Authorization request for financial transactions
View Patent ↗Embodiments of the present invention provide a method, system, and computer program product for authorizing a financial transaction. A financial institution can identify financial risk associated with the financial transaction based on product details. The product details are sent to the financial institution by a merchant along with the authorization request. The financial institution, then, notifies the merchant regarding authorization of the financial transaction based on the risk assessment. Finally, the merchant fulfills or terminates the financial transaction based on the notification received regarding authorization request.
1. A method comprising:
receiving, by a computer-based merchant system for evaluating financial risk and from a financial institution, a predefined list of products, wherein each of a plurality of products in the predefined list of products is ranked from a product associated with a greatest financial risk to a product associated with a least financial risk;
identifying, by the computer-based merchant system and from a plurality of product orders, a product order associated with a greatest financial risk by comparing the plurality of product orders to the predefined list of products;
transmitting, by the computer-based merchant system and from the plurality of product orders, an authorization request only for the product order associated with the greatest financial risk to the financial institution, wherein the product order includes at least one of: a unique product code and a quantity; and
receiving, by the computer-based merchant system, an authorization decision from the financial institution that is based on an assessment of financial risk associated with the product order.
2. The method of claim 1 , further comprising assigning, by the computer-based system, a plurality of priority orders to a plurality of product orders.
3. The method of claim 2 , wherein the plurality of priority orders are included in the predefined list of products.
4. The method of claim 2 , wherein the plurality of priority orders rank the plurality of product orders from greatest financial risk to least financial risk.
5. The method of claim 1 , wherein the product order associated with the greatest financial risk is the product order associated with a greatest quantity of products.
6. The method of claim 1 , further comprising transmitting, by the computer-based system and to the financial institution, an authorization request for the product order associated with a greatest priority order and an authorization request for the product order associated with a greatest quantity of products.
7. The method of claim 1 , wherein the predefined list of products is defined by the financial institution and associated with a list of products having a financial risk.
8. The method of claim 1 , wherein the unique product code is defined by the financial institution and included in the predefined list of products.
9. An article of manufacture that, in response to execution by a computer-based merchant system for evaluating financial risk, cause the computer-based merchant system to perform operations comprising:
receiving, by the computer-based merchant system and from a financial institution, a predefined list of products, wherein each of a plurality of products in the predefined list of products is ranked from a product associated with a greatest financial risk to a product associated with a least financial risk;
identifying, by the computer-based merchant system and from a plurality of product orders, a product order associated with a greatest financial risk by comparing the plurality of product orders to the predefined list of products;
transmitting, by the computer-based merchant system and from the plurality of product orders, an authorization request only for the product order associated with the greatest financial risk to the financial institution, wherein the product order includes at least one of: a unique product code and a quantity; and
receiving, by the computer-based merchant system, an authorization decision from the financial institution that is based on an assessment of financial risk associated with the product order.
10. The article of claim 9 , further comprising assigning, by the computer-based system, a plurality of priority orders to a plurality of product orders.
11. The article of claim 10 , wherein the plurality of priority orders are included in the predefined list of products.
12. The article of claim 10 , wherein the plurality of priority orders rank the plurality of product orders from greatest financial risk to least financial risk.
13. The article of claim 9 , wherein the product order associated with the greatest financial risk is the product order associated with a greatest quantity of products.
14. A system comprising:
a tangible, non-transitory memory communicating with a merchant processor for evaluating financial risk,
the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the merchant processor, cause the merchant processor to perform operations comprising:
receiving, by the merchant processor and from a financial institution, a predefined list of products, wherein each of a plurality of products in the predefined list of products is ranked from a product associated with a greatest financial risk to a product associated with a least financial risk;
identifying, by merchant processor, and from a plurality of product orders, a product order associated with a greatest financial risk by comparing the plurality of product orders to the predefined list of products;
transmitting, by the merchant processor and from the plurality of product orders, an authorization request only for the product order associated with the greatest financial risk to the financial institution, wherein the product order includes at least one of: a unique product code and a quantity; and
receiving, by the merchant processor, an authorization decision from the financial institution that is based on an assessment of financial risk associated with the product order.