Title:
A TRANSACTION SYSTEM AND METHOD OF OPERATING SAME
Document Type and Number:
WIPO Patent Application WO/2017/081620
Kind Code:
A3
Abstract:
This invention relates to a financial transaction system and to a method of operating the same. The system comprises a database configured to store data in a secure fashion; and processors comprising a purchaser receiver module, a security code generating module, a code transmission module, and a merchant receiver module. The purchaser receiver module is configured to receive transaction data associated with a transaction. The security code generating module is configured to generate a timed transaction linked security code in response to receiving transaction data. The code transmission module is operable to transmit the security code for use by a purchaser. The merchant receiver module is configured to receive a security code transmitted by a merchant at an endpoint device, wherein the merchant transmitted code is received from a purchaser in respect of a transaction; and determine whether the security code received is valid so as to process the transaction.
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Inventors:
BUYS DANIEL JACOBUS (ZA)
Application Number:
PCT/IB2016/056740
Publication Date:
July 06, 2017
Filing Date:
November 09, 2016
Export Citation:
Assignee:
CLOUDONE TECH PTY LTD (ZA)
International Classes:
G06Q40/04; G06Q40/00; G06Q40/06
Foreign References:
| US20110119190A1 | 2011-05-19 | |||
| US8831979B1 | 2014-09-09 | |||
| US20150026063A1 | 2015-01-22 | |||
| US20130068836A1 | 2013-03-21 |
Attorney, Agent or Firm:
PILLAY, Vishen et al. (ZA)
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