Method, device, and system for completing on-line financial transaction

• US 7,720,764 B2
• Filed: 02/01/2008
• Issued: 05/18/2010
• Est. Priority Date: 02/01/2008
• Status: Active Grant

• Current Assignee: Mazooma Technical Services, Inc. (Nuvei Corp.)
• Original Assignee: Mazooma Technical Services, Inc. (Nuvei Corp.)
• Inventors: Emerson, Kenneth James, O'Meara, Edward Vincent, Chen, Qun
• Primary Examiner(s): Trammell; James P
• Assistant Examiner(s): Malhotra; Sanjeev
• Application Number:
  US12/024,581
• Publication Number:
  US 20090198615A1
• Time in Patent Office: 837 Days
• Field of Search: 705/4, 705/14, 705/17, 705/30, 705/35, 705/37, 705/39, 705/40, 705/64, 705/74, 705/75, 709/224, 713/187
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/383 Anonymous user system
• 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 20/401 Transaction verification
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method for conducting a secure transaction over a network includes the steps of receiving a price and a transaction identifier from a merchant, the transaction identifier identifying a purchase selection made by a user, receiving a user identifier from a user, receiving a financial institution selection from the user, initiating a communication session with the selected financial institution, receiving a financial-institution user-identifier from the user, communicating the financial-institution user-identifier to the selected financial institution, communicating to the selected financial institution a request to transfer funds, receiving the funds from the selected financial institution, and sending the funds to the merchant.

Claims

1. A device for conducting a secure transaction over a network, the device comprising:

at least one network connection communicatively coupled to at least one additional network device; and

a processor communicatively coupled to the at least one network connection, the processor operable to;

receive, over the at least one network connection, receiving a price and a transaction identifier from a merchant, the transaction identifier identifying a purchase selection made by a user;

receive, over the at least one network connection, receiving a user identifier from the user;

receive receiving from the user, over the at least one network connection, a selection of a non-integrated financial institution;

initiate, over the at least one network connection, an electronic communication session with the selected non-integrated financial institution;

receive, over the at least one network connection receiving a non-integrated financial-institution user-identifier from the user;

communicate, over the at least one network connection, communicating the non-integrated financial-institution user-identifier to the selected financial institution;

participate, over the at least one network connection, participating in a user-free electronic dialogue with the non-integrated financial institution, the dialogue including a request to transfer funds from the non-integrated financial institution;

receive receiving the funds from the selected non-integrated financial institution; and

direct the funds to the merchant.

2. The device according to claim 1, further comprising:

an agent operable to conduct the user-free electronic dialogue by automatically performing substantially all steps for electronic communication with the non-integrated financial institution to access an account associated with the user.

3. The device according to claim 1, wherein:

the funds from the selected financial institution are received into an intermediate account.

4. The device according to claim 3, wherein the sending the funds to the merchant comprises:

pushing the funds from the intermediate account to the merchant.

5. The device according to claim 3, wherein the sending the funds to the merchant comprises:

aggregating at least two transactions into a net settlement amount owed to the merchant; and

pushing the net settlement amount from the intermediate account to the merchant.

6. The device method according to claim 1, wherein the processor is further operable to:

communicate, over the at least one network connection, a payee identifier and the transaction identifier to the selected financial institution.

7. The device according to claim 1, wherein the processor is further operable to:

receive, over the at least one network connection, a financial-institution pass-code from the user; and

communicate, over the at least one network connection, the financial-institution pass-code to the selected financial institution.

8. A device for conducting a secure transaction over a network, the device comprising:

an input operable to;

receive a price and a transaction identifier from a merchant, the transaction identifier identifying a purchase selection made by a user;

receive a user identifier from a user;

receive a selection of a non-integrated financial-institution from the user; and

receive a financial-institution user-identifier from the user;

a processor communicatively coupled to the input, the processor operable to;

initiate and maintain a user-free communication session with the selected financial institution; and

an output operable to;

communicate the financial-institution user-identifier to the selected financial institution;

communicate to the selected financial institution a request to transfer funds and

communicate to the selected financial institution an identifier of an intermediate account for receiving the funds,

wherein the intermediate account is a settlement account maintained by an entity separate from the financial institution and the merchant.

9. The device according to claim 8, wherein the processor is further operable to:

facilitate an agent that automatically performs substantially all steps of the user-free communication session with the financial institution to gain access to an account.

10. The device according to claim 8, wherein the processor is further operable to:

initiate a funds transfer from the intermediate account to the merchant.

11. The device according to claim 10, wherein the initiating the funds to the merchant comprises:

aggregating at least two transactions into a net settlement amount owed to the merchant; and

pushing the net settlement amount from the intermediate account to the merchant.

12. The device according to claim 8, wherein the output is further operable to:

communicate a payee identifier and the transaction identifier to the selected financial institution.

13. The device according to claim 8, wherein the financial-institution user-identifier includes a pass-code.

14. A method for conducting a secure transaction over a network, the method comprising:

receiving a purchase selection at a merchant site;

communicating a transaction identifier and a purchase price from the merchant site to a debit agent residing on network processing and communication device;

receiving at the debit agent a user identifier from a user;

receiving at the debit agent a selection of a non-integrated financial institution from the user;

initiating with the debit agent a communication session with the selected financial institution;

receiving at the debit agent a financial-institution user-identifier from the user;

communicating the financial-institution user-identifier from the debit agent to the selected financial institution;

participating in a user-free electronic dialogue between the debit agent and the financial institution, the dialogue including a request to transfer funds from the financial institution;

receiving into an intermediate account the funds from the selected financial institution; and

transferring with the debit agent the funds from the intermediate account to the merchant.

15. The method according to claim 14, wherein the transferring the funds to the merchant comprises:

aggregating at least two transactions into a net settlement amount owed to the merchant; and

pushing the net settlement amount from the intermediate account to the merchant.

16. The method according to claim 14, wherein the financial-institution user-identifier includes a pass-code.

17. The method according to claim 14, wherein the agent automatically performs substantially all steps for electronic communication with the non-integrated financial institution to gain access to an account at the financial institution.

18. A computer program product for conducting a secure transaction over a network, the computer program product comprising:

a storage medium readable by a processing circuit and storing instructions for execution by the processing circuit for performing a method comprising;

receiving a price and a transaction identifier from a merchant, the transaction identifier identifying a purchase selection made by a user;

receiving a user identifier from a user;

receiving a selection of a non-integrated financial institution from the user;

initiating a communication session with the selected financial institution;

receiving a financial-institution user-identifier from the user;

communicating the financial-institution user-identifier to the selected financial institution;

participating in a user-free electronic dialogue with the financial institution, the dialogue including a request to transfer funds from the financial institution;

receiving the funds from the selected financial institution; and

sending the funds to the merchant.

19. The computer program product according to claim 18, wherein:

the user-free electronic dialogue is performed by an agent that automatically performs substantially all steps for electronic communication with the financial institution to access an account associated with the user.

20. The computer program product according to claim 18, wherein:

the funds from the selected financial institution are received into an intermediate account.

21. The computer program product according to claim 20, wherein the sending the funds to the merchant comprises:

pushing the funds from the intermediate account to the merchant.

22. The computer program product according to claim 20, wherein the sending the funds to the merchant comprises:

aggregating at least two transactions into a net settlement amount owed to the merchant; and

pushing the net settlement amount from the intermediate account to the merchant.

23. The computer program product according to claim 18, further comprising:

communicating a payee identifier and the transaction identifier to the selected financial institution.

24. The computer program product according to claim 18, further comprising:

receiving a financial-institution pass-code from the user; and

communicating the financial-institution pass code to the selected financial institution.