WO2009031113A2

WO2009031113A2 - A benefit system

Info

Publication number: WO2009031113A2
Application number: PCT/IB2008/053582
Authority: WO
Inventors: Wynand Gerhardus Delport
Original assignee: Dual Purpose Technology Limited
Priority date: 2007-09-05
Filing date: 2008-09-04
Publication date: 2009-03-12
Also published as: ZA201001646B; WO2009031113A3

Abstract

A method of rewarding a client, which method includes identifying a client conducting a first transaction between the client and a provider, associating the identified client with a client record in a client database comprising a number of client records, the client record comprising identification details of a client and a data field representing a beneficial monetary amount, and upon successful identification of the client initiating a second transaction between the provider and a third party acting on behalf of the client, which second transaction facilitates the transfer of a monetary amount from the provider to the third party and which monetary amount is to be added to the beneficial monetary amount in the client record.

Description

A BENEFIT SYSTEM

THIS INVENTION relates to a benefit system. In particular, the invention relates to a method of rewarding a client and method of accumulating monetary credits of a client.

BACKGROUND OF THE INVENTION

The inventor is aware of transaction systems using transaction cards such as debit cards, credit cards and the like. The inventor is further aware of loyalty systems linked to transaction cards aimed at providing a benefit in terms of rebates and goods/services in return for transactions conducted on said transaction cards or at participating dealers.

However, the transaction cards and benefit systems of which the inventor is aware are not aimed at encouraging savings but are aimed at encouraging consumers to spend money by use of a particular transaction card or conducting business at participating dealers. The effect of known methods are thus to encourage spending by users and not to encourage saving by users. The present invention aims to address some of these shortcomings specifically as a method of monetary transfer in circumstances where the client doesn't have the financial ability to accumulate monetary credits.

SUMMARY OF THE INVENTION

According to a first aspect of the invention, there is provided a method of rewarding a client, which method includes identifying a client conducting a first transaction between the client and a provider; associating the identified client with a client record in a client database comprising a number of client records, the client record comprising identification details of a client and a data field representing a beneficial monetary amount; and upon successful identification of the client initiating a second transaction between the provider and a third party acting on behalf of the client, which second transaction facilitates the transfer of a monetary amount from the provider to the third party and which monetary amount is to be added to the beneficial monetary amount in the client record.

The first transaction may be facilitated by a financial institution, and the second transaction may involve the transfer of a monetary amount from the financial institution to the third party acting on behalf of the client, which monetary amount is to be added to the beneficial monetary amount in the client record.

The term provider in this specification may include any provider of services or goods, with whom a client/customer conducts a transaction. The client may be a natural person.

The term bank transaction in this specification is intended to refer to any credit card transaction, any debit card transaction, any cash transaction, or the like where an independent financial institution such as a bank facilitates the transaction between a client and a provider.

Identifying a client conducting a first transaction may include receiving from a client a unique identification token in the form of any one of a magnetic strip card, a smart card or the like, which may be associated with unique identification particulars of a client.

The unique identification particulars may include any one of a secret personal identification number, biomethc details of a client, or the like.

The unique identification token may be combined with a payment token in the form of any one of a credit card and a debit card to be presented to conduct the first transaction.

Identifying a client may include accessing a remote client database containing client records. The remote client database may be accessed via a data network, such as the Internet, a mobile telephone network or the like.

Associating the identified client may include providing confirmation of a match between the identified client and the identification details of the client stored on the client database.

It is to be appreciated that the first transaction may be any one of a credit card transaction, a debit card transaction, a cash transaction, or the like. The details of a credit card transaction or debit card transaction is known in the art and are not set out in detail in this specification.

The monetary amount to be transferred on behalf of the client may be any one of a fixed amount and an amount based on the amount of the first transaction.

The amount based on the amount of the first transaction may be a predetermined percentage of the first transaction amount.

