System and method for new execution and management of financial and data transactions
A system and method for execution of financial and data transactions includes a point-of-sale device configured to execute a transaction in which at least one good or service is sold to an individual having a card with a storage medium encoding a card number. The transaction is completed after said point-of-sale device receives a data transmission authorizing said transaction. The point-of-sale device is configured to communicate via the Internet with a first computing system. The first computing system stores a set of instructions that cause the first computing system to evaluate the transaction to determine whether the transaction is to be authorized, and to send a transmission authorizing the transaction via the open network to said point-of-sale device.
1. A computerized method comprising:
receiving level three data concerning a transaction into a point-of-sale device;
receiving a card number of a card being used to conduct said transaction into the point-of-sale device;
receiving a personal identification number (PIN) associated with said card into the point-of-sale device;
combining transaction information in the point-of-sale device including said level three data, said card number, a merchant identifier, a store identifier, and a point-of-sale device identifier into an encrypted authorization request including encrypting said level three data with said PIN as an encryption key, yielding a first encrypted object and appending said card number to said first encrypted object, and encrypting said appended card number and first encrypted object with a merchant password as an encryption key, yielding a second encrypted object; and
transmitting said encrypted authorization request via an open network to a remote computing system for authorization of the transaction.
2. The method of claim 1 , further comprising:
appending said merchant identifier, store identifier, and point-of-sale device identifier to said second encrypted object, and encrypting said appended merchant identifier, store identifier, point-of-sale device identifier and second encrypted object with a public key corresponding to a private key stored on said remote computing system.