US20140222689A1 - Secure and efficient payment processing system - Google Patents
Secure and efficient payment processing system Download PDFInfo
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- US20140222689A1 US20140222689A1 US14/215,515 US201414215515A US2014222689A1 US 20140222689 A1 US20140222689 A1 US 20140222689A1 US 201414215515 A US201414215515 A US 201414215515A US 2014222689 A1 US2014222689 A1 US 2014222689A1
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/382—Payment protocols; Details thereof insuring higher security of transaction
- G06Q20/3821—Electronic credentials
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
- G06Q20/105—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems involving programming of a portable memory device, e.g. IC cards, "electronic purses"
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
- G06Q20/36—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using electronic wallets or electronic money safes
- G06Q20/367—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using electronic wallets or electronic money safes involving electronic purses or money safes
- G06Q20/3674—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using electronic wallets or electronic money safes involving electronic purses or money safes involving authentication
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/385—Payment protocols; Details thereof using an alias or single-use codes
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- G—PHYSICS
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- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
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- G06Q30/00—Commerce
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- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q30/00—Commerce
- G06Q30/06—Buying, selling or leasing transactions
- G06Q30/0601—Electronic shopping [e-shopping]
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- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
Abstract
Description
- This application is a continuation of U.S. patent application Ser. No. 12/795,876, filed Jun. 8, 2010, which is a continuation of U.S. patent application Ser. No. 09/488,297, filed Jan. 20, 2000, now U.S. Pat. No. 7,742,967, which claims the benefit of U.S. Provisional Application No. 60/157,304, filed Oct. 1, 1999, the disclosures of which are incorporated herein by reference.
- The present invention relates to the art of Internet commerce. It finds particular application in conjunction with Internet credit/debit transactions, and will be described with particular reference thereto. However, it is to be appreciated that the present invention is also amenable to other like applications.
- Internet commerce, or e-commerce as it is otherwise known, relates to the buying and selling of products and services by buyers and sellers over the Internet or the transactional exchange of information. The convenience of shopping over the Internet has sparked considerable interest in e-commerce on behalf of both buyers and sellers. Internet sales or like transactions have been typically carried out using standard credit/debit cards such as Visa®, MasterCard®, Discover®, American Express®, or the like. However, while widely used for more traditional face-to-face transactions, use of these standard credit/debit cards and their associated processing systems in connection with e-commerce presents certain difficulties.
- In particular, for example, standard credit/debit card transactions typically involve a relatively high number of intermediaries that are used in processing the transaction from an initial purchase request, through authentication and authorization, and ultimately to settlement. In addition to the actual buyer and seller, the cast involved in ultimately completing the transaction through to settlement typically entails member banks including a merchant or acquiring bank and an issuing bank. Often, an Internet processor (e.g., Cybercash), member service provider (MSP), or an independent sales organization (ISO) is also involved. Additionally, third party processors, agent banks, and/or deposit banks are commonly employed. As each intermediary charges a bulk, per-transaction, percentage, or other like fee for its role in handling the transaction, the total transaction cost grows with each additional intermediary employed. Consequently, streamlining transaction processing and elimination of intermediaries beneficially holds transaction costs down.
- Another issue is buyer confidence and security. The fact that e-commerce transactions are not carried out face-to-face often creates apprehension in a potential buyer regarding transactions. This apprehension is fueled by uncertainty of the reputation or quality of seller with whom they're dealing and the security of their credit/debit card information or other personal information (e.g., address, credit card number, phone number, etc.) typically submitted along with a traditional Internet credit/debit transaction. Additionally, both the credit/debit account holder, sellers, financial institutions are concerned about safeguarding against fraudulent or otherwise unauthorized credit/debit card transactions.
- The present invention contemplates a new and improved transaction processing system and technique for carrying out credit/debit transactions over the Internet that overcomes the above-referenced problems and others.
- In accordance with one aspect of the present invention, a method for conducting a commercial transaction carried out over the Internet is provided. The method includes synchronizing a token with a periodically changing non-predictable code, and providing an account holder with the token. The token displays the periodically changing non-predictable code. The method further includes receiving a code communicated by a buyer in the commercial transaction, and comparing the received code with the periodically changing non-predictable code to authenticate the buyer as the account holder when the received code matches the periodically changing non-predictable code.
