Systems and methods for value transfers using signcryption

• US 10,700,875 B1
• Filed: 06/26/2017
• Issued: 06/30/2020
• Est. Priority Date: 05/01/2017
• Status: Active Grant

• Current Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Original Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Inventors: Daruwalla, Jal, Griffin, Phillip H., Kennon, Ashia D., Knorr, Michael, Kresse, Lynnel J., Mwangi, Catherine Wangari, Strobel-Cort, Joanne
• Primary Examiner(s): Truong, Thanhnga B
• Application Number:
  US15/632,631
• Time in Patent Office: 1,100 Days
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/325 using wireless networks
• CPC Class Codes: G06Q 20/3823 combining multiple encryption tools for a transaction
• CPC Class Codes: G06Q 20/40145 Biometric identity checks
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash
• CPC Class Codes: H04L 2209/72 Signcrypting, i.e. digital signing and encrypting simultaneously
• CPC Class Codes: H04L 2209/80 Wireless network architectures or network communication protocols for wireless network security H04W12/00
• CPC Class Codes: H04L 9/0825 using asymmetric-key encryption or public key infrastructure [PKI], e.g. key signature or public key certificates
• CPC Class Codes: H04L 9/30 Public key, i.e. encryption algorithm being computationally infeasible to invert or user's encryption keys not requiring secrecy
• CPC Class Codes: H04L 9/3247 involving digital signatures
• CPC Class Codes: H04L 9/3263 involving certificates, e.g. public key certificate [PKC] or attribute certificate [AC]; Public key infrastructure [PKI] arrangements network architectures or network communication protocols for supporting authentication of entities using certificates in a packet data network H04L63/0823
• CPC Class Codes: H04W 12/069 using certificates or pre-shared keys

Abstract

A system, method, and apparatus for providing a value transfer is provided. A method includes creating, by a mobile device, a value transfer message, the message including terms of a value transfer from an account of a sending party to a receiving party or one or more merchants; signcrypting, by the mobile device, the value transfer message using each of the receiving party'"'"'s public key and the sending party'"'"'s public and private keys; and sending, by the mobile device, the signcrypted value transfer message to the receiving party, wherein the receiving party can de-signcrypt the signcrypted value transfer message using each of the receiving party'"'"'s public and private keys and the sending party'"'"'s public key, and present the value transfer message to a third party to receive the value transfer.

Claims

1. A method of providing a value transfer comprising:

creating, by a mobile device, a value transfer message, the message including terms of a value transfer from an account of a sending party to an account of a merchant, wherein a receiving party desires to make a purchase from the merchant and the value transfer is a payment from the sending party account to the merchant account;

including, by the mobile device, one or more spending limitations in the value transfer message, the one or more spending limitations comprising at least one limit on the desired purchase, wherein the payment from the sending party account to the merchant account is contingent on the desired purchase meeting the one or more spending limitations;

signcrypting, by the mobile device, the value transfer message using each of a public key of the receiving party and public and private keys of the sending party; and

sending, by the mobile device, the signcrypted value transfer message to the receiving party,

wherein the receiving party can de-signcrypt the signcrypted value transfer message using each of the public key and a private key of the receiving party and the public key of the sending party, and present the value transfer message to a third party to carry out the value transfer.

2. The method of claim 1, the method further comprising receiving, by the mobile device, at least one secondary authentication factor from the sending party.

3. The method of claim 2, wherein the at least one secondary authentication factor comprises at least one of a knowledge factor, a possession factor, a digital identity certificate, a scan of an identity card, or a biometric sample.

4. The method of claim 1, wherein creating the value transfer message comprises creating a list of merchants the receiving party can make a purchase from, and wherein the merchant from which the receiving party desires to make the purchase is from the list of merchants.

5. The method of claim 1, further comprising receiving, by the mobile device, a receipt from the receiving party, the receipt having been generated by a device associated with the receiving party upon receiving a verification that the value transfer has occurred.

6. The method of claim 5, wherein the receipt is digitally signed by the receiving party, the method further comprising verifying the digital signature of the receiving party.

7. The method of claim 1, wherein the value transfer message includes a unique identifier.

8. A method of providing a value transfer comprising:

creating, by a mobile device, a value transfer message, the message including terms of a value transfer from an account of a sending party to an account of a merchant, wherein a receiving party desires to make a purchase from the merchant and the value transfer is a payment from the sending party account to the merchant account;

including, by the mobile device, one or more spending limitations in the value transfer message, the one or more spending limitations comprising at least one limit on the desired purchase, wherein the payment from the sending party account to the merchant account is contingent on the desired purchase meeting the one or more spending limitations;

signcrypting, by the mobile device, the value transfer message using each of a public key of the receiving party and public and private keys of the sending party;

receiving, by the mobile device, at least one secondary authentication factor from the sending party; and

sending, by the mobile device, the signcrypted value transfer message and the at least one secondary authentication factor to a financial institution associated with the sending party,

wherein the receiving party can de-signcrypt the signcrypted value transfer message using each of the public key and a private key of the receiving party and the public key of the sending party, and present the value transfer message to a third party to carry out the value transfer.

9. The method of claim 8, wherein the at least one secondary authentication factor comprises at least one of a knowledge factor, a possession factor, a digital identity certificate, a scan of an identity card, or a biometric sample.

10. The method of claim 8, wherein creating the value transfer message comprises creating a list of merchants the receiving party can make a purchase from, and wherein the merchant from which the receiving party desires to make the purchase is from the list of merchants.

11. The method of claim 8, further comprising receiving, by the mobile device, a receipt from the receiving party, the receipt having been generated by a device associated with the receiving party upon receiving a verification that the value transfer has occurred.

