Financial transaction processing system
Number of patents in Portfolio can not be more than 2000
United States of America Patent
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N/A
Issued Date -
Nov 7, 2002
app pub date -
May 24, 2001
filing date -
May 4, 2001
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
The automated method of the present invention provides an efficient arrangement for setting certain financial transactions using a debit point of sale transaction network, as opposed to routing over a credit network. The method and arrangement uses an onsite database of bank identification numbers to conduct a preliminary assessment of whether a particular card is debit capable, and appropriately processes the transaction information based on the preliminary assessment. The system preferably is also updated when a financial transaction is successfully completed as a debit transaction which the database did not initially identify as being debit capable. In this way, the database is continuously updated and over time, a more accurate database is achieved. The system can also be networked, such that information between databases is shard and improved, based on the network experience.
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