SYSTEM AND METHOD OF A PASSPHRASE ACCOUNT IDENTIFIER FOR USE IN A NETWORK ENVIRONMENT

• US 20090171844A1
• Filed: 12/28/2007
• Published: 07/02/2009
• Est. Priority Date: 12/28/2007
• Status: Active Grant

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: eBay Inc.
• Inventors: Olliphant, Hugo, Phillips, Brian, Lee, George
• Granted Patent: US 8,214,288 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/382 insuring higher security of 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 20/409 Device specific authentication in transaction processing
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising

Abstract

A system and method for facilitating a financial transaction over a network including use of a passphrase account identifier is described herein. In one embodiment, a system for facilitating a financial transaction over a network comprises a communication interface; and a payment provider system configured to receive via the communication interface a passphrase account identifier from a merchant system, match the passphrase account identifier to a corresponding funding instrument number of a corresponding funding instrument, communicated the corresponding funding instrument number to an issuer system, receive from the issuer system a notification indication of one of acceptance of the funding instrument or decline of the funding instrument, and communicate back to the merchant system the notification indication.

Claims

1. A system for facilitating a financial transaction over a network, comprising:

a communication interface; and

a payment provider system configured to receive via the communication interface a passphrase account identifier from a merchant system, match the passphrase account identifier to a corresponding funding instrument number of a corresponding funding instrument and associated funding instrument account, authorize the funding instrument, and indicate notification of one of acceptance of the funding instrument or decline of the funding instrument back to the merchant system.

2. The system of claim 1, wherein the passphrase account identifier is an alpha-numerical combination having a predetermined character length.

3. The system of claim 1, wherein the funding instrument is a credit card.

4. A system for facilitating a financial transaction over a network, comprising:

a communication interface; and

a payment provider system configured to receive via the communication interface a passphrase account identifier from a merchant system, match the passphrase account identifier to a corresponding funding instrument number of a corresponding funding instrument, communicated the corresponding funding instrument number to an issuer system, receive from the issuer system a notification indication of one of acceptance of the funding instrument or decline of the funding instrument, and communicate back to the merchant system the notification indication.

5. The system of claim 4, wherein the passphrase account identifier is an alpha-numerical combination having a predetermined character length.

6. The system of claim 4, wherein the funding instrument is a credit card.

7. A method for facilitating a financial transaction over a network, comprising:

receiving via the communication interface a passphrase account identifier from a merchant system;

matching the passphrase account identifier to a corresponding funding instrument number of a corresponding funding instrument and associated funding instrument account;

authorizing the funding instrument; and

indicating notification of one of acceptance of the funding instrument or decline of the funding instrument back to the merchant system.

8. The method of claim 7, wherein the passphrase account identifier is an alpha-numerical combination having a predetermined character length

9. The method of claim 7, wherein the funding instrument is a credit card.

10. A method for facilitating a financial transaction over a network, comprising:

receiving via the communication interface a passphrase account identifier from a merchant system;

matching the passphrase account identifier to a corresponding funding instrument number of a corresponding funding instrument;

communicated the corresponding funding instrument number to an issuer system;

receiving from the issuer system a notification indication of one of acceptance of the funding instrument or decline of the funding instrument; and

communicating back to the merchant system the notification indication.

11. The method of claim 10, wherein the passphrase account identifier is an alpha-numerical combination having a predetermined character length

12. The method of claim 10, wherein the funding instrument is a credit card.

13. A payment provider system configured to receive over a financial network a passphrase account identifier from a merchant system, match the passphrase account identifier to a corresponding funding instrument number stored in a database maintained by the payment provider system, communicate the corresponding funding instrument number corresponding to a funding instrument to an issuer system, receive from the issuer system a notification indication of one of acceptance of the funding instrument or decline of the funding instrument, and communicate back to the merchant system the notification indication.

14. The system of claim 13, wherein the passphrase account identifier is an alpha-numerical combination having a predetermined character length.

15. The system of claim 13, wherein the funding instrument is a credit card.

16. A network system configured to receive over a financial network a passphrase account identifier from a merchant system, match the passphrase account identifier to a corresponding funding instrument number stored in a database maintained by the network system and an associated funding instrument, authorize the funding instrument, and communicate a notification indication of one of acceptance of the funding instrument or decline of the funding instrument to the merchant system.

17. The system of claim 16, wherein the network system is an issuer system.

18. A payment provider system configured to receive over a financial network a passphrase account identifier from a merchant system, match the passphrase account identifier to a corresponding funding instrument number stored in a database maintained by the payment provider system, and communicate the corresponding funding instrument number corresponding to a funding instrument to the merchant system for authorization issuer system.

19. The system of claim 18, wherein the passphrase account identifier is an alpha-numerical combination having a predetermined character length.

20. The system of claim 18, wherein the funding instrument is a credit card.