Dual/multiple pin payment account

#The present invention relates generally to a transaction processing system for controlling the transfer of funds to or from an account. More particularly, but not exclusively, it relates to a transaction processing system for controlling the transfer of funds to or from an account which has an associated User Identification Metric (UIM) which enables the account holder to securely provide a second person with access to the account.

#Many situations arise both in commercial and domestic environments where an account holder requires or desires a second person to make a payment on their behalf or simply to have the ability to make payments from their account whilst at the same time maintaining control over the payments which the second person makes. Examples where such a provision of access may be desired include where the account holder is an employer wishing to allow an employee to make payments using a company account, and where the account holder is a person wishing to allow a dependent to make payments using their account. Many more scenarios exist where such a need arises.

#Some account providers currently offer a service which enables an account holder to delegate access to their bank account to a second person giving the second person the right to operate their account. However, such services tend to be aimed at individuals who, for whatever reason, are unable to manage their own accounts as such a delegation gives the second person unrestricted access and therefore the account holder must trust the second person not to abuse their position.

#FIG. 1a is an operating model of a known four-party payment system which depicts the parties involved and their interactions with one another.

#FIG. 1b is a flow diagram illustrating the processes which occur when a successful transaction is made across a known four-party payment system.

#FIG. 2 is an exemplary flow diagram representing the stages in a known EMV™ transaction.

#At the centre of most modern day monetary transactions is what is known as a payment processing network. An example of such a network is the MasterCard™ operated Banknet™, one of the world's largest global telecommunications networks which links all MasterCard™ members and MasterCard™ data processing centres into a single financial network. Banknet™ facilitates the routing of transactions for authorization from almost anywhere in the world. Typically, payment networks such as Banknet™ comply with standards specifications which define the interchange message specifications for the exchange of electronic transactions made by cardholders using payment cards. ISO 8583—Financial transaction card originated messages—is one such standard.

#Such payment networks form an integral part of what is commonly known as a “four-party” or “open loop” payment system because transfers via the system may occur between two financial institutions (serving respective customers) that do not have a contractual relationship with each other but rather are members of the system. The four parties are: an account holder or a representative of an account holder; a merchant; an issuing financial institution; and an acquiring financial institution.

#The account holder is a customer of the issuing financial institution who is typically provided with a payment device by said financial institution, commonly in the form of an Integrated Circuit Card (ICC) such as a MasterCard™ payment card. The role of the payment device is to provide both the necessary information required for a transaction and the appropriate level of security. Verification of the payment device holder is used to evaluate whether the person presenting the payment device is the legitimate holder of said device.