Electronic payment validation using Transaction Authorization Tokens
First Claim
Patent Images
1. A method comprising:
- associating a plurality of tokens with a financial account by recording the plurality of tokens in a token log, which token log is accessible by an institution that is responsible for authorizing one or more transactions involving the account; and
initiating a transaction involving the financial account by providing one of the tokens and an indication of the account to a vendor, wherein the vendor is to provide the token, the indication of the account, and information about the transaction to the authorizing institution, which authorizing institution provides the vendor with transaction authorization based on the token being found to exist in the token log.
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Abstract
An account holder initiates a transaction by providing a vendor both account information as well as a specific Transaction Authorization Token (TAT) that was previously stored in a Token Log. The vendor passes the account information and TAT with the transaction information to an institution responsible for authorizing one or more transactions involving the financial account. That institution determines whether or not to authorize the transaction by consulting the Token Log entry for the given TAT.
117 Citations
43 Claims
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1. A method comprising:
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associating a plurality of tokens with a financial account by recording the plurality of tokens in a token log, which token log is accessible by an institution that is responsible for authorizing one or more transactions involving the account; and
initiating a transaction involving the financial account by providing one of the tokens and an indication of the account to a vendor, wherein the vendor is to provide the token, the indication of the account, and information about the transaction to the authorizing institution, which authorizing institution provides the vendor with transaction authorization based on the token being found to exist in the token log. - View Dependent Claims (2)
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3. A method comprising:
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associating a token with one or more conditions in a token log that is accessible by an institution that is responsible for authorizing one or more transactions involving a financial account; and
initiating a transaction involving the financial account by providing the token and an indication of the account to a vendor, wherein the vendor is to provide the token, the indication of the account, and information about the transaction to the institution responsible for authorizing that transaction, which authorizing institution provides the vendor with transaction authorization based on the one or more conditions associated with the token in the token log being satisfied. - View Dependent Claims (4)
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5. A method comprising:
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receiving from an account holder an indication of one or more conditions for completing one or more transactions;
associating a token with the one or more conditions in a token log that is accessible by an institution that is responsible for authorizing one or more transactions involving a financial account; and
initiating a transaction involving the financial account by providing the token and an indication of the account to a vendor, wherein the vendor is to provide the token, the indication of the account, and information about the transaction to the institution responsible for authorizing that transaction, which authorizing institution provides the vendor with transaction authorization based on the one or more conditions associated with the token in the token log being satisfied. - View Dependent Claims (6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28)
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29. A method comprising:
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receiving transaction information from a vendor, which transaction information is not accompanied by a token;
associating the transaction with a special token that is designated for transactions that are not otherwise accompanied by a token;
checking the special token against information in a token log in order to verify that the transaction is authorized and within one or more conditions associated with the special token. - View Dependent Claims (30)
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31. A system comprising:
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a token creator to enter and store one or more tokens;
a token log to associate specific tokens with specific conditions under which specific financial transactions will be valid; and
a token access sub-system to make one or more tokens available to an account holder for distribution to one or more vendors involved in transactions pertaining to an account of the account holder, wherein each vendor is to provide a specific token, an indication of the account, and information about a transaction to an institution responsible for authorizing one or more transactions involving the account, which institution authorizes each vendor to complete each vendor'"'"'s transaction responsive to the specific conditions associated with each specific token in the token log being satisfied. - View Dependent Claims (32, 33, 34, 35, 36, 37, 38, 39)
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40. The system comprising:
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a communication interface for receiving a token, an indication of an account, and information about a transaction from a vendor;
a transaction authorization module for checking whether at least one condition associated with the token in the token log is satisfied;
wherein the communication interface is to notify the vendor that the transaction is authorized responsive to the at least one condition being satisfied.
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41. An apparatus comprising:
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means for storing one or more tokens in a token log;
means for associating each token with conditions under which specific financial transactions are valid;
means for accessing tokens so that they can be associated with specific financial transactions; and
means for authorizing specific transactions by verifying that the conditions for the tokens associated with the specific transactions are met.
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42. A computer-readable medium comprising:
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program code for receiving from an account holder an indication of one or more conditions for completing one or more transactions;
program code for associating a token with the one or more conditions in a token log that is accessible by an institution that is responsible for authorizing one or more transactions involving a financial account; and
program code for facilitating the initiation of a transaction involving the financial account by providing the token and an indication of the account to a vendor, wherein the vendor is to provide the token, the indication of the account, and information about the transaction to the institution responsible for authorizing that transaction, which authorizing institution provides the vendor with transaction authorization based on the one or more conditions associated with the token in the token log being satisfied. - View Dependent Claims (43)
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Specification