Method and system for controlling certificate based open payment transactions
First Claim
1. A method for facilitating a financial transaction over a first network comprising:
- issuing a locked programmable memory device to a first user, wherein the programmable memory device contains at least the following for formulating payment instructions, network address instructions for an issuer of the programmable memory device, a first user'"'"'s financial account information, and an encryption program;
unlocking the programmable memory device at the first user with a first user'"'"'s predetermined personal identification number;
programming the programmable memory device at the first user to include a first user identification profile and a private/public key pair using the encryption program;
issuing software to a second user, wherein the software includes payment information of the second user including a second user'"'"'s financial account information and further wherein the software is capable of interacting with the programmable memory device over the first network;
forming a connection between the programmable memory device and the software;
receiving across the connection the payment instructions;
adding the second user'"'"'s payment information to the payment instructions;
storing the second user'"'"'s payment information in a programmable memory device of the second user for settlement processing of the financial transaction along with at least one other financial transaction;
routing the payment information and the payment instructions to an issuer utilizing the network address instructions;
receiving the payment information and the payment instructions, wherein the issuer is capable of accessing at least one of the first user'"'"'s financial account information and a second user'"'"'s financial account information;
authorizing the financial transaction by authenticating the first user and the second user; and
providing the authorization of the financial transaction to the second user for confirmation.
2 Assignments
0 Petitions
Accused Products
Abstract
Methods and systems for controlling certificate-based open payment transactions involving a merchant and a customer utilizing various types of networks and terminals. Prior to accessing a merchant POS terminal or, for example, a merchant website, a customer obtains a certificate from a service provider (SP), such as a bank, certifying his identification (ID) and his relevant financial information, in a form that is understandable by the SP. The SP is capable of performing multiple functions. For example, the SP is capable of acting as a certificate authority when it issues the customer'"'"'s certificates, an authenticator when it receives private-key encrypted certificates from the customers to be decrypted using the corresponding public-key, and an authorizing authority when it checks the value available in a customer'"'"' chosen payment account against the requested purchase or transfer amount.
62 Citations
22 Claims
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1. A method for facilitating a financial transaction over a first network comprising:
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issuing a locked programmable memory device to a first user, wherein the programmable memory device contains at least the following for formulating payment instructions, network address instructions for an issuer of the programmable memory device, a first user'"'"'s financial account information, and an encryption program; unlocking the programmable memory device at the first user with a first user'"'"'s predetermined personal identification number; programming the programmable memory device at the first user to include a first user identification profile and a private/public key pair using the encryption program; issuing software to a second user, wherein the software includes payment information of the second user including a second user'"'"'s financial account information and further wherein the software is capable of interacting with the programmable memory device over the first network; forming a connection between the programmable memory device and the software; receiving across the connection the payment instructions; adding the second user'"'"'s payment information to the payment instructions; storing the second user'"'"'s payment information in a programmable memory device of the second user for settlement processing of the financial transaction along with at least one other financial transaction; routing the payment information and the payment instructions to an issuer utilizing the network address instructions; receiving the payment information and the payment instructions, wherein the issuer is capable of accessing at least one of the first user'"'"'s financial account information and a second user'"'"'s financial account information; authorizing the financial transaction by authenticating the first user and the second user; and providing the authorization of the financial transaction to the second user for confirmation. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A method for performing a financial transaction comprising:
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presenting a customer with an amount due in response to a customer'"'"'s product selection; accepting a customer'"'"'s programmable memory device within a reader portion of a merchant'"'"'s terminal to facilitate payment of the amount due; accessing a portion of the customer'"'"'s programmable memory device containing payment information, wherein the payment information includes at least network address instructions for an issuer of the customer'"'"'s programmable memory device, a digital certificate for identifying the customer, the customer'"'"'s financial account information, an encryption program, and a customer memo balance containing updated customer account balances; identifying the customer through the digital certificate; receiving a customer'"'"'s account selection; checking a customer'"'"'s memo balance for the selected account to determine if funds therein are sufficient to pay the amount due; downloading the payment information from the programmable memory device to a memory portion of the merchant'"'"'s terminal; storing the payment information from the programmable memory device in a memory portion of the merchant'"'"'s terminal for settlement processing of the financial transaction along with at least one other financial transaction; releasing the selected product to the customer; uploading the payment information to the issuer of the programmable memory device for further processing and settlement of the financial transaction. - View Dependent Claims (20, 21)
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22. A system for facilitating a financial transaction comprising:
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a first programmable memory device issued to a customer including (a) at least one processor; (b) a digital certificate for identifying the customer; (c) the customer'"'"'s financial account information; (d) network addressing instructions for at least the issuer of the first programmable memory device; (e) an encryption program for encrypting at least (b) and (c) wherein the encryption program is employed by the customer after issuance of the first programmable memory device thereto for generating a private/public key pair; and (f) at least one re-writable memory configured to track information related to the financial transaction; a terminal for reading information from the first programmable memory device to facilitate a payment from at least one of a customer'"'"'s financial accounts; a server for receiving information from the terminal read from the first programmable memory device and authorizing payment from at least one of the customer'"'"'s financial accounts; and a second programmable memory device issued to a merchant for storing information related to a plurality of financial transactions from a plurality of customers, wherein the programmable memory device is connectable to a network for processing the plurality of financial transactions, wherein the programmable memory device is a smart card or a terminal.
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Specification