Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Patent
1999-01-26
2000-08-01
MacDonald, Allen R.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
705 35, G06F 1760
Patent
active
060980532
ABSTRACT:
A system and method for performing an on-line ATM/POS transaction utilizing checking or savings account funds over a public access network is disclosed. The invention comprises creating an electronic financial transaction instruction comprising card information and security information that are encrypted for secure transmission over the public access network. The card information identifies a checking or savings account number of a purchaser. The security information identifies a personal identification number associated with the identified account number that authorizes the use of the account number in an on-line ATM/POS transaction. The financial transaction instruction is decrypted by a financial institution and reformatted to form a transaction request suitable for transmission over an on-line ATM/POS transaction system. The transaction request is then processed like a typical ATM or merchant POS on-line ATM/POS transaction. As such, approval and settlement of the financial transaction instruction is obtained in real time. Thus, the present invention provides an on-line ATM/POS transaction capability utilizing checking or savings account funds from a public access network, such as the Internet or electronic mail.
REFERENCES:
patent: 4965568 (1990-10-01), Atalla et al.
patent: 5351296 (1994-09-01), Sullivan
patent: 5517569 (1996-05-01), Clark
patent: 5590197 (1996-12-01), Chen et al.
patent: 5677955 (1997-10-01), Doggett et al.
patent: 5757917 (1998-05-01), Rose et al.
patent: 5781632 (1998-07-01), Odom
patent: 5793028 (1998-08-01), Wagener et al.
patent: 5809143 (1998-09-01), Hughes
patent: 5822737 (1998-10-01), Ogram
patent: 5832464 (1998-11-01), Houvener et al.
patent: 5862223 (1999-02-01), Walker et al.
patent: 5878143 (1999-03-01), Moore
patent: 5878337 (1999-03-01), Joao et al.
patent: 5883810 (1999-03-01), Franklin et al.
patent: 5884271 (1999-03-01), Pitroda
patent: 5933816 (1999-08-01), Zeanah et al.
patent: 5937396 (1999-08-01), Konya
patent: 5952638 (1999-09-01), Demers et al.
patent: 5953422 (1999-09-01), Angelo et al.
patent: 5956699 (1999-09-01), Wong et al.
patent: 5956700 (1999-09-01), Landry
Peterson, S., "Startup adds twist to e-payments," PC Week Online, May 31, 1999. (http://www.zdnet.com/pcweek/stories
ews/0,4153,405327,00.html).
Bindseil James J.
Citibank N.A.
MacDonald Allen R.
Marcou George T.
Thompson, Jr. Forest
LandOfFree
System and method for performing an electronic financial transac does not yet have a rating. At this time, there are no reviews or comments for this patent.
If you have personal experience with System and method for performing an electronic financial transac, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and System and method for performing an electronic financial transac will most certainly appreciate the feedback.
Profile ID: LFUS-PAI-O-673396