Systems and methods for authorizing transactions
First Claim
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1. A system for authorizing financial transactions, the system comprising:
- a microprocessor based device coupled to a modem accessible via one or more network devices, wherein the microprocessor based device is associated with a first computer readable medium, and wherein the first computer readable medium includes instructions executable by the microprocessor based device to receive a request to perform a financial transaction in relation to an entity;
a second computer readable medium, wherein the second computer readable medium includes a history of transactions associated with the entity; and
wherein the first computer readable medium further includes instructions executable by the microprocessor based device to access the history of transactions, and based at least in part on the history of transactions to determine a velocity limit associated with the entity and to authorize the request based at least in part on the velocity limit.
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Abstract
Among other things, the present invention provides systems and methods for authorizing transactions. The methods include receiving a transaction request, determining if one or more of a velocity limit, a geographic limit, a merchant limit, and/or the like. These determined limit(s) are then used to authorize the transaction request. Other methods provide a mechanism for defining limits in relation to one or more entities. The systems include various components useful in implementing the disclosed methods.
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Citations
29 Claims
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1. A system for authorizing financial transactions, the system comprising:
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a microprocessor based device coupled to a modem accessible via one or more network devices, wherein the microprocessor based device is associated with a first computer readable medium, and wherein the first computer readable medium includes instructions executable by the microprocessor based device to receive a request to perform a financial transaction in relation to an entity;
a second computer readable medium, wherein the second computer readable medium includes a history of transactions associated with the entity; and
wherein the first computer readable medium further includes instructions executable by the microprocessor based device to access the history of transactions, and based at least in part on the history of transactions to determine a velocity limit associated with the entity and to authorize the request based at least in part on the velocity limit. - View Dependent Claims (2, 3, 4, 6, 7, 8, 9, 10, 11, 12, 13, 15, 16, 17, 18, 20, 21, 22, 23, 24, 26, 27, 28, 29)
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5. A method for authorizing financial transactions, the method comprising:
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receiving a request to perform a financial transaction in relation to an entity;
determining a velocity limit associated with the entity; and
authorizing the financial transaction, wherein authorizing the financial transaction is based at least in part on a previous financial transaction incurred in relation to the entity over at least a five day period.
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14. A method for authorizing financial transactions, the method comprising:
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receiving a request to perform a financial transaction in relation to an entity;
determining a geographic limit associated with the entity; and
authorizing the financial transaction, wherein authorizing the financial transaction is based at least in part on a geographic location of the request.
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19. A method for authorizing financial transactions, the method comprising:
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receiving a request to perform a financial transaction in relation to an entity;
determining a merchant limit associated with the entity; and
authorizing the financial transaction, wherein authorizing the financial transaction is based at least in part on a merchant associated with the request.
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25. A method for defining an authorization process, the method comprising:
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providing a user interface, wherein the user interface queries for an entity, and a limit in relation to the entity; and
receiving the limit.
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Specification