DESC:BACKGROUND
Field
[0001] Embodiments of the present disclosure generally relate to secured fund transfer or financial transaction. More specifically, the present disclosure relates to a method of conducting financial transaction from one entity (Initiator or Sender) to other entity (Beneficiary or Recipient or Merchant) using any issuer’s Debit/Credit/Pre-paid/ATM card (hereinafter collectively referred to as “bank card”) in a completely secured and simple way.
Description of the Related Art
[0002] The background description includes information that may be useful in understanding the present invention. It is not an admission that any of the information provided herein is prior art or relevant to the presently claimed invention, or that any publication specifically or implicitly referenced is prior art.
[0003] Within the financial service industry, recent times have witnessed expansive growth in customer-initiated account/cash access and payment systems. Perhaps most significantly, prevalence of networks of automated teller machines (ATMs) has provided individuals with convenient, twenty-four hours a day access for such transactions as cash withdrawal. Presently, many users conduct their day-to-day cash withdrawals using ATMs. Financial institutions issue customers, Bank cards, by which money can be accessed from customer's accounts. Additionally, customers can conduct banking operations such as transfers, deposits, etc. by way of an ATM. In order to use their Bank card to withdraw cash or transact business, customers are typically required to enter their personal identification number (PIN) in addition to physically entering their card into the machine.
[0004] An ATM is a computerized device that provides a financial institution’s customers access to funds, and the ability to initiate transactions in a public space without the need of interaction with a bank teller. With regard to most conventional ATMs, the customer is identified by inserting a bank-issued Bank card. This Bank card is similar to a conventional credit card that is usually equipped with a magnetic strip (or chip) that includes a unique card number together with security and identification information. To complete a transaction and to eliminate the possibility of unauthorized use, the customer enters a PIN to validate his identity or authorization.
[0005] Point of Sale (PoS) devices have also proliferated in the recent past, allowing customers to pay directly at merchant establishments by presenting their cards to be swiped, dipped to tapped and optionally, their PIN authentication taken to authorize the payment. Also, in existing technologies, in order to withdraw cash or to initiate a financial transaction, customer has to bring Bank card at the transaction points or ATM location. Customers must physically enter their Bank card into ATM machine and enter their personal identification number (PIN). Transactions effected at ATM machine are protected by the use of a PIN known by the card holder, that permits or makes him eligible to be able to execute the operations and transactions offered by the machine, that the actual card holder deems fit. The account holder or holder of an instrument of payment or another user who knows the PIN and is in possession of the instrument of payment i.e. ATM/Debit/Credit card, are the only ones who can operate at the ATM machines.
[0006] Usually, a PIN is a four digit number. This PIN, or secret pass-code, is often randomly generated by the financial institution that issues the card. Later on, customers are able to modify or personalize this code either by visiting customer interface of an ATM machine or alternatively via a Web or Internet interface. Cardholders select random numbers or alternatively numbers may be selected from their special or memorable dates, telephone numbers, anniversaries, social security numbers or the like as their PINs. The selection of logical and meaningful numbers can greatly decrease security of the Bank card/PIN combination. In other words, if a physical card ends up in the hands of an unscrupulous or malicious offender, it may be possible for the PIN to be discovered, if logical codes are selected.
[0007] Further, during ATM transaction, card insertion in ATM machine is mandatory and therefore users always need to carry the cards. There are often times when card reader devices installed in ATM machine also fail to read a given card, due to failure of either the magnetic strip on the card or malfunctioning of card reader itself. As a consequence, the user, in such cases, cannot make a transaction, which causes a lot of inconvenience to the customers.
[0008] In recent years, huge economic losses have been incurred as a result of the theft and fraudulent use by cyber-thieves of cardholders' credentials recorded on the magnetic stripe of their bankcards. One way in which such theft occurs is a criminal practice referred to as “skimming” of bankcard information when a magnetic stripe bankcard is used by a cardholder, for example, in an otherwise legitimate transaction at an ATM or for access at an ACCR (access control card reader) of an ATM vestibule or lobby or a Point-of-sale (POS) card-swipe device. A major problem of skimming involves criminals putting a device with a skimming read head, such as an overlay, over a card slot of an ATM or ACCR or POS which reads the magnetic stripe as the cardholder unknowingly passes his or her bankcard through the card slot to be read by the internal read head of the ATM or ACCR or POS. The skimming read head reads the same bankcard information that is read by the ATM or ACCR or POS read head and records or sends the information to the criminals. There are other types of theft attacks like “man-in-the-middle attacks” which steal the bankcard information in methods apart from skimming. Further, cyber-thieves adopt various methods like “keypad logging”, “pin-hole camera” etc. to fraudulently copy or record the cardholder’s secret PIN e.g. ATM PIN or POS PIN or Card Verification Value (CVV) required for Internet based or online payments. Using a combination of such methods, cyber-thieves are able to fraudulently withdraw money from or pay using a cardholder’s card, or a duplicate thereof, without the knowledge of the cardholder, causing significant losses in the form of cash, efforts and loss of trust of customers in the banking systems.
[0009] To cope with the above-mentioned situations at ATM or POS devices, card-less transactions have been recently introduced that allow clients or customers of a financial institution, which are identified by an account number (or a token or a set of tokens associated with the account number such that the account number can be derived from the token(s)) and are authenticated using one-time password or “OTP” delivered to them through an SMS, to execute a transaction, as soon as they initiate the same. By using this combination of account number/token(s) and OTP, the transaction can be completed. There are other methods for card-less transactions such as ones using Bluetooth or Near Field Communication (“NFC”), where the mobile device (smartphone) processor can communicate and exchange information with ATM or POS interface to enable a card-less transaction.
[0010] For above-mentioned card-less transactions, both the transaction initiator and the beneficiary need to be the same entity. There are often situations, where a third-party wants financial assistance at different transaction mediums/interfaces such as ATM, POS devices, online payment gateways, and mobile payment gateways, among others but the party doesn’t have an Bank card, or has lost it, or doesn’t have enough money in the same, in which cases the existing fund transfer solutions do not have an alternative to transfer funds from an initiator to a beneficiary, enabling the beneficiary to withdraw money from an ATM without using a card. Although some solutions exist in the current card-less transaction space, such solutions do not allow the beneficiary to take out money or undertake transactions at different transaction mediums/interfaces such as ATM, POS devices, online payment gateways, and mobile payment gateways, among others. Existing solutions also restrict the third-parties to enable such transfers/transactions/withdrawal to take place only at participating ATMs upgraded for the purpose and only from accounts of participating account-issuing banks, which greatly restricts the ability to undertake cardless transactions. Further, no such cardless transactions for non-bank accounts such as wallet/virtual current accounts, and for non-ATM transactions (e.g. agent-assisted remote withdrawal, POS payment at a merchant, online payments, etc.) have currently been proposed in any manner.
[0011] Furthermore, in existing cardless transactions where the beneficiary and the initiator for a given transaction are different, the transaction, once initiated by using a card or an account of the initiator, the amount is debited instantly and is parked into another temporary/holding account or a sub-account, and an OTP is generated and transferred to the beneficiary/recipient. The recipient uses the OTP to then authenticate himself/herself and retrieve the amount from the initiator’s account, from the temporary storage where the money is parked (using a partner ATM). No means for enabling such transactions have been disclosed that only debit the amount from the initiator’s account once the beneficiary has completed the transaction.
[0012] There is therefore a need for a financial transaction system, and method thereof, that removes above mentioned drawbacks and limitations of prior art.
[0013] All publications herein are incorporated by reference to the same extent as if each individual publication or patent application were specifically and individually indicated to be incorporated by reference. Where a definition or use of a term in an incorporated reference is inconsistent or contrary to the definition of that term provided herein, the definition of that term provided herein applies and the definition of that term in the reference does not apply.
