Methods and systems for universal transaction processing
First Claim
1. A computerized method comprising:
- receiving, at a payment network, a first information packet from a merchant, the first information packet including a cost of a financial transaction between the merchant and a customer and a credential presented by the customer as a payment for the financial transaction;
using the credential to determine, with the payment network, account information that identifies a financial account maintained by the customer at a financial institution and authorization information that allows debit access to the identified financial account;
generating, at the payment network, a second information packet comprising the account information and the authorization information;
selecting one of a plurality of transaction networks over which to transmit the second information packet to the financial institution;
transmitting from the payment network the second information packet to the financial institution using the selected transaction network, with a request to perform a debit transaction from the identified financial account for at least a portion of the cost of the financial transaction.
4 Assignments
0 Petitions
Accused Products
Abstract
In one embodiment, a first information packet is received at a payment network from a merchant, which includes a financial transaction cost and a credential presented by the customer as a payment for the financial transaction. The payment network uses the private label card account number to determine a financial account maintained by the customer at a financial institution and authorization information that allows debit access to the identified financial account; generates a second information packet comprising the transaction information, the account information, and the authorization information; and selects one of a plurality of transaction networks over which to transmit the second information packet to the financial institution. The second information is then transmitted from the payment network to the financial institution with a request to perform a debit transaction from the identified financial account for at least a portion of the cost of the financial transaction.
77 Citations
42 Claims
-
1. A computerized method comprising:
-
receiving, at a payment network, a first information packet from a merchant, the first information packet including a cost of a financial transaction between the merchant and a customer and a credential presented by the customer as a payment for the financial transaction;
using the credential to determine, with the payment network, account information that identifies a financial account maintained by the customer at a financial institution and authorization information that allows debit access to the identified financial account;
generating, at the payment network, a second information packet comprising the account information and the authorization information;
selecting one of a plurality of transaction networks over which to transmit the second information packet to the financial institution;
transmitting from the payment network the second information packet to the financial institution using the selected transaction network, with a request to perform a debit transaction from the identified financial account for at least a portion of the cost of the financial transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
-
-
15. A computerized method comprising:
-
receiving, at a payment network, a first information packet from a merchant, the first information packet including a cost of a financial transaction between the merchant and a customer and a credential presented by the customer as a payment for the financial transaction;
using the credential to determine, with the payment network, account information that identifies a financial account maintained by the customer at a financial institution and authorization information that allows debit access to the identified financial account;
generating, at the payment network, a second information packet comprising the account information and the authorization information;
transmitting from the payment network the second information packet to the financial institution using an automated clearing house (ACH) network, with a request to perform a debit transaction from the identified financial account for the cost of the financial transaction.
-
-
16. A computerized method comprising:
-
receiving, at a payment network, an information packet from a merchant, the information packet including a cost of a financial transaction between the merchant and a customer and a credential assigned to the customer;
using the credential to determine, with the payment network, account information identifying a plurality of financial accounts maintained by the customer at one or more financial institutions;
using the credential to determine, with the payment network, authorization information for each of the identified financial accounts that allows access to the identified financial accounts;
determining, at the payment network, an apportionment of the cost to apply to each of the identified financial accounts;
generating, at the payment network, a plurality of authentication packets for each of the identified financial accounts, each authentication packet comprising account information for one of the identified financial accounts, authorization information for the identified financial account, and the determined apportionment of the cost to apply to the identified financial account; and
transmitting from the payment network, each of the authentication packets to the respective financial institution at which the financial account is maintained. - View Dependent Claims (17, 18, 19, 20, 21)
-
-
22. A method comprising:
-
receiving, at a payment network, account information that identifies a plurality of financial accounts maintained by a customer at one or more financial institutions and authorization information for each of the identified financial accounts that allows debit access to the respective identified financial account;
verifying, with the payment network, the account information and authorization information for each of the identified financial accounts;
associating a credential to the customer account information and the authorization information; and
transmitting, from the payment network, an enrollment approval for the customer. - View Dependent Claims (23, 24, 25, 26)
-
-
27. A payment network comprising:
-
a communications device;
a processor;
a storage device; and
a memory coupled with the processor, the memory comprising a computer-readable medium having a computer-readable program embodied therein for directing operation of the payment network, the computer-readable program including;
instructions for receiving, with the communications device, a first information packet from a merchant, the first information packet including a cost of a financial transaction between the merchant and a customer and a credential presented by the customer as a payment for the financial transaction;
instructions for determining from the credential, with the processor, account information that identifies a financial account maintained by the customer at a financial institution and authorization information that allows debit access to the identified financial account;
instructions for generating, with the processor, a second information packet comprising the transaction information, the account information, and the authorization information;
instructions for selecting, with the processor, one of a plurality of transaction networks over which to transmit the second information packet to the financial institution; and
instructions for transmitting, with the communications device, the second information packet to the financial institution using the selected transaction network, with a request to perform a debit transaction from the identified financial account for at least a portion of the cost of the financial transaction. - View Dependent Claims (28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38)
-
-
39. A payment network comprising:
- .
a communications device;
a processor;
a storage device; and
a memory coupled with the processor, the memory comprising a computer-readable medium having a computer-readable program embodied therein for directing operation of the payment network, the computer-readable program including;
instructions for receiving, account information that identifies a plurality of financial accounts maintained by a customer at one or more financial institutions and authorization information for each of the identified financial accounts that allows debit access to the respective identified financial account;
instructions for verifying, with the processor, the account information and authorization information for each of the identified financial accounts;
instructions for associating, with the processor, a credential to the customer account information and the authorization information; and
instructions for transmitting, with the communications device, an enrollment approval for the customer. - View Dependent Claims (40, 41, 42)
- .
Specification