Systems, methods and apparatuses for secure digital transactions

• US 9,129,284 B2
• Filed: 09/06/2007
• Issued: 09/08/2015
• Est. Priority Date: 09/06/2007
• Status: Active Grant

• Current Assignee: TBOL Incorporated
• Original Assignee: Shaunt Mark Sarkissian, Vahe Andre Sarkissian
• Inventors: Sarkissian, Shaunt Mark, Sarkissian, Vahe Andre
• Primary Examiner(s): Reagan, James A
• Application Number:
  US11/851,248
• Publication Number:
  US 20090070271A1
• Time in Patent Office: 2,924 Days
• Field of Search: 705/75
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/38215 Use of certificates or encrypted proofs of transaction rights
• 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 20/4037 Remote solvency checks

Abstract

A method for authorizing recurring transaction according to one embodiment includes receiving a defined payment amount associated with a user or entity. Additionally, the method includes receiving a first code associated with a first predetermined currency value, where the first code is also associated with the user or entity. Furthermore, the method includes verifying an availability of funds to pay the defined payment amount and authorizing payment of the defined payment amount if funds are available to pay the defined payment amount. Further still, the method includes generating a new code associated with a new predetermined currency value, and sending the new code to a sender of the defined payment amount.

Claims

1. A method for generating a code representative of a currency value, the method comprising:

generating a first code using a processor, the first code comprising a first number of characters;

combining, by the processor, a security code comprising a second number of characters with the first code to create a composite code, the composite code comprising a third number of characters, wherein combining the security code with the first code includes inserting the security code between ends of the first code such that at least one character of the first code is positioned on each end of the composite code to mask the location of the security code;

associating, by the processor, the composite code with the currency value;

replacing, by the processor, at least one character associated with the first code in the composite code with at least one notation character to define a modified composite code, wherein the notation character specifies a financial transaction associated with the composite code; and

storing the modified composite code comprising the at least one notation character on a non-transitory computer readable storage medium.

2. The method as recited in claim 1, further comprising transmitting a portion of the composite code to at least one client, the portion of the composite code not including the security code;

receiving the composite code from a vendor during a monetary transaction; and

receiving verification of an availability of a fund amount associated with the composite code sufficient for the monetary transaction.

3. The method as recited in claim 1, further comprising transmitting, independently of the composite code, the security code to at least one client.

4. The method as recited in claim 1, wherein the security code is a user-selected code.

5. The method as recited in claim 1, further comprising generating the security code.

6. The method as recited in claim 1, wherein combining the security code with the first code includes inserting portions of the security code in a non-consecutive string in the composite code.

7. The method as recited in claim 1, further comprising receiving a user-selected position of the security code in the composite code and inserting the security code in the user-selected position.

8. The method as recited in claim 1, further comprising receiving a definition of the currency value as a maximum value that can be associated with the composite code for a remaining life of the composite code.

9. The method as recited in claim 1, the composite code further comprising generating a plurality of composite codes being usable in monetary transactions, associating each composite code with a unique currency value, outputting the currency values associated with the composite codes to a display device along with at least the first codes of the respective composite codes;

receiving user selection of at least one of the first codes; and

initiating a transaction using the composite code associated with the user-selected at least one of the first codes for payment.

10. The method as recited in claim 1, wherein the notation character specifies use for a recurring payment.

11. The method as recited in claim 1, wherein the notation character specifies use for transactions of limited amounts of money.

12. The method as recited in claim 1, wherein the notation character contains unique identifying characteristics.

13. The method as recited in claim 1, wherein the notation character or a second notation character indicates a maximum value that can be associated with the composite code.

14. The method as recited in claim 1, wherein the composite code expires upon some event, and further comprising permanently retiring the composite code upon expiration thereof.

15. The method as recited in claim 1, wherein the composite code expires upon some event, wherein the composite code is not, reused after expiration thereof until a predetermined amount of time has elapsed after expiration thereof.

