SYSTEM AND METHOD FOR COMPLETING A SECURE FINANCIAL TRANSACTION USING A WIRELESS COMMUNICATIONS DEVICE

• US 20090057393A1
• Filed: 09/27/2007
• Published: 03/05/2009
• Est. Priority Date: 08/28/2007
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: MERKOW, MARK, Petrone, James
• Granted Patent: US 7,909,243 B2
• Time in Patent Office: Days
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/3255 using mobile network messaging services for payment, e.g. SMS
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/3274 using a pictured code, e.g. barcode or QR-code, being displayed on the M-device
• CPC Class Codes: G06Q 20/3674 involving authentication
• 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 30/06 Buying, selling or leasing transactions

Abstract

A system and method for completing a financial transaction using a wireless communication device is provided. A transaction authorization request is sent from the device to an issuer using SMS. An authentication message is sent from the issuer to the device, and a response is sent by a user of the device to confirm the identity of the user. Once the identity of the user is verified, a surrogate account number, in a bar code format, is sent to the mobile communication device to be read by a POS device to complete the financial transaction. A computer program product enabling the systems and methods described is also provided.

Claims

1. A computer program product comprising a computer-usable medium having control logic stored therein for causing a computer to enable a buyer to make a purchase using a mobile communication device, the control logic comprising:

first computer-readable program code for causing the computer to receive a purchase request transmitted from the mobile communication device of the buyer;

second computer-readable program code for causing the computer to respond to the purchase request by requesting information relating to an identity of the buyer;

third computer-readable program code for causing the computer to receive a response to the information request;

fourth computer-readable program code for causing the computer to determine whether the information requested and the response received match; and

fifth computer-readable program code for causing the computer to send a surrogate account number to enable the buyer to complete the purchase, wherein the surrogate account number is encoded in a bar code.

2. The computer program product according to claim 1, wherein the purchase request is transmitted from the buyer'"'"'s mobile communication device using SMS.

3. The computer program product according to claim 1, wherein the purchase request is transmitted by an application stored in the buyer'"'"'s mobile communication device.

4. The computer program product according to claim 1, wherein the surrogate account number is sent using SMS.

5. The computer program product according to claim 1, further comprising:

a sixth computer-readable program code for causing the computer to convert the surrogate account number into a bar code.

8. The computer system according to claim 5, wherein the purchase request is transmitted by an application stored in the buyer'"'"'s mobile communication device.

6. A computer system comprising a processor and a memory storing control logic for causing the processor to enable a buyer to make a purchase using a mobile communication device, wherein the control logic includes:

first computer-readable program code for causing the computer to receive a purchase request transmitted from the mobile communication device of the buyer;

second computer-readable program code for causing the computer to respond to the purchase request by requesting information relating to an identity of the buyer;

third computer-readable program code for causing the computer to receive a response to the information request;

fourth computer-readable program code for causing the computer to determine whether the information requested and the response received match; and

fifth computer-readable program code for causing the computer to send a surrogate account number to enable the buyer to complete the purchase,

wherein the surrogate account number is encoded in a bar code.

7. The computer system according to claim 6, wherein the purchase request is transmitted from the buyer'"'"'s mobile communication device using SMS.

9. The computer system according to claim 6, wherein the surrogate account number is sent using SMS.

10. The computer system according to claim 6, further comprising:

a sixth computer-readable program code for causing the computer to convert the surrogate account number into a bar code.

11. A method for a buyer to purchase a product or service, the method comprising:

sending a transaction authorization request to an issuer from a mobile communications device;

receiving an authentication message;

sending a response to the authentication message; and

receiving a machine-readable image containing information relating to an account associated with the buyer to process the purchase.

12. The method according to claim 11, wherein the machine-readable image is a bar code that is read by a bar code scanner to process the purchase.

13. The method according to claim 11, wherein the transaction authorization request is sent using SMS.

14. The method according to claim 11, wherein the authentication message is received using SMS.

15. The method according to claim 11, wherein the response to the authentication message is sent using SMS.

16. A method for a buyer to purchase a product or service, the method comprising:

sending a transaction authorization request to an issuer from a mobile communications device;

receiving an authentication message;

sending a response to the authentication message;

receiving an SMS containing information relating to an account associated with the buyer to complete the purchase; and

converting said SMS into a machine-readable image.

17. The method according to claim 16, wherein said machine-readable image is a bar code.

18. The method according to claim 16, wherein the transaction authorization request is sent using SMS.

19. The method according to claim 16, wherein the authentication message is sent using SMS.

20. The method according to claim 16, wherein the response to the authentication message is sent using SMS.