System, method and computer program product for authorizing transactions using enhanced authorization data

A system for authorizing a financial transaction comprising:

• a processor;
• and
• a memory in communication with the processor, wherein the memory stores a plurality of processing instructions for directing the processor to:
• receive, from a device associated with a merchant, a request for authorization to accept a transaction instrument as payment for a purchase, the request including enhanced authorization data;
• make an authorization decision for the request based, at least in part, upon the enhanced authorization data;
• and
• send the authorization decision to the device.

A computer program product comprising a computer usable medium having control logic stored therein for causing a computer to associate a reference magnetic signature with a transaction instrument, said control logic comprising:

• first computer readable program code means for causing the computer to receive, from a device associated with a merchant, a request for authorization to accept a transaction instrument as payment for a purchase, the request including enhanced authorization data;
• second computer readable program code means for causing the computer to make an authorization decision for the request based, at least in part, upon the enhanced authorization data;
• and
• third computer readable program code means for causing the computer to send the authorization decision to the device.