MODEL AND METHOD TO ADVANCED AUTHENTICATION AND AUTHORIZATION PROCESS FOR PAYMENT TRANSACTIONS IN A BANKING SYSTEM WITH NO CARDS ISSUED TO CUSTOMERS

MODEL AND METHOD TO ADVANCED AUTHENTICATION AND AUTHORIZATION PROCESS FOR PAYMENT TRANSACTIONS IN A BANKING SYSTEM WITH NO CARDS ISSUED TO CUSTOMERS

In accordance with the teachings of the present disclosure, devices and methods for authenticating and authorizing a transaction without issuing a credit or debit card to a customer may include receiving an encrypted code from a mobile device participating in a transaction through a mobile applicati...

Ausführliche Beschreibung

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Bibliographische Detailangaben
Hauptverfasser: KULKARNI, Vijay Shashikant, NANDAKUMAR, Vikrant, VADASSERY, Lyju Rappai, MYLAVARAPU, Goutama Sarma
Format: Patent
Sprache:eng
Schlagworte:
CALCULATING
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Beschreibung
Zusammenfassung:In accordance with the teachings of the present disclosure, devices and methods for authenticating and authorizing a transaction without issuing a credit or debit card to a customer may include receiving an encrypted code from a mobile device participating in a transaction through a mobile application registered with a bank and decoding the encrypted code. The devices and methods may also include determining whether the decoded encrypted code has been validated by the bank and receiving a one-time access code, initiated by the bank in response to validation of the decoded encrypted code, from the mobile device. The devices and methods may further include authenticating the one-time access code and processing the transaction in response to authentication of the one-time access code.