Secure and efficient payment processing system

• US 9,430,769 B2
• Filed: 10/15/2008
• Issued: 08/30/2016
• Est. Priority Date: 10/01/1999
• Status: Expired due to Term

• Current Assignee: CardinalCommerce Corporation (Visa, Inc.)
• Original Assignee: CardinalCommerce Corporation (Visa, Inc.)
• Inventors: Keresman, Michael A. III, Balasubramanian, Chandra S., Sherwin, Francis M.
• Primary Examiner(s): Akintola, Olabode
• Application Number:
  US12/251,853
• Publication Number:
  US 20090119205A1
• Time in Patent Office: 2,876 Days
• Field of Search: None
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/385 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 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 20/409 Device specific authentication in transaction processing
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A method is provided for carrying out commercial transactions. The method includes the steps of: establishing a transaction processing system on an electronic communications network; establishing an account within the transaction processing system for a corresponding account holder; obtaining from the account holder a session description of acceptable future commercial transactions related to the account; administering commercial transactions carried out via the transaction processing system; and, verifying that administered commercial transactions related to the account meet one or more of the session description.

Claims

1. A method for carrying out commercial transactions, said method comprising the steps of:

(a) establishing a transaction processing system on an electronic communications network;

(b) establishing an account within the transaction processing system for a corresponding account holder;

(c) obtaining from the account holder a definition of a session, the definition describing a plurality of future commercial transactions related to the account to be collectively authenticated; and

,

(d) administering commercial transactions carried out via the transaction processing system, the administering including;

(i) authenticating account holders performing the commercial transactions using an authentication process;

(ii) determining whether commercial transactions related to the account are part of the session using the definition;

(iii) in response to determining a commercial transaction is part of the session, bypassing the authentication process for the commercial transaction;

(iv) authenticating the account holder for the session using the authentication process, wherein the authentication for the session is performed once.

2. The method of claim 1 wherein the administering further includes:

(v) authorizing the commercial transactions after authentication.

3. The method of claim 2 wherein the commercial transactions are authorized with a funding source.

4. The method of claim 2 wherein the administering further includes:

(vi) settling authorized commercial transactions.

5. The method of claim 4 wherein the authorized commercial transactions are settlement with a funding source.

7. The method of claim 1, wherein the administering includes:

(v) authenticating the account holder using the authentication process while administering a first commercial transaction of the session; and

(vi) bypassing the authentication process for a second commercial transaction of the session while administering the second commercial transaction, wherein the second commercial transaction is administered subsequent to the first commercial transaction.

8. The method of claim 1, wherein the commercial transactions are administered after obtaining the definition from the account holder.

9. The method of claim 1, wherein the administering further includes:

receiving a buyer'"'"'s purchase request from a merchant indicating that the buyer desires to carry out a commercial transaction with the merchant, the commercial transaction being one of the future commercial transactions;

authenticating the buyer as the account holder in response to receiving the buyer'"'"'s purchase request;

receiving transaction details from the merchant after authenticating the buyer, said transaction details including a cost for the selected items; and

,

authorizing completion of the transaction based on the transaction details.

10. The method of claim 1 wherein the session is defined as one or more of (a) a predetermined number of future commercial transactions, (b) an accumulated dollar amount for the session, and (c) a time window.

11. The method of claim 1 wherein the session is defined as a predetermined number of future commercial transactions occurring at a particular merchant.

12. The method of claim 1 wherein the session is defined as a predetermined number of future commercial transactions occurring at a particular URL.

13. The method of claim 1 wherein the session is defined by at least one threshold parameter.

14. The method of claim 13 wherein the at least one threshold parameter includes one or more of time, number of transactions, accumulated monetary amount, merchant, and URL.

6. A transaction processing system comprising:

a server operative to;

establish an account for a corresponding account holder;

receive from the account holder a definition of a session, the definition describing a plurality of future commercial transactions belonging to the session; and

administer commercial transactions after receiving the definition from the account holder by;

authenticating account holders performing the commercial transactions using an authentication process;

determining whether commercial transactions related to the account are part of the session using the definition;

collectively authenticating commercial transactions belonging to the session using the authentication process and by authenticating the account holder only once for all commercial transactions belonging to the session;

in response to determining a commercial transaction is part of the session and the commercial transactions belonging to the session being collectively authenticated, bypassing the authentication process for the commercial transaction;

at least one database in communication with the server for storing data relating to the commercial transactions.

15. The system of claim 6, wherein the administering includes collectively authenticating commercial transactions belonging to the session using the authentication process and by authenticating the account holder only once for all commercial transactions belonging to the session.

16. The system of claim 6, wherein the session is defined as one or more of (a) a predetermined number of future commercial transactions, (b) an accumulated dollar amount for the session, and (c) a time window.

17. The system of claim 6, wherein the session is defined as a predetermined number of future commercial transactions occurring at a particular merchant.

18. The system of claim 6, wherein the session is defined as a predetermined number of future commercial transactions occurring at a particular URL.

19. The system of claim 6, wherein the commercial transactions are further administered by:

receiving a buyer'"'"'s purchase request from a merchant indicating that the buyer desires to carry out a commercial transaction with the merchant, the commercial transaction being one of the future commercial transactions;

authenticating the buyer as the account holder in response to receiving the buyer'"'"'s purchase request;

receiving transaction details from the merchant after authenticating the buyer, said transaction details including a cost for the selected items; and

,

authorizing completion of the transaction based on the transaction details.