Method and apparatus for facilitating financial transactions within a communications system

• US 5,991,372 A
• Filed: 09/02/1997
• Issued: 11/23/1999
• Est. Priority Date: 09/02/1997
• Status: Expired due to Term

• Current Assignee: RPX Clearinghouse LLC (RPX Corporation)
• Original Assignee: Northern Telecom Limited (Nortel Networks Corporation)
• Inventors: Davenport D'Ingianni, Rita Rae, Law, Jr., Albert Giles
• Primary Examiner(s): Chan, Wing F.
• Application Number:
  US08/922,081
• Time in Patent Office: 812 Days
• Field of Search: 379/91.01, 379/91.02, 379/93.04, 379/93.12, 379/207, 379/218, 379/265, 379/266, 379/355, 379/357, 379/67.1
• US Class Current: 379/91.02
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/027 involving a payment switch or gateway
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/305 using wired telephone networks
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: H04M 11/08 specially adapted for optional reception of entertainment or informative matter
• CPC Class Codes: H04M 3/56 Arrangements for connecting several subscribers to a common circuit, i.e. affording conference facilities video conference systems H04N7/15
• CPC Class Codes: H04W 4/24 Accounting or billing

Abstract

A method and apparatus in a communications system for facilitating a financial transaction between two parties within the communications system. The method of the present invention is implemented in a data processing system. A request for a financial transaction is received from the first party. A call is initiated by the data processing system to the second party associated with the request. The call is established between the first party and the second party wherein the financial transaction is established between the two parties through the call. Data is acquired from the two parties in response to the establishment of the financial transaction through the call. First party information and second party information is verified, wherein the financial transaction is securely completed.

Claims

1. A method in a communications system for facilitating a financial transaction between a first party and a second party, comprising:

receiving a request for the financial transaction

acquiring information for the financial transaction from the two parties utilizing a common communications path including both the first and second parties and independent communications paths to each of the first and second parties; and

verifying information acquired from the first and second parties to complete the financial transaction.

2. The method of claim 1, wherein the step of acquiring information for the financial transaction from the two parties utilizing a common communications path including both the first and second parties and independent communications paths to each of the first and second parties further comprises:

acquiring information from the first and second parties using the common communications path;

establishing a first voice path to the first party and a second voice path independent of the first voice path to the second party, wherein the first party is excluded from the second voice path and the second party is excluded from the first voice path;

acquiring and verifying information from the first party using the first voice path; and

acquiring and verifying information from the second party using the second voice path.

3. The method of claim 1, further comprising:

announcing completion of the financial transaction in response to verification of the information acquired from the first party and the information acquired from the second party.

4. The method of claim 1, further comprising:

announcing a failure to complete the financial transaction in response to a failure to verify the information acquired from the first party.

5. The method of claim 1, wherein the step of acquiring information for the financial transaction from the two parties utilizing a common communications path including both the first and second parties and independent communications paths to each of the first and second parties further comprises:

acquiring a first item of information from the two parties utilizing a common communications path to both parties;

separating the common communications path into first and second communications paths to the first and second parties, respectively, wherein the first communications path excludes the second party and the second communications path excludes the first party;

acquiring a second item of information from the first party utilizing the first communications path;

acquiring a third item of information from the second party utilizing the second communication path; and

after acquiring the second and third items of information, joining the first and second communications path into a common communications path to both parties.

6. The method of claim 1, wherein the step of acquiring information for the financial transaction from the two parties utilizing a common communications path including both the first and second parties and independent communications paths to each of the first and second parties further comprises:

receiving an indication that the financial transaction has been initiated;

prompting the parties to enter data for the financial transaction; and

receiving data in response to prompting the parties.

7. The method of claim 6, wherein the step of prompting parties to enter data for the financial transaction comprises:

prompting the parties to enter and verify a sales amount for the financial transaction.

8. The method of claim 7, and wherein the step of prompting the parties to enter and verify a total amount for the financial transaction comprises:

prompting the first party to enter the total amount for the financial transaction; and

prompting the second party to indicate that the total amount for the financial transaction is correct.

9. The method of claim 2, wherein the first party is a buyer and the second party is a seller.

10. The method of claim 9, wherein the step of acquiring and verifying information from the first party using the first voice path further comprises:

prompting the buyer to enter credit card information for a credit card; and

verifying validity of the credit card using the credit card information.

11. The method of claim 10, wherein the credit card information includes a credit card number and an expiration date.

12. The method of claim 11, wherein the credit card information further includes a personal identification number.

13. The method of claim 9, wherein the step of acquiring and verifying information from the second party using the second voice path further comprises:

prompting the seller to enter vendor information about the seller; and

verifying validity of the seller information.

14. The method of claim 9, wherein the buyer is a consumer.

15. The method of claim 9, wherein the seller is a merchant.

16. The method of claim 5, wherein the steps of separating the common communications path into first and second communications paths to the first and second parties, respectively, and of joining the first and second communications paths into a common communications path to both parties are performed within a switch within the communications system.

17. The method of claim 1, wherein the step of acquiring information for the financial transaction from the two parties utilizing a common communications path including both the first and second parties and independent communications paths to each of the first and second parties further includes:

awaiting a signal from parties indicating the financial transaction has been initiated.

