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Processing of financial transactions using debit networks

  • US 9,846,866 B2
  • Filed: 02/22/2007
  • Issued: 12/19/2017
  • Est. Priority Date: 02/22/2007
  • Status: Expired due to Fees
First Claim
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1. A method of executing a financial transaction between a customer and a merchant, the method comprising:

  • receiving, by a merchant system comprising a merchant point-of-sale device, an identifier of a financial account from a radio frequency identification chip, wherein the radio frequency identification chip is affixed to a customer'"'"'s contactless presentation instrument;

    receiving, by the merchant system comprising the merchant point-of-sale device, a one-time password from the customer, wherein the customer is provided with the one-time password by a cellphone that loads and displays the one-time password to the customer, in order to conduct a financial transaction;

    generating, by the merchant system, a cryptogram comprising the identifier of the financial account encrypted using the one-time password;

    formulating, by the merchant system, an authorization request, the authorization request comprising the cryptogram and transaction information describing at least a portion of the financial transaction, wherein;

    the merchant system includes the merchant point-of-sale device; and

    within the authorization request, the identifier of the financial account is present as part of the cryptogram;

    transmitting, by the merchant system, the authorization request to an authorization processor for authorization of the financial transaction.

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