SECURE AND EFFICIENT PAYMENT PROCESSING SYSTEM

• US 20090119205A1
• Filed: 10/15/2008
• Published: 05/07/2009
• Est. Priority Date: 10/01/1999
• Status: Active Grant

• Current Assignee: CardinalCommerce Corporation (Visa, Inc.)
• Original Assignee: CardinalCommerce Corporation (Visa, Inc.)
• Inventors: Sherwin, Francis M., Balasubramanian, Chandra S., Keresman, Michael A. III
• Granted Patent: US 9,430,769 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 20/409 Device specific authentication in transaction processing
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A method is provided for carrying out commercial transactions. The method includes the steps of: establishing a transaction processing system on an electronic communications network; establishing an account within the transaction processing system for a corresponding account holder; obtaining from the account holder a session description of acceptable future commercial transactions related to the account; administering commercial transactions carried out via the transaction processing system; and, verifying that administered commercial transactions related to the account meet one or more of the session description.

Claims

1. A method for carrying out commercial transactions, said method comprising the steps of:

(a) establishing a transaction processing system on an electronic communications network;

(b) establishing an account within the transaction processing system for a corresponding account holder;

(c) obtaining from the account holder a session description of acceptable future commercial transactions related to the account;

(d) administering commercial transactions carried out via the transaction processing system; and

,

(e) verifying that administered commercial transactions related to the account meet one or more of the session description.

2. The method according to claim 1 wherein the session is comprised of a plurality of the transactions whereby the session authentication avoids repeated authentication processing for each transaction in the plurality.

3. The method of claim 1 wherein the session is defined as one of (a) a limited plurality of transactions, (b) an accumulated dollar amount for the session, or (c) a time window.