The Two-way Strong Budget Manager makes it easy to send payments to registered computer users without the use of a credit card or the need to have a bank account. It can be used in an online scenario to send a payment to a friend or a relative in another country. It can also be used in an in-store scenario when the user doesn't have cash immediately on hand to complete a sales transaction. If there is a mistake, a regret, or a possible fraud, the user can send a timely request to cancel or dispute the payment. The other user in the transaction can review the request and send a timely response to accept or reject. Both users directly involved are informed. Unlike in a traditional banking operation, the user's financial record shows a positive or negative net balance. It is permissible to continue to send payments when the user's financial record falls below zero. The Two-way Strong Budget Manager continuously updates the user's general ledger to show the current balance and the overall health of the user's financial situation. The Two-way Strong Budget Manager requires the Two-way Strong User Authenticator for the user to have access to the features in the Budget Manager.
Features and Benefits
Online Peer-to-Peer Payment
A registered user can send and approve a payment to another registered user, regardless of where the two users are physically located.
In-store Peer-to-Peer Payment
A registered user can send essential payment data securely and directly from their mobile phone to the merchant's mobile device in a store or physical location (without Internet access).
Payment Life-cycle Notifications
The two persons involved in a payment transaction are kept informed regarding the payment's status at various stages and can accept or reject the payment.
Financial Record Review
A registered user can review their deposits, withdrawals, and net gain or loss for all payment transactions occurring at various stages of the payment life-cycle.
A registered user can review up-to-the-minute charts to spot irregularities in daily withdrawals and deposits and in user-configurable financial statistics.
Payment Control Mechanism
A registered user can apply specified limits to block payments during a specified time period, so that the user doesn't have to worry about spending too much or exceeding their household budget.
Convenient Payee List
Each new registered user to whom a payment is sent is associated with the payer and accessible only to the payer for review and making another payment.
Encrypted Stored Messaging Information
Just like with personal information, notification messages are encrypted and stored in an encrypted format on the remote computer servers.