Methods and systems for creating and controlling use of transaction keys
AssigneeVaiu Global, Inc.
InventorReza Jalili
Life of this patent
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Abstract
Creating and controlling a transaction key are provided. Initially, an authorization code is received at a server. This authorization code corresponds to a subsequent transaction that will be performed. Thereafter, a set of parameters are also received at the server. These parameters outline certain requirements that must be met by a requesting device in order to trigger or permit the execution of the transaction. In this manner, both the authorization code and the parameters act as safeguards in controlling which entities are permitted to participate in the transaction.
Claims20
A method for controlling creation and execution of a withdrawal transaction from a financial account through use of transaction keys to implement safeguards on the withdrawal transaction between a first user utilizing a first user device and a second user using a second user device comprising:
- initiating by the first user device through a public network a creation process operating on a first computer system interfacing with a data store on a private network associated with a server computer system;
- wherein the creation process defines terms of a withdrawal transaction including a withdrawal amount to be dispensed from a financial account associated with the first user;
- identifying by the first user device in a transaction key generation process operating on the first computer system an authorization code uniquely associated with the withdrawal transaction and the first user device;
- identifying by the first user device a set of one or more parameters associated with execution of the withdrawal transaction, the authorization code and the set of one or more parameters comprising the transaction key;
- transmitting the authorization code and set of parameters to the data store for storage in a stored authorization record associated with the withdrawal transaction;
- withdrawing, by operation of the first computer system, the withdrawal amount from the financial account and associating the withdrawn amount with the stored authorization record by storing the withdrawn amount in association with the stored authorization record in the data store;
- wherein execution of the withdrawal transaction is performed by a third computer system residing on the private network and inaccessible to the first computer system;
- sharing the authorization code with the second user device outside of the first and second computer systems;
- receiving, at a second computer system independent of the first computer system, a transaction request from the second user device including the authorization code and attributes corresponding to the set of one or more parameters;
- comparing the authorization code and attributes to the stored authorization record;
- and
- upon determining that the authorization code and attributes satisfy the set of one or more parameters stored in the stored authorization record, generating authorization for execution of the withdrawal transaction by the third computer system, wherein the third computer system causes dispensing of funds corresponding to the withdrawn amount.
A method for controlling creation and execution of a deposit transaction between a first user and a second user using transaction keys to implement safeguards comprising:
- initiating by a first user device through a public network a creation process operating on a first computer system interfacing with a data store on a private network associated with a server computer system;
- defining, by the creation process, terms of a deposit transaction including a transfer amount to be credited to a recipient financial account;
- identifying an authorization code uniquely associated with the deposit transaction and the first user device;
- identifying a set of one or more parameters required for execution of the deposit transaction, the authorization code and the set of one or more parameters comprising a transaction key;
- transmitting the authorization code and parameters to the data store for storage in a stored authorization record associated with the deposit transaction;
- deducting, by operation of the first computer system, the transfer amount from a source financial account associated with the first user and associating the deducted transfer amount with the stored authorization record by storing the deducted transfer amount in association with the stored authorization record in the data store independent of the source financial account;
- wherein execution of the deposit transaction is performed by a third computer system residing on the private network and isolated from the first computer system;
- receiving, by a second computer system interfacing with a second user device, a transaction request including the authorization code and attributes corresponding to the set of one or more parameters;
- comparing the authorization code and attributes to the stored authorization record;
- and
- upon determining satisfaction of the set of one or more parameters stored in the stored authorization record, generating authorization for execution of the deposit transaction by the third computer system, wherein the third computer system credits the transfer amount to the recipient financial account.
Dependencies are inferred from the claim text.