[0014] In some embodiments, the numbers expressing quantities of ingredients, properties such as concentration, reaction conditions, and so forth, used to describe and claim certain embodiments of the invention are to be understood as being modified in some instances by the term “about.” Accordingly, in some embodiments, the numerical parameters set forth in the written description and attached claims are approximations that can vary depending upon the desired properties sought to be obtained by a particular embodiment. In some embodiments, the numerical parameters should be construed in light of the number of reported significant digits and by applying ordinary rounding techniques. Notwithstanding that the numerical ranges and parameters setting forth the broad scope of some embodiments of the invention are approximations, the numerical values set forth in the specific examples are reported as precisely as practicable. The numerical values presented in some embodiments of the invention may contain certain errors necessarily resulting from the standard deviation found in their respective testing measurements.
[0015] As used in the description herein and throughout the claims that follow, the meaning of “a,” “an,” and “the” includes plural reference unless the context clearly dictates otherwise. Also, as used in the description herein, the meaning of “in” includes “in” and “on” unless the context clearly dictates otherwise.
[0016] The recitation of ranges of values herein is merely intended to serve as a shorthand method of referring individually to each separate value falling within the range. Unless otherwise indicated herein, each individual value is incorporated into the specification as if it were individually recited herein. All methods described herein can be performed in any suitable order unless otherwise indicated herein or otherwise clearly contradicted by context. The use of any and all examples, or exemplary language (e.g. “such as”) provided with respect to certain embodiments herein is intended merely to better illuminate the invention and does not pose a limitation on the scope of the invention otherwise claimed. No language in the specification should be construed as indicating any non-claimed element essential to the practice of the invention.
[0017] Groupings of alternative elements or embodiments of the invention disclosed herein are not to be construed as limitations. Each group member can be referred to and claimed individually or in any combination with other members of the group or other elements found herein. One or more members of a group can be included in, or deleted from, a group for reasons of convenience and/or patentability. When any such inclusion or deletion occurs, the specification is herein deemed to contain the group as modified thus fulfilling the written description of all Markush groups used in the appended claims.
OBJECTS OF THE INVENTION
[0018] It is an object of the present disclosure to enable efficient financial transactions between an initiator and a beneficiary.
[0019] It is an object of the present disclosure to enable efficient financial transactions that debit amount from initiator’s account as and when the beneficiary has completes the transaction.
SUMMARY
[0020] The following disclosure presents a simplified summary of the invention in order to provide a basic understanding of some aspects of the invention. This summary is not an extensive overview of the invention. It is not intended to identify key/critical elements of the invention or to delineate the scope of the invention. Its sole purpose is to present some concepts of the invention in a simplified form as a prelude to the more detailed description that is presented later.
[0021] The present disclosure relates to systems and methods for facilitating remote and secure pre-initiated financial transactions either to self or to a third party. The invention enables fund transfer and fund withdrawal with or without using a card. Transactions can be performed from a pre-stored or a newly added list of available primary accounts or credit cards or debit cards or Bank cards to a pre-set or a pre-stored list of beneficiary’s mobile number or otherwise. One should appreciate that embodiments and implementations described below are completely exemplary in nature and are used only for helping in better explanation of the proposed inventive subject matter. No limitation to the scope of the disclosure should be assumed based on the below described subject matter as the disclosure covers all possible transactions that are or can be construed of being within the scope of the instant disclosure.
[0022] In an aspect, the present disclosure relates to a system of financial transaction that employs an initiator, hereinafter also interchangeably referred to as “Intent Initiator” or “sender” or “remitter” among other like/synonymous terms, and further employs a beneficiary, hereinafter also interchangeably referred to as “Fulfiller” or “Receiver” or “third-party” among other like/synonymous terms. System of the present disclosure can also include an initiator’s end application hereinafter referred to as “Initiating Interface”, and a fulfiller end interface hereinafter referred to as “Fulfillment Interface” or an “Acquiring Interface”. Such an interface (Initiating or Fulfillment) can include, but is not limited to, a mobile application, web-based application, ATM, point-of sale (POS) device, a bank teller, a bank or non-bank agent among any other appropriate/suitable/applicable financial transaction fulfillment interface.
[0023] In an aspect, system of the present disclosure comprises a transaction initiation module configured to enable initiator/sender to use an initiating interface such as a web-interface or a mobile/smart phone or an ATM interface or a USSD/ SMS/ Call/ IVR interface to initiate a transaction, and select payment mode from a list of previously registered and saved credit cards or debit cards or account numbers of the initiator, from where the initiator wants the transaction amount to be debited. One would appreciate that any transaction interface that can be envisaged is within the scope of the present disclosure. Furthermore, any new account can also be added to enable the initiator to select the same and transfer amount therefrom. Along with the account details, transaction initiation module can further be configured to select a fulfiller/beneficiary for the transaction amount, or adding a new fulfiller/beneficiary. In another aspect, transaction initiation module can further be configured to select the amount to be transferred or remitted. Such amount or any other amount lesser than the stated amount can be withdrawn or transacted by means of a suitable interface at the beneficiary’s end, which would be an ATM, or an online transaction interface or a POS device, among other like interfaces. One should appreciate that wherever, in the instant disclosure, ATM has been mentioned, it should be appreciated that any other interface can be replaced or used for the proposed financial transaction. According to one embodiment, transaction initiation module can further enable the user to register with the interface or an application installed therein/thereon prior to initiating a transaction. Such registration can enable the application/interface to have profile and other account information of the customer/user/initiator.
[0024] According to one embodiment, system of the present disclosure can further include a transaction information processing module configured to aggregate any or all of the information received by the initiating interface. Such a transaction information processing module can, partially or completely, be implemented at any remote device such as a server or even a local device such as the initiating interface or the beneficiary interface. Aggregated transaction information can then be sent to a server or any other appropriate remotely/locally configured device. In an embodiment, transaction information processing module can further be configured to generate a transaction identifier based on transaction information, wherein the transaction information can include any information pertaining to the transaction including, but limited to, initiator’s profile, account information, amount or amount limit, beneficiary’s profile, type of transactions, time of transaction, location of transaction, constraints put on the transaction by the initiator (including, but not limited to, mode by means of which the transaction can be completed (ATM, POS, and online), a specific acquirer, geography (same locality, foreign country, same currency only), and/or a validity period (within 1 day, 1 month, 1 year, after 7 days, or in a specific date-time period) and/ or limit on the number of sub-transactions (1 transaction only, up to 3 transactions, etc.)).
[0025] In an aspect, system of the present disclosure can further include a PIN transformation module configured to enable generation of a one-time sharable secret PIN/password that is sent by the initiator, through a desired/appropriate means, to the beneficiary to undertake the transaction. In an implementation, the one-time sharable PIN, also referred to as “new PIN” or simply as PIN hereinafter, can be created by the initiator using his/her original PIN and a random transformation key or a pattern. In an implementation, a server, which can be the server on which the transaction information processing module is implemented or any other server that is operatively coupled with the system, can be configured to send/show/present a one-time use transformation key to the initiator, wherein the initiator can then use this transformation key to generate a new temporary transaction-specific PIN (say PIN_new) by using his own original PIN (say PIN_original). This new temporary transaction-specific PIN (say PIN_new) can then be shared directly by the initiator with the beneficiary/fulfiller through any desired means such as call, SMS, message, email, among other appropriate means. For simplicity of understanding, system of the present disclosure has been explained with reference to having a main solution server that processes the transaction information and a separate key generation server. It would be understood that both the servers can be same or can be different or functionalities implemented by these servers can be implemented by means of any other number of servers that may or may not be operatively coupled with each other. In an implementation, a copy of the transformation key can also be stored on the main solution server. Such a transformation key can also be used while re-creating the initiator’s actual PIN (PIN_original) when the fulfiller later enters the new PIN (PIN_new).
[0026] In another implementation, instead of sending a transformation key from a server, a sequence of transformation keys can be given to the initiator in advance in paper or electronic form, and the initiator can use a key from the sequence. In such a case, the initiator may be instructed to transform his/her original secret PIN (PIN_original) for his/ her chosen account/ card in his/ her mind using the transformation key displayed and share this transformed PIN (i.e. PIN_new) directly with the fulfiller. This may be done through a personal interaction/ voice call or any other channel that the initiator and/or beneficiary may find mutually comfortable.
