SECURE AUTHENTICATION AND PAYMENT SYSTEM

• US 20150254661A1
• Filed: 05/19/2015
• Published: 09/10/2015
• Est. Priority Date: 10/25/2006
• Status: Active Grant

• Current Assignee: Leading Software Limited
• Original Assignee: Payfont Limited
• Inventors: LANC, David
• Granted Patent: US 9,530,129 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/325 using wireless networks
• CPC Class Codes: G06Q 20/3255 using mobile network messaging services for payment, e.g. SMS
• CPC Class Codes: G06Q 20/327 Short range or proximity payments by means of M-devices
• 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 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 20/40145 Biometric identity checks
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 20/409 Device specific authentication in transaction processing
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

The present invention provides a service for allowing secure financial transactions to be carried out, the service involving authenticating a user'"'"'s identity and/or status as part of a financial transaction with another party and in the event that the user is authenticated arranging for the transaction to be completed without revealing the user'"'"'s financial details and/or other personal details to that other party. Authentication data and transaction data may be communicated over any suitable communications channel(s). The invention provides a trusted authentication and payment environment that protects a user'"'"'s financial details, but allows them to be securely authenticated and arranges for transactions to be fulfilled, whilst providing other parties with reassurance that transactions will be completed. In this way, fraud and theft due to misappropriation of financial details can be minimized.

Claims

1. A computer-implemented method for facilitating electronic transactions between a first party and one or more second parties, comprising:

establishing a first relationship with the first party;

establishing a second relationship with at least one of said one or more second parties;

storing one or more associations between payment methods and transactions, the one or more associations specified by the first party;

upon receiving an authentication request related to a transaction with one or more of the second parties;

validating the identity of both the first and said one or more second parties; and

initiating the transaction with said one or more second parties using one or more payment methods associated with the transaction.

2. The method of claim 1, wherein the associations associate payment methods with types of transactions.

3. The method of claim 2, wherein the associations associate payment methods with a particular second party.

4. The method of claim 1, further comprising:

upon receiving an authentication request related to the transaction, comparing the one or more payment methods associated with the transaction against a specification of which payment methods the second user will accept.

5. The method of claim 1, further comprising:

upon receiving an authentication request related to the transaction and prior to the initiating step, initiating the transaction with said one or more second parties using one or more default payment methods if the one or more payment methods associated with the transaction could not or were insufficient to complete the transaction.

6. The method of claim 1, further comprising:

upon receiving an authentication request related to the transaction and prior to the initiating step, validating the transaction against one or more parameters.

7. The method of claim 6, wherein the one or more parameters include one or more selected from the group consisting of:

payment type, payment value, transaction frequency, transaction velocity, bulk spend within a period, credit risk, and fraud risk.

8. The method of claim 1, wherein said first transaction comprises a purchase of goods or services.

9. The method of claim 1, wherein said first transaction comprises a disbursement of cash from a cash disbursement mechanism.

10. The method of claim 1, wherein said first transaction comprises a money transfer.

11. The method of claim 1, wherein the first transaction includes executing a first financing method for the first transaction.

12. The method of claim 11, wherein the first transaction include executing a second financing method for the first transaction if the first of said one or more second parties rejects the first financing method.

13. The method of claim 1, wherein the entire first transaction is completed without identifying any financial information of the consumer to the first of said one or more second parties.