CA2359651A1 - System and method for private and secure financial transactions - Google Patents

System and method for private and secure financial transactions Download PDF

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Publication number
CA2359651A1
CA2359651A1 CA002359651A CA2359651A CA2359651A1 CA 2359651 A1 CA2359651 A1 CA 2359651A1 CA 002359651 A CA002359651 A CA 002359651A CA 2359651 A CA2359651 A CA 2359651A CA 2359651 A1 CA2359651 A1 CA 2359651A1
Authority
CA
Canada
Prior art keywords
financial
transaction
session
epsl
financial institution
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Granted
Application number
CA002359651A
Other languages
French (fr)
Other versions
CA2359651C (en
Inventor
Len L. Mizrah
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
Authernative Inc
Original Assignee
Authenture, Inc.
Len L. Mizrah
Aid Technologies, Inc.
Authernative, Inc.
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Authenture, Inc., Len L. Mizrah, Aid Technologies, Inc., Authernative, Inc. filed Critical Authenture, Inc.
Publication of CA2359651A1 publication Critical patent/CA2359651A1/en
Application granted granted Critical
Publication of CA2359651C publication Critical patent/CA2359651C/en
Anticipated expiration legal-status Critical
Expired - Lifetime legal-status Critical Current

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/04—Payment circuits
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/08—Payment architectures
    • G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/08—Payment architectures
    • G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
    • G06Q20/108—Remote banking, e.g. home banking
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/38—Payment protocols; Details thereof
    • G06Q20/382—Payment protocols; Details thereof insuring higher security of transaction
    • G06Q20/3823—Payment protocols; Details thereof insuring higher security of transaction combining multiple encryption tools for a transaction
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/38—Payment protocols; Details thereof
    • G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/38—Payment protocols; Details thereof
    • G06Q20/42—Confirmation, e.g. check or permission by the legal debtor of payment
    • G06Q20/425—Confirmation, e.g. check or permission by the legal debtor of payment using two different networks, one for transaction and one for security confirmation
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/03—Credit; Loans; Processing thereof

Abstract

A system and method for private and secure financial transactions. The system and method comprise embedded into financial institutions (financial institution ) privacy and security layer architecture and the "clocked" authentication, authorization and accounting (AAA) method. The system and method enable legal financial account holders (financial account holder) to perform buy/sell or withdraw/deposit financial transactions (financial transaction ) without disclosing private personal information to the transaction counterparts, while preserving highly elevated and enhanced security and fraud protection as compared with conventional methods. Before financial transaction, financial account holder initiates an authentication session with financial institution back office (financial institution back office) by accessing its central processing unit (CPU) and data base (dB), configured in the embedded privacy and security layer (EPSL) architecture with automated "clocked" AAA sessions by using dedicated communication lines. The authentication session is interactive, transaction specific and followed by either financial transaction deny or an alphanumeric signature generated for this specific financial transaction. Then financial account holder submits his/her request to a transaction counterpart along with the EPSL account number and the alphanumeric signature, generated by financial institution EPSL during previous authentication session. The transaction counterpart adds up additional or more refined financial transaction specific information and requests an authorization session with financial institution back office where the EPSL
account, CPU and dB are residing. The accounting session starts at the end of the authentication session and finishes along with the authorization session while being an essential part of them both. The system and method are particularly suited for use by banks, credit card companies and brokerage companies. Finally, the system and method are well adapted to the current and upcoming software, hardware, and electronic commerce technologies and can be easily implemented given an acceptable business trade off.
CA002359651A 2000-11-03 2001-10-23 System and method for private and secure financial transactions Expired - Lifetime CA2359651C (en)

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US09/706,370 2000-11-03
US09/706,370 US7379916B1 (en) 2000-11-03 2000-11-03 System and method for private secure financial transactions

Publications (2)

Publication Number Publication Date
CA2359651A1 true CA2359651A1 (en) 2002-05-03
CA2359651C CA2359651C (en) 2006-04-11

Family

ID=24837260

Family Applications (1)

Application Number Title Priority Date Filing Date
CA002359651A Expired - Lifetime CA2359651C (en) 2000-11-03 2001-10-23 System and method for private and secure financial transactions

Country Status (8)

Country Link
US (2) US7379916B1 (en)
EP (1) EP1223524A3 (en)
JP (2) JP2002245243A (en)
CN (1) CN1292353C (en)
AU (1) AU765797B2 (en)
CA (1) CA2359651C (en)
HK (1) HK1046753B (en)
NZ (1) NZ515201A (en)

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Also Published As

Publication number Publication date
EP1223524A3 (en) 2004-03-31
JP2002245243A (en) 2002-08-30
US7681228B2 (en) 2010-03-16
NZ515201A (en) 2003-04-29
HK1046753B (en) 2007-04-13
CN1357850A (en) 2002-07-10
HK1046753A1 (en) 2003-01-24
AU8364701A (en) 2002-05-09
JP2006073022A (en) 2006-03-16
US20060136317A1 (en) 2006-06-22
EP1223524A2 (en) 2002-07-17
CN1292353C (en) 2006-12-27
US7379916B1 (en) 2008-05-27
AU765797B2 (en) 2003-10-02
CA2359651C (en) 2006-04-11

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