METHOD, DEVICE, AND SYSTEM FOR COMPLETING ON-LINE FINANCIAL TRANSACTIONS

• US 20100223152A1
• Filed: 05/17/2010
• Published: 09/02/2010
• Est. Priority Date: 02/01/2008
• Status: Active Grant

• Current Assignee: Mazooma Technical Services, Inc. (Nuvei Corp.)
• Original Assignee: Mazooma, LLC
• Inventors: Emerson, Kenneth James, O'Meara, Edward Vincent, Chen, Qun
• Granted Patent: US 8,271,385 B2
• Time in Patent Office: Days
• US Class Current: 705/26
• 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 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/383 Anonymous user system
• 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 20/401 Transaction verification
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method for conducting a secure transaction over a network includes the steps of receiving a price and a transaction identifier from a merchant, the transaction identifier identifying a purchase selection made by a user, receiving a user identifier from a user, receiving a financial institution selection from the user, initiating a communication session with the selected financial institution, receiving a financial-institution user-identifier from the user, communicating the financial-institution user-identifier to the selected financial institution, communicating to the selected financial institution a request to transfer funds, receiving the funds from the selected financial institution, and sending the funds to the merchant.

Claims

1. A device for conducting a secure transaction over a network, the device comprising:

a first network connection communicatively coupled to at least one network device; and

a processor communicatively coupled to the at least one network connection, the processor operable to;

receive, over the at least one network connection, a price and a transaction identifier from a merchant, the transaction identifier identifying a selection made by a user;

receive, over the at least one network connection, a user identifier;

receive from a user, over the at least one network connection, a selection of a financial institution from a list including non-integrated financial institutions;

initiate, over the at least one network connection, an electronic communication session with the selected financial institution;

receive, over the at least one network connection, a financial-institution user-identifier from the user;

communicate, over the at least one network connection, the financial-institution user-identifier to the selected financial institution;

participate, over the at least one network connection, in a user-free electronic dialogue with the financial institution, the dialogue including a request to transfer funds from the financial institution;

identify receipt of the funds into an intermediate account from the selected financial institution; and

direct the funds to an account identified by the merchant.

2. A method for conducting a secure transaction over a network, the method comprising:

receiving a purchase selection at a merchant site;

communicating a transaction identifier and a purchase price from the merchant site to a debit agent residing on a network processing and communication device;

receiving at the debit agent a user identifier from a user;

receiving at the debit agent a selection of a financial institution selected from a list including non-integrated financial institutions;

initiating with the debit agent a communication session with the selected financial institution;

receiving at the debit agent a financial-institution user-identifier from the user;

communicating the financial-institution user-identifier from the debit agent to the selected financial institution;

participating in a user-free electronic dialogue between the debit agent and the financial institution, the dialogue including a request to transfer funds from the financial institution;

receiving into an intermediate account the funds from the selected financial institution; and

transferring with the debit agent the funds from the intermediate account to an account identified by the merchant.