Verification of a financial instrument using a random number of transactions

• US 20040088258A1
• Filed: 10/31/2002
• Published: 05/06/2004
• Est. Priority Date: 10/31/2002
• Status: Abandoned Application

• Current Assignee: Checkfree Corporation (Fiserv Incorporated)
• Original Assignee: Checkfree Corporation (Fiserv Incorporated)
• Inventors: Magers, James G., McCoy, Randal A.
• Application Number:
  US10/284,443
• Publication Number:
  US 20040088258A1
• Time in Patent Office: Days
• US Class Current: 705/43
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]

Abstract

To verify the authority of a customer to use a financial instrument, at least one random number is generated. The number of transactions to be initiated is determined based on the generated random number(s). The determined number of transactions using a financial instrument are initiated. One or more attributes of the initiated one or more transactions are stored. One or more proffered attributes are received, typically from the customer. The received proffered attributes are compared to the stored attributes. Use of the financial instrument by the customer is determined to be acceptable if the received proffered attributes correspond to the stored attributes

Claims

1. A method of verifying authority of a customer to use a financial instrument, comprising:

generating at least one random number;

determining a number of the one or more transactions to be initiated based on the generated at least one random number;

initiating the determined number of transactions using a financial instrument identified by a customer;

storing one or more attributes of the initiated one or more transactions;

receiving one or more proffered attributes;

comparing the received proffered attributes to the stored attributes; and

accepting use of the financial instrument by the customer if the received proffered attributes corresponds to the stored attributes.

2. A method according to claim 1, wherein:

the at least one random number is two random numbers;

the two random numbers are generated by generating a first random number and a second random number;

the initiated one or more transactions are one or more debit transactions and one or more credit transactions;

the number of the one or more debit and the one or more credit transactions is determined based on the generated first random number; and

the number of one of the one or more debit transactions and the one or more credit transactions is determined based on the generated second random number.

3. A method according to claim 1, wherein:

the at least one random number is two random numbers;

the two random numbers are generated by generating a first random number and a second random number;

the initiated one or more transactions are one or more debit transactions and one or more credit transactions;

the number of one of the one or more debit transactions and the one or more credit transactions is determined based on the generated first random number; and

the number of the other of the one or more debit transactions and the one or more credit transactions is determined based on a difference between the generated first and the generated second random numbers.

4. A method according to claim 3, wherein one of the first random number and the second random number is always smaller than the other of the first random number and the second random number.

5. A method according to claim 1, wherein:

the initiated one or more transactions include multiple debit and credit transactions which sum to zero.

6. A method according to claim 1, wherein:

the initiated one or more transactions are one or more debit transactions, each having a respective value, and one or more credit transactions, each having a respective value.

7. A method according to claim 1, wherein:

the initiated one or more transactions include at least one of (i) multiple debit transactions, each having a respective value, and (ii) multiple credit transactions, each having a respective value.

8. A method according to claim 1, further comprising:

determining if a further transaction using the identified financial instrument, requested by the customer prior to acceptance of the use of the financial instrument, complies with pre-acceptance transaction rules; and

initiating the further transaction only if the further transaction is determined to comply with the pre-acceptance transaction rules.

9. A method according to claim 8, further comprising:

determining if the further financial transaction requested by the customer prior to the acceptance of the use of the financial instrument is one of a debit transaction and a credit transaction;

wherein the further transaction is determined to comply with the pre-acceptance transaction rules if the further financial transaction is determined to be the debit transaction, and to not comply with the pre-acceptance transaction rules if the further financial transaction is determined to be the credit transaction.

10. A method according to claim 8, wherein:

the pre-acceptance transaction rules include at least one of a pre-acceptance date and a pre-acceptance amount;

the further transaction includes at least one of a transaction date and a transaction amount; and

the further transaction is determined to comply with the pre-acceptance transaction rules only if at least one of (i) the transaction date is earlier than the pre-acceptance date and (ii) one of (a) the transaction amount, (b) a sum of the transaction amount and other transaction amounts associated with additional further transactions initiated prior to accepting the use of the financial instrument, and (c) a total number of the further transaction and the additional further transactions, does not exceed the pre-acceptance amount.

11. A method according to claim 10, wherein the pre-acceptance transaction rules include the pre-acceptance amount, the further transaction includes the transaction amount, and the transaction amount is less than the pre-acceptance amount, and further comprising:

determining a difference between the transaction amount and the pre-acceptance amount; and

presenting the determined difference to the customer.