- In accordance with another aspect of the present invention, a method of carrying out commercial transactions is provided. The method includes generating a number of separate periodically changing non-predictable codes, and assigning unique user names to a number of account holders such that each user name is associated with one of the separate periodically changing non-predictable codes. The account holders are provided with tokens and each token is synchronized to generate the same separate periodically changing non-predictable code associated with the unique user name assigned to the account holder being provided the token. Thereafter, codes along with user names communicated by buyers involved in commercial transactions are received and, for each set of received codes and user names, the buyer is authenticated as the account holder having the corresponding user name when the received code matches the periodically changing non-predictable code for the user name communicated.
- In accordance with another aspect of the present invention, a method of conducting commercial Internet transactions is provided. The method includes selecting merchants as designated sellers for buyers to perform commercial transactions with, and providing the selected merchants with transaction objects to be installed on their Internet connected servers which are used to perform commercial transactions between the merchants and buyers. Account holders are provided with user names and tokens. The tokens generate periodically changing non-predictable codes associated with the user names of the account holders to which the tokens were provided. The same periodically changing non-predictable codes associated with each user name are remotely generated as well. Sets of information associated with the commercial Internet transactions are received due to buyers accessing the transaction objects of selected merchants. Each set of information includes a pass code and a user name. Each buyer is authenticated as the account holder having the received user name when the received pass code matches the remotely generated periodically changing non-predictable code for that user name.
- In accordance with another aspect of the present invention, a method of processing commercial transactions carried out over the Internet between account holders and participating merchants is provided. The method includes receiving a purchase request of a buyer from a participating merchant indicating that the buyer desires to carry out a transaction with the merchant. The transaction includes the buyer purchasing one or more selected items from the merchant. The buyer is authenticated as an account holder and transaction fulfillment data is established. The transaction fulfillment data indicates a delivery destination for the selected items. In turn, the transaction fulfillment data is communicated to the participating merchant, and transaction details from the participating merchant are received. The transaction details include a cost for the selected items. Thereafter, completion of the transaction is authorized and an authorization code established therefor is communicated to the participating merchant.
- One advantage of the present invention is that Internet credit/debit transactions are privately, securely, potentially anonymously, and readily carried out.
- Another advantage of the present invention is that a high transaction count boosted by increased buyers' confidence in Internet shopping leads to increased sales for sellers.
- Another advantage of the present invention is that buyers and sellers are protected from fraudulent or otherwise unauthorized transactions.
- Yet another advantage of the present invention is that transaction costs are reduced to the extent that streamlined processing reduces intermediaries that would otherwise contribute to the transaction costs.
- Still further advantages and benefits of the present invention will become apparent to those of ordinary skill in the art upon reading and understanding the following detailed description of the preferred embodiments.
- The invention may take form in various components and arrangements of components, and in various steps and arrangements of steps. The drawings are only for purposes of illustrating preferred embodiments and are not to be construed as limiting the invention.
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FIG. 1 is a flow chart showing a high level overview of an online credit/debit transaction processing system in accordance with aspects of the present invention; -
FIG. 2 is a diagrammatic illustration showing Internet connected participants in an online credit/debit transaction processing system in accordance with aspects of the present invention; -
FIG. 3 is a flow chart showing a process for registering sellers for participation in an online credit/debit transaction processing system in accordance with aspects of the present invention; -
FIG. 4 is a flow chart showing a process for registering account holders for participation in an online credit/debit transaction processing system in accordance with aspects of the present invention; -
FIG. 5 is a diagrammatic illustration showing a credit token for use in connection with an online credit/debit transaction processing system in accordance with aspects of the present invention; -
FIGS. 6A and 6B are flow charts showing an online shopping experience and related processing in accordance with aspects of the present invention with pre-shopping authentication and post-shopping authentication, respectively; -
FIG. 6C is a flow chart showing implementation of additional security measures invoked by certain delivery destination conditions which are selected in connection with an online credit/debit transaction processing system in accordance with aspects of the present invention; -