The amount based on the first transaction may be a fraction to be added to the amount of the first transaction to round the amount of the first transaction to a predefined value, such as the previous smaller integer.

The method may include the prior step of registering a client by recording client details in a client record in the client database. In particular, if the client has a bank account, the client's bank details may also be recorded.

The method may include the prior step of registering provider details in a provider database.

The method may include associating the provider at which the client conducts the transaction with provider details previously stored on the provider database. The provider details may include the provider's contact details and the provider's bank details. The method may include the prior step of registering a third party acting on behalf of the client in a third party database.

The method may include associating the client with the third party on the client database. The third party details may include the third party's contact details, the third party's bank details and a client reference with the third party. For example the client reference may be a policy number of a client, an account number of a client, or the like. The third party may be a financial institution such as a bank, or the like.

The second transaction initiated between the provider/financial institution and the third party acting on behalf of the client may be in the form of a direct bank transfer from the provider/financial institution to an account of the third party on behalf of the client.

The second transaction may be in the form of a record indicating an amount to be transferred from the provider/financial institution to the third party, which record is to be used to batch together a number of transactions between the provider/financial institution and the third party and to be transferred at predefined intervals, such as at the end of each month.

The method may include receiving a request from a client to receive a monetary amount associated with the beneficial monetary amount stored in the client record in the client database.

In addition to identifying a client and associating a client with a particular client record, the method may includes accessing the client database to determine from a particular client record the beneficial monetary amount stored in the particular client record.

Upon determination of the beneficial monetary amount stored in the particular client record the method may include initiating a claim transaction to transfer money from the third party to the client. The claim transaction may be in the form of any one of a direct bank transfer to a client's bank account, a cash payment to the client and an initiation to claim from the third party, or the like.

The third party acting on behalf of the client may be a financial institution providing a saving instrument to clients, such as an annuity instrument, a fixed term deposit instrument, a notice deposit instrument, or the like.

The third party acting on behalf of the client may be associated with a donor organization. The method may then include specific monetary or other benefits with a client record.

According to another aspect of the invention, there is provided a method of accumulating monetary credits of a client, the method including receiving from a provider details of a client and of a transaction between the provider and a client; verifying the client details by accessing a client database containing client records; and upon successful verification of the client details allocating to a client a beneficial monetary amount based on the transaction details received from the provider.

Receiving from a provider details of a client and of a transaction between a provider and a client may include verifying details of the client in a client database before receiving transaction details between the provider and the client.

Allocating to a client a beneficial monetary amount may include storing in the client database details of any one of the transaction and the beneficial monetary amount.

Allocating to a client a beneficial monetary amount may include initiating a transaction to transfer a monetary amount to a third party on behalf of a client. According to another aspect of the invention, for a bank client having a bank account, there is provided a method of facilitating saving by the client, the method including on a periodical basis accessing a balance of a client bank account, the balance comprising an integer portion and a fraction portion of a monetary value; and transferring the fraction portion of the balance of the client bank account to a third party acting on behalf of the client.

The method of rewarding a client may include the method of facilitating saving by a client by accessing a balance of a client bank account on a periodical basis, the balance comprising an integer portion and a fraction portion of a monetary value and transferring the fraction portion of the balance of the client bank account to a third party acting on behalf of the client.

According to another aspect of the invention, there is provided a reward system, which includes a payment terminal, operable to receive payment from a client for goods/services; identification means operable to identify a client presenting payment at the payment terminal in a first transaction; a client database containing client records, the client record comprising identification details of a client and a data field representing a beneficial monetary amount; transaction initiation means, operable upon receiving payment from a client and upon successful identification of a client to initiate a second transaction to transfer an amount based on the beneficial monetary amount on behalf of a client to a third party.

The payment terminal may be in the form of any one of a card reader and a till point, or the like, operable to register a payment from a client.

The identification means may be in the form of a client card and personal identification number used in combination uniquely to identify a client. The identification means may be in the form of a biomethc reader operable uniquely to identify a client from biometric features of the client, such as a fingerprint scanner, a retina scanner, or the like.