12. A method according to claim 8, further comprising:

selecting the pre-acceptance transaction rules from a plurality of different pre-acceptance transaction rules.

13. A method according to claim 12, wherein the pre-acceptance transaction rules are selected based on one of the customer and a sponsor of the customer.

14. A method according to claim 1, further comprising:

presenting, to-the customer, a first pull down menu including the financial instrument, after the one or more financial transactions have been initiated but before the use of the financial instrument by the customer has been accepted; and

presenting, to the customer, a second pull down menu, different than the first pull down menu, including the financial instrument, after the use of the financial instrument by the customer has been accepted.

15. A method according to claim 14, wherein:

the financial instrument in the presented first pull down menu is selectable by the customer only for financial transactions debiting the financial instrument; and

the financial instrument in the presented second pull down menu is selectable by the customer for financial transactions crediting and debiting the financial instrument.

16. A system for verifying authority of a customer to use a financial instrument, comprising:

one or more processors configured (i) to generate at least one random number, (ii) to determine a number of the one or more transactions to be initiated based on the generated at least one random number, and (iii) to initiate the determined number of transactions using a financial instrument identified by a customer; and

a storage device configured to store one or more attributes of the initiated one or more transactions;

wherein the one or more processor are further configured (i) to receive one or more proffered attributes, (ii) to compare the received proffered attributes to the stored one or more attributes, and (iii) to determine that use of the financial instrument is acceptable if the received proffered attributes corresponds to the stored attributes.

17. A system according to claim 16, wherein:

the at least one random number are two random numbers;

the one or more processors are further configured to generate a first random number and a second random number;

the initiated one or more transactions are one or more debit transactions and one or more credit transactions;

the number of the one or more debit and one or more credit transactions is determined based on the generated first random number; and

the number of one of the one or more debit transactions and the one or more credit transactions is determined based on the generated second random number.

18. A system according to claim 16, wherein:

the at least one random number is two random numbers;

the one or more processors are further configured to generate a first random number and a second random number;

the initiated one or more transactions are one or more debit transactions and one or more credit transactions;

the number of one of the one or more debit and one or more credit transactions is determined based on the generated first random number; and

the number of the other of the one or more debit transactions and the one or more credit transactions is determined based on a difference between the generated first and the generated second random numbers.

19. A system according to claim 16, wherein:

the one or more processors are further configured to direct transmission, to the customer, of a first pull down menu including the financial instrument, after the one or more financial transactions have been initiated but before use of the financial instrument by the customer has been accepted, and a second pull down menu, different than the first pull down menu, including the financial instrument, after use of the financial instrument by the customer has been accepted.

20. A system according to claim 19, wherein:

the one or more processors are further configured (i) to receive an indicator of a selection by the customer of the financial instrument from the transmitted first pull down menu and a request of the customer to initiate a further financial transaction using the financial instrument selected from the transmitted first pull down menu, and to initiate the requested further financial transaction only if the requested further financial transaction is a debiting of the financial instrument, and (ii) to receive an indicator of a selection by the customer of the financial instrument from the transmitted second pull down menu and a request of the customer to initiate a still further financial transaction using the financial instrument selected from the transmitted first pull down menu, and to initiate the requested still further financial transaction if the requested further financial transaction is a crediting of the financial instrument.

21. A system according to claim 16, wherein:

the storage device is further configured to store pre-acceptance transaction rules; and

the one or more processors are further configured to received a request to initiate a further transaction using the identified financial instrument prior to determining that the use of the financial instrument is acceptable, to determine if the further transaction complies with pre-acceptance transaction rules, and to initiate the further transaction only if the further transaction is determined to comply with the pre-acceptance transaction rules.

22. A system according to claim 21, wherein:

the pre-acceptance transaction rules includes at least one of a pre-acceptance date and a pre-acceptance amount;

the further transaction includes at least one of a transaction date and a transaction amount; and

the further transaction is determined to comply with pre-acceptance transaction rules if the at least one of (i) the transaction date is earlier than the pre-acceptance date and (ii) one of (a) the transaction amount, (b) a sum of the transaction amount and other transaction amounts associated with additional further transactions initiated prior to accepting the use of the financial instrument, and (c) a total number of the further transaction and the additional further transactions, does not exceed the pre-acceptance amount.

