System for harnessing a connected network to securely verify a transaction

US11645643B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Christopher Hope · Tonbridge, GB
• James McMorrow · London, GB
• Sumita Desai · Jacksonville, US
• Shehreyar Jamshed · London, GB
• Ayeesha Sachedina · New York, US
• Anna Xu · Charlotte, US
• Brandon Matthew Castagna · Mount Holly, US
• Sasikumar Sivaraman · Charlotte, US
• Lauren Hewings · New York, US
• Alex Wong · Matawan, US

Key dates

• Filing date: Sep 29, 2020
• Grant date: May 9, 2023
• Expiry date: Apr 3, 2041

Classification

• Technology area (CPC G): Physics
• CPC primary: G16Y20/40
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method for harnessing a connected network to securely verify and execute a transaction is provided. The method may include requesting a PIN from a mobile device. The request may be transmitted via a USSD message. The method may also include receiving the PIN from the mobile device. The PIN may be received via a response to the USSD message. The method may also include authenticating the mobile device. The method may also include accessing a third-party network to verify an authentication status of the mobile device. The third-party network may include a plurality of IoT endpoints. Each IoT endpoint may include a stored verification usage process. The stored verification usage process may relate to a user associated with the mobile device. The method may also include executing the transaction upon receipt of an authentication signal from the third-party network.