FIG. 7 is a flow chart showing a settlement process of an online credit/debit transaction processing system in accordance with aspects of the present invention; and, -
FIG. 8 is a flow chart showing a micro-payment processing application of an online credit/debit transaction processing system in accordance with aspects of the present invention. - With reference to
FIG. 1 , acentral transaction coordinator 10 administers a number of different yet inter-dependent processes in a commercial Internet credit/debit transaction processing system A. The processes administered by thecoordinator 10 include: (i) aseller registration process 100 wherein merchants or sellers are signed up for participation in the transaction processing system A; (ii) an accountholder registration processes 200 wherein buyers or consumers are signed up as account holders for participation in the transaction processing system A; (iii) anonline shopping process 300 wherein buyers or consumers engage in online commercial transactions with merchants or sellers; and, (iv) asettlement process 400 wherein completed commercial transactions are confirmed and settlement information forwarded directly to a funding source for billing and payment processing. Optionally, thecoordinator 10 also administers amicro-payment process 500 wherein individual small transactions (i.e., transactions involving funds that are less than or small relative to any associated processing fees or costs) are aggregated prior to the submission of settlement information to the funding source. In addition, thecoordinator 10 itself optionally acts as the funding source. However, in the interest of simplicity and clarity, in the following description, the discussion is directed to embodiments employing a third party funding source. - With further reference to
FIG. 2 , in a preferred embodiment, thecoordinator 10 maintains a presence on theInternet 50 or other like online network via aserver 12. A merchant orseller 20 also maintains a presence on theInternet 50 via aserver 22. A buyer oraccount holder 30 gains access to theseller 20 and/or thecoordinator 10 over theInternet 50 using acomputer 32 with an appropriate web browser or other like software running thereon. Of course, the transaction processing system A is preferably administered to multiple similarly situatedsellers 20 andbuyers 30. However, in the interest of simplicity herein, only a one of each are shown inFIG. 2 . Additionally, afunding source 40 maintains a presence on theInternet 50 via aserver 42. Thefunding source 40 extends credit for credit accounts or holds deposits for debit accounts created on behalf of account holders participating in the transaction processing system A. Moreover, it is to be appreciated that the security of the transaction processing system A is further enhanced by encrypting, with known encryption techniques, communications relayed or otherwise transmitted over theInternet 50. - With further reference to
FIG. 3 , in theseller registration process 100, an interested merchant orseller 20, preferably doing business on theInternet 50 via theirserver 22, is registered for participation in the Internet credit/debit transaction processing system A administered by thetransaction coordinator 10. Theseller registration process 100 begins with thecoordinator 10 receiving seller information 102 (e.g., financial information, physical address, category of good or services sold, Internet address, e-mail address, etc.) from theseller 20. Online or over theInternet 50, this is optionally accomplished by receiving theseller information 102, perhaps encrypted, via the coordinator'sserver 12. Using the receivedseller information 102, the worthiness of theseller 20 for participation in the Internet credit/debit transaction processing system A is evaluated. - Preferably, a
verification program 110 is applied to evaluate theseller 20 based on theseller information 102 received by thecoordinator 10. Theverification program 110, optionally running on the coordinator'sserver 12, is carried out using a predetermined or otherwise selected algorithm that acts on quantifiable values representing theseller information 102. In this manner, the seller's credit worthiness is determined and/or the seller's reliability and reputation for customer service and sound business practice is determined using objective, subjective, or a combination of objective and subjective criteria. Accordingly, thecoordinator 10 ensures that theseller 20 is able to meet potential obligations. Moreover,account holders 30 participating in the transaction processing system A are reassured that they are patronizing high quality merchants or sellers with strong customer satisfaction guarantees. - In response to the evaluation, at
decision step 120, thecoordinator 10 decides whether or not theinterested seller 20 is declined or approved for participation. If declined, anotification 122 is sent to theinterested seller 20 and theseller registration process 100 ends. If approved, thecoordinator 10 forwards aseller agreement 124 to theseller 20. Online or over theInternet 50, theseller agreement 124 is optionally forwarded from the coordinator'sserver 12 to the seller'sserver 22. Theseller agreement 124 outlines the rights and responsibilities or duties of theseller 20 with respect to their participation in the credit/debit transaction processing system A. After theseller 20 physically signs, electronically signs, or otherwise executes theseller agreement 124, it is returned to thecoordinator 10, perhaps through the coordinator'sserver 12. Upon receipt of the executedseller agreement 124 a, thecoordinator 10 creates and maintains a record of theseller information 102, the seller's approval, theseller agreement 124, etc. Preferably, the record is electronically created and maintained in a coordinator's database 14 which is accessible by thecoordinator 10, and optionally, thefunding source 40. - Preferably, upon acceptance of the executed