According to yet another aspect of the invention, there is provided a client database, which includes client records comprising identification details of a client and a data field representing a beneficial monetary amount held on behalf of a third party as a savings instrument.

The invention will now be described, by way of example only with reference to the following drawing(s):

DRAWING(S)

In the drawing(s):

Figure 1 shows a reward system in accordance with the invention which implements a method of rewarding a client, also in accordance with the invention; and Figure 2 shows a flow diagram of a method of facilitating saving by a client.

EMBODIMENT OF THE INVENTION

In Figure 1 , a reward system 10 includes a payment terminal 12 in the form of a cash register, identification means 14 in the form of a smart card reader and personal identification number keyboard, a client database 18 and a transaction initiation means 22, in the form of an electronic funds transfer mechanism of a bank.

The payment terminal 12 is connected via a universal serial bus to identification means 14.

The payment terminal 12 is connected via a local area network to a provider transaction system 16, operable to record transactions conducted on the payment terminal. The provider transaction system 16 in this example is in the form of a shop management system including a stock database and financial accounting system operable to record transactions at a retailer. It is to be appreciated that the transaction system 16 can be in another form such as a practice management system of a medical practitioner, a practice management system at an attorney or the like. The reward system can be implemented in any provider of goods and services of which the inventor is aware, provided that payment is made for goods or services received.

The provider transaction system 16 is linked via the Internet 20 to a remote client database 18 at which transaction details of transactions conducted in the transaction system 16 can be recorded.

The client database 18 is arranged as a data host in which client records (not shown) are stored. Each client record comprises full identification details of a client and a beneficial monetary amount allocated to a client.

The transaction initiation means 22 is connected via the internet to the client database 18 to access beneficial monetary amounts allocated to a client and to initiate electronic fund transfers based on the transaction details recorded in the remote client database 18.

An independent third party 24, in the form of a financial institution providing savings instruments to clients is also connected to the client database 18 via the Internet 20. In this embodiment the independent third party 24 is associated with a donor organization. From time to time when the donor organization makes funding available, the independent third party uses the benefit system to distribute the donations in an appropriate form to clients.

In operation, when a client presents payment at a payment terminal 12 of a retailer, a first transaction is initiated between the client and the retailer. The first transaction can be in the form of any one or combination of a cash transaction a credit/debit card transaction or a credit transaction. The client identifies himself by presenting a loyalty card in the form of a smart card (not shown) which is read by the card reader of the identification means 14. A client is requested to enter a personal identification number on a PIN keyboard of the identification means 14. The card details and PIN that was provided is transmitted via the transaction system 16 and the Internet 20 to the remote client database 18. The card details and PIN number is verified and a confirmation message is transmitted to the transaction system 16.

The transaction system 16 transmits details of the transaction to the client database 18, which records the transaction and allocates in the relevant client record a beneficial monetary amount based on the transaction amount.

The client database 18 then initiates a second transaction by contacting the electronic funds transfer (EFT) facility 22 of the provider or the provider's bank to transfer a monetary amount from the bank to the independent third party 24 on behalf of the client. In this example, the second transaction takes the balance in the client bank account and transfers the fraction portion of the balance to a third party account on behalf of the client so that the balance on the client bank account represents a full integer. However, it is to be appreciated that any other amount which is based on the first transaction amount or which is not based on the first transaction amount can be saved on behalf of the client. It is further to be appreciated that this transaction is aimed at saving on behalf of the client.

Alternatively, or in addition, the client database 18 initiates as part of the second transaction an electronic funds transfer via the EFT facility 22 of the of bank a transaction to transfer funds from the bank of the retailer to the third party 24 on behalf of the client. The amount transferred from the retailer bank to the third party is a percentage of the transaction amount recorded in the client database 18. In this example, the percentage is 1 % of the transaction amount.

