Post-Authorization Message For A Financial Transaction

• US 20100257096A1
• Filed: 04/01/2009
• Published: 10/07/2010
• Est. Priority Date: 04/01/2009
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Gomes, Kristin R. Hoyne, Harris, Peter Georger, Duggal, Chanderpreet Singh
• Granted Patent: US 8,214,292 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/40 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

Abstract

Embodiments of the present invention provide a method and system for enabling a financial institution to communicate with a merchant regarding post-authorization processing of a financial transaction. The merchant assesses feasibility of the financial transaction after receiving an authorization from the financial institution for the financial transaction and accordingly processes the financial transaction based on the feasibility assessment. The processing of the financial transaction may either result in fulfillment or non-fulfillment of the financial transaction depending on the feasibility assessment. Finally, the merchant provides the financial institution details related to the processing of the financial institution in real-time following the authorization.

Claims

1. A method for sending an electronic post-authorization message associated with a financial transaction for a purchase order in real-time to a financial institution by a merchant, the method comprising:

(a) electronically receiving an authorization for the financial transaction from the financial institution through a communication channel associated with a computer-based authorization system;

(b) assessing feasibility of the financial transaction, wherein the feasibility assessment is performed by the merchant;

(c) processing the financial transaction based on the feasibility assessment; and

(d) electronically providing the financial institution with the electronic post-authorization message, the electronic post-authorization message comprising details related to the processing of the financial transaction including information related to the feasibility assessment through the communication channel associated with the computer-based authorization system.

2. The method according to claim 1, wherein the feasibility assessment comprises assessing financial risk in executing the financial transaction.

3. The method according to claim 1, wherein the feasibility assessment is performed based on consumer history and prior experience with the merchant.

4. The method according to claim 1, wherein the post-authorization message is sent to notify the financial institution regarding non-fulfillment of the financial transaction.

5. The method according to claim 1, wherein the post-authorization message is sent to notify the financial institution regarding fulfillment of the financial transaction.

6. The method according to claim 1, wherein providing the financial institution with the electronic post-authorization method includes providing the financial institution with the electronic post-authorization method immediately after the financial transaction is processed.

7. The method according to claim 1, wherein providing the financial institution with the electronic post-authorization method comprises:

accumulating electronic post-authorization messages from a plurality of financial transactions; and

providing the accumulated electronic post-authorization messages to the financial institution in a batch file.

8. A system to enable a financial institution to communicate with a merchant regarding processing of a financial transaction, the system comprising:

(a) an authorization module configured to authorize a merchant to process the financial transaction by sending an electronic authorization to the merchant through a communication channel;

(b) a receiving module configured to receive an electronic post-authorization message from the merchant, the post-authorization message comprising details related to the processing of the financial transaction including information related to a feasibility assessment of the financial transaction, wherein the electronic post-authorization message is received by the financial institution through the communication channel; and

(c) a storage module configured to store details related to the processing of the financial transaction including the information related to the feasibility assessment of the financial transaction.

9. The system according to claim 8, further comprising an analysis module, the analysis module configured to analyze the details related to the processing of the financial transaction based on the feasibility assessment.

10. The system according to claim 8, wherein the information related to the feasibility assessment of the financial transaction indicates non-fulfillment of the financial transaction.

11. The system according to claim 8, wherein the information related to the feasibility assessment of the financial transaction indicates fulfillment of the financial transaction.

12. The system according to claim 8, wherein the receiving module is further configured to receive the electronic post-authorization message from the merchant in real time.

13. The system according to claim 8, wherein the receiving module is further configured to receive the electronic post-authorization message from the merchant in a batch file, the batch file including electronic post-authorization messages from a plurality of financial transactions of the merchant.

14. A computer program product for use with a computer, the computer program product comprising a computer readable storage medium having a control logic stored therein for causing the computer to enable communication regarding processing of a financial transaction, the communication being enabled between a financial institution and a merchant, the control logic comprising:

(a) first computer readable program code that causes the computer to receive a post-authorization message from the merchant, the post-authorization message comprising details related to the processing of the financial transaction including information related to feasibility assessment of the financial transaction;

(b) second computer readable program code that causes the computer to confirm a risk associated with the financial transaction based on the details related to the processing of the financial transaction; and

(c) third computer readable program code that causes the computer to store the details related to the processing of the financial transaction including the information related to the feasibility assessment.

15. The computer program product according to claim 14, wherein the information related to the feasibility assessment of the financial transaction indicates non-fulfillment of the financial transaction.

16. The computer program product according to claim 14, wherein the information related to the feasibility assessment of the financial transaction indicates fulfillment of the financial transaction.

17. The computer program product according to claim 14, further comprising fourth computer readable program code that causes the computer to update the details related to the financial transaction in a database, wherein the database is maintained by the financial institution.

18. The computer program product according to claim 14, wherein the first computer readable program code causes the computer to receive the post-authorization message from the merchant in real time.

19. The computer program product according to claim 14, wherein the first computer readable program code causes the computer to receive the post-authorization message from the merchant in a batch file, the batch file including electronic post-authorization messages from a plurality of financial transactions of the merchant.