seller agreement 124 a, thecoordinator 10 forwards to the seller 20 atransaction object 126 which places a link on the seller's online shopping check-out page or otherwise runs on the seller'sserver 22. The object or link operates to integrate the credit/debit transaction processing system A into, or otherwise allows the processing system A to be accessed through, the seller's online shopping system or Internet shopping web page or pages. Optionally, thecoordinator 10 installs the object on the seller'sserver 22. Accordingly,account holders 30 shopping online or over theInternet 50 can access the object (e.g., by clicking the link on seller's check-out web page) and be automatically routed to thecoordinator 10 for authentication and/or authorization. In this manner then, merchants orsellers 20 become registered for participation in the transaction processing system A. - With further reference to
FIG. 4 , in the accountholder registration process 200, registration of a buyer or consumer to become anaccount holder 30 begins with a visit by the buyer to thecoordinator 10. Optionally, over the Internet, the interested buyer or consumer, using an appropriate web browser, accesses an account holder registration page which is made available via the coordinator'ssever 12. As the accountholder registration process 200 continues, account holder registration data 202 (e.g., name, address, length at residence, own or rent residence, e-mail address, home phone number, work phone number, social security number, date of birth, mother's maiden name, employer, income, employment status, etc.) is collected or otherwise obtained by thecoordinator 10 from the buyer or the potentialnew account holder 30 who is making application for participation in the credit/debit transaction processing system A. Prior to accepting the consumer or buyer as anew account holder 30, their credit worthiness is evaluated. - Preferably, the
coordinator 10 passes relevant accountholder registration data 202 to thefunding source 40. The relevant accountholder registration data 202 is then analyzed for credit worthiness. Optionally, the data is analyzed by the funding source's own credit approval system, or it is passed on to one ormore credit bureaus 210 for analysis. The analysis preferably includes the application of known credit approval techniques and algorithms which determine credit worthiness. Ultimately, credit approval data 212 (e.g., approval or denial, amount of credit, risk, etc.) is routed back to thecoordinator 10 through thefunding source 40. - Upon receipt of the
credit approval data 212, thecoordinator 10 decides, atdecision step 220, if the potentialnew account holder 30 is worthy of participation in the transaction processing system A. Then thecoordinator 10 notifies the potentialnew account holder 30 of the credit decision. That is to say, if credit is declined, a credit-declinedmessage 222 is communicated to thepotential account holder 30. On the other hand, if credit is approved, approval information 224 (e.g., the annual percentage rate, credit limit, etc.) is communicated to the potentialnew account holder 30 for acceptance. In a preferred embodiment, the credit approval or denial is communicated to an online potentialnew account holder 30 accessing the coordinator over theInternet 50 by displaying an appropriate web page from the coordinator'sserver 12 to the potentialnew account holder 30. Alternately, the credit approval or denial is communicated via e-mail to the potential new account holder's designated e-mail address previously obtained along with the accountholder registration data 202. In any event, optionally, at this time, the potentialnew account holder 30 is advanced an initial, albeit preferably limited, line of credit and temporary password enabling him to immediately shop online at a registeredseller 20 using the credit/debit transaction processing system A administered by thetransaction coordinator 10. - If approved and account holder status is still desired, along with an indication of acceptance, the
account holder 30 supplies thecoordinator 10 with additionalaccount creation data 226 including a secret personal identification number (PIN) and the answers to a number of designated or otherwise selected security questions. The security questions are preferably questions to which only theaccount holder 30 is likely to know the answers (e.g., the account holder's first car, the name of the account holder's dog, etc.). Upon acceptance, thecoordinator 10 creates and maintains a record for theaccount holder 30, preferably in electronic format on the coordinator's database 14. The account holder record includes the accountholder registration data 202,credit approval data 212,approval information 224, acceptance, and additionalaccount creation data 226. In addition, a corresponding credit account is created with thefunding source 40. - The account holder record may also contain information or data relating to account privileges. In a preferred embodiment the