It is to be appreciated that the payment to the third party 24 on behalf of the client can be from any one or both of the retailer and the bank, depending on the particular embodiment in which the invention is put into practice. Similarly, the methods on which the beneficial monetary amounts are calculated can also be selected by agreement between the goods/service providers and the participating banks and third party financial institutions.

Before the method described above can be implemented the client has to be registered on the client database and issued with a smart card and PIN number. Similarly, the client has to be registered with the third party financial institution which is to provide the savings instrument to the client.

One of the advantages of the method is that no creditworthiness checks have to be performed during the registration process. Another advantage of the method is that clients without existing bank accounts can be registered on the client database and can use the system.

The savings instrument offered by the independent third party can be in the form of a short term savings instrument, a long term savings instrument such as an annuity, or a combination of these instruments.

In Figure 2 a method 50 of facilitating saving by a client is illustrated in a flow diagram.

At 52, a balance of a client bank account is assessed and split in an integer portion and a fraction portion.

At 54, the fraction portion of the client bank account is transferred to a third party acting on behalf of the client.

At 56 a determination is made to determine if a predefined period of time has elapsed and, if so, execution is redirected to 52.

The predefined period of time in this example is one month. Which means that the method if implemented on a one monthly basis. It is to be appreciated that the predefined period can be redefined to a shorter period, such as a week of a day, or any user defined period. The inventor believes that the invention would be of particular use in assisting less privileged individuals to save money. Furthermore, the invention will provide a method to companies to donate money to less privileged individuals.

The inventor believes that the invention described and illustrated herein provides an advantageous mechanism to clients to save.

The inventor believes that the invention as described and illustrated provides a new reward system and a new method of rewarding a client by building up a saving on behalf of a client.

Claims

CLAIMS:

1. A method of rewarding a client, which method includes identifying a client conducting a first transaction between the client and a provider; associating the identified client with a client record in a client database comprising a number of client records, the client record comprising identification details of a client and a data field representing a beneficial monetary amount; and upon successful identification of the client initiating a second transaction between the provider and a third party acting on behalf of the client, which second transaction facilitates the transfer of a monetary amount from the provider to the third party and which monetary amount is to be added to the beneficial monetary amount in the client record.

2. A method as claimed in claim 1 , in which the first transaction is facilitated by a financial institution and in which the second transaction involves the transfer of a monetary amount from the financial institution to the third party acting on behalf of the client, which monetary amount is to be added to the beneficial monetary amount in the client record.

3. A method as claimed in any one of claims 1 and 2, in which identifying a client conducting a first transaction includes receiving from a client a unique identification token in the form of any one of a magnetic strip card, and a smart card, which is associated with unique identification particulars of a client.

4. A method as claimed in claim 3, in which the unique identification particulars includes any one of a secret personal identification number, and biomethc details of a client.

5. A method as claimed in claim 3, in which the unique identification token is combined with a payment token in the form of any one of a credit card and a debit card to be presented to conduct the first transaction.

6. A method as claimed in any one of claims 1 and 2, in which identifying a client includes accessing a remote client database containing client records.

7. A method as claimed in claim 6, in which the remote client database is accessed via a data network.

8. A method as claimed in claim 1 , in which associating the identified client includes providing confirmation of a match between the identified client and the identification details of the client stored on the client database.

9. A method as claimed in claim 1 , in which the monetary amount to be transferred on behalf of the client is any one of a fixed amount and an amount based on the amount of the first transaction.

10. A method as claimed in claim 9, in which the amount based on the amount of the first transaction is a predetermined percentage of the first transaction amount.

11. A method as claimed in claim 9, in which the amount based on the first transaction is a fraction to be added to the amount of the first transaction to round the amount of the first transaction to a predefined value.

12. A method as claimed in claim 1 , which includes the prior step of registering a client by recording client details in a client record in the client database.

13. A method as claimed in claim 1 , which includes the prior step of registering provider details in a provider database.

