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Method and apparatus for facilitating financial transactions within a communications system
| Details |
Inventors: Davenport D'Ingianni, Rita Rae; Law, Jr., Albert Giles;
Assignee: Northern Telecom Limited (Montreal, CA)
Primary Examiner: Chan; Wing F.
Assistant Examiner:
Attorney, Agent or Firm: Edwards; Christopher O., Venglarik; Daniel E., Dillon; Andrew J.
A method and apparatus in a communications system for facilitating a financial transaction between two parties within the communications system. The method of the present invention is implemented in a data processing system. A request for a financial transaction is received from the first party. A call is initiated by the data processing system to the second party associated with the request. The call is established between the first party and the second party wherein the financial transaction is established between the two parties through the call. Data is acquired from the two parties in response to the establishment of the financial transaction through the call. First party information and second party information is verified, wherein the financial transaction is securely completed. |
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DETAILED DESCRIPTION The present invention provides a method in a communications system for facilitating a financial transaction between two parties within the communications system.
The method of the present invention is implemented in a data processing system.
A request for a financial transaction is received from the first party.
A call is initiated by the data processing system to the second party associated with the request.
The call is established between the first party and the second party and the financial transaction is established between the two parties through the call.
Data is acquired from the two parties in response to the establishment of the financial transaction through the call.
Information from the first party and information from the second party needed to complete the transaction is then verified, wherein the financial transaction is securely completed.
In verifying the first party and the second party information, a separate voice path is established for each party in obtaining the information needed to complete the transaction.
In the case where the first party is a buyer purchasing goods and/or services with a credit card, the buyer typically provides a credit card number, a personal identification number, and an expiration date through a voice path to the data processing system that excludes the second party, the seller.
At the same time, the seller provides vendor identification information to the data processing system through another voice path excluding the buyer.
Verification information is provided to the parties if both buyer and seller information are verified to complete the transaction.
The above as well as additional objectives, features, and advantages of the present invention will become apparent in the following detailed written description.
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Finance 