account holder 30 has the option to customize or modify their account privileges. The account privileges are customized by theaccount holder 30, for example, by accessing the coordinator'sserver 12 over theInternet 50. For security purposes, the account holder is optionally authenticate as such, preferably, using the below described authentication procedure, prior to permitting any account modifications. However, at initial account creation, the below described authentication procedure is not employed. The account privileges are optionally set by theaccount holder 30 to limit the use of the account holder's account in the transaction processing system A. That is to say, the set account privileges may restrict the account so that purchases thereon are not authorized for specified participating merchants orsellers 20, so that automatically recurring transactions carried out absent the direct participation of theaccount holder 30 are not authorized, so that single purchases over a certain price limit are not authorized, so that aggregate per day purchases are limited to a desired level, and the like. - At the initial account creation, the
coordinator 10 also assigns theaccount holder 30 an associated user identity which is unique to theaccount holder 30 and becomes part of the account holder's record (e.g., a self-selected user name, or an otherwise assigned alpha-numeric designation), and optionally, a corresponding credit token 230 (seeFIG. 5 ) is issued to theaccount holder 30. Thecredit token 230 periodically (e.g., every 60 seconds) generates a non-predictable alpha-numeric code (preferably 6 characters in length) using a predetermined or otherwise selected algorithm. The algorithm used in generating the periodically changing non-predictable alpha-numeric code is preferably a function of an initial seed value and a time value obtained from an internal clock. Thecredit token 230 renders the code on an incorporated liquid crystal display (LCD)readout 232 or other like human-viewable display. Additionally, thecredit token 230 provides an indicator as to the duration of the displayed code's validity (i.e., the time remaining before generation of the next non-predictable code). Accordingly, every period, thecredit token 230 generates a dynamically changing non-predictable alpha-numeric code which (with the exception of the coordinator 10) is only available to theaccount holder 30 in possession of thecredit token 230. - For each unique user identity, the
coordinator 10 also independently generates a periodically changing non-predictable alpha-numeric code which is synchronized with and the same as the token generated code for thecorresponding account holder 30 having that user identity. The independently generated and synchronized code is maintained with the corresponding account holder's record. Preferably, thecoordinator 10 generates the synchronized code by running software which uses (i) an algorithm and (ii) an initial seed value which are both identical to that used by thecorresponding token 230 and (iii) a time value from a clock which is synchronized with the token's internal clock. In this manner then, the alpha-numeric code from an account holder'scredit token 230 and the independently generated alpha-numeric code maintained with the account holder's record are the same at any given time. - In particular, systems for independently producing and comparing or otherwise verifying synchronized dynamically changing non-predictable codes are disclosed in U.S. Pat. Nos. 5,168,520 and 4,720,860 to Weiss, both incorporated herein by reference, in their entirety. In one preferred embodiment, at least one of the above referenced systems is employed herein.
- Alternately, a potential
new account holder 30 may contact thefunding source 40 directly for registration to participate in the transaction processing system A. In this case, the funding source carries out substantially the same accountholder registration process 200 and forwards the account holder record to thecoordinator 10. - With further reference to
FIGS. 6A and 6B , in a preferred embodiment, an online or Internet shopping experience orprocess 300 begins with anaccount holder 30 contacting the coordinator 10 (e.g., accessing the coordinator's online or Internet shopping portal using an appropriate web browser) or otherwise requesting a web page from or linking to the coordinator'sserver 12. At this juncture, theaccount holder 30 is given the option to pre-authenticate their identity prior to engaging in any particular commercial transactions with the participating merchants or sellers. Authentication is preferably accomplished by thecoordinator 10 collecting from theaccount holder 30authentication data 302 having one or more elements including the account holder's user identity, PIN, and/or token generated alpha-numeric code. Optionally, one or more elements of theauthentication data 302 are entered manually by theaccount holder 30. Alternately, one or more of the elements are stored or otherwise maintained on thecomputer 32 being employed by theaccount holder 30 to access the coordinator'sserver 12 such that they are automatically entered where appropriate. For example, with regard to the non-predictable alpha-numeric code, rather than having a separatephysical token 230, the “token” is optionally an object running on the account holder'scomputer 32 which enters or displays the alpha-numeric code when accessed. Alternately, a separatephysical token 230 optionally includes an interface 234 (seeFIG. 5 ) through which it is connected to the account holder's computer such that the token generated alpha-numeric code is read directly from the token 230 without manual entry. - In any event, the
