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Transaction verification system

  • US 20070143230A1
  • Filed: 06/30/2004
  • Published: 06/21/2007
  • Est. Priority Date: 06/30/2003
  • Status: Abandoned Application
First Claim
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1. A financial transaction verification system comprising:

  • a transaction processing client;

    a transaction processing server under the control of a financial services provider;

    a programmable telecommunications client under the control of a transaction initiator;

    the transaction processing client, the transaction processing server and the telecommunications client all being connected to or adapted for connection to a telecommunications network;

    the transaction processing client being adapted, when in use a transaction is initiated and processed through the transaction processing client, to record;

    data pertaining to a transaction initiated, in use, by the transaction initiator; and

    data pertaining to a financial account of the transaction initiator with the financial services provider;

    the transaction processing client being adapted to transmit the recorded data to the transaction processing server by way of the telecommunications network;

    the transaction processing server being adapted to make use of data pertaining to the transaction initiator and the telecommunications client previously stored with the financial services provider to formulate a transaction authorisation request to the telecommunications client;

    the transaction processing server being adapted to transmit the transaction authorisation request to the telecommunications client by way of the telecommunications network;

    the telecommunications client being programmed to require the entry of an authorisation code into the telecommunications client as a precondition for the further processing of the transaction authorisation request; and

    the telecommunications client being programmed, further, to transmit a process outcome message to either or both the transaction processing server and the transaction processing client, which process outcome message;

    if the incorrect authorisation code is entered, is constituted by a transaction cancellation signal; and

    if the correct authorisation code is entered, is constituted by a transaction authorisation signal.

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