Processing of financial transactions using debit networks
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United States of America Patent
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Dec 19, 2017
Issued Date -
N/A
app pub date -
Feb 22, 2007
filing date -
Feb 22, 2007
priority date (Note) -
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status (Latency Note)
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Abstract
Methods and systems are disclosed for executing financial transactions between customers and merchants. An identifier of a financial account is received from the customer at a merchant system. A one-time password is also received from the customer at the merchant system, with the customer having been provided with the one-time password by a mobile electronic device or contactless presentation instrument. A cryptogram is generated to include the identifier of the financial account encrypted using the one-time password. An authorization request is formulated at the merchant system. The authorization request includes the cryptogram and transaction information describing at least a portion of the financial transaction. The authorization request is transmitted from the merchant system to an authorization processor for authorization of the financial transaction.
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