Systems and methods for completing a financial transaction
OwnerMichel Trianainventor
Life of this patent
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Abstract
One example embodiment includes a method for increasing payment security during a financial transaction. The method includes identifying the buyer, where identifying the buyer includes confirming the buyer's identity, and issuing a one-time payment code to the buyer. The method also includes receiving the one-time payment code from a seller and authorizing payment to the seller.
Claims20
A method for facilitating a financial transaction without any exchange of payment information or money tender details between a buyer and a seller, the method comprising:
- identifying the buyer, wherein identifying the buyer includes confirming the buyer's identity;
- issuing a one-time payment code to the buyer;
- receiving the one-time payment code from a seller, wherein the one-time payment code has been transferred from the buyer to the seller;
- and
- authorizing payment to the seller.
A system for facilitating a financial transaction without any exchange of payment information or money tender details between a buyer and a seller, the system comprising:
- a first hub, wherein the hub is configured to identify the buyer;
- a code generator, wherein the code generator authorizes the payment and issues a one-time payment code to the first hub;
- a second hub, wherein the second hub accepts the one-time payment code from the first hub;
- and
- a payment engine, wherein the payment engine verifies the one-time payment code and authorizes payment.
The system of claim 0, wherein the shared buyer hub is located at the seller's place of business.
A method for facilitating a financial transaction without any exchange of payment information or money tender details between a buyer and a seller:
- confirming the identity of the buyer;
- determining whether the buyer has sufficient funds in a buyer account to cover the purchase amount;
- issuing a one-time payment code to the buyer if the buyer has sufficient funds;
- transferring the one-time payment code to the seller;
- confirming the authenticity of the one-time payment code, wherein confirming the authenticity of the one-time payment code includes:
- determining whether the one-time payment code is a validly issued one-time payment code;
- and
- determining whether the one-time payment code has expired;
- and
- transferring payment to the seller, wherein transferring funds to the seller includes:
- crediting the purchase amount to the seller;
- and
- debiting the purchase amount from the buyer.
The method of claim 16, wherein the buyer account includes one of :
- a savings account;
- a credit card;
- a debit account;
- a line of credit;
- or
- a checking account.
Dependencies are inferred from the claim text.