cMoney Beta Solution Revealed
July 19 2011 - 8:00AM
Business Wire
cMoney, Inc. (OTCBB:CMEY), is a Houston-based company
that is at the forefront of global mobile phone-based payments and
money transfers, while using the POS and ATM payment systems. The
cMoney solution utilizes secure patent pending technology for
mobile phone users, retailers, and financial institutions, and
continues to innovate and strengthen the cMoney brand globally.
cMoney is very pleased to announce the latest developments with
regard to the completion of our beta product and the finalization
of the pending patents.
The cMoney beta product is an essential tool to showcase our
technology to investors, potential strategic partners, or to form a
trust relationship/alliance, with a major industry leader. The
cMoney beta product reveals to interested parties; like our
previously announced partnership with IBM, that cMoney is a major
player and has a working product available to both the prospective
partners and to the customers.
A new round of funding has been provided by a private cMoney
investor that finalizes the beta enhancements to our existing
cMoney solution, while incorporating our licensed pending patents.
Major technology leaders have expressed a great deal of interest in
the original beta product and were even more excited about the
concept of an advanced application. cMoney has contracted with a
major international technology developer, to help design and assist
in the deployment of the cMoney product. The new cMoney team
continues to gain momentum and explore these wonderful business
opportunities with many of our prospective partners; who will offer
this exciting product to their own customer base.
Techniques are disclosed for a mobile telephone, in conjunction
with a payment transaction server, to be used directly as a payment
device for a variety of financial transactions. Furthermore, the
transaction systems and methods for mobile telephone devices will
allow a mobile telephone to participate in payment transactions in
a manner that helps prevent identify theft; and without relying on
transferring amounts to/from one stored value account to another.
cMoney now wants to disclose the full details of our patents below,
including the URL references.
Ghosting Payment Account Data in a Mobile Telephone Payment
Transaction System- this operation includes generating a
ghosted account name for each of the payment accounts and
transmitting each ghosted account name to a payment application
executing on the mobile phone.
The payment application, when executed on the mobile telephone,
allows the individual to initiate a payment transaction using the
mobile telephone as the payment device in order to incur a charge
to a selected payment account without revealing the account number
associated with the selected payment account.
http://www.wipo.int/patentscope/search/en/detail.jsf;jsessionid=D37435FE4E4EF4145F23BA11D8C8198F.wapp2?docId=WO2009146110&recNum=102&office=&queryString=&prevFilter=%26fq%3DOF%3AWO%26fq%3DICF_M%3A%2522H04W%2522%26fq%3DDP%3A2009&sortOption=Relevance&maxRec=3119
Transaction Server Configured to Authorize Payment
Transactions Using Mobile Telephone Devices- this operation
includes receiving a request to enroll a mobile telephone in a
payment transaction system. The request may include an indication
of an identity of an individual enrolling the mobile telephone and
the telephone number of the mobile telephone. The operation may
also include establishing a bank account for the mobile telephone.
The bank account is tied to both the individual and the telephone
number of the mobile telephone received with the request. The
operation may also include providing a payment application for
installation on the mobile telephone. The payment application may
be configured to allow the individual to initiate payment
transactions using the mobile telephone as the payment device when
installed and executed on the mobile telephone.
http://www.wipo.int/patentscope/search/en/detail.jsf;jsessionid=B589A189236B30169B0F09EFA3201E85.wapp2?docId=WO2009146106&recNum=104&office=&queryString=&prevFilter=%26fq%3DOF%3AWO%26fq%3DICF_M%3A%2522H04W%2522%26fq%3DDP%3A2009&sortOption=Relevance&maxRec=3119
Mobile Telephone Transaction Systems and Methods- this
operation includes receiving a request to initiate a payment
transaction using the mobile telephone as the payment device,
prompting a user of the mobile telephone to specify a payment
source for the payment transaction, and transmitting the request to
initiate the payment transaction and the specified payment source
to a transaction server. The operation may further include
receiving a payment code from the transaction server and
displaying, on a display screen of the mobile telephone, a
representation of the payment code. The representation of the
payment code is presented to a point-of-sale system of a merchant
participating in the payment transaction. The point-of-sale system
may generally be configured to transmit an indication of the
payment code and a transaction amount to the transaction server.
Further, the transaction server itself may be configured to perform
the payment transaction using the specified payment source for the
payment amount.
http://www.wipo.int/patentscope/search/en/detail.jsf;jsessionid=1565927E284C399E8951579621FF5A92.wapp1?docId=WO2009146111&recNum=62&office=&queryString=&prevFilter=%26fq%3DOF%3AWO%26fq%3DICF_M%3A%2522G06Q%2522%26fq%3DDP%3A2009&sortOption=Relevance&maxRec=2168
All pending patents were developed by Jennifer Pharris, the
founder of cMoney. The finalization of these individual pending
patents will allow cMoney exclusive rights to this technology for
the United States and Australia.
Paul Matthews, cMoney CEO, states: “I feel very confident
that our development plans including this beta announcement of
incorporating our patent pending technology, will ensure that
cMoney continues on the right track to our Hard Launch. cMoney’s
combination of the new technology team and the new transfer agent,
ClearTrust LLC, are helping enormously to ensure that our
administration and support are in place, as we continue to “Move
Money at the Speed of NOW”!
About cMoney,
Inc.
cMoney, Inc., a Houston-based technology company that provides
innovative secure mobile payment solutions for mobile phone users,
retailers and financial institutions, has developed an innovative
way to send money and pay for goods and services using a mobile
phone and the text messaging system protected by patents. Scheduled
to debut in 2011, the pioneering technology will create a “virtual
wallet” that will eliminate exposure to identity and credit card
theft for users. It can be used anywhere that cash, checks, ATM’s
or credit cards are accepted. For more information,
visit www.cmoney.com or
contact contactus@cmoney.com
Forward-Looking
Statements
Certain statements in this press release may constitute
"forward-looking statements". Forward-looking statements provide
current expectations of future events based on certain assumptions
and include any statement that does not directly relate to any
historical or current fact. Actual results may differ materially
from those indicated by such forward-looking statements as a result
of various important factors, including: risks related to the
integration of acquisitions and the ability to market successfully
acquired technologies and products; the ability of cMoney, Inc.
(“the Company”) to effectively compete; the timing and
effectiveness of the planned launch of the new cMoney solution; the
inability to adequately protect Company intellectual property and
the potential for infringement or breach of license claims of or
relating to third party intellectual property; risks related to
data and information security vulnerabilities; ineffective
management of, and control over, the Company's growth and
international operations; adverse results in litigation; and
changes in and a dependence on key personnel. The forward-looking
statements included in this press release represent the Company's
views as of the date of this press release and these views could
change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to the
date of the press release.
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