coordinator 10 runs theauthentication data 302 through anauthentication process 310 which compares the entered or otherwise collectedauthentication data 302 with the corresponding data in the account holder record having the same user identity as that included with theauthentication data 302. Thecoordinator 10 then determines, atdecision step 320, whether or not the allegedaccount holder 30 is an authentic account holder previously registered using the accountholder registration process 200. Of course, where the user identity included with the authentication data 309 does not have a corresponding account holder record or is otherwise invalid, the authentication is denied or fails and the allegedaccount holder 30 and/or involvedseller 20 is sent adenial notification 322. Additionally, where theauthentication data 302 and corresponding data in the account holder record having the same user identity do not match, the authentication is also denied or fails and the allegedaccount holder 30 and/or involvedseller 20 is again sent thedenial notification 322. Only when there is an identical match between theauthentication data 302 and the account holder record does the accessingaccount holder 30 become authenticated and/or positively identified as the true account holder having the corresponding user identity. - In one preferred embodiment, the authentication or positive identification is carried out, e.g., as described in the previously referenced U.S. Pat. Nos. 5,168,520 and 4,720,860. Alternately, other authentication methods or procedures may be employed that positively identify the
account holder 30, e.g., challenge response, quick log mode, other one or more factor authentication methods (such as a static user name and password or PIN), smart cards, biometric authentication (such as fingerprint recognition or retinal scanners), etc. These authentication techniques ensure that thecoordinator 10 is able to independently make a positive identification of theaccount holders 30. - With particular reference now to
FIG. 6A , next, theaccount holder 30 requests, or the coordinator'sserver 12 otherwise displays, a web page or the like with ashopping directory 330 listing participating merchants orsellers 20 that are registered with the credit/debit transaction processing system A system administered by thecoordinator 10. Theaccount holder 30 is then free to select the participatingseller 20 of his choice and shop as apre-authenticated account holder 30 a. - With particular reference now to
FIG. 6B , alternately, theaccount holder 30 accesses the seller's online store or Internet shopping site directly from the seller'sserver 22 and shopping is carried out absent pre-authentication. At the seller's site, the buyer oraccount holder 30 selectsitems 340 of goods and/or services which are desired for purchasing. Preferably, these goods or services are then placed into avirtual shopping cart 342. If more shopping is desired, the process loops back to product selection and other like shopping web pages made available from the seller'sserver 22. On the other hand, if shopping is complete, the process continues on to check-out 350. When the buyer oraccount holder 30 accesses thetransaction object 126 or link previously established on the participating merchant's or seller's check-outpage 350, the buyer oraccount holder 30 is routed to thecoordinator 10 along with apurchase request 352 indicating the buyer desires to carry out a commercial transaction with the referring participatingseller 20. Preferably, the transaction in question includes the buyer oraccount holder 30 purchasing one or more selected items from the participating merchant orseller 20. - If not pre-authenticated, when the buyer or
account holder 30 is routed to thecoordinator 10, they are presented with an authentication page from the coordinator'sserver 12. At this point, using thesame authentication procedure 310 as used in pre-authentication, the buyer is authenticating and/or positively identified as anaccount holder 30 having a unique user identity. If pre-authenticated, theaccount holder 30 bypasses this authentication step. - In any event, provided authentication is complete and successful, the
coordinator 10, atprocess step 360, establishestransaction fulfillment data 362. Thetransaction fulfillment data 362 identifies information which is used by the participatingseller 20 to fulfill their obligation(s) to theaccount holder 30 for the commercial transaction in which they are currently engaged. For example, thetransaction fulfillment data 362 preferably includes a delivery destination for the items selected for purchase in the transaction. For physical goods, the delivery destination may be a shipping address, and for downloaded content, downloaded software, digital goods or services, and other like items, the delivery destination may be an e-mail address or the account holder'snetworked computer 32. - With further reference to
FIG. 6C , in a preferred embodiment, previously designated (e.g., at account creation) default delivery destinations for the various types of goods nr services are maintained in the account holder's record. As a rule, thecoordinator 10 uses these default designations in establishing thetransaction fulfillment data 362. However, at a destinationselection web page 364 presented to theaccount holder 30 by thecoordinator 10, theaccount holder 30 may optionally designate, via aselection response 366, an alternate destination as the delivery destination. - In a preferred embodiment, if the alternate destination differs from the default destination or if the destination is a direct download to the buyer's or account holder's
computer 32, an additional security precaution is invoked. More specifically, thecoordinator 10 transmits one or more of the previously answeredsecurity questions 226 a (i.e., the security questions to which theaccount holder 30 originally provided answers in connection with the submitted additional account creation data 226) to the buyer oraccount holder 30. Thecoordinator 10 then receives from the buyer oraccount holder 30 ananswer 226 b in response to each security question. Thecoordinator 10 then determines, atdecision step 370, if theanswers 226 b are correct. As shown atprocess step 372, only when the newly received responses match the previously given answers in the account holder's record is the alternate or download destination included in the establishedtransaction fulfillment data 362. Otherwise, as shown atprocess step 374, the alternate or download destination is rejected. Optionally, approved alternate destinations may also be stored in an account holder address book maintained with the account holder's record for convenient future access and use by theaccount holder 30. - Optionally, the delivery destination is a non-identifying destination such that anonymity of the
