Banking transaction processing system

• US 8,205,793 B2
• Filed: 03/31/2008
• Issued: 06/26/2012
• Est. Priority Date: 03/31/2007
• Status: Active Grant

• Current Assignee: IP3 2017, Series 200 of Allied Security Trust I (Allied Security Trust)
• Original Assignee: Dror Oved
• Inventors: Oved, Dror
• Primary Examiner(s): Walsh, Daniel
• Application Number:
  US12/080,089
• Publication Number:
  US 20080257959A1
• Time in Patent Office: 1,548 Days
• Field of Search: 235379-381, 235/435, 235449-440, 235/487, 235492-493, 705/64, 705/65, 705/67, 705/72, 705/75, 705/77, 705/39, 705/44
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• 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 20/4015 using location information
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Banking transaction processing apparatus and methods are disclosed. In one general aspect, a banking transaction processing method includes accessing a first authorization code from a first device, such as a credit card, and a second authorization code from a second device, such as a portable phone, at a merchant location, These codes are provided to an authorization module at the merchant location, and a relationship between the first and second authorization codes is evaluated. A transaction authorization indication can then be provided from the authorization module for an in-person transaction with the merchant.

Claims

1. A banking transaction processing method comprising:

accessing at a merchant location, a first stored authorization code from a first device carried by a person and presented to the merchant location,

electronically accessing at the merchant location, a second stored authorization code from a second device, physically separate from the first device, and separately carried by the person and presented to the merchant location,

electronically providing the first authorization code to an authorization module residing at the merchant location,

electronically providing the second authorization code to the authorization module residing at the merchant location,

electronically evaluating a relationship between the first and second authorization codes, and providing a transaction authorization indication from the authorization module for a transaction with the merchant based on a result of the step of evaluating, wherein the step of accessing a second stored authorization code is performed by electronically accessing a first of a series of transaction-specific validation code sequences from a portable electronic device carried by the person to the merchant location,

and further including the steps of reissuing the first authorization code and reinitializing the series of transaction-specific validation code sequences on the portable electronic device, wherein said reissued authorization code and reinitialized series of transaction-specific validation code sequences are operable to be re-used for future instances of the merchant transactions,

and completing the transaction between the merchant and the person in response to the transaction authorization indication being positive.

2. The method of claim 1 wherein the first device is a payment card, wherein the second device is a portable electronic device, wherein the steps of accessing and providing a first authorization code are performed by interaction with a magnetic recording area on the payment card and wherein the step of accessing a second stored authorization code is performed by accessing a first of a series of transaction-specific validation code sequences from the portable electronic device.

3. The method of claim 2 further including the steps of providing the first stored authorization code to a further transaction authorization module for a further merchant, and providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module for the further merchant.

4. The method of claim 3 wherein the step of providing the first stored authorization code to the further transaction authorization module and the step of providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module are performed through a communication channel.

5. The method of claim 4 wherein the step of providing the first stored authorization code to the further transaction authorization module and the step of providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module are performed through a telephonic voice line.

6. The method of claim 4 wherein the step of providing the first stored authorization code to the further transaction authorization module and the step of providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module are performed through a public computer network.

7. The method of claim 1 further including the steps of providing the first stored authorization code to a further transaction authorization module for a further merchant through a communication channel, and providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module communication channel for the further merchant.

8. The method of claim 1 wherein the step of accessing a second authorization code accesses an alphanumerical code that is equal to or less than about seven characters in length.

9. The method of claim 1 wherein the step of accessing a second authorization code accesses an alphanumerical code that is equal to or less than about four characters in length.

10. The method of claim 1 further including a step of generating the second authorization code locally in a portable electronic device.

11. The method of claim 10 further including a step of providing generation logic that performs the local authorization code generation to the portable device through a communication channel.

12. The method of claim 1 further including a step of transmitting the second authorization code to the portable electronic device before the step of accessing the second authorization code.

13. The method of claim 1 wherein the step of evaluating evaluates whether the second authorization code corresponds to a specific stored transaction-specific validation code sequence for a particular transaction conducted in connection with the first authorization code.