[0027] According to one embodiment, the new PIN (PIN_new, also referred to as pinTwin hereinafter) can be one-time use only and there may be no logical relation with the original/actual PIN of the initiator. Further, the new PIN of the present disclosure eliminates the necessity of sharing the original PIN in order to enable the beneficiary to complete the transaction at the fulfiller’s end. One should appreciate that any other mode for generation of the new PIN is also within the scope of the present disclosure.
[0028] According to one embodiment, system of the present disclosure can further include a transaction completion module configured to enable fulfiller to receive all or any part of the transaction information including, but not limited to, amount being transacted, initiator details, new PIN, time of transaction, one or more criteria/conditions/pre-requisites set by the initiator, among other like details. Transaction completion module can further be configured to enable the fulfiller to initiate and complete transaction at any applicable beneficiary interface including, but not limited to, POS terminal, web interface, online payment gateway, mobile/ smartphone interface and ATM, among other possible beneficiary interfaces.
[0029] According to one embodiment, fulfiller interface such as the ATM can enable the beneficiary to choose a card-less transaction option present on the interface of the ATM and then enter the transaction details such as account number and/or transaction identifier and the new PIN generated for the specific transaction/beneficiary in order to complete the transaction.
[0030] In another aspect, the actual transaction happens at the time of fulfillment, i.e. when a transaction is initiated by the initiator and some funds are allotted to the fulfiller, allotted amount will not get debited from initiator’s account until actual withdrawal is done by the fulfiller, thus eliminating conditions of instant amount debit and/or parking of the allocated amount into another temporary or holding account or a sub-account. In case of some error or transaction failures, refunding or revert back or undoing of the transaction is therefore not required and the funds will reflect accordingly on the initiator’s account. Thus, the funds would continue to remain in the account until they are actually used. In other words, the transaction is shifted over time and space such that the transaction initiated at one location can be fulfilled within same geographical area or in any other desired geography in real-time without requirement of physical debit/credit card or any other financial instrument. It should be appreciated that time and place of the transaction can be controlled by the initiator by means of one or more initiator-defined/selected constraints that form part of the transaction information, enabling the initiator to have full control over the time and place that the transaction is fulfilled within.
[0031] Other systems, methods, features, and advantages of the present invention will be or become apparent to one with skill in the art upon examination of the following drawings and detailed description. It is intended that all such additional systems, methods, features, and advantages be included within this description, be within the scope of the present invention.
BRIEF DESCRIPTION OF THE DRAWINGS
[0032] In the figures, similar components and/or features may have the same reference label. Further, various components of the same type may be distinguished by following the reference label with a second label that distinguishes among the similar components. If only the first reference label is used in the specification, the description is applicable to any one of the similar components having the same first reference label irrespective of the second reference label.
[0033] FIG. 1 illustrates exemplary functional modules of the proposed system in accordance with an embodiment of the present disclosure.
[0034] FIG. 2 illustrates an exemplary architecture of proposed financial transaction system in accordance with an embodiment of the present disclosure.
[0035] FIG. 3 illustrates an exemplary architecture used for generation of new PIN at the initiator’s end in accordance with an embodiment of the present disclosure.
[0036] FIG. 4 illustrates an exemplary flow of the financial transaction process in accordance with an embodiment of the present disclosure.
[0037] FIG. 5 illustrates an exemplary architecture of the proposed system in accordance with an embodiment of the present application.
[0038] FIG. 6 illustrates another detailed architecture of the financial transaction system in accordance with an embodiment of the present disclosure.
DETAILED DESCRIPTION
[0039] Systems and methods are disclosed for remote and secure fulfillment of pre-initiated transactions. In the following description, numerous specific details are set forth in order to provide a thorough understanding of embodiments of the present disclosure. It will be apparent, however, to one skilled in the art that embodiments of the present disclosure may be practiced without some of these specific details. In other instances, well-known structures and devices are shown in block diagram form.
[0040] Embodiments of the present disclosure include various steps, which will be described below. The steps may be performed by hardware components or may be embodied in machine-executable instructions, which may be used to cause a general-purpose or special-purpose processor programmed with the instructions to perform the steps. Alternatively, the steps may be performed by a combination of hardware, software, firmware and/or by human operators.
[0041] In various embodiments, the article(s) of manufacture (e.g., the computer program products) containing the computer programming code may be used by executing the code directly from the machine-readable storage medium or by copying the code from the machine-readable storage medium into another machine-readable storage medium (e.g., a hard disk, RAM, etc.) or by transmitting the code on a network for remote execution. Various methods described herein may be practiced by combining one or more machine-readable storage media containing the code according to the present disclosure with appropriate standard computer hardware to execute the code contained therein. An apparatus for practicing various embodiments of the present disclosure may involve one or more computers (or one or more processors within a single computer) and storage systems containing or having network access to computer program(s) coded in accordance with various methods described herein, and the method steps of the present disclosure could be accomplished by modules, routines, subroutines, or subparts of a computer program product.
[0042] Throughout the following discussion, numerous references will be made regarding servers, services, interfaces, engines, modules, clients, peers, portals, platforms, or other systems formed from computing devices. It should be appreciated that the use of such terms is deemed to represent one or more computing devices having at least one processor (e.g., ASIC, FPGA, DSP, x86, ARM®, ColdFire®, GPU, etc.) configured to execute software instructions stored on a computer readable tangible, non-transitory medium (e.g., hard drive, solid state drive, RAM, flash, ROM, etc.). For example, a server can include one or more computers operating as a web server, database server, or other type of computer server in a manner to fulfill described roles, responsibilities, or functions. One should further appreciate the disclosed computer-based algorithms, processes, methods, or other types of instruction sets can be embodied as a computer program product comprising a non-transitory, tangible computer readable media storing the instructions that cause a processor to execute the disclosed steps. The various servers, systems, databases, or interfaces can exchange data using standardized protocols or algorithms, possibly based on HTTP, HTTPS, AES, public-private key exchanges, web service APIs, known financial transaction protocols, or other electronic information exchanging methods. Data exchanges can be conducted over a packet-switched network, the Internet, LAN, WAN, VPN, or other type of packet switched network.
[0043] Various methods described herein may be practiced by combining one or more machine-readable storage media containing the code according to the present invention with appropriate standard computer hardware to execute the code contained therein. An apparatus for practicing various embodiments of the present invention may involve one or more computers (or one or more processors within a single computer) and storage systems containing or having network access to computer program(s) coded in accordance with various methods described herein, and the method steps of the invention could be accomplished by modules, routines, subroutines, or subparts of a computer program product.
[0044] If the specification states a component or feature “may”, “can”, “could”, or “might” be included or have a characteristic, that particular component or feature is not required to be included or have the characteristic.
[0045] Although the present disclosure has been described with the purpose of effecting data transactions between applications of devices that are configured in a single host, it should be appreciated that the proposed architecture can also be implemented in devices that are configured on different/closely-integrated hosts/systems, and that the single host embodiment has been explained merely to illustrate the invention in an exemplary manner and any other purpose or function for, which explained structure or configuration can be used, is covered within the scope of the present disclosure.
[0046] The present disclosure relates to systems and methods for facilitating remote and secure pre-initiated financial transactions either to self or to a third party. The present disclosure enables fund transfer, payment and fund withdrawal with or without using a card. Transactions can be performed from pre-stored, one or plurality of available primary accounts or credit cards or debit cards or Bank cards, to pre-set or pre-stored list of beneficiary’s mobile number or otherwise. One should appreciate that the embodiments and implementations described below are completely exemplary in nature and are used only for helping in better explanation of the proposed inventive subject matter. No limitation to the scope of the disclosure should be assumed based on the below described subject matter as the disclosure covers all possible transactions that are or can be construed of being within the scope of the instant disclosure.
[0047] In an aspect, both the beneficiary and the initiator may be the same person. In such a case, the person may be using the product and the service to avoid carrying multiple cards and/ or to avoid exposure of his/ her original bank cards and/ or to get added security in the transactions being facilitated.