account holder 30 is maintained with respect to the participating merchant orseller 20. For example, the non-identifying destination may be a post office box, or other neutral third party from which delivered goods are obtained by theaccount holder 30. Regardless of the delivery destination, once established, thetransaction fulfillment data 362 is communicated by thecoordinator 10, preferably online or over theInternet 50, to the participatingseller 20, and theaccount holder 30 is routed back the participatingseller 20 where they are optionally presented a shipping choice, 380 including choice of shipping carrier (e.g., regular U.S. mail, Federal Express, UPS, etc.) and/or preferred shipping time (e.g., 1 month, 1 week, or next day delivery). - After the
account holder 30 has made theirselection 382, if any, with regard to shipping carrier and/or preferred shipping time, the transaction details 384 are transmitted from theseller 20 to thecoordinator 10 where they are received forauthorization processing 390. The transaction details 384 preferably include the total cost (with tax and shipping) for the selected items being purchased in the transaction. Additionally, the transaction details 384 identify the participating merchant orseller 20 andaccount holder 30 engaged in the transaction. Authorization is based upon the account holder's credit account having an amount of available credit sufficient to cover the total cost of the transaction. Alternately, the account is optionally a debit account such that authorization is based upon the debit account having a sufficient amount of funds on deposit to cover the total cost of the transaction. In either case, when a sufficient amount of funds or credit is available to cover the total cost of the transaction, completion of the transaction is authorized, if not authorization is denied. - Optionally, the status of the account holder's account (credit or debit) is maintained along with the account holder's record in the coordinator's database 14 such that the
coordinator 10 may directly authorize transactions. Alternately, the transaction details 384 are passed along to the fund source which then authorizes the transactions. In either case, upon determining authorization (in the affirmative or in the negative), acorresponding authorization code 392 is established for the transaction. Preferably, theauthorization code 392 along with the authorization result and the corresponding transaction details 384 are maintained in a transaction record, optionally, stored electronically in the coordinator's database 14. Additionally, an indication of the authorization outcome and theauthorization code 392 are communicated to the participating merchant orseller 20 and account hold 30 which then act accordingly. - With further reference to
FIGS. 7 , thesettlement process 400 for completed commercial transactions begins with thecoordinator 10 collecting or otherwise obtainingsettlement information 402 from theseller 30. Preferably, thesettlement process 400 occurs periodically, e.g., daily, weekly, etc. Alternately, thesettlement information 402 is obtained by theseller 20routing settlement information 402 to thecoordinator 10 or by thecoordinator 10 automatically extractingsettlement information 402 from theseller 20. For example, with regard to the automatic extraction of settlement information, when a seller's delivery process is executed thereby delivering purchased goods or services to theaccount holder 30, a seller's inventory database 24 (seeFIG. 2 ) or other such seller database is accordingly updated to indicate delivery and completion of the particular transaction. In thesettlement procedure 400 then,settlement information 402 corresponding to those transactions indicated in the seller'sdatabase 24 as having been completed is automatically retrieved by thecoordinator 10 from the seller'sdatabase 24. - The
settlement information 402 indicates that theseller 20 has fulfilled his obligations to anaccount holder 30 in connection with a particular authorized commercial transaction. The obtainedsettlement information 402 preferably includes theauthorization code 392 and the corresponding transaction details 384 for the transaction in question. Thecoordinator 10 then matches thesettlement information 402 to the corresponding transaction record having thesame authorization code 392 to confirm or otherwise validate and approve settlement when the transaction details 384 in thesettlement information 402 are substantially the same as the transaction details 384 in the transaction record. In particular, the total cost from the transaction details 384 reported in thesettlement information 402 is optionally permitted to vary within a given tolerance from the total cost contained in the transaction details 384 of the transaction record. In the cases where there is an insufficient match, rejectedsettlement information 402 a is returned to theseller 20. - In a preferred embodiment, periodically (e.g., at the end of each day), the
