Method of transaction processing to support proxy financial card

• US 8,577,731 B1
• Filed: 09/30/2011
• Issued: 11/05/2013
• Est. Priority Date: 09/30/2011
• Status: Active Grant

• Current Assignee: T-Mobile Innovations LLC (Deutsche Telekom AG)
• Original Assignee: Sprint Communications Company LP (Deutsche Telekom AG)
• Inventors: Cope, Warren B., Paczkowski, Lyle W.
• Primary Examiner(s): Gart, Matthew
• Assistant Examiner(s): Masud, Rokib
• Application Number:
  US13/250,611
• Time in Patent Office: 767 Days
• Field of Search: 709/229, 705/14, 705/16, 705/41, 705/17, 705/18
• US Class Current: 705/17
• CPC Class Codes: G06Q 20/3224 Transactions dependent on location of M-devices

Abstract

A method of completing a financial transaction after a point-of-sale terminal initiates a payment request and sends financial transaction information includes receiving financial transaction information from a point-of-sale terminal, the financial transaction information being associated with a transaction and identifying an individual that initiated the transaction. The method further includes accessing a database to determine a rule set associated with the individual, applying the rule set to the financial transaction information, and selecting a financial issuer based on the applied rule set.

Claims

1. A method of completing a financial transaction after a point-of-sale terminal initiates a payment request and sends financial transaction information, comprising:

receiving, by a processor, the financial transaction information from a point-of-sale terminal, wherein the financial transaction information is associated with the financial transaction, and wherein the financial transaction information comprises at least one of user identification information or proxy financial card identification information obtained from a proxy financial card;

accessing, by a processor, a database to determine a rule set associated with the at least one of the user identification information or the proxy financial card identification information, wherein the rule set defines one or more rules for selecting between a plurality of financial issuers;

applying, by a processor, the rule set to the financial transaction information; and

selecting, by a processor, a financial issuer from the plurality of financial issuers based on applying the rule set.

2. The method of claim 1 wherein the financial transaction information comprises a location of the financial transaction or a currency value of the financial transaction.

3. The method of claim 2 further comprising purchasing a good or a service;

wherein the financial transaction information further comprises an identifier of a class of the good or the service and the currency value comprises a price of the good or the service.

4. The method of claim 1 further comprising initiating the financial transaction by a portable electronic device associated the proxy financial card.

5. The method of claim 4 wherein the portable electronic device comprises the proxy financial card, the proxy financial card associated with the plurality of financial issuers, and initiating further comprises presenting, by the portable electronic device, the proxy financial card to the point-of-sale terminal.

6. The method of claim 1 wherein the rule set comprises at least one rule defined by an individual user of the proxy financial card.

7. The method of claim 1 further comprising authenticating, by a processor, the financial transaction by:

comparing a location of the financial transaction and a location of a portable electronic device associated with the proxy financial card; and

denying authentication if the location of the transaction is different than the location of the portable electronic device.

8. The method of claim 1 further comprising authenticating, by a processor, the financial transaction by comparing a rotating personal identification number received from a portable electronic device associated with the proxy financial card with a rotating personal identification number value stored in the database, wherein the rotating personal identification number value stored in the database was agreed upon in a previous transaction between the portable electronic device and a computer that accesses the database.

9. The method of claim 1 further comprising:

receiving from an individual, and storing in the database at a server, the rule set and account information for the plurality of financial issuers; and

providing the proxy financial card to the individual, the proxy financial card to enable the server to identify the individual.

10. The method of claim 1 further comprising:

sending, by a processor, an indication of the selected financial issuer to the point-of-sale terminal or a trusted service manager;

wherein the point-of-sale terminal or the trusted service manager contacts the selected financial issuer to obtain authorization to complete the financial transaction.

11. A method of completing a financial transaction at a point of sale terminal in which a proxy financial card is used to access credit card information stored on a network server, comprising:

receiving, by the point-of-sale terminal, identification information comprising at least one of user identification information or proxy financial card identification information from the proxy financial card;

sending, by the point-of-sale terminal, financial transaction information to a trusted service manager, wherein the financial transaction information is associated with the financial transaction, and wherein the financial transaction information comprises the at least one of the user identification information or the proxy financial card identification information from the proxy financial card;

sending, by the trusted service manager, the financial transaction information to a service provider to access a database to determine a rule set associated with the at least one of the user identification information or the proxy financial card identification information, wherein the rule set defines one or more rules for selecting between a plurality of financial issuers;

receiving, by the trusted service manager, an indication of a financial issuer of the plurality of financial issuers selected based on the rule set from the service provider;

sending, by the trusted service manager, the financial transaction information to the selected financial issuer;

receiving, by the trusted service manager, authorization for the financial transaction from the financial issuer; and

sending, by the trusted service manager, the authorization to the point-of-sale terminal to complete the financial transaction.

12. The method of claim 11 wherein the financial transaction information comprises a location of origin of the financial transaction or a currency value of the financial transaction.

13. The method of claim 12 wherein the financial transaction comprises a purchase transaction for a good or a service, and wherein the financial transaction information further comprises an identifier of a class of the good or the service and the currency value comprises a price of the good or the service.

14. The method of claim 11 further comprising initiating the transaction by a portable electronic device associated with the proxy financial card.

15. The method of claim 14 wherein the portable electronic device comprises the proxy financial card, the proxy financial card associated with the plurality of financial issuers, and initiating further comprises presenting the proxy financial card to a reader at the point-of-sale terminal.

16. The method of claim 11 wherein the rule set comprises at least one rule defined by an individual user of the proxy financial card.

17. The method of claim 11 further comprising authenticating, by the service provider, the financial transaction, wherein the financial transaction is initiated by a portable electronic device associated with the proxy financial card and authenticating further comprises:

comparing, by the service provider, a location of the financial transaction and a location of the portable electronic device; and

denying authentication, by the service provider, if the location of the financial transaction is different than the location of the portable electronic device.

18. The method of claim 11 further comprising authenticating, by the service provider, the financial transaction, wherein authenticating further comprises comparing, by the service provider, a rotating personal identification number received from a portable electronic device associated with the proxy financial card with a rotating personal identification number value stored in the database, and wherein the rotating personal identification number value stored in the database was agreed upon in a previous transaction between the portable electronic device and a computer that accesses the database.

19. A system for completing an electronic financial transaction after a point-of-sale terminal initiates a payment request by sending financial transaction information, comprising:

a processor configured to execute a rule engine;

a database; and

a processor configured to execute an authentication engine;

wherein the rule engine is configured to;

receive financial transaction information, wherein the financial transaction information is associated with the electronic financial transaction, and wherein the financial transaction information comprises at least one of user identification information or proxy financial card identification information obtained from a proxy financial card;

access the database to determine a rule set associated with the at least one of the user identification information or the proxy financial card identification information, wherein the rule set includes at least one rule defined by an individual user of the proxy financial card, and wherein the rule set defines one or more rules for selecting between a plurality of financial issuers;

apply, the rule set to the financial transaction information; and

select, a financial issuer from the plurality of financial issuers based on applying the rule set; and

wherein the authentication engine is configured to;

receive information about the location of the point-of-sale terminal;

receive information about the location of a portable electronic device associated with the proxy financial card;

compare the location of the point-of-sale terminal to the location of the portable electronic device associated with the proxy financial card; and

provide authentication based on the comparison of locations to the financial issuer selected by the rule engine.

20. The system of claim 19 wherein the portable electronic device associated with the proxy financial card is configured to initiate the electronic financial transaction.