[0048] In an aspect, the present disclosure relates to a system of financial transaction that employs an initiator, hereinafter also interchangeably referred to as “Intent Initiator” or “sender” or “remitter” among other like/synonymous terms, and further employs a beneficiary, hereinafter also interchangeably referred to as “Fulfiller” or “Receiver” or “third-party” among other like/synonymous terms. Initiator can be defined as an entity initiating a transaction intent and it is assumed that this entity has sufficient funds for the same and has the required rights to initiate a (debit) transaction on this account. An ‘account’ can be, in a non-limiting manner be referred to, in the present disclosure, include any form of electronic value storage including bank accounts, wallet accounts, loyalty points accounts or other credit/ currency-equivalent accounts including virtual currency accounts like Bitcoin accounts. Additionally, the transaction initiation step may be achieved through an existing card mapped to it. A ‘card’ as referred to here could include any pre-paid/ debit/ credit/ loyalty/ NFC/ smart card. Fulfiller, on the other hand, can be defined as an entity that fulfills the transaction that was initiated by the Initiator. It must be noted that in an embodiment, the initiator may also be the fulfiller but for simplicity in description they are assumed to be separate entities.
[0049] System of the present disclosure can also include an initiator’s end application hereinafter referred to as “Initiating Interface”, and a fulfiller’s end interface hereinafter referred to as “Fulfillment Interface”. Initiating Interface or Initiator’s interface can be defined as a system used by the initiator to express his/ her transaction intent and specifying a particular fulfiller. The transaction intent may comprise of information like amount, fulfiller, fulfillment interface, geography, merchant, validity period or any other additional constraints that the initiator may intend to place on the transaction. Such an interface (initiator or beneficiary) can include, but is not limited to, a mobile application, web-based application, ATM, point-of sale (POS) device, among any other appropriate/suitable/applicable financial transaction fulfillment interface. Fulfillment Interface or fulfiller’s interface can, in an exemplary embodiment, be defined as an entity or interface that facilitates fulfillment of a transaction. Such an interface can be an ATM, which could dispense cash or enable a financial service to be initiated or can be a POS (Point-of-Sale) device or a mobile commerce application, which could enable a retail purchase or an online portal, which could also enable a payment towards a product or a service.
[0050] FIG. 1 illustrates exemplary functional modules of the proposed system 100 in accordance with an embodiment of the present disclosure. One should appreciate that although all the modules are shown together as to form part of a single system 100, the actual implementation can be done by implementation of the modules or parts thereof across multiple different or same servers/devices/interfaces. In an aspect, system 100 of the present disclosure comprises a transaction initiation module 102 configured to enable initiator/sender to use an initiating interface such as a web-interface or a mobile/smart phone or an ATM interface to initiate a transaction, and select payment mode from a list of previously registered and saved credit cards or debit cards or accounts of the initiator, from where the initiator wants the transaction amount to be debited. One would appreciate that any transaction interface that can be envisaged is within the scope of the present disclosure. Furthermore, any new account can also be added to enable the initiator to select the same and transfer amount therefrom. Along with the account details, transaction initiation module 102 can further be configured to select a fulfiller/beneficiary for the transaction amount, or adding a new fulfiller/beneficiary. In another aspect, transaction initiation module can further be configured to select the amount to be transferred or remitted. Such amount or any other amount lesser than the stated amount can be withdrawn or transacted by means of a suitable interface at the beneficiary’s end, which would be an ATM, or an online transaction interface or a mobile/ smartphone interface or a POS device, among other like interfaces.
[0051] According to one embodiment, transaction initiation module 102 can further enable the user to register with the interface or an application installed therein/thereon prior to initiating a transaction. Such registration can enable the application/interface to have profile and other account information of the customer/user/initiator. Registration information can include, but is not limited to, account identifier, customer identifier, card number, Bank Card Number/PAN, CVV (Card Verification Value), card expiry date, and any other relevant detail such as account owner’s name, date of birth, communication address, phone number, email identifier, social network identifier etc. Transaction initiation module 102 can be configured to operatively couple initiator’s interface such as smart/mobile phone with a main server (not shown), which can store registration information of the initiator. In an instance, transaction initiation module 102 can be implemented on the initiator’s interface as a downloadable application or can be accessed using access codes in case of channels such as USSD/ SMS/ IVR/ Voice and associated one or more backend servers. The application can be downloaded through a website or application store or any other desired means and then installed on the initiator’s interface such as mobile phone. The application can also be configured as a web-based interface and accessible online for initiation of the transaction.
[0052] According to one embodiment, intent initiation interface can also have a swipe card reader attached therewith, wherein the reader may be asked to swipe the card in his/her possession using this card reader or at an ATM interface, thus enabling an electronic capture of the required details for the fulfillment of the intended transaction. In an implementation, the data thus captured may include card track 1 data, track 2 data, Bank Card Number/PAN, CVV2, PVV (PIN Verification Value), card-expiry date, customer name as on the card etc. The information may additionally be encrypted within the swipe device itself thereby only an encrypted copy of the information may be captured.
[0053] According to one embodiment, system of the present disclosure can further include a transaction information processing module 104 configured to aggregate any or all of the information received by the initiating interface. Such a transaction information processing module 104 can, partially or completely, be implemented at any remote device such as a server or even a local device such as the initiating interface or the beneficiary interface. Aggregated transaction information can then be sent to a server or any other appropriate remotely/locally configured device. In an embodiment, transaction information processing module 104 can further be configured to generate a transaction identifier based on transaction information, wherein the transaction information can include any information pertaining to the transaction including, but limited to, initiator’s profile, account information, amount limit, beneficiary’s profile, type of transactions, time of transaction, location of transaction, constraints put on the transaction by the initiator (including, but not limited to, mode by means of which the transaction can be completed (ATM, POS, and online), a specific acquirer, specific merchant(s), geography (same locality, foreign country, same currency only), and/or a validity period (within 1 day, 1 month, 1 year, after 7 days, or after a specific date) and/ or limit on the number of sub-transactions (1 transaction only, up to 3 transactions, etc.)) placed by initiator on the transaction.
[0054] In an aspect, system of the present disclosure can further include a PIN generation module 106 configured to enable generation of a one-time sharable secret PIN/password that is sent by the initiator by means of the initiator interface to the beneficiary to undertake the transaction. In an implementation, the one-time sharable PIN, also referred to as “new PIN” or simply as PIN hereinafter, can be created by the initiator using his/her original PIN and a random key or a pattern being presented to him on, say the initiating interface. In an implementation, a server, which can be the server on which the transaction information processing module 104 is implemented or any other server that is operatively coupled with the system can be configured to send a one-time use transformation key to the initiator interface, wherein the initiator can then use this transformation key to generate a new temporary transaction-specific PIN (say PIN_new) by using his own original PIN (say PIN_original). For simplicity of understanding, the system of the present disclosure has been explained with reference to having a main solution server that processes the transaction information and a separate key generation server. It would be understood that both the servers can be same or can be different or functionalities implemented by these servers can be implemented by means of any other number of servers that may or may not be operatively coupled with each other. In an implementation, a copy of the transformation key can also be stored on the main solution server. Such a transformation key can also be used while re-creating the initiator’s actual PIN (PIN_original) when the fulfiller later enters the new PIN (PIN_new).
[0055] In another implementation, instead of sending a transformation key from a server, a sequence of transformation keys can be given to the initiator in advance in paper or electronic form, and the initiator can use a key from the sequence. In such a case, the initiator may be instructed to transform his/her original secret PIN (PIN_original) for his/ her chosen account/ card in his/ her mind using the transformation key displayed and share this transformed PIN (i.e. PIN_new) directly with the fulfiller. This may be done through a personal interaction/ voice call or any other channel that the initiator and/or beneficiary may find mutually comfortable.
