Method and system for processing financial transactions
First Claim
Patent Images
1. A method of processing financial transactions, the method comprising:
- on a financial network, receiving a payment transaction as an Issuing Payment Processor;
converting said payment transaction into a derivative transaction; and
sending the derivative transaction, as a Merchant Payment Processor, to another Issuing Payment Processor.
2 Assignments
0 Petitions
Accused Products
Abstract
A method and system for processing financial transactions by receiving a payment transaction as an Issuing Payment Processor, converting the payment into one or more derivative transactions based on a defined rules set, and then sending, as a Merchant Payment Processor, the resulting derivative transaction or transactions to another Issuing Payment Processor, resulting in real-time settlement, faster and less costly implementation of discount, gift, and loyalty programs, and enhanced member credit card security and privacy.
188 Citations
97 Claims
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1. A method of processing financial transactions, the method comprising:
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on a financial network, receiving a payment transaction as an Issuing Payment Processor;
converting said payment transaction into a derivative transaction; and
sending the derivative transaction, as a Merchant Payment Processor, to another Issuing Payment Processor. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A method of processing financial transactions, the method comprising:
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on a financial network, receiving a payment transaction as an Issuing Payment Processor; and
converting said payment transaction into multiple derivative transactions based on a defined rules set. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23)
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24. A method of processing financial transactions, the method comprising:
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on a financial network, receiving a payment transaction as an Issuing Payment Processor; and
converting said payment transaction into a dynamically determined derivative transaction based on a defined rules set. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31)
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32. A system for processing financial transactions using an intermediate server, the system comprising:
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a receiving unit, acting as an Issuing Payment Processor on a financial network, that receives a payment transaction;
a converter unit that converts the payment transaction into a derivative transaction; and
a sending unit, acting as a Merchant Payment Processor, that sends the derivative transaction to another Issuing Payment Processor. - View Dependent Claims (33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45)
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46. A system for processing financial transactions using an intermediate server, the system comprising:
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a receiving unit, acting as an Issuing Payment Processor on a financial network, that receives a payment transaction; and
a converter unit that converts the payment transaction into multiple derivative transactions based on a defined rules set. - View Dependent Claims (47, 48, 49, 50, 51, 52, 53, 54)
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55. A system of processing financial transactions using an intermediate server, the system comprising:
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a receiving unit, acting as an Issuing Payment Processor on a financial network, that receives a payment transaction; and
a converter unit that converts the payment transaction into a dynamically determined derivative transaction based on a defined rules set. - View Dependent Claims (56, 57, 58, 59, 60, 61, 62, 64)
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63. A method of processing payments and promotional bounties using a payment processing network, the method comprising:
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A. establishing a sponsor supported rules set defining acceptance and use of a member identity token and portions of a bounty to be shared between the sponsor, member, and an intermediate server;
B. recruiting participating merchants that establish a bounty for any valid transaction using a member payment system identifier associated with the sponsor;
C. for a merchant, establishing promotional find source and specifying member discount associated with goods;
D. issuing a member identity token associated with a unique member payment system identifier;
E. for a member, registering a payment system identifier associated with the sponsor and one or more other payment system identifiers, each associated with a credit source, with the intermediate server;
F. for a member, presenting payment system identifier associated with the sponsor to a merchant to purchase goods and potentially receive enhanced services;
G. the merchant submitting payment transaction including member payment system identifier associated with the sponsor to the Merchant'"'"'s Payment Processor for approval and settlement;
H. the Merchant Payment Processor directing the payment transaction to appropriate payment network for approval and settlement;
I. the intermediate server, acting as an Issuing Payment Processor, receiving and evaluating said payment transaction based on defined rules set;
J. the intermediate server, based on said defined rules set, converting said payment transaction into multiple derivative transactions; and
K. the intermediate server, acting as a Merchant Payment Processor, sending derivative transactions to implement the rules set. - View Dependent Claims (65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80)
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81. A method of processing financial transactions with enhanced privacy and security, the method comprising:
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on a secure network, receiving payment transaction information and request for a Generated Identification Number (GIN) from a member;
creating and associating said Generated Identification Number (GIN) with said payment transaction and a credit source of said member;
on said secure network, sending Generated Identification Number (GIN) to said member;
on a financial network, receiving said payment transaction associated with said Generated Identification Number (GIN) as an Issuing Payment Processor;
verifying that Generated Identification Number (GIN) and payment transaction information received from said financial network correlate with Generated Identification Number (GIN) generated and transaction information received from said secure network;
converting said payment transaction into a derivative transaction; and
sending the derivative transaction, as a Merchant Payment Processor, to another Issuing Payment Processor. - View Dependent Claims (82, 83, 84, 85, 86, 87, 88, 89, 90, 91)
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92. A system for processing financial transactions using an intermediate server, the system comprising:
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receiving means for receiving payment transactions as an Issuing Payment Processor;
converter means for determining the number and type of derivative transactions based on a defined rules set and converting the original payment transaction into said derivative transactions;
sending means for sending one or more derivative transactions as a Merchant Payment Processor;
- View Dependent Claims (93, 94, 95)
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96. A system for processing financial transactions using an intermediate server, the system comprising:
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a receiving means for receiving a payment transaction as an Issuing Payment Processor on a financial network; and
a converter means for converting the payment transaction into multiple derivative transactions based on a defined rules set.
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97. A system for processing financial transactions using an intermediate server, the system comprising:
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a receiving means for receiving a payment transaction as an Issuing Payment Processor on a financial network; and
a converter means for converting the payment transaction into a dynamically determined derivative transaction based on a defined rules set.
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Specification