18. A method in a communications system for facilitating a financial transaction within the communications system, the method comprising data processing system implemented steps of:

receiving a request for a financial transaction from a consumer;

initiating call to a merchant associated with the request;

establish a communications link involving the merchant and the consumer;

acquiring data identifying an amount for the financial transaction utilizing the communications link;

establishing a first voice path for the merchant and a second voice path for the consumer, wherein the first and second voice paths are independent, the merchant is excluded from the second voice path, and the consumer is excluded from the first voice path;

acquiring and verifying merchant information using the first voice path; and

acquiring and verifying consumer information using the second voice path, wherein the financial transaction is securely completed.

19. The method of claim 18, wherein the step of initiating a call to the merchant comprises:

requesting a phone number for the merchant from the consumer; and

calling the merchant using the phone number.

20. The method of claim 18, wherein the step of acquiring acquiring data identifying an amount for the financial transaction utilizing the communications link further comprises:

awaiting a signal from parties indicating the financial transaction has been initiated.

21. A communications system, comprising:

a telecommunications network;

a data processing system coupled to the tele-communications network processing transactions between a buyer and a seller, including;

reception means for receiving a request for the financial transaction;

acquisition means for acquiring data for the financial transaction from the two parties utilizing a common communications path including the buyer and the seller and first and second separate communications paths to the buyer and the seller, respectively;

first verification means for verifying buyer information acquired utilizing the first voice path; and

second verification means for verifying seller information acquired utilizing the second voice path.

22. The communications system of claim 21, wherein the data processing system further includes:

announcement means for announcing completion of the financial transaction in response to verification of the buyer information and the seller information.

23. The communications system of claim 21, wherein the data processing system further includes:

announcement means for announcing a failure to complete the financial transaction in response to a failure to verify the buyer information.

24. The communications system of claim 21, wherein the data processing system further includes:

announcement means for announcing a failure to complete the financial transaction in response to a failure to verify the seller information.

25. The communications system of claim 21, wherein the acquisition means comprises:

first reception means for receiving an indication that the financial transaction has been established;

prompting means for prompting the parties to enter data for the financial transaction; and

second reception means for receiving the data in response to prompting the parties.

26. The communications system of claim 25, wherein the prompting means comprises:

means for prompting the parties to enter and verify a sales amount for the financial transaction.

27. The communications system of claim 26, wherein means for prompting the parties to enter and verify a total amount for the financial transaction comprises:

first means for prompting the buyer to enter the total amount for the financial transaction; and

second means for prompting the seller to indicate that the total amount for the financial transaction is correct.

28. The communications system of claim 21, wherein first verification means comprises:

prompting means for prompting the user to enter credit card information for a credit card; and

means for verifying validity of the credit card using the credit card information.

29. The communications system of claim 28, wherein the credit card information includes a credit card number and an expiration date.

30. The communications system of claim 29, wherein the credit card information further includes a personal identification number.

31. The communications system of claim 21, wherein the second verification means comprises:

prompting means for prompting the seller to enter vendor information about the seller; and

means for verifying validity the seller information.

32. The communications system of claim 21, wherein the buyer is a consumer.

33. The communications system of claim 21, wherein the seller is a merchant.

34. The communications system of claim 21, wherein the data processing system is a switch within the communications system.

35. The communications system of claim 21, wherein the data processing system is a computer coupled to a switch within the communications system.

36. A communications system, comprising:

a network providing a plurality of communications paths;

a plurality of communications units connected to the network; and

a control system establishing, in response to receiving a request for a transaction, a common communications path between a data process system coupled to the network and first and second communications units connected to the network, wherein initial transaction information is transferred over the common communications path,

wherein the control system, following transfer of the initial transaction information, separates the common communications paths into a first communications path to the first communications unit and a second communications path to the second communications unit,

wherein the first and second communications paths are separate and mutually exclusive, and

wherein first and second items of transaction information are transferred over the first and second communications paths, respectively.

37. A switch, comprising:

a validation database including buyer information and seller information;

a routing information database;

a voice server; and

a switch intelligence having a plurality of modes of operation including;

a first mode of operation in which the switch intelligence receives a request for the financial transaction;

a second mode of operation, responsive to receiving the request, in which the switch intelligence, using the routing information database, establishes a call including the buyer and the seller, wherein the financial transaction is initiated between the two parties and data is acquired from the two parties through the call;

a third mode of operation, responsive to detecting initiation of the financial transaction, in which the switch intelligence acquires data for the financial transaction from the two parties utilizing separate, mutually exclusive voice links to each respective party, the separate, mutually exclusive voice links including a first voice path for the buyer and a second voice path for the seller, the switch intelligence using the voice server to provide the first and second voice paths; and

a fifth mode of operation, responsive to establishing the first and second voice paths and acquiring data for the financial transaction from the two parties, in which the switch intelligence verifies buyer information acquired using the first voice path and verifies seller information acquired using the second voice path using the validation database.

38. A computer program product for facilitating a financial transaction between a seller and a buyer, comprising:

a computer usable medium;

first instructions for receiving a request for the financial transaction;

second instructions for acquiring data for the financial transaction from the two parties utilizing a common communications link including both parties and separate and mutually exclusive communications links to each of the two parties, the separate communications links including a first voice path for the buyer and a second voice path for the seller;

third instructions for verifying buyer information acquired using the first voice path; and

fourth instructions for verifying seller information acquired using the second voice path, wherein the instructions are embodied within the computer usable medium.