LIMITING TOKEN COLLABORATION NETWORK USAGE BY TOKEN
First Claim
1. An apparatus for use in a token based financial transaction system, whereby the apparatus applies transaction sensitive limits to a proposed financial transaction for purposes of approving or denying the proposed financial transaction, whereby the transaction sensitive limits are associated with a token used to enter into the proposed financial transaction, the apparatus comprising:
- a memory;
a computing processor; and
a module stored in memory, said module comprising instruction code executable by one or more computing processors, and configured to cause the one or more computing processors to;
receive from a user a request to execute a financial transaction using the token as a replacement for account information from which funds are provided to pay for the financial transaction;
receive transaction information associated with the request to execute the financial transaction;
determine one or more limits associated with the token, wherein the one or more limits define which financial transactions will be authorized;
process the request to execute the transaction, wherein processing the request includes determining if the one or more limits associated with the token are met based on the transaction information;
allow the transaction in response to determining when the one or more limits are met; and
deny the transaction in response to determining when the one or more limits fail to be met.
1 Assignment
0 Petitions
Accused Products
Abstract
The present invention includes an apparatus, method, and computer program product for use in a token based financial transaction system, whereby the apparatus applies transaction sensitive limits to a proposed financial transaction for purposes of approving, denying, or partially funding a token based financial transaction. The present invention is configured to: determine one or more limits associated with the token, wherein the one or more limits define which financial transactions will be authorized; process a request to execute a transaction, wherein processing the request includes determining if the one or more limits associated with the user are met based on transaction information; allow the transaction in response to determining when the one or more limits are met; and deny the transaction in response to determining when the one or more limits fail to be met.
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Citations
20 Claims
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1. An apparatus for use in a token based financial transaction system, whereby the apparatus applies transaction sensitive limits to a proposed financial transaction for purposes of approving or denying the proposed financial transaction, whereby the transaction sensitive limits are associated with a token used to enter into the proposed financial transaction, the apparatus comprising:
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a memory; a computing processor; and a module stored in memory, said module comprising instruction code executable by one or more computing processors, and configured to cause the one or more computing processors to; receive from a user a request to execute a financial transaction using the token as a replacement for account information from which funds are provided to pay for the financial transaction; receive transaction information associated with the request to execute the financial transaction; determine one or more limits associated with the token, wherein the one or more limits define which financial transactions will be authorized; process the request to execute the transaction, wherein processing the request includes determining if the one or more limits associated with the token are met based on the transaction information; allow the transaction in response to determining when the one or more limits are met; and deny the transaction in response to determining when the one or more limits fail to be met. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 19)
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18. An computer program product for use in a token based financial transaction system, whereby the apparatus applies transaction sensitive limits to a proposed financial transaction for purposes of approving or denying the proposed financial transaction, whereby the transaction sensitive limits are associated with a token used to enter into the proposed financial transaction, the computer program product comprising at least one non-transitory computer-readable medium having computer program code portions comprising:
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an executable portion configured for receiving from a user a request to execute a financial transaction using a token as a replacement for account information from which funds are provided to pay for the financial transaction; an executable portion configured for receiving transaction information associated with the request to execute the financial transaction; an executable portion configured for determining one or more limits associated with the token, wherein the one or more limits define which financial transactions will be authorized; an executable portion configured for processing the request to execute the transaction, wherein processing the request includes determining if the one or more limits associated with the user are met based on the transaction information; an executable portion configured for allowing the transaction in response to determining when the one or more limits are met; and an executable portion configured for denying the transaction in response to determining when the one or more limits fail to be met.
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20. A method for use in a token based financial transaction system, whereby the apparatus applies transaction sensitive limits to a proposed financial transaction for purposes of approving or denying the proposed financial transaction, whereby the transaction sensitive limits are associated with a token used to enter into the proposed financial transaction, the method comprising:
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receiving from a user, by a processing device, a request to execute a financial transaction using the token as a replacement for account information from which funds are provided to pay for the financial transaction; receiving, by the processing device, transaction information associated with the request to execute the financial transaction; determining, by the processing device, one or more limits associated with the token, wherein the one or more limits define which financial transactions will be authorized; processing, by the processing device, the request to execute the transaction, wherein processing the request includes determining if the one or more limits associated with the token are met based on the transaction information; allowing, by the processing device, the transaction in response to determining when the one or more limits are met; and denying, by the processing device, the transaction in response to determining when the one or more limits fail to be met.
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Specification