Processing of financial transactions using debit networks
First Claim
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.
8 Assignments
0 Petitions
Accused Products
Abstract
Methods and systems are disclosed for executing financial transactions between customers and merchants. An identifier of a financial account is received from the customer at a merchant system. A one-time password is also received from the customer at the merchant system, with the customer having been provided with the one-time password by a mobile electronic device or contactless presentation instrument. A cryptogram is generated to include the identifier of the financial account encrypted using the one-time password. An authorization request is formulated at the merchant system. The authorization request includes the cryptogram and transaction information describing at least a portion of the financial transaction. The authorization request is transmitted from the merchant system to an authorization processor for authorization of the financial transaction.
-
Citations
22 Claims
-
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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
-
-
11. A non-transitory computer-readable storage medium having a computer-readable program embodied therein for directing operation of a computer system, wherein the computer-readable program comprises instructions, which when executed cause the computer system to:
-
receive an identifier of a financial account from the customer at a point-of-sale device to conduct a debit or credit transaction, wherein the point-of-sale device is part of the merchant system, the identifier is stored on a contactless presentation instrument and the identifier is transmitted to the point-of-sale device by a radio frequency identification chip fixed to the contactless presentation instrument; receive a one-time password from the customer at the point-of-sale device, wherein the customer is provided with the one-time password by a cellphone; generate a cryptogram comprising the identifier of the financial account encrypted using the one-time password; formulate an authorization request at the merchant system, the authorization request comprising the cryptogram and transaction information describing at least a portion of the financial transaction, wherein within the authorization request, the identifier of the financial account is present as part of the cryptogram; and transmit the authorization request from the merchant system to an authorization processor for authorization of the financial transaction. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
-
Specification