Collaborative negotiation techniques for mobile personal trusted device financial transactions
First Claim
1. A method for processing a commercial transaction, the method comprising:
- receiving at a card reader data from an RF proximity chip card, said data including a first data type indicating an open-loop transaction account, and a second data type indicating a closed-loop transaction account;
recognizing at the reader the first data type and the second data type;
selecting at the reader between the open-loop transaction account and the closed-loop transaction account; and
conducting the transaction at the reader according to the selected transaction account.
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Accused Products
Abstract
Techniques for negotiation techniques for mobile personal trusted device financial transactions are provided. A user of a mobile personal trusted device sets user preferences that define the user'"'"'s preferred parameters for conducting financial transactions. A merchant sets merchant preferences that define the merchant'"'"'s preferred parameters for conducting financial transactions. When a financial transaction is initiated, a user preference and a merchant preferences are accessed. A negotiated preference is generated that accommodates both the user preference and the merchant preference. If the user preference and the merchant preference are not mutually exclusive, the negotiated preference attempts to satisfy both preferences. If the user preference and the merchant preference are mutually exclusive, the negotiated preference satisfies at least one of the two preferences based on which of the two preferences has a higher priority. The financial transaction is conducted based on the negotiated preference.
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Citations
24 Claims
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1. A method for processing a commercial transaction, the method comprising:
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receiving at a card reader data from an RF proximity chip card, said data including a first data type indicating an open-loop transaction account, and a second data type indicating a closed-loop transaction account;
recognizing at the reader the first data type and the second data type;
selecting at the reader between the open-loop transaction account and the closed-loop transaction account; and
conducting the transaction at the reader according to the selected transaction account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A system for processing a commercial transaction, the system comprising:
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a card reader configured to receive from an RF proximity chip card, a first data type indicating an open-loop transaction account, and a second data type indicating a closed-loop transaction account; and
a processor in electronic communication with the card reader at the point of sale, the processor configured to, recognize data of the first type and of the second type, select between the open-loop transaction account and the closed-loop transaction account, and route the received data to the selected transaction account. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24)
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Specification