23. A system according to claim 22, wherein:

the pre-acceptance transaction rules include the pre-acceptance amount;

the further transaction includes the transaction amount, and the transaction amount is less than the pre-acceptance amount; and

the one or more processors are further configured to determine a difference between the transaction amount and the pre-acceptance amount.

24. A system according to claim 23, wherein:

the one or more processors are further configured to direct transmission of the determined difference to the customer.

25. A system according to claim 21, wherein:

the storage device is further configured to store a plurality of different pre-acceptance transaction rules; and

the one or more processors are further configured to select the pre-acceptance transaction rules from the stored plurality of different pre-acceptance transaction rules.

26. A networked system for verifying authority of a customer to use a financial instrument, comprising:

at least one first network;

a second network;

a customer station configured to transmit, via the at least one first network, a first message identifying a financial instrument;

a verifier station configured (i) to generate at least one random number, (ii) to determine a number of the one or more transactions to be initiated based on the generated at least one random number, and (iii) to transmit, via the second network, at least one second message identifying the determined number of transactions using the financial instrument identified in the transmitted first message, each of the one or more transactions respectively having one or more attributes; and

a financial institute station Configured to perform the one or more transactions identified in the transmitted at least one second message;

wherein the customer station is further configured to transmit, via the at least one first network, a third message identifying one or more proffered attributes;

wherein the verifier station is further configured (i) to compare the proffered attributes identified in the third message to the one or more attributes of the performed one or more transactions, (ii) to determine that use of the financial instrument is acceptable if the compared attributes correspond, and (iii) to determine that the financial instrument is acceptable if the compared attributes are determined to correspond.

27. A networked system according to claim 26, wherein:

the at least one random number is two random numbers;

the initiated one or more transactions are one or more debit transactions and one or more credit transactions; and

the verifier station is further configured (i) to generate the two random numbers by generating a first random number and a second random number, and (ii) to determine the number of one of the one or more debit transactions and the one or more credit transactions based on the generated first random number, and the number of the other of the one or more debit transactions and the one or more credit transactions based on a difference between the generated first and the generated second random numbers.

28. A networked system according to claim 26, wherein:

the verifier station is further configured to transmit, via the at least one first network, of a fourth message indicative of acceptance of the use of the financial instrument by the customer if the financial instrument is determined to be acceptable.

29. A networked system according to claim 26, wherein:

the verifier station is further configured to transmit, via the at least one first network, a fourth message representing a pull down menu including the financial instrument, after the financial instrument is determined to be acceptable; and

the customer station is further configured to display the pull down menu represented in the transmitted fourth message.

30. A networked system according to claim 26, wherein:

the verifier station is further configured to transmit, via the at least one first network, a fourth message representing a first pull down menu including the financial instrument, after transmission of the first message but before the financial instrument is determined to be acceptable, and fifth message representing a second pull down menu, different than the first pull down menu, including the financial instrument, after the financial instrument is determined to be acceptable; and

the customer station is further configured to display the first pull down menu represented in the transmitted fourth message and the second pull down menu represented in the transmitted fifth message.

31. A networked system according to claim 30, wherein:

the customer station is further configured to transmit, via the at least one first network, a sixth message representing an indicator of a selection of the financial instrument in the displayed first pull down menu for financial transactions debiting the financial instrument and an seventh message representing an indicator of a selection of the financial instrument in the displayed second pull down menu for financial transactions crediting the financial instrument.

32. A networked system according to claim 26, wherein:

the customer station is further configured to transmit, via the at least one first network and prior to the financial instrument being determined to be acceptable, a fourth message identifying a further transaction using the financial instrument identified in the transmitted first message;

the verifier station is further configured to determine if the further transaction identified in the fourth message complies with pre-acceptance transaction rules, and to transmit, via the second network, a fifth message identifying the further transaction only if the further transaction is determined to comply with the pre-acceptance transaction rules; and

the financial institute station is further configured to perform the further transaction identified in the transmitted fifth message.

33. A networked system according to claim 32, wherein:

the pre-acceptance transaction rules include a pre-acceptance amount;

the further transaction includes a transaction amount;

the transaction amount is less than the pre-acceptance amount;

the verifier station is further configured to transmit, via the at least one first network, a sixth message representing a difference between the transaction amount and the pre-acceptance amount; and

the customer station is further configured to display the difference in the amounts represented in the transmitted sixth message.