16. The method as recited in claim 1, wherein the composite code expires upon some event, wherein the composite code is not reused after expiration thereof until an authorizing entity revives the composite code.

17. The method as recited in claim 1, wherein the composite code has less than 100 characters.

18. The method as recited in claim 1, wherein the composite code has less than 50 characters.

19. The method as recited in claim 1, wherein the composite code is usable more than once, wherein the currency value associated with the composite code changes upon each use.

20. The method as recited in claim 1, wherein the currency value is a reducing currency value.

21. The method as recited in claim 1, further comprising receiving the composite code as part of a financial transaction for a payment amount, verifying an availability of funds to pay the payment amount, and authorizing payment of the payment amount if funds are available to pay the payment amount.

22. The method as recited in claim 1, further comprising receiving the composite code as part of a financial transaction, and determining whether the composite code with the notation is valid for the financial transaction based on the notation.

23. A computer program product comprising a computer useable medium having a computer readable program stored thereon, wherein the computer readable program when executed on a computer causes the computer to execute the method of claim 1.

24. A system, comprising:

a processor coupled to a non-transitory memory, the memory storing machine executable instructions that when executed by the processor, cause the processor to;

generate a first code using a processor, the first code comprising a first number of characters;

combine a security code comprising a second number of characters with the first code to create a composite code, the composite code comprising a third number of characters, wherein the security code is inserted between the ends of the first code such that the composite code comprises at least one character of the first code at each end and to mask the security code in transit;

associate the composite code with the currency value;

replace at least one character associated with the first code in the composite code with at least one notation character to define a modified composite code, wherein the at least one notation character specifies a financial transaction associated with the composite code; and

store the modified composite code comprising the at least one notation character on a non-transitory computer readable storage medium.

25. A method for generating a code associated with a currency value, the method comprising:

receiving a request from a user device for a code corresponding to a currency value;

generating a first code, the first code comprising a first number of characters;

embedding a security code comprising a second number of characters in the first code to create a larger composite code, the composite code comprising a third number of characters, wherein embedding the security code with the first code comprises inserting the security code between ends of the first code such that at least one character of the first code is positioned on each end of the composite code to mask the location of the security code;

associating the composite code with the currency value;

sending the first code to the user device with the security code omitted to render the composite code unusable in an idle state except when combined with the security code; and

receiving a selection of the security code from the user device to complete the composite code.

26. The method as recited in claim 25, further comprising sending the first code to the user in a packet requiring unique authorization data to access the first code.

27. The method as recited in claim 25, wherein the first code is unusable to conduct a monetary transaction in any form except when combined with the security code to form the composite code.

28. The method as recited in claim 25, wherein the security code is a user-selected code.

29. The method as recited in claim 25, wherein the security code is not user-selected.

30. The method as recited in claim 25, further comprising receiving an activation notice from the user device, and indicating that the composite code is available for use.

31. The method as recited in claim 25, further comprising determining whether funds pertaining to the user and at least matching the currency value are available, wherein at least:

one of the steps of the method is performed by a processor.

32. A computer program product comprising a computer useable medium having a computer readable program stored thereon, wherein the computer readable program when executed on a computer causes the computer to execute the method of claim 25.

33. A system, comprising:

a processor coupled to a non-transitory memory, the memory storing machine executable instructions that when executed by the processor, cause the processor to;

receive a request from a user device for a code corresponding to a currency value;

generate a first code, the first code comprising a first number of characters;

embed a security code comprising a second number of characters in the first code to create a larger composite code, the composite code comprising a third number of characters, wherein embedding the security code with the first code comprises inserting the security code between end of the first code such that at least one character of the first code is positioned on each end of the composite code to mask the location of the security code;

associate the composite code with the currency value;

send the first code to the user device with the security code omitted to render the composite code unusable in an idle state except when combined with the security code; and

receive a selection of the security code from the user device to complete the composite code.