[0056] According to one embodiment, the new PIN (PIN_new, also referred to as pinTwin hereinafter) can be one-time use only and there may be no logical relation with the original/actual PIN of the initiator. Further, the new PIN of the present disclosure eliminates the necessity of sharing the original PIN in order to enable the beneficiary to complete the transaction at the fulfiller’s end. One should appreciate that any other mode for generation of the new PIN is also within the scope of the present disclosure. The original PIN of the initiator is not shared with the beneficiary or any other part/component of the system, and yet the original PIN is generated by the server/ system from the new PIN in a secure zone. This allows the transaction or authentication request to be finally sent to any issuing banks/entities which are existing participants in the existing infrastructure of card networks (e.g. VISA/ MasterCard/ RuPay/ UnionPay/ American Express/ Diners’ etc.) and related ATM networks/ POS device networks/ Internet payment networks/ mobile payment networks, without having to partner with such issuing banks/entities or change their authentication systems/protocols, as they already know how to authenticate the transaction given the account identifier or card number, the original PIN and other transaction details like amount using existing protocols. Therefore, in the present disclosure, the system does not need to partner with any issuing bank/entity to enable that bank’s/entity’s account-holder to send money for cardless withdrawal as long as that bank/entity is a participant in the existing infrastructure of card networks (e.g. VISA/ MasterCard/ RuPay/ UnionPay/ American Express/ Diners’ etc.) and related ATM networks/ POS device networks/ Internet payment networks/ mobile payment networks which enable them to receive and respond to the transaction authentication requests made by their customers (account-holders) on interfaces extended by other participating banks/entities (acquiring banks/entities). Therefore, the proposed disclosure relates to a method to securely, temporarily share any existing card or account of any bank such that only a predefined transaction could be executed (even) remotely by the other entity on existing transaction-acquiring interfaces. In other words, the proposed disclosure can further relate to a method to issue a recipient-locked digital-bearer-cheque equivalent financial instrument using an existing card or account of any bank, which could be presented at any existing transaction-acquiring interface.
[0057] According to one embodiment, system of the present disclosure can further include a transaction completion module 108 configured to enable fulfiller to receive newly generated PIN (PIN_new) along with receiving all or any part of the transaction information including, but not limited to, amount being transacted, initiator details, new PIN, time of transaction, one or more criteria/conditions/pre-requisites set by the initiator, among other like details. Such details, in an embodiment, can be received by means of mediums such as SMS, email, social media id, govt. issued id, among other like mediums. Transaction completion module 108 can further be configured to enable the fulfiller to initiate and complete transaction at any applicable beneficiary interface including, but not limited to, POS terminal, web interface, online payment gateway, mobile or smartphone interface, ATM, among other possible beneficiary interfaces.
[0058] According to one embodiment, fulfiller interface such as the ATM can enable the beneficiary to choose a card-less transaction option present on the interface of the ATM and then enter the transaction details such as account number or mobile number or card number or any other initiator identifier and the new PIN generated for the specific transaction/beneficiary in order to complete the transaction. In other words, the transaction is shifted over time and space such that the transaction initiated at one location can be fulfilled within same geographical area or in any other desired geography in real-time without requirement of physical debit/credit card or any other financial instrument. It should be appreciated that time and place of the transaction can be controlled by the initiator by means of one or more initiator-defined/selected constraints that form part of the transaction information, enabling the initiator to have full control over the time and place that the transaction is fulfilled within.
[0059] In another aspect, the actual transaction happens at the time of fulfillment, i.e. when a transaction is initiated by the initiator and some funds are allotted to the fulfiller, allotted amount will not get debited from initiator’s account until actual withdrawal is done by the fulfiller, thus eliminating conditions of instant amount debit and/or parking of the allocated amount into another temporary or holding account or a sub-account. In case of some error or transaction failures, refunding or revert back or undoing of the transaction is therefore not required and the funds will reflect accordingly on the initiator’s account. Thus, the funds would continue to remain in the account until they are actually used.
[0060] According to one embodiment, fulfiller can also be given a physical card/device which would act as a token to the original card, to actually fulfill the transaction initiated by the initiator from the initiator’s account. Issuance of such a card would help avoid any change in the existing ATM’s software/architecture and enable the user to insert the card and then enter the transaction details and use the received new PIN to execute the transaction. Such a card can also be activated/ deactivated at the convenience of the initiator and/or beneficiary and as the value of the card is really based on the transaction initiated by the initiator, even the loss of the card would cause no harm to the initiator/beneficiary. This system also therefore enables a user to keep his/her actual physical cards at home/safely and use such a new card/device, also referred to as say tokenized cards or dummy cards, and use the application of the proposed system to initiate transactions through interfaces such as a mobile phone and use the dummy cards to execute or fulfill such transactions. It may be specifically noted that, , such an application/ embodiment can enable any bank’s/entity’s account-holder in any geography to initiate a transaction using a mobile phone or website, and send the transaction instantly to any fulfiller in the world; and the fulfiller, using his/her tokenized card can execute the transaction at any card-accepting interface like ATM/ POS/ Internet payment gateway/ mobile phone based card-accepting interface anywhere in the world. Such a service is not available using any state-of-the-art method or technology or application.
[0061] In another embodiment, it may also be possible for multiple distinct initiators to initiate and set multiple transaction fulfillments with a single fulfiller, wherein, for each such fulfillment, combination of the fulfiller’s identification factors and secret code will be unique.
[0062] In yet another embodiment, a user may link all of his/ her cards and/or accounts to the proposed system and use a single real (or virtual) card at any existing transaction interface like ATM. However, the actual transaction will be reflected only in a particular card/ account dynamically enabled and selected by the person (say, through a mobile application). In a different interpretation of this embodiment, the user will be able to use a mapped card/ account even if he/ she has forgotten to physically carry it with him/ her or has lost it. In a related scenario, it will be possible to dynamically and instantly enable/ disable the cards/ accounts for use through this system.
[0063] In yet another embodiment, the customer’s original card issuer may directly provide the card data to be tokenized by the system or may extend a tokenization service which our system can then consume thus removing the need for the initiator to personally provide the original card data.
[0064] In yet another embodiment, the beneficiary may also be mandated to register with the present system through details such as email, card number, account details, among other like details that can be envisaged to be necessary for implementation of the instant system. During initiation of the transaction, the beneficiary may be mandated to identify himself by means of card details, email id, phone number, identification details, or any other desired means.
[0065] FIG. 2 illustrates an exemplary architecture 200 of the proposed financial transaction system in accordance with an embodiment of the present disclosure. In an exemplary embodiment, architecture 200 can include an initiator 202 operatively coupled with a fulfiller 204. Intent initiator 202 can use an initiating interface 206 to initiate a transaction in accordance with one embodiment of present disclosure. Transaction initiation request can be forwarded to a banking solution server 208 (can also be referred to as a main server). In an embodiment, the server 208 can be connected to the initiating interface 206 and fulfillment interface 210 by means of a wired or wireless connection including, but not limited to LAN/MAN/WAN/RF. It must be noted that the wired or wireless connectivity provides two-way communication between the banking solution server 208, initiating interface 206, and fulfillment interface 210. Fulfillment interface 210 can be used by fulfiller 204 to initiate withdrawal and to complete the transaction initiated by initiator 202. In an embodiment, initiator 202 and fulfiller 204 can be separated in time/geography/or any other desired dimension.
[0066] In an implementation, fulfiller 204 can either be a third party, or can be the initiator 202 itself. For instance, where the fulfiller 204 is a third-party who requests initiator 202 for fund transfer, the initiator 202 can use the initiating interface 206, which could be a mobile phone or a desktop or a laptop or a tablet or a wearable device or any other interface for initiating the transaction. Initiating interface 206 can be an application software or software program written in any one or combination of software programming languages including, but not limited to, Java, C, C++, Oracle, Cobol etc. According to one aspect of the present disclosure, transaction initiation application 206 can be accessed or triggered by an intent initiator 202 after logging in, using a login page displayed on the initiator interface 206. Login page can, in an instance, verify the initiator 202 based on a username and/or password and/or biometric and/or any other authentication parameters provided by the initiator 202 as required by the initiator interface 206. After successful login, initiating interface 206 can open a list of fields of transaction constraints to be filled by the initiator 202. Initiator 202 can, in an embodiment, have previously stored, transaction related information, including but not limited to credit/debit/Bank cards or accounts numbers, list of fulfillers, with their mobile numbers or other identifiers. When an initiator has the intention to initiate a transaction, he/she selects appropriate constraints and initiates the same.