coordinator 10 communicates confirmedsettlement information 402 b directly to thefunding source 40, preferably over theInternet 50 or other online network. In turn, the funding sourest 40 ants accordingly on the confirmedsettlement information 402 b, e.g., sendingbills 410 to theappropriate account holders 30 and reimbursing the appropriate merchants orsellers 20 withpayment 420 using known billing and payment processing procedures and methods. As thesettlement information 402 has already been confirmed by thecoordinator 10, optionally, thefunding source 40 does not employ independent confirmation of thesettlement information 402 and thus may act on the confirmedsettlement information 402 b more readily without additional procedures for validating it. - In this manner, transactions conducted in the transaction processing system A are streamlined as compared to traditional transaction processing systems. In the traditional system, buyers or account holders make purchases using a traditional credit card. The credit card number, expiration date, and accompanying personal information is then forwarded to numerous different intermediaries in an attempt to positively identify and/or authenticate the buyer as the credit card owner. Still further intermediaries are often employed to then authorize a particular transaction and the information is again routed to these additional intermediaries. As a result this system is inherently inefficient. In the transaction processing system A described herein, by providing positive user identification and/or authentication at check-out through the
coordinator 10 and by integrating the authentication andauthorization procedures coordinator 10, desirable efficiencies are gained insomuch as the inefficient merchant banking system and the numerous intermediaries are avoided on both the purchase side and the settlement side. - With further reference to
FIG. 8 , in a preferred embodiment, anaccount holder 30 is given the option to activate a micro-payment account, for example, by charging their micro-payment account with a minimum predetermined amount (e.g., $25). Once the micro-payment account is activated, theaccount holder 30 can use the micro-payment account at a seller's site to purchase goods and services involving small transaction amounts. The authentication process and authorization remains the same as that used for standard transactions. However, the individual micro-payment transactions are held and aggregated by thecoordinator 10 prior to being sent to thefunding source 40 for settlement. As with the standard transactions, the micro-payment transaction details are maintained by thecoordinator 10 for future use in settlement. Based on predetermined or otherwise selected criteria, the cumulative settlement information is sent fromcoordinator 10 directly to thefunding source 40 when the cumulative transaction amount is sufficiently greater than applicable processing fees or costs. Accordingly, this process allows thecoordinator 10 to aggregate micro-payment transactions to limit the number of settlement transactions thus reducing the per-transaction processing fees or costs. Upon depletion of the account holder's micro-payment account, theaccount holder 30 is instructed to re-charge their micro-payment account, preferably, in set monetary increments, e.g., $25, $50, or the like. The micro-payment account may be considered depleted whenever the balance is insufficient to cover a micro-payment transaction. - In addition to administering the transaction processing system A for registered participants, the
coordinator 10 also optionally opens the system up to outside third parties such as private label credit card issuers. In this manner, the transaction processing system A acts as a universal platform from which the private label cards can be used to conduct commercial transactions outside the issuer's store. - The invention has been described with reference to the preferred embodiments. Obviously, modifications and alterations will occur to others upon reading and understanding the preceding detailed description. For example, the transaction processing system A is equally applicable to and adept at handling face-to-face transactions, telephone transactions, and the like, as it is at handling Internet transactions. It is intended that the invention be construed as including all such modifications and alterations insofar as they come within the scope of the appended claims or the equivalents thereof.
Claims (10)
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US11455678B2 (en) | 2010-08-06 | 2022-09-27 | Dkr Consulting Llc | System and method for distributable e-commerce product listings |
US11488237B2 (en) | 2010-08-06 | 2022-11-01 | Dkr Consulting Llc | System and method for facilitating social shopping |
US11651421B2 (en) | 2010-08-06 | 2023-05-16 | Dkr Consulting Llc | System and method for facilitating social shopping |
US11900446B2 (en) | 2010-08-06 | 2024-02-13 | Dkr Consulting Llc | System and method for facilitating social shopping |
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US11620672B2 (en) | 2016-03-28 | 2023-04-04 | Codebroker, Llc | Validating digital content presented on a mobile device |
Also Published As
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JP2012022703A (en) | 2012-02-02 |
US20120191609A1 (en) | 2012-07-26 |
JP5377602B2 (en) | 2013-12-25 |
US8170954B2 (en) | 2012-05-01 |
ATE281681T1 (en) | 2004-11-15 |
CA2802886A1 (en) | 2001-04-12 |
CA2776906C (en) | 2017-08-08 |
WO2001026062A1 (en) | 2001-04-12 |
JP2003511766A (en) | 2003-03-25 |
DE60015587T2 (en) | 2005-11-10 |
CA2802886C (en) | 2018-05-01 |
US20100241570A1 (en) | 2010-09-23 |
US20020046169A1 (en) | 2002-04-18 |
CA2776906A1 (en) | 2001-04-12 |
DE60015587D1 (en) | 2004-12-09 |
CA2386139C (en) | 2013-06-11 |
EP1221146A1 (en) | 2002-07-10 |
WO2001026062A9 (en) | 2002-11-21 |
US8676694B2 (en) | 2014-03-18 |
CA2386139A1 (en) | 2001-04-12 |
US7742967B1 (en) | 2010-06-22 |
EP1221146B1 (en) | 2004-11-03 |
JP4879431B2 (en) | 2012-02-22 |
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