers of the customer service point owner and the customer with a list of registered mobile phone numbers stored in a database of the software application.
10. The method of claim 9 further comprising the step of verifying whether the customer service point owner has furnished a valid PIN number, wherein the verification is performed by comparing the PIN number entered by the customer service point owner against a PIN number stored in the database of the software application.
11. A method for withdrawing a cash amount from a financial institution account of a customer over a wireless network, the method comprising the steps of:
initiating a financial transaction by entering a predetermined sequence of numbers in a mobile device and pressing a call connect button; transferring the predetermined sequence of numbers to a financial application, wherein the predetermined sequence of numbers comprises a registered predefined number, the financial institution account number, the cash amount and a secret identification code of the customer service point owner, further wherein the financial institution account number is mobile number of the customer; extracting the financial institution account number, the cash amount and the secret identification code of the customer by a software application;

transferring the cash amount from the financial institution account of the customer to a financial institution account of the customer service point owner; and
handing over the cash amount by the customer service point owner to the customer.
12. The method of claim 11, wherein the customer receives goods from the customer service point owner in lieu of the cash amount.
13. The method of claim 11 further comprising the step of sending notification of completion of cash amount withdrawal to mobile number of the customer and mobile number of the customer service point owner, wherein mobile number of the customer service point owner is the financial institution account number of the customer service point owner.
14. The method of claim 11 further comprising the step of determining whether the customer service point owner and the customer are authorized to perform a financial transaction with the financial institution, wherein the authorization is performed by comparing the mobile phone numbers of the customer service point owner and the customer with a list of registered mobile phone numbers stored in a database of the software application.
15. The method of claim 14 further comprising the step of verifying whether the customer has furnished a valid PIN number, wherein the verification is performed by comparing the PIN number entered by a customer against a PIN number stored in the database of the software application.
16. A method for transferring a cash amount from a financial institution account of a customer to a recipient over a wireless network, the method comprising the steps of:

registering a recipient by the customer, wherein the recipient is
registered by dialing a sequence of numbers comprising the account
number of the recipient;
initiating a fund transfer transaction by entering a predetermined
sequence of numbers in a mobile device and pressing a call connect
button;
transferring the predetermined sequence of numbers to a financial
application, wherein the predetermined sequence of numbers
comprises a registered predefined number, the financial institution
account number of the recipient, the cash amount and a secret
identification code of the customer, further wherein the financial
institution account number is mobile number of the customer;
extracting the financial institution account number of the recipient, the
cash amount and the secret identification code of the customer by a
software application; and
transferring the cash amount from the financial institution account of
the customer to a financial institution account of the recipient.
17. The method of claim 16 further comprising the step of sending notification of completion of the transfer of cash amount to mobile number of the customer and mobile number of the recipient, wherein mobile number of the customer recipient is the financial institution account number of the recipient.
18. The method of claim 16 further comprising the step of determining whether the recipient and the customer are authorized to perform a financial transaction with the financial institution, wherein the authorization is performed by comparing the mobile phone numbers of the recipient and the customer with a list of registered mobile phone numbers stored in a database of the software application.
19. The method of claim 16 further comprising the step of verifying whether the customer has furnished a valid PIN number, wherein the verification is

performed by comparing the PIN number entered by a customer against a PIN number stored in the database of the software application.