[0067] According to one embodiment, constraints defined by an initiator 202, from the list of available options at initiating interface 206, including but not limited to, bank account/card number, fulfiller’s mobile number, time duration of withdrawal, amount to be transferred, location, etc. can be forwarded to server 208 via any data transmission means such as wireless means present in the art. Server 208, also interchangeably referred to as main server 208, can be configured to processes information submitted by the initiator 202 through initiating interface 206, authenticate the initiator’s request, and generate a transaction identifier based on transaction information submitted by the initiator 202.
[0068] According to one embodiment, transaction identifier and/or identification information can be communicated by server 208 to the initiating interface 206, which can then be sent by the initiator 202 to the fulfiller 204 on respective device such as mobile phone/laptop/email/, among other like mediums. Server 208 can use one or a combination of multiple available communication means such as wireless means to communicate with initiator 204 and fulfiller 204. In another embodiment, a messaging service including, but not limited to SMS or MMS or Email or USSD, can be dropped on fulfiller’s cell-phone, which can intimate the fulfiller 204 to complete the transaction by visiting nearby ATM or cash dispensing machine or any other interface.
[0069] According to one embodiment, the original PIN can also be, independently or in combination, be encrypted or ciphered or transformed into a one-time usable pinTwin. In another embodiment, the initiating interface 206 can attach a random, system-generated or banking solution server 106 generated, pattern linked to that transaction, which can be used by the initiator 202 to transform his original PIN. This implementation can be done to avoid circulation of PIN in communication channel and to avoid any present or future misuse of the finances belonging to the initiator 202.
[0070] One of ordinary skill in the art should appreciate that the original PIN never comes into the system for initiating the fund transfer either at initiating interface 206 or at the fulfiller/fulfillment interface 210 to complete the transaction. Further, it must be noted there is no logical relation between PIN and pinTwin and that transformation of PIN into pinTwin is known only to the initiator 202, wherein the pinTwin (PIN_new) can be entered into the fulfillment interface 210 and validated by the main solutions server or any other appropriate validation server.
[0071] According to one embodiment, transaction information can be sent to the fulfiller 204 using his/her mobile number, wherein once an initiation confirmation is received by the fulfiller, he/she can initiate the transaction using the information after verifying himself/herself. In an implementation, fulfiller 204 may also be expected to enter validation/transaction completion inputs including one or more of transaction identifier, amount, newly generated PIN, mobile number, email, Bank Card Number/PAN, and the like. Information provided by the fulfiller 204 can be forwarded to the banking solution server 208 for further processing, wherein one or more of beneficiary credentials, validation information, transaction information entered by the fulfiller 204, newly generated PIN entered by the fulfiller 204 can be processed and matched by the server 106 or any other applicable server to verify the authenticity of the transaction. After successful verification, transaction amount can be dispensed by the ATM machine to the fulfiller 204.
[0072] In another embodiment, system of the present disclosure can also be implemented by means of a new card (referred to as “dummy card” or “tokenized card” hereinafter) being issued to the fulfiller 204, which enables no change to made to the interface/software architecture of the existing ATM’s. Such dummy cards can be used to verify the beneficiary/fulfiller and once the card is inserted or swiped, the newly received PIN from the initiator 202 can be used to complete the transaction. One should appreciate that any validation step(s) can be incorporated to validate the authenticity of the transaction and/or the beneficiary. Such validation can also be based on conditions set forth by the initiator during initiation of the transaction.
[0073] One would appreciate that pinTwin (PIN_new) supported transactions enjoy added advantage over existing transaction mechanisms, as user specific PIN is encrypted or ciphered or transformed into one-time usable pinTwin by the initiator 202 himself/herself. This implementation avoids circulation or sharing of the original PIN in communication channel and to further avoid any present or future misuse of the finances belonging to the initiator 202.
[0074] According to another embodiment of secure fund-transfer, both the intent initiator 202 and the fulfiller 204 can be the same entity, wherein the initiator 202 can implement a pre-initiated transaction to himself/ herself, and may not enforce any constraint so as to enable him/her to complete the transaction at any given time. This being one implementation, any other manner/mode of conducting the transaction can be incorporated. According to yet another embodiment, initiator 202 can link or map one or more of available cards/accounts, with a single/special and virtual or real card dynamically enabled by the initiator 202. The initiator 202, in such a case, can use a mapped card/account even if he/ she has forgotten to physically carry it with him/her or has lost it. In a related scenario, it will be possible to dynamically and instantly enable/ disable the cards/ accounts for use through the proposed system. It must be appreciated that, the actual transaction may only be reflected in a particular card/account dynamically enabled and selected by the initiator.
[0075] FIG. 3 illustrates an exemplary architecture 300 used for generation of new PIN at the initiator’s end in accordance with an embodiment of the present disclosure. According to one embodiment, architecture 300 can include an initiator 302 and an initiating interface 304 used for initiation of a transaction by the initiator 302. In an exemplary implementation, initiating interface 304 can include a screen such as a touch screen 304(a), a keyboard 304(b) (physical or touch-screen based), and a wireless/wireline connectivity module 304(c). Initiating interface 304 can be operatively and communicatively coupled with a server 308 (such as a main server or banking solution server described above) by means of an appropriate communications means 306 such as a network (Internet).
[0076] In an implementation, server 308 can include an authentication module 308(a) and a PIN pattern generator 308(b). One should appreciate that such modules/generators can also be implemented on different servers/devices that can be operatively coupled with the main server such as 308. For instance, the authentication can also be performed on a separate authentication server 308(a) and the PIN pattern can be generated on a different server. According to one embodiment of the present disclosure, sender/initiator 302 can initially be registered through an account with the server 308 such that whenever the initiator 302 starts using the financial transaction application of the present system, server 308 can, through the interface 304 validate the initiator by means of the authentication module 308(a). Post the authentication, PIN pattern generator 308(b) can generate a random pattern or transformation key and send the same to the interface 304, wherein using the key/pattern and his/her original PIN (which only the initiator is aware of), the initiator 302 can generate a new PIN (PIN_new), which can subsequently be sent to the beneficiary to complete the transaction. In an alternate implementation as mentioned above, the transformation pattern can also be locally stored on the interface 304 and used by the initiator 302 to generate the new PIN.
[0077] FIG. 4 illustrates an exemplary flow of the financial transaction process in accordance with an embodiment of the present disclosure. As shown FIG. 4(a) shows an exemplary initiator interface 400 enabling the initiator to select the bank account or card (credit or debit) from which he/she wants to transfer the amount. The interface also represents selection of the beneficiary, which in the present exemplary implementation is done through beneficiary’s phone number. Any other number such as Bank Card Number/PAN, other beneficiary’s account number can be used to select the intended fulfiller. Interface can also enable the initiator to enter the amount that he wishes to transfer or enable the beneficiary to withdraw. Once done, the initiator can, at FIG. 4(b), generate a new PIN for the transaction/beneficiary. Such a PIN, in accordance with above described FIG. 3, can include a pattern (0 mapped to 4, 1 mapped to 8, 2 mapped to 6, 3 mapped to 5, 4 mapped to 9, 5 mapped to 1, 6 mapped to 2, 7 mapped to 3, 8 mapped to 0, and 9 mapped to 7) such as 402 being used along with his original PIN such as “1368” to generate a new PIN such as “8520” as clearly shown in FIG. 4(b). FIG. 4(c) then shows how the beneficiary can use the transaction information/identifier (sent either by the main server or by the initiator or by both) along with the amount (or any other lower amount) allocated to the transaction and the newly generated PIN to execute and complete the transaction.
