US4734564A
Expired / Lapsed
US
⏱️ 0.0 years remaining
Transaction system with off-line risk assessment
Assignee: Visa International Service Association
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Filing: 1985-05-02
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Granted: 1988-03-29
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Expires: 2005-05-02
Abstract
Abstract The subject invention relates to a transaction system wherein the issuer of transaction cards can regulate the type of authorization requests transmitted from the point of transaction. The system includes a plurality of transaction cards, each of which are provided with risk assessment data associated with each cardholder. The system further includes a plurality of terminals, each terminal having the ability to read the information placed on the transaction cards. In operation, the risk assessment data is compared to the transaction amount by the terminal. If the transaction is approved, the terminal will issue an automatic, off-line authorization. If the transaction does not fall within the approval range, the terminal will function to transmit the transaction information to the issuer for evaluation. The issuer can then determine whether to authorize the transaction based on its own data base.
Inventors
- 👤 Vincent Boston
- 👤 Elvis W. Boggan
- 👤 Einar L. Asbo
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-10-26 03:39
CPC Classifications
G; G07; G07F; G07F7/00; G07F7/08; G06; G06Q; G06Q20/00; G06Q20/38; G06Q20/40; G06Q20/403
Claims Analysis
Total Claims: 11
Claim 1
Independent Claim
193 words
A system wherein an issuer of transaction cards can influence the type of transactions that can be approved at the point of transaction, said system comprising: primary processor means including a file means containing cardholder information, supplied by the issuer, for evaluating a transaction; a transaction card carrying data identifying the cardholder, said card further including nonmonetary data supplied by the issuer and representative of risk assessment information associated with the cardholder; and remote terminal means located at the point of transaction and connected to said primary processor means, said terminal means having monetary data stored therein, said terminal means having a means for reading the data carried on said card and a means for entering the amount of the transaction, said terminal means further including a remote processor means for deriving a transaction dollar limit based on the risk assessment information carried on said card and the monetary data stored in the terminal means, with said remote processor means comparing the transaction amount and the derived transaction dollar limit to determine if the transaction can be approved locally at the terminal or should be forwarded to the primary processor for further evaluation.
Claim 2
Independent Claim
193 words
A system wherein an issuer of transaction cards can influence the type of transactions that can be approved at the point of transaction, said system comprising: primary processor means including a file means containing cardholder information, supplied by the issuer, for evaluating a transaction; a transaction card carrying data identifying the cardholder, said card further including nonmonetary data supplied by the issuer and representative of risk assessment information associated with the cardholder; and remote terminal means located at the point of transaction and connected to said primary processor means, said terminal means having monetary data stored therein, said terminal means having a means for reading the data carried on said card and a means for entering the amount of the transaction, said terminal means further including a remote processor means for deriving a transaction dollar limit based on the risk assessment information carried on said card and the monetary data stored in the terminal means, with said remote processor means comparing the transaction amount and the derived transaction dollar limit to determine if the transaction can be approved locally at the terminal or should be forwarded to the primary processor for further evaluation.
Claim 3
Dependent Claim
15 words
A system as recited in claim 1 wherein said transaction card includes a magnetic strips.
Claim 4
Dependent Claim
18 words
A system as recited in claim 2 wherein the risk assessment information is encoded onto said magnetic stripe.
Claim 5
Dependent Claim
23 words
A system as recited in claim 1 further including a data control center connected between said terminal means and said primary processor means.
Claim 6
Dependent Claim
56 words
A system as recited in claim 4 wherein said data control center includes a network processor means and evaluation parameters supplied by the issuer, such that the data control center will only forward the transaction information to the first processor means if the transaction does not fall within the parameters maintained at the data control center.
Claim 7
Dependent Claim
39 words
A system as recited in claim 1 wherein said nonmonetary data on the card is defined by numeric information and wherein said transaction dollar limit is derived by multiplying the numeric information with the monetary data in said terminal.
Claim 8
Dependent Claim
25 words
A system as recited in claim 1 wherein said monetary data stored in the terminal means is based on the location of said terminal means.
Claim 9
Independent Claim
180 words
A method of operating a transaction system, said transaction system including a primary processor for evaluating transactions, a plurality of transaction cards, each card carrying data identifying the cardholder and nonmonetary data based on a risk assessment of the cardholder, said system further including a terminal located at the point of the transaction and having data entry capabilities, said terminal having monetary data stored therein, said monetary data being unrelated to the risk assessment of individual cardholders, said method comprising the steps of; entering the cardholder identification and nonmonetary data from the card into the terminal; entering the amount of the transaction into the terminal; deriving a transaction dollor limit based on the nonmonetary data from the card which corresponds to the risk assessment of the cardholder and the monetary data from the terminal which is unrelated to the risk assessment of the cardholder; and comparing the amount of the transaction and the derived transaction dollor limit to determine if the transaction can be approved locally at the terminal or should be forwarded to the primary processor for further evaluation.
Claim 10
Independent Claim
180 words
A method of operating a transaction system, said transaction system including a primary processor for evaluating transactions, a plurality of transaction cards, each card carrying data identifying the cardholder and nonmonetary data based on a risk assessment of the cardholder, said system further including a terminal located at the point of the transaction and having data entry capabilities, said terminal having monetary data stored therein, said monetary data being unrelated to the risk assessment of individual cardholders, said method comprising the steps of; entering the cardholder identification and nonmonetary data from the card into the terminal; entering the amount of the transaction into the terminal; deriving a transaction dollor limit based on the nonmonetary data from the card which corresponds to the risk assessment of the cardholder and the monetary data from the terminal which is unrelated to the risk assessment of the cardholder; and comparing the amount of the transaction and the derived transaction dollor limit to determine if the transaction can be approved locally at the terminal or should be forwarded to the primary processor for further evaluation.
Claim 11
Dependent Claim
39 words
A method as recited in claim 8 wherein said nonmonetary data on the card is defined by numeric information and wherein said transaction dollar limit is derived by multiplying the numeric information with the monetary data from the terminal.
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USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 1991-03-29 | 1991-09-28 | 1992-03-29 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 1995-03-29 | 1995-09-28 | 1996-03-29 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 1999-03-29 | 1999-09-28 | 2000-03-29 | $7700.00 | Window Closed / Lapsed |