12. The method of claim 8, wherein the receipt is digitally signed by the receiving party, the method further comprising verifying the digital signature of the receiving party.

13. The method of claim 8, wherein the value transfer message includes a unique identifier.

14. A system for providing a value transfer, the system comprising:

a processor; and

a non-transitory machine readable medium with instructions stored thereon that, when executed by the processor, cause the system to;

create a value transfer message, the message including terms of a value transfer from an account of a sending party to an account of a merchant, wherein a receiving party desires to make a purchase from the merchant and the value transfer is a payment from the sending party account to the merchant account;

include one or more spending limitations in the value transfer message, the one or more spending limitations comprising at least one limit on the desired purchase, wherein the payment from the sending party account to the merchant account is contingent on the desired purchase meeting the one or more spending limitations;

signcrypt the value transfer message using each of a public key of the receiving party and public and private keys of the sending party; and

send the signcrypted value transfer message to the receiving party;

wherein the receiving party can de-signcrypt the signcrypted value transfer message using each of the public key and a private key of the receiving party and the public key of the sending party, and present the value transfer message to a third party to carry out the value transfer.

15. The system of claim 14, where the instructions further cause the system to receive at least one secondary authentication factor from the sending party.

16. The system of claim 15, wherein the at least one secondary authentication factor comprises at least one of a knowledge factor, a possession factor, a digital identity certificate, a scan of an identity card, or a biometric sample.

17. The system of claim 14, wherein the instructions further cause the system to create a list of merchants the receiving party can make a purchase from, and wherein the merchant from which the receiving party desires to make the purchase is from the list of merchants.

18. The method of claim 14, wherein the instructions further cause the system to receive a receipt from the receiving party, the receipt having been generated by a device associated with the receiving party upon receiving a verification that the value transfer has occurred.

19. The system of claim 18, wherein the receipt is digitally signed by the receiving party, and wherein the instructions further cause the system to verify the digital signature of the receiving party.

20. The method of claim 14, wherein the value transfer message includes a unique identifier.

21. A method of providing a value transfer, comprising:

generating, by a mobile device, a value transfer message, the value transfer message including terms of a value transfer from an account of a sending party to an account of a merchant, wherein a receiving party desires to make a purchase from the merchant and the value transfer is a payment from the sending party account to the merchant account;

including, by the mobile device, one or more spending limitations in the value transfer message, the one or more spending limitations comprising at least one limit on the desired purchase, wherein the payment from the sending party account to the merchant account is contingent on the desired purchase meeting the one or more spending limitations;

signcrypting, by the mobile device, the value transfer message using each of public and private keys of the sending party and a public key of the receiving party;

wrapping, by the mobile device, the value transfer message in a SignedData cryptographic message, the SignedData cryptographic message being digitally signed using at least the private key of the sending party and a public key of a financial institution; and

sending, by the mobile device, the SignedData cryptographic message to the financial institution;

wherein the financial institution can retrieve the signcrypted value transfer message from the SignedData cryptographic message using the public key of the sending party and a private key of the financial institution and provide the signcrypted value transfer message to the receiving party, and

wherein the receiving party can de-signcrypt the signcrypted value transfer message using each of the public key and a private key of the receiving party and the public key of the sending party, and present the value transfer message to the financial institution to carry out the value transfer.

22. The method of claim 21, the method further comprising including at least one instruction for the financial institution in the SignedData cryptographic message.

23. The method of claim 21, the method further comprising notifying the receiving party that the SignedData cryptographic message has been sent to the financial institution.

24. The method of claim 21, the method further comprising receiving, by the mobile device, at least one secondary authentication factor from the sending party.

25. The method of claim 21, wherein generating the value transfer message further comprises creating a list of merchants the receiving party can make a purchase from, and wherein the merchant from which the receiving party desires to make the purchase is from the list of merchants.

26. A method of providing a value transfer, comprising:

signcrypting, by a mobile device, a transfer verification token using each of public and private keys of a sending party and a public key of a financial institution;

generating, by the mobile device, a value transfer message, the value transfer message including;

terms of a value transfer from an account of the sending party to an account of a merchant, wherein a receiving party desires to make a purchase from the merchant and the value transfer is a payment from the sending party account to the merchant account,

one or more spending limitations comprising at least one limit on the desired purchase, wherein the payment from the sending party account to the merchant account is contingent on the desired purchase meeting the one or more spending limitations, and

the signcrypted transfer verification token;

signcrypting, by the mobile device, the value transfer message using each of the public and private keys of the sending party and a public key of the receiving party;

sending, by the mobile device, the signcrypted value transfer message to the receiving party; and

wherein the receiving party can de-signcrypt the signcrypted value transfer message using each of the public key and a private key of the receiving party and the public key of the sending party, and present the value transfer message to the financial institution to carry out the value transfer, and

wherein the financial institution can, prior to providing the value transfer to the receiving party, de-signcrypt the signcrypted transfer verification token using a private key of the financial institution to verify that the sending party authorized the transaction.

27. The method of claim 26, wherein signcrypting the value transfer message comprises signcrypting the transfer verification token included in the value transfer message.

28. The method of claim 26, wherein the transfer verification token is included in an unsigncrypted portion of the value transfer message.

29. The method of claim 26, the method further comprising receiving, by the mobile device, at least one secondary authentication factor from the sending party.

30. The method of claim 26, wherein generating the value transfer message further comprises creating a list of merchants the receiving party can make a purchase from, and wherein the merchant from which the receiving party desires to make the purchase is from the list of merchants.