Banking transaction processing system

• US 20080257959A1
• Filed: 03/31/2008
• Published: 10/23/2008
• Est. Priority Date: 03/31/2007
• Status: Active Grant

• Current Assignee: IP3 2017, Series 200 of Allied Security Trust I (Allied Security Trust)
• Original Assignee: Dror Oved
• Inventors: Oved, Dror
• Granted Patent: US 8,205,793 B2
• Time in Patent Office: Days
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• 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 20/4015 using location information
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Banking transaction processing apparatus and methods are disclosed. In one general aspect, a banking transaction processing method includes accessing a first authorization code from a first device, such as a credit card, and a second authorization code from a second device, such as a portable phone, at a merchant location, These codes are provided to an authorization module at the merchant location, and a relationship between the first and second authorization codes is evaluated. A transaction authorization indication can then be provided from the authorization module for an in-person transaction with the merchant.

Claims

1. A banking transaction processing method, comprising:

accessing a first stored authorization code from a first device at a merchant location,

accessing a second stored authorization code from a second device at the merchant location,

providing the first authorization code to an authorization module at the merchant location,

providing the second authorization code to the authorization module at the merchant location,

evaluating a relationship between the first and second authorization codes, and

providing a transaction authorization indication from the authorization module for an in-person transaction with the merchant based on a result of the step of evaluating.

2. The method of claim 1 wherein the first device is a payment card, wherein the second device is a portable electronic device, wherein the steps of accessing and providing a first authorization code are performed by interaction with a magnetic recording area on the payment card and wherein the step of accessing a second stored authorization code is performed by accessing a first of a series of transaction-specific validation code sequences from the portable electronic device.

3. The method of claim 2 further including the steps of providing a version of the first stored authorization code to a further transaction authorization module for a further merchant, and providing a version of a second of the series of transaction-specific validation code sequences to the further transaction authorization module for the further merchant.

4. The method of claim 3 wherein the step of providing a version of the first stored authorization code to the further transaction authorization module and the step of providing a version of the second stored authorization code to the further transaction authorization module are performed through a communication channel.

5. The method of claim 4 wherein the step of providing a version of the first stored authorization code to the further transaction authorization module and the step of providing a version of the second stored authorization code to the further transaction authorization module are performed through a telephonic voice line.

6. The method of claim 4 wherein the step of providing a version of the first stored authorization code to the further transaction authorization module and the step of providing a version of the second stored authorization code to the further transaction authorization module are performed through a public computer network.

7. The method of claim 1 further including the steps of providing a version of the first stored authorization code to a further transaction authorization module for a further merchant through a communication channel, and providing a version of the second stored authorization code to the further transaction authorization module through a communication channel for the further merchant.

8. The method of claim 1 wherein the step of accessing a second authorization code accesses an alphanumerical code that is equal to or less than about seven characters in length.

9. The method of claim 1 wherein the step of accessing a second authorization code accesses an alphanumerical code that is equal to or less than about four characters in length.

10. The method of claim 1 further including a step of generating the second authorization code locally in a portable electronic device.

11. The method of claim 1 further including a step of providing generation logic that performs the local authorization code generation to the portable device through a communication channel.

12. The method of claim 1 further including a step of transmitting the second authorization code to a portable electronic device before the step of accessing the second authorization code.

13. The method of claim 1 wherein the step of evaluating evaluates whether the second authorization code corresponds to a specific stored transaction-specific validation code sequence for a particular transaction conducted in connection with the first authorization code.

14. The method of claim 1 wherein the steps of providing a first authorization code and providing a second authorization code are both performed independently of any user data entry.

15. The method of claim 1 wherein the step of providing a second authorization code is performed with a keypad or keyboard.

16. The method of claim 1 wherein the step of accessing a second stored authorization code is performed by accessing a first of a series of transaction-specific validation code sequences from a portable electronic device.

17. The method of claim 16 further including the steps of reissuing the first authorization code and reinitializing the series of transaction-specific validation code sequences.

