Financial transaction processing system

• US 20020165829A1
• Filed: 05/24/2001
• Published: 11/07/2002
• Est. Priority Date: 05/04/2001
• Status: Abandoned Application

• Current Assignee: Ingenico (Ingenico Group SA)
• Original Assignee: Ingenico (Ingenico Group SA)
• Inventors: Jones, John A., Smith, James H., Brown, Charles C., Golba, Tom G., Bray, Harold, Janes, David M., Ammon, Thomas C., Decaro, Frank J., Choudhuri, Kumar S., Sokolowski, Gregory M., Vermeulen, Paul J., Chrisman, Karl, Wakefield, Jeffrey A.
• Application Number:
  US09/863,759
• Publication Number:
  US 20020165829A1
• Time in Patent Office: Days
• US Class Current: 705/72
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/26 Debit schemes, e.g. "pay now"
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system
• CPC Class Codes: G07F 7/1025 Identification of user by a PIN code

Abstract

The automated method of the present invention provides an efficient arrangement for setting certain financial transactions using a debit point of sale transaction network, as opposed to routing over a credit network. The method and arrangement uses an onsite database of bank identification numbers to conduct a preliminary assessment of whether a particular card is debit capable, and appropriately processes the transaction information based on the preliminary assessment. The system preferably is also updated when a financial transaction is successfully completed as a debit transaction which the database did not initially identify as being debit capable. In this way, the database is continuously updated and over time, a more accurate database is achieved. The system can also be networked, such that information between databases is shard and improved, based on the network experience.

Claims