System and method for performing an electronic financial transaction

  • US 6,098,053 A
  • Filed: 01/26/1999
  • Issued: 08/01/2000
  • Est. Priority Date: 01/28/1998
  • Status: Expired due to Term
First Claim
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1. A method of performing a financial transaction between a purchaser and a merchant, comprising:

  • under control of a service provider having a direct connection to an on-line ATM/POS transaction system,receiving via a first public access network an electronic financial transaction instruction initiated by the purchaser to make a purchase over the first public access network from the merchant, the financial transaction instruction comprising encrypted card information, encrypted security information and transaction amount information each suitable for use in an on-line ATM/POS transaction, wherein the card information and security information are encrypted according to ATM/POS transaction system standards, the card information including card number data and the security information including personal identification number data;

    retrieving the card number data from the financial transaction instruction, wherein the card number data is associated with a checking or savings account in purchaser'"'"'s bank for funding the financial transaction;

    retrieving the personal identification number data, wherein the personal identification number data is associated with the card number data to identify the purchaser and authorize use of the card number data; and

    retrieving the transaction amount information;

    generating a transaction request in a format for processing in the on-line ATM/POS transaction system using the card information, the security information and the transaction amount information; and

    forwarding the transaction request via the on-line ATM/POS transaction system to the purchaser'"'"'s bank for authorization of the financial transaction between the purchaser and the merchant.

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