Tokenless electronic transaction system

  • US 6,366,682 B1
  • Filed: 10/30/1998
  • Issued: 04/02/2002
  • Est. Priority Date: 11/28/1994
  • Status: Expired due to Term
First Claim
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1. A method for tokenless authorization of commercial transactions between a buyer and a seller using a computer system, the method comprising the steps of:

  • a. a buyer registration step, wherein the buyer registers with the computer system a PIN, at least one registration biometric sample, and at least one buyer financial account;

    b. a seller registration step, wherein the seller registers with the computer system at least one seller financial account;

    c. a proposal step, wherein the seller offers a proposed commercial transaction to the buyer, the proposed commercial transaction comprising price information;

    d. an acceptance step, wherein the buyer signals acceptance of the seller'"'"'s proposed commercial transaction by adding to the proposed commercial transaction the buyer'"'"'s personal authentication information comprising a PIN and at least one bid biometric sample, wherein the bid biometric sample is obtained from the buyer'"'"'s person;

    e. a transmission step, wherein the bid biometric sample and PIN are forwarded to the computer system;

    f. a buyer identification step, wherein the computer system compares the bid biometric sample with registration biometric samples for producing either a successful or failed identification of the buyer;

    g. a payment step, wherein upon determination of sufficient resources, a financial account of the buyer is debited and a financial account of the seller is credited, wherein a commercial transaction is conducted without the buyer having to use any portable man-made memory devices such as smartcards or swipe cards.

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