REAL-TIME FINANCIAL PRODUCT SELECTION

Abstract

A method and system are disclosed, for facilitating a financial transaction, the system comprising a retail device, an issuer device, a consumer device and a consumer token, all being in communication with one another, the system being adapted to add an additional stage to an existing payment process, the additional stage comprising steps of: temporarily pausing the existing payment process, seeking a response from a consumer via the consumer device, continuing the payment process with parameters which accord to the response from the consumer.

Claims

1. A method of facilitating a payment, the method comprising adding an additional stage to an existing payment process, the additional stage comprising steps of: temporarily pausing the existing payment process, seeking a response from a consumer, continuing the payment process with parameters which accord to the response from the consumer.

2. A method of facilitating a payment according to claim 1, wherein the additional stage is introduced at a point in the existing payment process when a card issuer is contacted to confirm that the transaction may proceed.

3. A method of facilitating a payment according to claim 1, wherein the consumer is asked for a response via software on his or her mobile phone or other portable computing device.

4. A system for facilitating a financial transaction comprising a retail device, an issuer device, a consumer device and a consumer token, all being in communication with one another, the system being adapted to add an additional stage to an existing payment process, the additional stage comprising steps of: temporarily pausing the existing payment process, seeking a response from a consumer via the consumer device, continuing the payment process with parameters which accord to the response from the consumer.

5. A system according to claim 4, wherein the consumer token comprises an EMV payment card.

6. A system according to claim 4, wherein the consumer device comprises a mobile phone or other portable computing device.

7. A system according to claim 4, wherein the retail device comprises a payment card reader.

8. A system according to claim 4, wherein the issuer device comprises a computing device.

Description

DETAILED DESCRIPTION OF THE INVENTION

[0033] Exemplary embodiments of the present inventive concept will now be described, with reference to the accompanying drawings, in which:

[0034] FIGS. 1 to 3 each show how the present inventive concept fits into an existing payment methodology, each Figure showing a different perspective.

[0035] FIG. 4 shows an exemplary payment card in line with EMV standards.

[0036] FIG. 1 shows elements of a system and method to allow customers a real time payment product selection without the need for any change to merchant equipment or acquiring systems or to the customers current payment card or systems of the issuer providing said card. The system and method function over the top (OTT) of the current EMV and 3-D Secure (3DS) infrastructure. A customer smart phone or computer 102 could generate one or multiple tokens formatted in line with the EMV standard for cards, such as a 16 digit PAN (Primary Account Number), an expiry date and a CVV (Card Verification Value) as shown in FIG. 4.

[0037] Cryptographic keys may be used together with a symmetric or asymmetric algorithm to create an encrypted certificate containing information that can confirm the identity of the customer, the device on which the token was created and random fields which can be used to uniquely identify each transaction, prevent replays or other brute force or ‘man in the middle’ attacks.

[0038] At point of sale 104 there can be immediate acceptance of the proprietary EMV Token at all merchants both online and offline. The system and method make use of the embedded, encrypted information held within the EMV Token and the customer device information to authenticate a transaction.

[0039] The system and method make use of the 3DS infrastructure 106 to present an interactive product selection screen to the customer and capture their selection at the point of a transaction effecting. The system and method interrogate transaction information, merchant data and customer data to determine the risk profile of the transaction 108.

[0040] The system and method can increase their efficacy and performance as more and more clients contribute data. Customers' banking details can be captured and stored and used to facilitate automated payments of fees due or/and the repayments of loans granted.

[0041] Thus, the system and method can create financial flexibility for consumers without the need for multiple, pre-programmed tokens/products. The system and method can provide in-line decisions to be changed and/or modified post transaction to suit the customer. The system and method can include and/or be implemented using mobile technology with cloud-based processing, big data, artificial intelligence and data analysis, statistical correlation and inference techniques to combat fraud, and to minimise bad debt.

[0042] FIG. 2 shows steps which take place between a customer device 223, the system 224 and/or process of the present inventive concept (labelled “Zilch”), and an issuer/processor.

[0043] The system and method enables customers to use their mobile/computing device to register with the system 211 in order to securely transact, authenticate transactions and perform in-line product selection. Customers can download an application to their mobile or other computing device.

[0044] Customers can generate and store one or multiple tokens 222 formatted in line with the EMV standard for cards such as a 16 digit PAN (Primary Account Number), an expiry date and a CVV (Card Verification Value). The system and method also allows for the offline generation of a set of Public/Private cryptographic keys 208, 209 using the SHA-256 cryptographic algorithm.

[0045] The keys mentioned above can generate a cryptogram containing information that will confirm the identity of the customer, the device on which the token was created and random fields which can be used to uniquely identify each transaction, prevent replays or other brute force or ‘man in the middle’ attacks 221.

[0046] The system and method allow for the capturing and storing of customers' payment details 211 used to facilitate payments of fees due or/and the repayments of loans granted. The system and method can verify customer payment data 213, 214.

[0047] Turning to FIG. 3, the system and method of the present inventive concept allow customers to create a virtual fixed or variable card number 302 when they wish to perform a POS transaction, which is compliant with the EMV standards in term of both its message formats and processes followed to ensure interoperability and usage ubiquity. The system and method can morph data fields it requires such as mobile phone ID, customer account number and random data into a standard card format. This allows customers to present the generated token on check-out 303 at any on-line or off-line retailer as a EMV compliant payment card.

[0048] At POS the system and method either requires a 3DS secure process to be invoked or if 3DS is not available allows the customer to select the payment facility they require. The system and method intercept the 3DS secure process 309 as mentioned and presents to the customers product options 310 which can vary completely from the default option as determined by the card number (token) presented (BIN—Bank Identification Number).

[0049] The system and method thus allow customers to choose a financial product whilst performing the 3d secure process function 311/312. The transaction can continue with the transaction flow 315 once the new 3DS function process has completed.

[0050] The system and method also allows customers who could not use the 3DS function above to redefine the product option they wish to use after or before the transaction as completed. Customers could thus convert a POS purchase into a loan facility after the transaction has been effected at the POS. The system and method can credit the customer's bank account with the value of the loan selected by the customer after the transaction has completed or in-line depending on the configuration selected by the customer.

[0051] The system and method utilise all standard operating procedures set by EMV regarding message formats, process flows, reconciliation and settlement procedures, charge-back rules and regulations and other pre-defined financial and legal processes adhered to by EMV participants.

[0052] In FIG. 4 the system and method are shown to embed specific data into a cryptogram and repurposes the result to look and function as a standard EMV token. Thus, a process where a scheme issued BIN 401 is combined with a system generated cryptogram comprising 16 digits (making use of public/private key pair) generated using identification and authentication data such as, but not limited to an account identifier 404, authentication data 405, a signature 406 generated with the customers private key, and a check digit make up what would traditional be known as a PAN, CVV and Expiry date.