Distributed authenticity verification for consumer payment transactions
OwnerSeth Priebatsch, Charles Carter Jerniganinventors
Life of this patent
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Abstract
Payment tokens designed for display on a consumer's mobile device include dynamic trust data (e.g., transaction history and/or token generation date) along with financial account information, enabling merchants to make an informed decision about whether to accept payment without communication with the central processing system, and also protecting the consumer's account information from theft.
Claims27
A method of processing a transaction among a consumer, a merchant point-of-sale system and a transaction-processing entity, the method comprising:
- generating a token encrypted with data identifying the consumer and trust data for the consumer and at least one individual with whom the consumer is associated;
- receiving and storing the token by a device of the consumer;
- reading and decrypting, by the merchant system, the token upon presentation thereof by the consumer's device in connection with the transaction;
- authorizing, by the merchant system, the transaction based on (i) successful decryption of the token and (ii) the trust level of the consumer and the at least one associated individual without communication with the transaction-processing entity;
- subsequent to authorization of the transaction by the merchant system, communicating, by the merchant to the transaction-processing entity, a record of the transaction and authorization thereof;
- and
- following the communication from the merchant system to the transaction-processing entity, completing the authorized transaction by causing funds to be transferred from the consumer's financial account to the merchant.
A system for processing a transaction among a consumer, a merchant and a transaction-processing entity, the system comprising:
- a token server for (i) generating a token encrypted with data identifying the consumer and trust data for the consumer and at least one individual with whom the consumer is associated, and (ii) communicating the token to a device of the consumer;
- a point-of-sale system for reading and decrypting the token upon presentation thereof by the consumer in connection with the transaction, the point-of-sale system being configured to authorize the transaction based on (i) successful decryption of the token and (ii) the trust level of the consumer and the at least one associated individual without communication with the transaction-processing entity;
- and
- a transaction-processing server configured to (i) receive, from the point-of-sale system subsequent to transaction authorization, a record of the transaction and authorization thereof, and (ii) cause completion of the authorized transaction by causing funds to be transferred from the consumer's financial account to the merchant.
23-24. (canceled)
Dependencies are inferred from the claim text.