[0078] FIG. 5 illustrates an exemplary architecture 500 of the proposed system in accordance with an embodiment of the present application. As seen, the architecture 500 can include an initiator interface 502 operatively coupled with a main solution server 504 that can be configured to perform authentication and other allied functions such as transaction identification/identifier generation. In addition, the interface 502 and/or the main server 504 can further be operatively coupled with a PIN pattern generation server 506, which can be configured to enable generation of a transformation key/pattern. Architecture 500 can further include one or more servers including, but not limited to, acquirer domain solution server 508, fulfillment server 510, and an issuer core banking system 512, one or all of which can be implemented to interact with one or both the main server 504 and the fulfiller interface. In an embodiment, the fulfiller can be expected to provide one or a combination of amount to be debited, newly generated PIN, personal identity information such as phone number, email id, social network id, among others, or transaction identification number/information, on the fulfiller interface, such as an ATM. In one implementation, the fulfiller interface can be configured to forward the information collected in the step above to fulfillment server or switch 510, wherein the fulfillment server or switch 510 can forward the transaction payload to acquirer domain solution server 508. In a different embodiment, it may be possible to eliminate the hop with fulfillment server or switch 510 entirely and the fulfillment interface may pass the information directly to the solution server in the acquirer’s domain 508.
[0079] In an implementation, one a fulfillment request reaches the acquirer domain solution server 508, the server 508 can be configured to undertake any required validation on the request and then construct a transaction payload with details provided by the intent initiator through interface 502 along with the amount and acquirer information provided by the fulfiller through the fulfiller interface. The new PIN provided by the fulfiller through the respective interface, in combination of the transformation key previously retrieved from the initiator interface 502 and stored in main server 504 can be used to recreate the authentication information for the transaction, which could be the Initiator’s card PIN or CVV or CVV2 or DoB or a combination of the above. This transformation may be done in the environment of a tamper-proof Hardware Security Module (HSM) so that the original PIN of the initiator cannot be seen even by those with access to the software.
[0080] In an implementation, the acquirer domain solution server 508 can place this transaction with original authentication information back to fulfillment server 510/fulfiller interface, wherein the fulfillment server/switch 510 can be configured to receive and process this request with the issuer for the transaction. The issuer can be the core banking/ wallet/ issuer core banking system 512 for the initiator. In an exemplary implementation, the issuer core banking system 512 processes and authorizes the transaction or declines the transaction based on existing business rules as it would have for a transaction directly initiated by the initiator on the fulfillment interface. The transaction response can be passed back to fulfillment server/switch 510, wherein the fulfillment server/switch 510 can further pass this information back to the acquirer domain solution server 508. In another implementation, the acquirer domain solution server 508 can, in turn, relay the response to the fulfillment interface, wherein the fulfillment interface can finally provide the feedback to the beneficiary. In case the fulfillment interface is an ATM, a successful authorization can result in the ATM dispensing cash for the amount that had been requested. For a POS device, this may result in an approval transaction slip to be printed and for an online or a mobile commerce interface, this may result in the purchase or service delivery to be initiated by the merchant.
[0081] According to one embodiment, initiator may also be informed of the transaction fulfillment attempt and the initiator interface 502 may be utilized to provide this information. Additionally, it must be noted that technically, the transaction initiator may be provided the facility to void a transaction intent that he/ she had previously initiated as long as it is done before the fulfiller has initiated the fulfillment request its respective interface.
[0082] As mentioned above, in an exemplary implementation, the proposed solution can also enable no requirement of modification of any existing banking network or infrastructure or interface and can be designed to be plug-and-play. In such an implementation, the system can issue, attach, and physically dispatch a special purpose card to the fulfiller (one-time). The fulfiller may then use this card at any existing fulfillment interface, wherein, since this card is issued by the system, any use of the card results in the transaction hitting this system for authorization and the card acts as the identity of the Fulfiller. The system however can merely replace the Bank Card Number/PAN and track information (and any other information) from the transaction request with the details of the original card/ account earlier registered by the Intent Initiator and pass the transformed transaction request on to the issuer system, which actually authorizes or rejects the transaction. Once the transaction is initiated, the main solution server (504 of FIG. 5) issues and dispatches a special card, can be referred to as ZeroCard to the fulfiller. This needs to be done only one-time for each fulfiller. Thus for any subsequent transactions involving the same fulfiller, this step may be skipped entirely. The ZeroCard may subscribe to any of the prevalent card networks like VISA or MasterCard with the purpose of being accepted at as many existing acquiring interfaces as possible. The fulfiller can then approach a fulfillment interface within the constraints, if any, imposed by the service and/ or the initiator. In such a case, the fulfillment interface can be existing transaction interface that accepts a standard card. Thus, this could be any existing card accepting interface already present on all acquiring networks, including ATMs, POS devices, online payment gateways and mobile payment gateways. Thus, it does not require to create any special partnership or customization on the acquirer’s/beneficiary/fulfiller’s interface. In implementation, the fulfiller can simply provide his/her ZeroCard information to the fulfillment interface or swipe the ZeroCard on the interface. The fulfillment interface can then forward the information collected in the step above to the fulfillment Server/Switch 510 as if it were a regular transaction that it had acquired. The fulfillment server or switch 510 can forward the transaction payload to the acquirer domain solution server 508, which can be the card issuer on the basis of the BIN (Bank Identification Number) of the ZeroCard used. Once the fulfillment request reaches the server 508, it does any required validation on the request and then constructs a transaction payload with the details provided by the initiator, the amount, and acquirer information provided by the fulfiller through respective fulfiller’s interface. The new PIN provided by the beneficiary/fulfiller interface, in combination with the transformation key previously retrieved from the initiator’s interface 502, and stored in the main solutions server 504, can be used to recreate the authentication information for the transaction, which could be the initiator’s card PIN or CVV or CVV2 or DoB or a combination of the above. This transformation may be done in a secure environment of a tamper-proof Hardware Security Module (HSM) so that the original PIN of the Initiator cannot be seen even by those with access to the software. Acquirer domain solution server 508 can then place this transaction with the original authentication information back to the fulfillment server or switch 510, wherein the fulfillment server or switch 510 receives and processes this request with the issuer for the transaction. The issuer can be the core banking/ wallet/ issuer core banking system 512 for the initiator, wherein the issuer core banking system 512 processes and authorizes the transaction or declines the transaction based on existing business rules as it would have for a transaction directly initiated by the initiator on the fulfillment interface. The transaction response can be passed back to fulfillment server or switch 510, which then further passes this information back to the Acquirer domain solution server 508. Acquirer domain solution server 508 can, in turn, relays the response to the fulfillment interface, which interface can then provide the feedback to the beneficiary/fulfiller.
[0083] FIG. 6 illustrates another detailed architecture of the financial transaction system 600 in accordance with an embodiment of the present disclosure. In an embodiment, the proposed system 600 comprises an intent initiator end 600(a), banking solution server architecture 600(b), and a fulfiller’s/beneficiary’s/acquirer’s end 600(c). According to one embodiment, intent initiator 602 can download and/or access the initiation interface 604 from a prescribed URL or App Store on his cell phone or laptop or any other computing device. Intent initiator 602 can also undertake a self-registration by providing all details that may be required for a future fulfillment of an initiated transaction. These details may include intent initiator 602’s Card Number, Bank Card Number/PAN, CVV Card Verification Value, DOB Date of Birth and any other relevant details like the Account owner’s name, communication address, phone number, email id, social network id(s).
[0084] In one embodiment, interface 604 may also have a swipe card reader attached therewith. Intent initiator 602 may be asked to swipe the card in his/her possession using this interface, thus enabling electronic capture of the required details such as Bank Card Number/PAN, CVV2, Customer Name as on the card, for the fulfillment of the intended transaction. Registration information captured on the initiation interface 604 can then securely be relayed onto the Main Solution Server 606. Some components may be persisted into database storage while some may remain in-memory only depending on security and compliance requirements.
[0085] Once initiator 602 is registered, he/she may initiate a transaction by placing an intent request on the interface 604. Such transaction initiation can include choosing one of his/her registered accounts/ cards (unless a single account/ card is registered or a default account/ card has been preset and assigning a fulfiller 618 for the transaction being initiated. The initiator 602 may also set an amount limit for the transaction. Additional constraints may also be placed by the intent initiator 602. Additional constraints may include a fulfillment mode (ATM, POS, Online, etc.) and/or a specific acquirer only and/or geography (same locality, foreign country, same currency only, etc.) and/or a validity period (within 1 day, 1 month, 1 year, after 7 days, after a specific date, etc.) and/or limit on the number of sub-transactions (1 transaction only, up to 3 transactions, etc.).
