Systems and methods for performing person-to-person transactions using active authentication

• US 20120239577A1
• Filed: 05/27/2011
• Published: 09/20/2012
• Est. Priority Date: 03/15/2011
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: ING Bank FSB (Capital One Financial Corporation)
• Inventors: Wolfs, Rudolph Christian, Pinski, David Aaron
• Granted Patent: US 10,453,062 B2
• Time in Patent Office: Days
• US Class Current: 705/64
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/3278 RFID or NFC payments by means of M-devices
• CPC Class Codes: G06Q 20/3829 involving key management
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 20/425 using two different networks, one for transaction and one for security confirmation
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

In some embodiments, a method of performing a person-to-person financial transaction includes receiving an active authentication transaction key at a mobile financial transaction instrument of a transferor from a financial institution, storing the active authentication transaction key in a non-transient machine-readable storage medium of the mobile financial transaction instrument of the transferor, and transferring the active authentication transaction key to a mobile financial transaction instrument of a transferee for completion of the person-to-person financial transaction using wireless transmission.

Claims

1. A method of performing a person-to-person financial transaction, comprising:

receiving an active authentication transaction key at a mobile financial transaction instrument of a transferor from a financial institution;

storing the active authentication transaction key in a non-transient machine-readable storage medium of the mobile financial transaction instrument of the transferor; and

transferring the active authentication transaction key to a mobile financial transaction instrument of a transferee for completion of the person-to-person financial transaction using wireless transmission.

2. The method of claim 1, further comprising transmitting a request to transfer funds from the mobile financial transaction instrument of the transferor to the financial institution.

3. The method of claim 2, wherein the active authentication transaction key is received in response to the request to transfer funds.

4. The method of claim 2, wherein the request identifies an account the transferor has with the financial institution from which funds are to be transferred.

5. The method of claim 1, wherein the active authentication transaction key includes at least one character for identifying the financial institution appended to a random alpha numeric string.

6. The method of claim 5, wherein the active authentication transaction key does not include a static identifier for an account of the transferor with the financial institution.

7. The method of claim 1, wherein the active authentication transaction key is transferred from the mobile financial transaction instrument of the transferor to the mobile financial transaction instrument of the transferee using near field communication.

8. A system, comprising:

a non-transient machine-readable storage medium;

a first communication interface configured to receive an active authentication transaction key for performing a peer-to-peer financial transaction from a financial institution via a wireless network;

a second communication interface configured to transmit and receive signals via a wireless transmission protocol; and

a processor coupled to the non-transient machine-readable storage medium and to the first and second communication interfaces, the processor configured to;

store the active authentication transaction key in the non-transient machine-readable storage medium, and

cause the second communication interface to transmit the active authentication transaction key to a mobile financial transaction instrument of a transferee for use in completing the peer-to-peer financial transaction via the wireless transmission protocol.

9. The system of claim 8, wherein the first communication interface is configured to receive the active authentication transaction key from the financial institution in response to transmitting a request to perform the peer-to-peer financial transaction to the financial institution.

10. The system of claim 9, wherein the request identifies an account the transferor has with the financial institution from which funds for the peer-to-peer financial transaction are to be sourced.

11. The system of claim 8, wherein the active authentication transaction key includes at least one character for identifying the financial institution and a random alpha numeric string.

12. The system of claim 11, wherein the active authentication transaction key does not include a static identifier for an account the transferor has with the financial institution.

13. The system of claim 8, wherein the second communication interface uses near field communication to transfer the active authentication transaction key to the mobile financial transaction instrument of the transferee.

14. The system of claim 8, wherein the first communication interface is configured to transfer and receive signals using radio frequency.

15. A non-transient machine-readable storage medium encoded with program code, wherein when the program code is executed by a processor, the processor performs a method comprising the steps of:

storing an active authentication transaction key for performing a peer-to-peer financial transaction received from a financial institution via first communication interface in a non-transient machine-readable storage medium; and

causing a second communication interface to transmit the active authentication transaction key to a mobile financial transaction instrument of a transferee for completing the peer-to-peer financial transaction via a wireless transmission protocol.

16. The non-transient machine readable storage medium of claim 15, wherein the first communication interface receives the active authentication transaction key from the financial institution in response to transmitting a request to perform the peer-to-peer financial transaction to the financial institution.

17. The non-transient machine-readable storage medium of claim 16, wherein the request identifies an account a transferor has with the financial institution from which funds for the peer-to-peer financial transaction are to be sourced.

18. The non-transient machine-readable storage medium of claim 15, wherein the active authentication transaction key includes at least one character for identifying the financial institution and a random alpha numeric string.

19. The non-transient machine-readable storage medium of claim 18, wherein the active authentication transaction key does not include a static identifier for an account a transferor has with the financial institution.

20. The non-transient machine-readable storage medium of claim 15, wherein the second communication interface uses near field communication to transfer the active authentication transaction key to the mobile financial transaction instrument of the transferee.

21. The non-transient machine-readable storage medium of claim 15, wherein the first communication interface is configured to transfer and receive signals using radio frequency.