Payment Card Authentication System for Selective Financial Data
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Solution Overview
Problem
Current electronic transaction systems lack a convenient and secure mechanism for payment card holders to provide authenticated identity or financial history information to merchants or third parties, particularly for establishing financial credibility, which is essential for small businesses operating on credit.
Innovation Solution
A method and system that allows payment card holders to selectively provide authenticated data at a POS terminal by receiving payment card account information and user authentication, matching it with predefined authentication keys to choose between authorization of electronic transactions or transmission of financial history information, with the latter involving a service fee sharing between card and issuer networks.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If payment card holders want to provide authenticated financial history information to merchants, then financial credibility can be established, but security risks increase due to transmission of sensitive information
Solution Approach 1:
The patent introduces an intermediary authentication system that mediates between the payment card holder and merchant. The system receives authentication information from the card holder, verifies it against stored credentials, and selectively provides authenticated financial history information to merchants without exposing the card holder's sensitive data. This intermediary mechanism enables credibility verification while maintaining security through controlled information disclosure.
2Adaptability or versatility
If multiple authentication keys are associated with a payment card account, then selective function response is enabled, but system complexity increases
Solution Approach 1:
The patent segments the authentication system by associating multiple distinct authentication keys with a single payment card account, where each key is linked to specific predefined functions. This segmentation allows the system to differentiate between various authentication scenarios (e.g., purchase transaction vs. financial history retrieval) and route them to appropriate functions, enabling versatile response selection while maintaining manageable system architecture through clear key-function mappings.
3Reliability
If authenticated financial history information is transmitted to terminal devices, then business credibility is demonstrated, but transmission time and processing overhead increase
Solution Approach 1:
The patent implements preliminary action by pre-authenticating the payment card holder and preparing authenticated financial history information in advance before the actual transaction or credibility verification is needed. The system stores authentication credentials and associated financial history data ready for selective retrieval, eliminating the need for time-consuming real-time authentication and data gathering during the transaction process, thus reducing transmission time while maintaining credibility verification.
Data Source
AI summary
Methods, systems and computer program products for selectively providing authenticated data corresponding to a payment card holder at a point-of-sale (POS) terminal are described. The method can include receiving from a terminal device, payment card account information comprising a payment card account identifier and user authentication information. Responsive to the received user authentication information matching one of a plurality of predefined authentication keys associated with the payment card account identifier, a predefined function is selected from among at least first and second predefined functions associated with the payment card account identifier—wherein the selection of the predefined function from among the first and second predefined functions is based on an association between the selected predefined function and an authentication key that has been matched with the received user authentication information.