Electronic wallet management

• US 20070125838A1
• Filed: 03/15/2006
• Published: 06/07/2007
• Est. Priority Date: 12/06/2005
• Status: Abandoned Application

• Current Assignee: Boncle, Inc.
• Original Assignee: Boncle, Inc.
• Inventors: Law, Eric, Yam, Lap
• Application Number:
  US11/377,027
• Publication Number:
  US 20070125838A1
• Time in Patent Office: Days
• US Class Current: 235/379
• CPC Class Codes: G06F 21/34 involving the use of external additional devices, e.g. dongles or smart cards
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/357 Cards having a plurality of specified features
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/3823 combining multiple encryption tools for a transaction
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/40975 using encryption therefor
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A system (and a method) for electronic financial transactions includes at least of each of a sender having an electronic wallet, a recipient having an electronic wallet, a sending bank having a host application system and an authentication server, a receiving bank having a host application system and an authentication server, and a wallet management center with a host application system and an authentication server. The sender uses its electronic wallet to send an encrypted payment instruction directly to the electronic wallet of the recipient. The recipient can accept the payment by performing a second level encryption of the payment instruction for submission to the wallet management center for authentication. Once authenticated, the wallet management center immediately notifies the recipient and submits payment instructions for clearing by the corresponding sending and receiving banks. Payment authorization is authenticated directly by the sending bank without involvement of the wallet management center.

Claims

1. A structure for secured communication, the structure comprising:

a token dataset including at least one compartment, each compartment corresponding to a financial institution account and configured to include a token secret, a token parameter, and an account balance, the token secret and the token parameter for use in authorizing a transaction with a financial institution; and

a transaction dataset configured to include a token secret and a token parameter corresponding to a transaction management system and configured to include a master key and at least one key reference, the master key and the at least one key reference for use in authentication with the transaction management system and for encrypting and decrypting communications with the transaction management system.

2. The structure of claim 1, further comprising at least one encryption mechanism configured to encrypt communications with the transaction management system.

3. The structure of claim 1, wherein the at least one key reference is received from the transaction management system.

4. The structure of claim 3, wherein the master key is configured to generate an encryption key using the at least one key reference, the encryption key for the communications with the transaction management system.

5. A method for facilitating an electronic payment between a sender and a recipient, the method comprising:

receiving a recipient identification from a network;

receiving from the recipient a key reference and a second level ciphertext, the second level ciphertext including a first level ciphertext, the first level ciphertext including a recipient identification from the sender;

decrypting, using the key reference and a master key for the recipient, the second level ciphertext;

decrypting, using the key reference and a master key for the sender, and the first level ciphertext to identify the recipient identification from the sender; and

verifying the recipient identification from the network matches the recipient identification from the sender to authenticate the sender and the recipient.

6. The method of claim 5, wherein the first level ciphertext further comprises a payment amount and an authorization code.

7. The method of claim 6, further comprising transmitting to a sending bank, in response to the sender and the recipient being authenticated, the payment amount and the authorization code from the decrypted first level ciphertext.

8. The method of claim 7, further comprising:

receiving from the sending bank an authorization including a transaction reference number, the transaction reference number corresponding to a debit from a sender electronic wallet account equal to the payment amount;

transmitting to a receiving bank the transaction reference number; and

receiving from the receiving bank an acknowledgement of the payment amount corresponding to a credit of the recipient electronic wallet account equal to the payment amount.

9. The method of claim 6, further comprising transmitting to the sender a confirmation of the payment amount transferred to a recipient account in a receiving bank.

10. The method of claim 6, further comprising transmitting to the recipient a confirmation of the payment amount transferred from a sender account in the sending bank.

11. The method of claim 6, further comprising authenticating simultaneously the sender and the recipient in response to receiving the instruction of sender payment.

12. The method of claim 6, wherein the first level ciphertext further comprises a first challenge code corresponding to the recipient.

13. The method of claim 6, wherein the second level ciphertext further comprises the recipient electronic wallet identification and a pointer to the sender electronic wallet account.

14. The method of claim 12, wherein the second level ciphertext further comprises a second challenge code corresponding to the sender.

15. The method of claim 5, wherein the recipient identification is an electronic wallet identification of the recipient.

16. In a transaction between a sender and a recipient, a method for accepting an electronic payment from the sender of the electronic payment, the method comprising:

receiving an electronic payment instruction from an electronic wallet of the sender, the electronic payment instruction including a key reference corresponding to the transaction, a payment amount, and a first ciphertext, the first ciphertext including an identification of an electronic wallet of the recipient and an authorization code;

encrypting the received electronic payment instruction to generate a second ciphertext, the second ciphertext including the first ciphertext;

transmitting the identification of the electronic wallet of the recipient and the second ciphertext to a wallet management center; and

receiving acknowledgement from the wallet management center of successful authenication of the sender and the recipient, the authentication through verification of the transmitted identification of the electronic wallet of the recipient and the identification of the electronic wallet of the recipient in the first ciphertext.

17. The method of claim 16, further comprising receiving a confirmation of a transfer of the payment amount from a sending bank to a receiving bank, the confirmation in response to the sending bank verifying the authorization code and debiting the payment amount from a payment account of the sender.

18. The method of claim 16, further comprising transmitting payment details to the electronic wallet of the sender, the payment details including the identification of an electronic wallet of the recipient.

19. The method of claim 18, wherein the payment details includes merchant reference information.

20. In a transaction between a sender and a recipient, a method for transmitting an electronic payment to a recipient of the electronic payment, the method comprising:

deriving an encryption key from a master key and a key reference within an electronic wallet of the sender;

generating a ciphertext from the encryption key, the ciphertext comprising an encryption of an electronic wallet identification of the recipient, a payment amount, and a pointer to a sender bank account; and

transmitting a electronic payment instruction to an electronic wallet of the recipient, the electronic payment instruction including the ciphertext, the key reference, and the payment amount.

21. The method of claim 20, wherein the ciphertext further comprises an encryption of a challenge code.

22. The method of claim 20, wherein the pointer to the sender bank account further comprises a bank identification of a sending bank and an electronic wallet account at the sending bank.

23. The method of claim 20, further comprising receiving from a wallet management center a transfer advise, the transfer advise comprising an encryption of the challenge code, the key reference, and a reference from a sending back.

24. A method of authorizing an electronic payment instruction between. a sender and a recipient, the method comprising:

receiving from a transaction management system an authenticated payment instruction authenticating the sender and the recipient to a transaction, the authenticated payment instruction originating from an original payment instruction decrypted by the transaction management system, the original payment instruction including a key reference from the sender and a first level ciphertext, the first level ciphertext comprising a pointer to a recipient electronic wallet account and a second level ciphertext, the second level ciphertext comprising a payment amount and an authorization code from the sender;

verifying the authorization code within the payment instruction decrypted by the transaction management system; and

approving, in response to the authorization code being verified, the payment amount specified in the electronic payment instruction.

25. The method of claim 24, wherein approving a payment amount further comprises approving the payment amount in response to a sender account having sufficient credit available.