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

• US 8,271,385 B2
• Filed: 05/17/2010
• Issued: 09/18/2012
• 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:
  US12/781,686
• Publication Number:
  US 20100223152A1
• Time in Patent Office: 855 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, 713/187, 709/224
• 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 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, a price, an identifier of a merchant, and a transaction identifier, the transaction identifier identifying a selection made by a user and the identifier of a merchant identifying a merchant;

offering the selection made by the user; and

not operating the processor;

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

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

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

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

direct the funds from the selected non-integrated financial institution to at least one target account.

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 selected nonintegrated financial institution to access an account associated with the user.

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

identify receipt of the funds from the selected non-integrated financial institution into an intermediate account prior to being directed to the at least one target account.

4. The device according to claim 3, wherein the directing the funds to the at least one target account comprises:

pushing the funds from the intermediate account to an account identified by a merchant associated with the transaction identifier.

5. The device according to claim 4, wherein the pushing the funds from the intermediate account to the merchant associated with the transaction identifier 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 at least one target account.

6. The device 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 non-integrated 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 passcode from the user; and

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

8. The device according to claim 1, wherein the list includes at least one integrated financial institution.

9. 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, an identifier of a merchant, and a purchase price from the merchant site to a debit agent residing on a network processing and communication device, the identifier of a merchant identifying a merchant;

offering the purchase selection; and

not operating the debit agent;

receiving at the debit agent a selection of a non-integrated financial institution selected from a list that includes at least one non-integrated financial institution;

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

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

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

transferring with the debit agent the funds from the selected non-integrated financial institution to at least one target account.

10. The method according to claim 9, further comprising:

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

11. The method according to claim 9, wherein the transferring the funds to the at least one target account comprises:

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

pushing the funds from the intermediate account to an account identified by a merchant associated with the merchant site.

12. The method according to claim 11, wherein the pushing the funds from the intermediate account to an account identified by a merchant associated with the merchant site 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 at least one target account.

13. The method according to claim 9, further comprising:

communicating, over the at least one network connection, a payee identifier and the transaction identifier to the selected non-integrated financial institution.

14. The method according to claim 9, further comprising:

receiving, over the at least one network connection, a financial-institution passcode from the user; and

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

15. The device according to claim 9, wherein the list includes at least one integrated financial institution.

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

an input operable to;

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

offering the purchase selection made by the user; and

not operating the device;

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 non-integrated financial institution; and

an output operable to;

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

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

communicate to the selected non-integrated financial institution an identifier of at least one target account for receiving the funds.

17. The device according to claim 16, wherein the at least one target account is an account specified by a merchant issuing the transaction identifier identifying the purchase selection made by the user.

18. The device according to claim 16, wherein the at least one target account is a settlement account maintained by an entity separate from the selected non-integrated financial institution and a merchant issuing the transaction identifier identifying the purchase selection made by the user.

19. The device according to claim 16, wherein the processor is further operable to:

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

20. The device according to claim 16, wherein the processor is further operable to:

initiate a funds transfer from the at least one target account to an account specified by a merchant issuing the transaction identifier identifying the purchase selection made by the user.