18. The method of claim 1 wherein the steps of accessing and providing a first authorization code are performed by accessing a magnetically stored account number on a credit card using a unitary retailer-based authorization module, wherein the step of accessing a second stored authorization code is performed by accessing a first of a series of transaction-specific validation code sequences of about seven alphanumeric characters or less from a portable electronic device and the step of providing the second authorization code is performed using a keypad on the unitary retailer-based authorization module, and wherein the method further includes the steps of providing a version of the first stored authorization code to a further transaction authorization module via a telephonic voice line, and providing a version of second of the series of transaction-specific validation code sequences to the further transaction authorization module via a telephonic voice line.

19. A banking transaction processing system, comprising:

a first device including storage that holds a first, static authorization code,

a second device including storage that holds a second, transaction-specific authorization code, and

wherein the first authorization code stored in the first device and the second authorization code stored in the second device form part of a predetermined authorization code pair.

20. The system of claim 19 further including a first machine-accessible interface responsive to the static authorization code stored in the first device and a second machine-accessible interface responsive to the transaction-specific authorization code stored in the second device.

21. The system of claim 20 wherein the first device is a payment card that includes a machine-readable magnetic storage area, and wherein the second device is a portable electronic device.

23. The system of claim 19 wherein the receipt interface includes a magnetic reading interface portion of a retailer-based authorization terminal for receiving the first authorization code and a short-range wireless interface portion of the retailer-based authorization terminal for receiving the second authorization code, and wherein the evaluation logic is operative to receive a remotely generated transaction approval signal from a processing center and relay it to the authorization indication output.

24. The system of claim 19 wherein the receipt interface includes a processing center-based telephonic interface operative to receive the first and second authorization codes and operative to reply with a corresponding transaction approval signal.

25. The system of claim 19 wherein the receipt interface includes a public computer network interface operative to receive the first and second authorization codes.

26. The system of claim 19 further including an electronic authorization setup transfer interface operative to transfer second authorization code information to a portable electronic device.

27. The system of claim 23 wherein the electronic authorization setup transfer interface is operative to transfer program logic that is operative in connection with the portable device to generate the second authorization code.

22. A banking transaction processing system, comprising:

an authorization code pair receipt interface operative to receive a first authorization code and a second authorization code,

evaluation logic operative to determine whether the second authorization code correctly matches a member of a series of predetermined transaction-specific code sequences each corresponding to a particular transaction for the first authorization code, and

an authorization indication output responsive to the evaluation logic and operative to communicate a transaction approval signal.

28. A banking transaction processing method, comprising:

providing a first static code to a merchant at a merchant location and providing a first of a series of transaction-specific authorization code sequences from a portable electronic device to the merchant at the merchant location, to validate an in-person transaction,

providing the first static code to a telephone merchant through a telephonic voice line and providing a second of the series of transaction-specific authorization code sequences from a portable electronic device to the telephone merchant through the telephonic voice line to validate a telephone transaction, and

providing the first static code to an on-line merchant through a public computer network and providing a third of the series of transaction of transaction-specific authorization code sequences from a portable electronic device to the on-line merchant through the public computer network to validate an on-line transaction.

29. The method of claim 28 further including the step of storing the series in the portable device before the in-person transaction, before the telephone transaction, and before the on-line telephone transaction.

30. A banking transaction processing method, comprising:

accessing a first stored authorization code from a first device independently of any communication of transaction-time authorization code information to the first device,

accessing a second stored authorization code from a second device independently of any communication of transaction-time authorization code information to the second device,

providing the first authorization code to an authorization module,

providing the second authorization code to the authorization module,

evaluating a relationship between the first and second authorization codes, and

providing a transaction authorization indication from the authorization module based on a result of the step of evaluating.

31. A banking transaction processing method, comprising:

accessing a first stored authorization code independent of any transaction-specific password access,

accessing a second stored authorization code independent of any transaction-specific password access,

providing the first authorization code to an authorization module,

providing the second authorization code to the authorization module,

evaluating a relationship between the first and second authorization codes, and

providing a transaction authorization indication from the authorization module based on a result of the step of evaluating, independent of any user-entered remembered password.