14. The method of claim 1 wherein the steps of providing a first authorization code and providing a second authorization code are both performed independently of any user data entry.

15. The method of claim 1 wherein the step of providing a second authorization code is performed with a keypad or keyboard.

16. The method of claim 1 wherein the steps of accessing and providing a first authorization code are performed by accessing a magnetically stored account number on a credit card using a unitary retailer-based authorization module, wherein the step of accessing a second stored authorization code is performed by accessing a first of a series of transaction-specific validation code sequences of about seven alphanumeric characters or less from a portable electronic device and the step of providing the second authorization code is performed using a keypad on the unitary retailer-based authorization module, and wherein the method further includes the steps of providing a version of the first stored authorization code to a further transaction authorization module via a telephonic voice line, and providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module via a telephonic voice line.

17. A banking transaction processing method comprising:

accessing through a first device at a merchant location, a first stored authorization code from a first device carried by a person and presented to the merchant location,

electronically accessing through a second device at the merchant location, a second stored authorization code from a second device, physically separate from the first device, and separately carried by the person and presented to the merchant location,

electronically providing the first authorization code to an authorization module residing at the merchant location,

electronically providing the second authorization code to the authorization module residing at the merchant location,

electronically evaluating a relationship between the first and second authorization codes, and providing a transaction authorization indication from the authorization module for a transaction with the merchant based on a result of the step of evaluating, wherein the step of accessing a second stored authorization code is performed by electronically accessing a first of a series of transaction-specific validation code sequences from a portable electronic device carried by the person to the merchant location,

and further including the step of reinitializing the series of transaction-specific validation code sequences on the portable electronic device, wherein said reissued authorization code and reinitialized series of transaction-specific validation code sequences are operable to be re-used for future instances of the merchant transactions,

and completing the transaction between the merchant and the person in response to the transaction authorization indication being positive.

18. The method of claim 17 wherein the first device is a payment card, wherein the second device is a portable electronic device, wherein the steps of accessing and providing a first authorization code are performed by interaction with a magnetic recording area on the payment card and wherein the step of accessing a second stored authorization code is performed by accessing a first of a series of transaction-specific validation code sequences from the portable electronic device.

19. The method of claim 18 further including the steps of providing the first stored authorization code to a further transaction authorization module for a further merchant, and providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module for the further merchant.

20. The method of claim 19 wherein the step of providing the first stored authorization code to the further transaction authorization module and the step of providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module are performed through a communication channel.

21. The method of claim 20 wherein the step of providing the first stored authorization code to the further transaction authorization module and the step of providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module are performed through a telephonic voice line.

22. The method of claim 20 wherein the step of providing the first stored authorization code to the further transaction authorization module and the step of providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module are performed through a public computer network.

23. The method of claim 17 further including the steps of providing the first stored authorization code to a further transaction authorization module for a further merchant through a communication channel, and providing a second of the series of transaction-specific validation code sequences to the further transaction authorization module communication channel for the further merchant.

24. The method of claim 17 wherein the step of accessing a second authorization code accesses an alphanumerical code that is equal to or less than about seven characters in length.

25. The method of claim 17 wherein the step of accessing a second authorization code accesses an alphanumerical code that is equal to or less than about four characters in length.

26. The method of claim 17 further including a step of generating the second authorization code locally in the portable electronic device.

27. The method of claim 17 further including a step of providing generation logic that performs the local authorization code generation to the portable device through a communication channel.

28. The method of claim 17 further including a step of transmitting the second authorization code to a portable electronic device before the step of accessing the second authorization code.

29. The method of claim 17 wherein the step of evaluating evaluates whether the second authorization code corresponds to a specific stored transaction-specific validation code sequence for a particular transaction conducted in connection with the first authorization code.

30. The method of claim 17 wherein the steps of providing a first authorization code and providing a second authorization code are both performed independently of any user data entry.

31. The method of claim 17 wherein the step of providing a second authorization code is performed with a keypad or keyboard.