Authorizing financial transactions

US8430308B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Mark D. Zanzot · Huntersville, US
• Tony England · Tega Cay, US
• Christopher R. Griggs · Hickory, US

Key dates

• Filing date: Sep 19, 2011
• Grant date: Apr 30, 2013
• Expiry date: Oct 7, 2031

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/3278
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system for authorizing a financial transaction includes a processor operable to execute an application on a wireless communications device, communicate wirelessly with a data stripe through a security enabled wireless communications protocol, receive a request to authorize a financial transaction involving a financial account associated with account data, access authorization criteria for determining whether to authorize the financial transaction, apply the authorization criteria to the financial transaction, generate an authorization code based on the application of the authorization criteria to the financial transaction, and communicate the authorization code.