14. A method as claimed in claim 13, which includes associating the provider at which the client conducts the transaction with provider details previously stored on the provider database.

15. A method as claimed in claim 1 , which includes the prior step of registering a third party acting on behalf of the client in a third party database.

16. A method as claimed in claim 15, which includes associating the client with the third party on the client database.

17. A method as claimed in claim 1 , in which the second transaction initiated between the provider/financial institution and the third party acting on behalf of the client is in the form of a direct bank transfer from the provider/financial institution to an account of the third party on behalf of the client.

18. A method as claimed in claim 1 , in which the second transaction is in the form of a record indicating an amount to be transferred from the provider/financial institution to the third party, which record is to be used to batch together a number of transactions between the provider/financial institution and the third party and to be transferred at predefined intervals.

19. A method as claimed in claim 18, which includes receiving a request from a client to receive a monetary amount associated with the beneficial monetary amount stored in the client record in the client database.

20. A method as claimed in claim 19, which in addition to identifying a client and associating a client with a particular client record, the method includes accessing the client database to determine from a particular client record the beneficial monetary amount stored in the particular client record.

21. A method as claimed in claim 20, which upon determination of the beneficial monetary amount stored in the particular client record includes initiating a claim transaction to transfer money from the third party to the client.

22. A method as claimed in claim 21 , in which the claim transaction is in the form of any one of a direct bank transfer to a client's bank account, a cash payment to the client and an initiation to claim from the third party.

23. A method as claimed in claim 1 , in which the third party acting on behalf of the client is a financial institution providing a saving instrument to clients.

24. A method as claimed in claim 1 , in which the third party acting on behalf of the client is associated with a donor organization.

25. A method of accumulating monetary credits of a client, the method including receiving from a provider details of a client and of a transaction between the provider and a client; verifying the client details by accessing a client database containing client records; and upon successful verification of the client details allocating to a client a beneficial monetary amount based on the transaction details received from the provider.

26. A method as claimed in claim 25, in which receiving from a provider details of a client and of a transaction between a provider and a client includes verifying details of the client in a client database before receiving transaction details between the provider and the client.

27. A method as claimed in claim 25, in which allocating to a client a beneficial monetary amount includes storing in the client database details of any one of the transaction and the beneficial monetary amount.

28. A method as claimed in claim 27, in which allocating to a client a beneficial monetary amount includes initiating a transaction to transfer a monetary amount to a third party on behalf of a client.

29. A method of facilitating saving by a client, the method including on a periodical basis accessing a balance of a client bank account, the balance comprising an integer portion and a fraction portion of a monetary value; and transferring the fraction portion of the balance of the client bank account to a third party acting on behalf of the client.

30. A method as claimed in claim 1 , which includes a method as claimed in claim 29 by accessing a balance of a client bank account on a periodical basis, the balance comprising an integer portion and a fraction portion of a monetary value and transferring the fraction portion of the balance of the client bank account to a third party acting on behalf of the client.

31. A reward system, which includes a payment terminal, operable to receive payment from a client for goods/services; identification means operable to identify a client presenting payment at the payment terminal in a first transaction; a client database containing client records, the client record comprising identification details of a client and a data field representing a beneficial monetary amount; transaction initiation means, operable upon receiving payment from a client and upon successful identification of a client to initiate a second transaction to transfer an amount based on the beneficial monetary amount on behalf of a client to a third party.

32. A system as claimed in claim 31 , in which the payment terminal is in the form of any one of a card reader and a till point, operable to register a payment from a client.

33. A system as claimed in claim 31 , in which the identification means is in the form of a client card and personal identification number used in combination uniquely to identify a client.

34. A system as claimed in claim 31 , in which the identification means is in the form of a biomethc reader operable uniquely to identify a client from biometric features of the client.

35. A client database, which includes client records comprising identification details of a client and a data field representing a beneficial monetary amount held on behalf of a third party as a savings instrument.