SECURE FINANCIAL TRANSACTIONS

• US 20130297508A1
• Filed: 02/22/2013
• Published: 11/07/2013
• Est. Priority Date: 11/16/2006
• Status: Abandoned Application

• Current Assignee: Net 1 UEPS Technologies Incorporated
• Original Assignee: Net 1 UEPS Technologies Incorporated
• Inventors: Belamant, Serge Christian Pierre
• Application Number:
  US13/774,804
• Publication Number:
  US 20130297508A1
• Time in Patent Office: Days
• US Class Current: 705/44
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/347 Passive cards
• CPC Class Codes: G06Q 20/3823 combining multiple encryption tools for a transaction
• CPC Class Codes: G06Q 20/3827 Use of message hashing
• 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: G07F 7/122 Online card verification

Abstract

A primary account number (“PAN”) of a conventional credit or debit account with a bank or other financial institution is emulated or simulated, which incorporates, in encrypted form, the actual account number. The simulated PAN may also incorporate an amount to be debited from that account. Thus, an account number and an amount are encrypted and mapped into a string of digits which appears to be a valid PAN. The actual account number and the transaction amount are thus embedded in the simulated PAN. The simulated PAN is then processed by existing financial transacting infrastructure, with the issuing bank knowing that it is not a PAN and that the appropriate digits are to be decrypted to provide the embedded account number and the embedded amount.

Claims

1-17. -17. (canceled)

18. A financial institution processing facility for processing a financial transaction number that simulates a conventional credit or debit card primary account number and which has incorporated therein an account number of a transactor, which includes an extractor for extracting from the simulated primary account number the account number.

19. The financial institution processing facility as claimed in claim 18, in which the financial transaction number also incorporates a transaction amount and the financial transaction number is received together with a request to authorize payment of a deal amount, and in which the extractor also extracts from the simulated primary account number the transaction amount.

20. The financial institution processing facility as claimed in claim 18, which includes a single use checking arrangement for ensuring that a received simulated primary account number may only be used once.

21. The financial institution processing facility as claimed in claim 20, in which the single use checking arrangement includes a store in which at least designated portions of previously received simulated primary account numbers are stored and a comparator for comparing at least the designated portion of a received simulated primary account number with the stored portions.

22. The financial institution processing facility as claimed in claim 19, which includes a response message generator for generating a message to a transactee to approve or refuse the requested transaction.

23. The financial institution processing facility as claimed in claim 22, which includes a forwarding arrangement for forwarding the response message to the transactee via a conventional financial communication network.

24. The financial institution processing facility as claimed in claim 18, which includes a receiving arrangement for receiving the simulated primary account number via a conventional financial communication network.

25. The financial institution processing facility as claimed in claim 22, which includes a transaction checking arrangement for checking if the transactor has an account, if he has sufficient funds, and if the extracted transaction amount is the same as the deal amount and for authorizing the transaction if these are all correct, the response message generator being responsive thereto.

26. The financial institution processing facility as claimed in claim 25, which includes a debiting arrangement for debiting the transactor'"'"'s account with the deal amount if the transaction is authorized.

27. The financial institution processing facility as claimed in claim 18, which includes a decryptor for decrypting encrypted simulated primary account numbers.

28. The financial institution processing facility as claimed in claim 18, in which the financial transaction number has been generated by the transactor.

29-43. -43. (canceled)

44. A method of processing a financial transaction, which includes receiving an ostensible financial transaction number that simulates a conventional credit or debit card primary account number and which has incorporated therein an account number of a transactor, together with a request to authorize payment of a deal amount;

and extracting from the simulated primary account number the account number.

45. The method of processing a financial transaction as claimed in claim 44, in which the received financial transaction number also has incorporated therein a transaction amount and which includes also extracting the transaction amount.

46. The method of processing a financial transaction as claimed in claim 44, which includes ensuring that a received simulated primary account number may only be used once.

47. The method of processing a financial transaction as claimed in claim 46, which includes storing at least designated portions of previously received simulated primary account numbers and comparing at least the designated portion of a received simulated primary account number with the stored portions.

48. The method of processing a financial transaction as claimed in claim 44, which includes generating a response message to a transactee to approve or refuse the requested transaction.

49. The method of processing a financial transaction as claimed in claim 48, which includes forwarding the response message to the transactee via a conventional financial communication network.

50. The method of processing a financial transaction as claimed in claim 44, which includes receiving the simulated primary account number via a conventional financial communication network.

51. The method of processing a financial transaction as claimed in claim 45, which includes checking if the transactor has an account, if he has sufficient funds, and if the extracted transaction amount is the same as the deal amount, and authorizing the transaction if these are all correct.

52. The method of processing a financial transaction as claimed in claim 51, which includes debiting the transactor'"'"'s account with the deal amount if the transaction is authorized.

53. The method of processing a financial transaction as claimed in claim 44, which includes decrypting encrypted simulated primary account numbers.

54. The method of processing a financial transaction as claimed in claim 44, in which the financial transaction number was generated by the transactor.

55. A method of facilitating a financial transaction in which an encrypted financial transaction number that simulates a conventional credit or debit card primary account number and which has incorporated therein an account number of a transactor is generated by a transactor, which includes providing the transactor with a memory module which has the transactor'"'"'s account number and an encryption algorithm stored therein.

56-60. -60. (canceled)