Systems And Methods For Controlling Payment And Information Flows In Payment-By Card Networks
First Claim
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1. A system for processing payment transactions for cardholders, wherein the transactions are initiated using one of a plurality of diverse payment devices including conventional “
- plastic”
magnetic stripe or smart payment cards and unconventional payment devices, the system comprising;
a centralized transaction processing platform connected to a standard payment-by-card industry network that processes transactions made with conventional payment cards,wherein the centralized transaction processing platform is configured to interrogate payment transactions initiated using any one of the plurality of diverse payment devices, apply pre-defined transaction controls, and to accordingly deny transaction authorization requests or forward the same on the network to payment card issuers for further processing.
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Abstract
A system and method for processing payment transactions made in the commerce using diverse payment device types. A centralized transaction processing platform is integrated with a standard payment-by-card industry network to process transactions made using different payment device types in the same manner as a conventional credit or debit card transaction. A single platform can provide a range of secure, flexible physical and virtual world payment solutions for all devices types including physical and virtual cards, RFID, mobile, etc.
49 Citations
20 Claims
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1. A system for processing payment transactions for cardholders, wherein the transactions are initiated using one of a plurality of diverse payment devices including conventional “
- plastic”
magnetic stripe or smart payment cards and unconventional payment devices, the system comprising;a centralized transaction processing platform connected to a standard payment-by-card industry network that processes transactions made with conventional payment cards, wherein the centralized transaction processing platform is configured to interrogate payment transactions initiated using any one of the plurality of diverse payment devices, apply pre-defined transaction controls, and to accordingly deny transaction authorization requests or forward the same on the network to payment card issuers for further processing. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
- plastic”
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11. A method for processing payment transactions for cardholders, wherein the transactions are made using one of a plurality of diverse payment devices including conventional “
- plastic”
magnetic stripe or smart payment cards and unconventional payment devices, the method comprising;connecting a centralized transaction processing platform to a standard payment-by-card industry network that processes transactions made with conventional payment cards, at the centralized transaction processing platform, interrogating payment transactions; applying pre-defined transaction controls; and accordingly, denying transaction authorization requests or forwarding the same on the network to payment card issuers for further processing. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
- plastic”
Specification