Secure authentication and payment system
View Patent ↗A transaction and payment and processing system securely conducts transactions over the public telephone network. The transactions may be between and among entities of any type such as individuals, merchants, utilities, banks, etc. Nothing more than access to a telephone is required after initial registration of a user.
1. A method of transferring resources from one entity to another comprising:
receiving, at a server, a message from an originator, the message identifying a target to receive resources from the originator, the target financial account identified by a target telephone number included in the message; and
transferring a resource from an originator financial account to the target financial account based on the target financial account identified by the target telephone number;
wherein the target financial account is associated with target telephone number in a database coupled to the server.
2. The method of claim 1 wherein the telephone number of the target is stored in a database on the server.
3. The method of claim 1 wherein the telephone number of the target is not in the database of the server and the target is distinguished by a password.
4. The method of claim 3 wherein the transaction identifier is provided automatically by the server.
5. The method of claim 4 wherein, upon the target communicating the transaction identifier to the server, the server transferring a resource from the originator financial account to the target financial account.
6. The method of claim 3 wherein the transaction identifier is provided to the server by the originator.
7. The method of claim 6 , wherein upon the target communicating the transaction identifier to the server, the server transferring a resource from the originator financial account to the target financial account.
8. The method of claim 1 further comprising authenticating the originator using a username and password.
9. The method of claim 1 in which the message is processed by an intermediate entity that maintains a database of authorized originators.
10. The method of claim 9 in which the intermediate entity server effectuates the transfer by means of debit and credit entries in the originator and target financial accounts maintained by the intermediate entity.
11. The method of claim 9 in which the intermediate entity effectuates the transfer by means of requesting a debit authorization from another entity.
12. The method of claim 11 wherein the originator financial account is selected from a group consisting of a bank account, a credit card account, a debit card account and a prepaid card account.
13. The method of claim 11 wherein upon authorization the intermediate entity debits the financial account of the originator that is maintained by another entity.
14. The method of claim 9 wherein upon authorization the intermediate entity credits the financial account of the target that is maintained by another entity.
15. The method of claim 9 in which the intermediate entity effectuates the transfer by means of debiting and crediting accounts maintained by at least one entity for the originator and at least one entity for the target, respectively.
16. The method of claim 15 wherein the target financial account is selected from a group consisting of a bank account, a credit card account, a debit card account and a prepaid card account.
17. The method of claim 9 , wherein the intermediate entity is selected from the group consisting of a payment processor, one or more financial institutions, and one or more payment networks.
18. The method of claim 1 wherein the message is initiated by the originator from a group consisting of landline telephone, wireless telephone, and a computer browser.
19. The method of claim 1 wherein the message is selected from a group consisting of voice telephony, text message, wireless network message, Internet Protocol message, system message, peer to peer message, email and computer browser originated message.
20. The method of claim 1 wherein the originator's financial account is selected from a group consisting of, a bank account, a credit card account, a debit card account and a prepaid card account.
21. The method of claim 1 wherein the target's financial account is selected from a group consisting of a bank account, a credit card account, a debit card account and a prepaid card account.
22. The method of claim 1 , wherein the transferring of the resources is cleared through an entity selected from a group consisting of an Electronic Funds Transfer network, a credit card network, and an Automated Clearing House network.
23. The method of claim 1 , wherein the target telephone number allows the personal information of the target to remain confidential.
24. The method of claim 1 , wherein the server is operated from the group consisting of a payment processor, one or more financial institutions, and one or more payment networks.
25. The method of claim 1 , wherein one or more telephone numbers is associated with the target.
26. The method of claim 1 , wherein the transfer is a debiting the originator's financial account and crediting the target's financial account.
27. The method of claim 26 wherein the target's financial account is selected from a group consisting of a bank account, a credit card account, a debit card account and a prepaid card account.
28. The method of claim 26 wherein the originator's financial account is selected from a group consisting of a bank account, a credit card account, a debit card account and a prepaid card account.
29. The method of claim 1 , wherein the resources is selected from the group consisting of funds, currency, electronic cash, credit or a combination thereof.
30. The method of claim 1 , wherein the transfer of resources is a payment transaction.
31. A method of transferring resources from one entity to another comprising:
receiving, at a server, a first message from an originator, the first message identifying a target to receive resources from the originator, the target financial account identified by a target telephone number included in a second message;
transferring a resource from an originator financial account to the target financial account based on the target financial account identified by the target telephone number;
wherein the target financial account is associated with target telephone number in a database coupled to the server.