Method and system for transmission of financial data
First Claim
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1. A method of securing electronic data relating to a customer-initiated financial transaction or the like for transmission from a transaction location to a remote receiving location, comprising:
- issuing the customer a financial transaction identification card having an issuer security key encoded thereon, the issuer security key corresponding to the remote receiving location;
storing the issuer security key at the remote receiving location;
at the time of a financial transaction, reading the issuer security key at the transaction location from the financial transaction identification card;
at the transaction location, encrypting preselected data relating to the financial transaction using an encryption algorithm and the issuer security key as the encryption key;
transmitting data relating to the financial transaction, including the encrypted data, to the remote receiving location; and
decrypting the encrypted data at the remote location using the issuer security key stored at the remote location.
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Abstract
An improved system for transmission financial data includes, in preferred embodiments, an encryption key stored on a bank card and used to encrypt preselected data prior to transmission. Encrypted data is then transmitted through all intermediate computers without decryption and reencryption. Decryption occurs only at the final destination, where the encryption key has been stored. In preferred embodiments, the encryption key is combined with a terminal identification valve to provide further security.
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Citations
5 Claims
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1. A method of securing electronic data relating to a customer-initiated financial transaction or the like for transmission from a transaction location to a remote receiving location, comprising:
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issuing the customer a financial transaction identification card having an issuer security key encoded thereon, the issuer security key corresponding to the remote receiving location; storing the issuer security key at the remote receiving location; at the time of a financial transaction, reading the issuer security key at the transaction location from the financial transaction identification card; at the transaction location, encrypting preselected data relating to the financial transaction using an encryption algorithm and the issuer security key as the encryption key; transmitting data relating to the financial transaction, including the encrypted data, to the remote receiving location; and decrypting the encrypted data at the remote location using the issuer security key stored at the remote location. - View Dependent Claims (2, 3, 4)
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5. A method of securing electronic data relating to a customer-initiated financial transaction or the like for transmission from a transaction location to a remote receiving location, comprising:
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issuing the customer a financial transaction identification card having an issuer security key encoded thereon, the issuer security key corresponding to the remote receiving location; storing the issuer security key at the remote receiving location; at the time of a financial transaction, reading the issuer security key at the transaction location from the financial transaction identification card; at the transaction location, encrypting preselected data relating to the financial transaction using an encryption algorithm and the issuer security key as the encryption key; transmitting data relating to the financial transaction, including the encrypted data, to the remote receiving location through one or more intermediate nodes; and decrypting the encrypted data at the remote location using the issuer security key stored at the remote location.
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Specification