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Energy Financial Settlements
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Application US20190050842
Published 2019-02-14
Cloud-based On-premise Payment Method
A payment system and method between a consumer and a merchant is described, in which the method requires proximity between a device in possession of a consumer and a device in possession of a merchant. The system and method further includes a payment system, typically cloud-based, that allows for financial settlement of a transaction without the literal exchange of money, cards (e.g., credit or debit), or near field technology.
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- 1. A system for facilitating a financial transaction between a consumer and a merchant comprising:
a consumer device including a consumer transaction application; a merchant device including a merchant transaction application; and a core system including a notification engine and a gateway for communicating with said consumer device, said merchant device, and at least one financial institution; wherein the consumer device and merchant device communicate to one another via Bluetooth connectivity established upon the consumer device entering the geographic proximity of the merchant device and an indication of connectivity is delivered to said core system; the core system transmits and receives messages regarding a financial transaction initiated by one of said consumer device and said merchant device; and said transaction is completed using response notifications indicating joint acceptance of said financial transaction.
- 2. A method for a system including a notification engine and a gateway for communicating with a plurality of applications resident in remote devices, said method for facilitating a financial transaction, comprising the steps of:
receiving a transaction request from a first device relative to a second device, at least one of said devices indicating wireless connectivity with the other of said devices; transmitting acknowledgement to said second device via a notification engine; receiving confirmation from said second device of receipt of said acknowledgement, said confirmation including a transaction amount; sending a query to a financial institution associated with said first device regarding said transaction, said query directed at least to determining sufficiency of funds in an account; receiving a response to said query; and delivering a confirmation of said transaction to each of said first and second devices and executing said transaction.
- 7. A multi-party transaction payment method for a consumer application on a mobile device that comprises the following steps:
opening a software application on a consumer's device at an enabled store; initiating a link to the cloud-based system and a merchant application on a merchant's device via Bluetooth Low Energy (BLE); initiating payment from the consumer software application to said cloud-based system indicating that a proposed transaction has been initiated within a geographic range of said merchant software application and wherein the cloud-based system receives corresponding data from the merchant software application; receiving a payment request from the merchant software application; accepting a request from the consumer application to make a payment and authorizing a charge for a corresponding order value by sending authorization and an order value via the merchant application to the cloud-based system and directing the cloud-based system to notify the consumer software application that the charge has been authorized; receiving authorization and a confirmation request from the merchant application; and confirming the transaction by sending the confirmation to the cloud-based system so that processing of the transaction can commence.
