Authorization request for financial transactions
AssigneeAmerican Express Travel Related Services Company, Inc.
InventorsChanderpreet Singh Duggal, Kristin R. Hoyne Gomes, Peter Georger Harris, Meghan Mary Paciorek Kroneman
Life of this patent
Estimating the term…
Abstract
Embodiments of the present invention provide a method, system, and computer program product for authorizing a financial transaction. A financial institution can identify financial risk associated with the financial transaction based on product details. The product details are sent to the financial institution by a merchant along with the authorization request. The financial institution, then, notifies the merchant regarding authorization of the financial transaction based on the risk assessment. Finally, the merchant fulfills or terminates the financial transaction based on the notification received regarding authorization request.
Claims14
A method comprising:
- receiving, by a computer-based merchant system for evaluating financial risk and from a financial institution, a predefined list of products, wherein each of a plurality of products in the predefined list of products is ranked from a product associated with a greatest financial risk to a product associated with a least financial risk;
- identifying, by the computer-based merchant system and from a plurality of product orders, a product order associated with a greatest financial risk by comparing the plurality of product orders to the predefined list of products;
- transmitting, by the computer-based merchant system and from the plurality of product orders, an authorization request only for the product order associated with the greatest financial risk to the financial institution, wherein the product order includes at least one of:
- a unique product code and a quantity;
- and
- receiving, by the computer-based merchant system, an authorization decision from the financial institution that is based on an assessment of financial risk associated with the product order.
An article of manufacture that, in response to execution by a computer-based merchant system for evaluating financial risk, cause the computer-based merchant system to perform operations comprising:
- receiving, by the computer-based merchant system and from a financial institution, a predefined list of products, wherein each of a plurality of products in the predefined list of products is ranked from a product associated with a greatest financial risk to a product associated with a least financial risk;
- identifying, by the computer-based merchant system and from a plurality of product orders, a product order associated with a greatest financial risk by comparing the plurality of product orders to the predefined list of products;
- transmitting, by the computer-based merchant system and from the plurality of product orders, an authorization request only for the product order associated with the greatest financial risk to the financial institution, wherein the product order includes at least one of:
- a unique product code and a quantity;
- and
- receiving, by the computer-based merchant system, an authorization decision from the financial institution that is based on an assessment of financial risk associated with the product order.
A system comprising:
- a tangible, non-transitory memory communicating with a merchant processor for evaluating financial risk,
- the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the merchant processor, cause the merchant processor to perform operations comprising:
- receiving, by the merchant processor and from a financial institution, a predefined list of products, wherein each of a plurality of products in the predefined list of products is ranked from a product associated with a greatest financial risk to a product associated with a least financial risk;
- identifying, by merchant processor, and from a plurality of product orders, a product order associated with a greatest financial risk by comparing the plurality of product orders to the predefined list of products;
- transmitting, by the merchant processor and from the plurality of product orders, an authorization request only for the product order associated with the greatest financial risk to the financial institution, wherein the product order includes at least one of:
- a unique product code and a quantity;
- and
- receiving, by the merchant processor, an authorization decision from the financial institution that is based on an assessment of financial risk associated with the product order.
Dependencies are inferred from the claim text.