System for handling network transactions

• US 9,959,528 B2
• Filed: 04/22/2015
• Issued: 05/01/2018
• Est. Priority Date: 05/25/1999
• Status: Expired due to Term

• Current Assignee: Safepay Australia Pty. Limited
• Original Assignee: Safepay Australia Pty. Limited
• Inventors: O'Hara, John
• Primary Examiner(s): RUDY, ANDREW J
• Application Number:
  US14/693,677
• Publication Number:
  US 20150227895A1
• Time in Patent Office: 1,105 Days
• Field of Search: 705 261, 705 264, 705 30, 705 35, 705 39, 705 76
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• 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 20/401 Transaction verification
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method of securing a transaction that comprises a trust entity computer in communication with data storage, a first party and a second party over a network, and receiving a request from the first party to undertake a transaction with the second party. In addition, receives a first token, storing the first token in the data storage, receiving a second token from the second party, comparing the stored first token and the received second token, if the stored first token and the received second token are a match, enabling the transaction.

Claims

1. A method of securing an online transaction, comprising,

at a trust entity server in communication with a database, a funds provider, a buyer, and a seller over a network,

receiving a request from the buyer to purchase from the seller including a seller information and a cost of purchase;

sending a request to the funds provider for a credit check on the buyer, the seller information and a request to quarantine the cost of purchase amount from a buyer account,

wherein the buyer having established the buyer account with the fund provider, and

wherein the quarantine is a request that the cost not be used for anything else until the transaction is settled;

receiving a response to the credit check;

if the response to the credit check is positive,

generating a first token, including a date and time indicator;

storing the generated first token in a database;

sending the first token to the buyer;

receiving a second token from the seller;

comparing the stored first token and the received second token;

if the stored first token and the received second token are a match,

sending a message to the fund provider to release the cost of purchase amount from the buyer account the seller; and

disabling the first token from being used again.

2. The method of claim 1 wherein the token is a data string including a random number, country code of the transaction location, a card type identifier and the date and time.

3. The method of claim 1 further comprising,

requesting a commission from the funds provider after disabling the token.

4. The method of claim 1 further comprising,

generating and storing a first buyer identification;

sending the first buyer identification to the buyer with the token;

receiving both a second buyer identification from the seller with the second token; and

comparing the second buyer identification with the stored first buyer identification.

5. The method of claim 4 wherein the buyer identification is a password.

6. The method of claim 4 wherein the buyer identification is a pin number.

7. A system of securing an online transaction, comprising,

via a trust entity server in communication with a database, a funds provider, a buyer, and a seller over a network, the trust entity server configured to,

receive a request from the buyer to purchase from the seller including a seller information and a cost of purchase;

send a request to the funds provider for a credit check on the buyer, the seller information and a request to quarantine the cost of purchase amount from the buyer account,

wherein the buyer having established a buyer account with the fund provider;

receive a response to the credit check;

if the response to the credit check is positive,

generate a first token, including a date and time indicator;

store the generated first token in the database;

send the first token to the buyer;

receive a second token from the seller;

compare the stored first token and the received second token;

if the stored first token and the received second token are a match,

send a message to the fund provider to release the cost of purchase amount from the buyer account the seller; and

disable the token from being used again.

8. The system of claim 7 wherein the token is a data string including a random number, country code of the transaction location, a card type identifier and the date and time.

9. The system of claim 7 wherein the trust entity server is further configured to,

request a commission from the funds provider after disabling the token.

10. The system of claim 7 wherein the trust entity server is further configured to,

generate and storing a first buyer identification;

send the first buyer identification to the buyer with the token;

receive both a second buyer identification from the seller with the second token; and

compare the second buyer identification with the stored first buyer identification.

11. The system of claim 10 wherein the buyer identification is a password.

12. The system of claim 10 wherein the buyer identification is a pin number.

13. A method of securing an online transaction, comprising,

at a trust entity server in communication with a database, a buyer, and a seller over a network,

receiving a request from the buyer to purchase from the seller including the seller information and a cost of purchase;

wherein the buyer having established an account with the trust entity;

generating a first token, including a date and time indicator;

storing the generated first token in a database;

sending the first token to the buyer;

receiving a second token from the seller;

comparing the stored first token and the received second token;

if the stored first token and the received second token are a match,

releasing the cost of purchase amount from the buyer account the seller; and

disabling the token from being used again.

14. The method of claim 13 wherein the token is a data string including a random number, country code of the transaction location, a card type identifier and the date and time.

15. The method of claim 13 further comprising,

requesting a commission from the funds provider after disabling the token.

16. The method of claim 13 further comprising,

generating and storing a first buyer identification;

sending the first buyer identification to the buyer with the token;

receiving both a second buyer identification from the seller with the second token; and

comparing the second buyer identification with the stored first buyer identification.

17. The method of claim 16 wherein the buyer identification is a password.

18. The method of claim 16 wherein the buyer identification is a pin number.