[0086] In an exemplary implementation, on raising a transaction intent on initiating interface 604, the intent can be passed on to main solution server 606. Main solution server 606 can store the intent information securely, and in addition, issue registered user identifier for the initiator 602. One should appreciate this architecture is completely exemplary in nature and any other structure/configuration/construction can be used to implement the instant disclosure. System of the present disclosure can further include an pinTwin core server 608 that securely returns a one-time use transformation key. This key can be passed back to intent interface 604 that displays this key to the initiator 602. A copy of this key is also attached to the transaction intent and stored securely on the main solution server 606. This key can be crucial in re-creating the initiator’s PIN Block or CVV from the pinTwin that can later be input by the fulfiller 618.
[0087] In another exemplary implementation, the intent initiator 602 can be instructed to transform the original secret PIN of the initiator for the chosen account/card using the transformation key displayed and share this transformed PIN (pinTwin or PIN_new) directly with the fulfiller 618. This may be done through a personal interaction/ voice call or any other channel that intent initiator 602 and 618 may find mutually comfortable. It must be noted in one embodiment, when the initiator and fulfiller are the same person, transformation of PIN to an pinTwin may not be needed if the initiator has instructed the system to allow current transaction or all such transactions with the original PIN instead of an pinTwin. In such a case, when the initiator and the fulfiller are the same person, transaction initiation step may not be required, wherein the initiator may have set a default card/account to be used, with or without constraints such as amount or amount-limit or date or time or time period or geography or acquirer or fulfillment interface type (e.g. ATM/ POS/ web interface/ mobile interface) or merchant etc. When the fulfillment step takes place, the default card/ account can be used. In another embodiment of this scenario, when the initiator and the fulfiller are the same person, the proposed system may not require the user to convert his/her original account PIN to a new PIN. The user may enter the original PIN (if asked by the interface) and the system may not then convert it back to the original PIN for further authentication.
[0088] In addition to the initiator 602 sharing the pinTwin with the fulfiller 618, main solution server 606 can communicate with the fulfiller 618 by sharing the transaction intent details and constraints that may have been set by the initiator 602 or the system itself with the fulfiller 618. This communication may include a unique transaction identifier, and can take place through a voice call or an SMS or USSD push or an email or a message or through any of the social networking services or another communication medium or a combination of the above media.
[0089] In another embodiment of the present application, fulfiller 618 may also be subject to a registration process where fulfiller 618’s phone number, email id, social network id(s), name, postal address, DOB or any other KYC (Know Your Customer) information may be collected. Once registered, the fulfiller 618 can approach a fulfillment interface 616 within the constraints, if any, imposed by the intent initiator 602.
[0090] In yet another embodiment, fulfiller 618 may be needed to provide information relating to personal identity information, transaction identification information, amount, and pinTwin for the given transaction intent to fulfillment server 612, wherein the fulfillment server or switch 612 can forward the transaction payload to the acquirer domain solution server 610. Functioning and process of executing the transaction using the acquirer domain solution server 610 and the issuer core banking system 614 has already been explained with respect to Fig. 5 and hence not being repeated again.
[0091] According to one embodiment, system of the present disclosure enables inter-operability between various issuing banks/entities and acquiring banks/entities, and significantly overcomes the disadvantage of the existing cardless transaction systems that only require money withdrawal from an ATM of the issuing bank or of any participating bank that has a relationship with the issuing bank. As most existing prior art systems rely on generation of a One-Time-Password (OTP) by the sender/issuer that has no relation to the his/her PIN, only the issuing bank is aware of the OTP (or the OTP is shared with participating banks with which the issuing bank has an established relationship/tie-up) and therefore the beneficiary has to use the ATM’s only of the issuing or its participating banks and the issuing bank would have to trust its participating banks to authenticate the OTP. In the proposed system, on the contrary, as the pinTwin is generated by the initiator based his/her own original PIN, the pinTwin can be submitted by a beneficiary at any beneficiary interface (ATM, POS, Online) and the proposed system or the beneficiary interface (that the proposed system has a tie-up with) can use the transformation key/pattern to convert the pinTwin into the actual PIN, which can then be verified by the issuing bank in the same format as it usually does, thereby avoiding any change in the architecture of any issuing bank. The proposed system therefore rides on the existing inter-operability protocols and therefore does not need to additionally partner with any issuing bank/entity or change their authentication system or protocol.
[0092] As used herein, and unless the context dictates otherwise, the term "coupled to" is intended to include both direct coupling (in which two elements that are coupled to each other contact each other) and indirect coupling (in which at least one additional element is located between the two elements). Therefore, the terms "coupled to" and "coupled with" are used synonymously. Within the context of this document terms "coupled to" and "coupled with" are also used euphemistically to mean “communicatively coupled with” over a network, where two or more devices are able to exchange data with each other over the network, possibly via one or more intermediary device.
[0093] It should be apparent to those skilled in the art that many more modifications besides those already described are possible without departing from the inventive concepts herein. The inventive subject matter, therefore, is not to be restricted except in the spirit of the appended claims. Moreover, in interpreting both the specification and the claims, all terms should be interpreted in the broadest possible manner consistent with the context. In particular, the terms “comprises” and “comprising” should be interpreted as referring to elements, components, or steps in a non-exclusive manner, indicating that the referenced elements, components, or steps may be present, or utilized, or combined with other elements, components, or steps that are not expressly referenced. Where the specification claims refers to at least one of something selected from the group consisting of A, B, C, …, and N, the text should be interpreted as requiring only one element from the group, not A plus N, or B plus N, etc.
ADVANTAGES OF THE INVENTION
[0094] The present disclosure enables efficient financial transactions between an initiator and a beneficiary.
[0095] The present disclosure enables efficient financial transactions that debit amount from initiator’s account once the beneficiary has completed the transaction.
[0096] The present disclosure enables efficient cardless withdrawal from any bank’s ATM or secure payment at any PoS.
,CLAIMS:1. A system for conducting a financial transaction initiated by an initiator and completed by a beneficiary comprising:
a transaction initiation module configured to receive from the initiator, through its initiator interface, as part of the financial transaction, one or a combination of an amount to be issued to the beneficiary, a beneficiary identifier, and details of financial instrument to be used by the initiator to issue the amount to the beneficiary;
a PIN generation module configured to enable the initiator to generate a new PIN based on original PIN for the financial instrument and a transformation key; and
a transaction completion module configured to enable the beneficiary to receive, through a beneficiary interface, the new PIN and a transaction identifier and complete the financial transaction based on the received new PIN and the transaction identifier.
2. The system of claim 1, wherein the initiator interface is configured on one or a combination of a computing device, a laptop, a mobile phone, a smart phone, a tablet PC, an ATM, and a point of sale device.
3. The system of claim 1, wherein the beneficiary identifier is one or a combination of beneficiary’s mobile number, beneficiary’s account number, beneficiary’s PAN card number, beneficiary’s debit card number, and beneficiary’s credit card number.
4. The system of claim 1, wherein the financial instrument is one or a combination of a bank account, debit card, credit card, and a cash card.
5. The system of claim 1, wherein said system is configured in a client server architecture, wherein the initiator interface is configured on client side, and wherein the new PIN is sent by the initiator interface to the server side.
6. The system of claim 5, wherein the server side is configured to process the new PIN and the transformation key to generate the original PIN to authenticate the beneficiary when the new PIN is submitted by the beneficiary through the beneficiary interface.
7. The system of claim 5, wherein the server side generates the transaction identifier upon receiving information through the transaction initiation module, and wherein the transaction identifier is shared with the beneficiary by any or a combination of the server side and the initiator.
8. The system of claim 1, wherein the beneficiary interface is any or a combination of a computing device, a laptop, a mobile phone, a smart phone, a tablet PC, an ATM, and a point of sale device.
9. The system of claim 8, wherein the beneficiary has a dummy card that is insertable into the ATM slot to enable the beneficiary to be authenticated, and then enter the transaction identifier and the new PIN to complete the transaction and withdraw the amount.
10. The system of claim 1, wherein the new PIN and the transaction identifier is shared with the beneficiary by the initiator.