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Secure and efficient payment processing system

  • US 8,676,694 B2
  • Filed: 06/08/2010
  • Issued: 03/18/2014
  • Est. Priority Date: 10/01/1999
  • Status: Expired due to Term
First Claim
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1. A method of processing a transaction carried out over a network between a financial account holder and a participating entity, the method comprising:

  • (a) receiving a purchase request of a buyer from the participating entity indicating that the buyer desires to carry out a transaction with the participating entity, the transaction including the buyer purchasing one or more selected items;

    (b) authenticating the buyer as the financial account holder via a processor;

    (c) after successful authentication of the buyer, receiving transaction details from the participating entity, the transaction details including a cost for the selected items;

    (d) authorizing completion of the transaction with a remote funding source based on the received transaction details and establishing an authorization code therefor with the remote funding source, the authorization code uniquely identifying the transaction; and

    ,(e) communicating the authorization code for the transaction to the participating entity;

    wherein the method is performed by a third party different than the financial account holder and the participating entity.

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