Self-authenticating peer to peer transaction

• US 8,959,032 B2
• Filed: 01/31/2013
• Issued: 02/17/2015
• Est. Priority Date: 10/10/2012
• Status: Active Grant

• Current Assignee: Quisk, Inc.
• Original Assignee: Quisk, Inc.
• Inventors: Fernandes, Jorge M., Alshobaki, Ziad
• Primary Examiner(s): Niquette, Robert R
• Assistant Examiner(s): NGUYEN, LIZ P
• Application Number:
  US13/755,421
• Publication Number:
  US 20140101049A1
• Time in Patent Office: 747 Days
• Field of Search: 705/44
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/3227 using secure elements embedded in M-devices
• 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 20/42 Confirmation, e.g. check or permission by the legal debtor of payment

Abstract

A system and method of transaction processing is provided. The system includes a central server, which, after receiving transaction and recipient information from an initiator, sends a verification code to the initiator. The server also sends instructions for the initiator to send the code to a recipient via an outside communication channel. The server receives the verification code from the recipient, and verifies the transaction. In this manner, security may be maintained.

Claims

1. A computer-implemented method for a peer to peer transaction between an initiator and a recipient, comprising:

receiving, at a server device from an initiator mobile device, a first message having transaction information and recipient information, wherein the recipient information identifies the recipient;

identifying, from caller identification information associated with the initiator mobile device, an initiator account, wherein an account number of the initiator account corresponds to a mobile telephone number of the initiator mobile device;

sending, by the server device to the initiator mobile device, a first validation code and instructions for sending the first validation code to the recipient;

before the step of sending the first validation code;

sending, from the server device, a second message to the initiator mobile device, wherein the second message includes a prompt for verification information, and wherein the first and second messages are separate and distinct communications;

receiving, at the server device from the initiator mobile device, the verification information; and

confirming accuracy of the verification information;

receiving, at the server device from the recipient via a recipient device and a private communication channel, the first validation code;

validating, by the server device, the first validation code; and

after the validating step, processing, by the server device, the transaction between the initiator and the recipient.

2. The computer-implemented method of claim 1, wherein the step of sending the prompt for the verification information, comprises one of sending a text message, sending a data message or generating a phone call.

3. The computer-implemented method of claim 1, wherein the verification information comprises a personal identification number.

4. The computer-implemented method of claim 1, wherein the verification information comprises a photograph of the initiator or a photograph of identifying documents belonging to the initiator.

5. The computer-implemented method of claim 1 further comprising, after the step of confirming the accuracy of the verification information, creating a recipient account.

6. The computer-implemented method of claim 1 further comprising, before the step of validating the first validation code:

sending, by the server device to the recipient via the private communication channel, a second validation code;

receiving, at the server device from the recipient via the private communication channel, the second validation code; and

before the step of processing the transaction, validating, by the server device, the second validation code.

7. The computer-implemented method of claim 6, wherein the second validation code comprises one of a pseudorandom code or the transaction amount.

8. The computer-implemented method of claim 1 further comprising, before the step of processing the transaction, delaying the transaction processing for a period of time.

9. The computer-implemented method of claim 8, wherein the period of time is between 30 seconds and 5 minutes.

10. The computer-implemented method of claim 1, wherein the first validation code comprises a pseudorandom code.

11. The computer-implemented method of claim 1, wherein the transaction information includes an initiating transaction code identifying the transaction as a peer-to-peer transfer.

12. The computer-implemented method of claim 1, wherein the transaction information and the recipient information is in the form of a text message or a data message.

13. The computer-implemented method of claim 1, wherein the private communication channel comprises a recipient mobile phone, and wherein the recipient information comprises a recipient mobile phone number, and wherein the recipient mobile phone number corresponds to a recipient account number.

14. The computer-implemented method of claim 1, wherein the recipient information comprises an account number and a routing number.

15. The computer-implemented method of claim 1, wherein the transaction information includes the transaction amount.

16. The computer-implemented method of claim 1, further comprising, after the step of processing the transaction,

sending, by the server device to the initiator device and the recipient, confirmation that the transaction has occurred.

17. The computer-implemented method of claim 1, wherein only the server device, the initiator mobile device, or the recipient are required to perform a verification or validation function.

18. A non-transitory machine-readable medium including instructions executable by the machine for performing a peer-to-peer transaction between an initiator and a recipient, the instructions causing the machine to:

accept receipt, from an initiator mobile device, of a first message having transaction information and recipient information, wherein the recipient information identifies the recipient;

identify, from caller identification information associated with the initiator mobile device, an initiator account, wherein an account number of the initiator account corresponds to a mobile telephone number of the initiator mobile device;

send to the initiator mobile device a first validation code and instructions for sending the first validation code to the recipient;

before sending to the initiator mobile device the first validation code;

send to the initiator mobile device a second message having a prompt for verification information, wherein the second message includes a prompt for verification information, and wherein the first and second messages are separate and distinct communications;

accept receipt from the initiator mobile device of the verification information; and

confirm accuracy of the verification information;

accept receipt, from the recipient via a recipient device and a private communication channel, the first validation code;

validate the first validation code; and

after the validate step, process the transaction between the initiator and the recipient.

19. The non-transitory machine-readable medium of claim 18 further comprising instructions causing the machine, before validating the first validation code, to:

send to the recipient via the private communication channel a second validation code;

accept receipt from the recipient via the private communication channel the second validation code; and

before processing the transaction, validate the second validation code.

20. The non-transitory machine-readable medium of claim 18, further comprising instructions causing the machine, after processing the transaction, to send to the initiator mobile device and the recipient confirmation that the transaction has occurred.