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METHOD AND SYSTEM FOR REAL TIME ONLINE DEBIT TRANSACTIONS

  • US 20060287965A1
  • Filed: 06/13/2006
  • Published: 12/21/2006
  • Est. Priority Date: 06/15/2005
  • Status: Active Grant
First Claim
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1. A method for online debit payments to a payee by a payor using a central payment system and a bank debit card having associated PAN and PIN numbers, the method comprising:

  • a) said payor registering with said central payment system by;

    i) entering said payor'"'"'s PAN number;

    ii) entering said payor'"'"'s PIN number;

    iii) encrypting said payor'"'"'s PIN number with an encryption key and communicating said PAN number and encrypted PIN number and encryption key to a database maintained by the system and storing said PAN number and encrypted PIN number and encryption key;

    iv) said payor entering a user name and a secret ID number, different from said payor'"'"'s PIN number, which are associated with the stored PAN and encrypted PIN numbers and encryption key;

    b) said payee registering with said central payment system by;

    i) storing said payee'"'"'s PAN number;

    ii) said payee entering a payee PIN number;

    iii) encrypting said payee'"'"'s PIN number and communicating said payee'"'"'s PAN number and encrypted payee PIN number and encryption key to a database maintained by the system, and storing said payee'"'"'s PAN number and encrypted payee PIN number and encryption key;

    iv) said payee entering a user name and a secret ID number, different from the payee PIN number, which are associated with the stored payee'"'"'s PAN and encrypted payee PIN number;

    c) said payor making an online debit payment by;

    i) displaying to said payor a payment web page with the amount of said online debit payment transaction;

    ii) said payor entering said payor'"'"'s user name and secret ID number;

    iii) communicating said payor'"'"'s user name and secret ID number, the amount of said online debit payment transaction and said payee'"'"'s user name to the system server;

    iv) said system validating said payor'"'"'s user name and secret ID number, validating said payee'"'"'s user name and retrieving said payee'"'"'s PAN and encrypted PIN numbers and encryption key and sending a debit POS transaction to the bank in the amount of said online debit payment transaction;

    v) if said POS transaction is approved, retrieving said payee'"'"'s PAN and encrypted PIN numbers and encryption key and sending a second POS transaction crediting said payee'"'"'s account.

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