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WO2025114740A1 - Electronic payment system - Google Patents

Electronic payment system Download PDF

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Publication number
WO2025114740A1
WO2025114740A1 PCT/IB2023/061910 IB2023061910W WO2025114740A1 WO 2025114740 A1 WO2025114740 A1 WO 2025114740A1 IB 2023061910 W IB2023061910 W IB 2023061910W WO 2025114740 A1 WO2025114740 A1 WO 2025114740A1
Authority
WO
WIPO (PCT)
Prior art keywords
payment
electronic
software application
financial institutions
payment system
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Pending
Application number
PCT/IB2023/061910
Other languages
French (fr)
Inventor
Konstantin DUBININ
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
Dapio Ltd
Original Assignee
Dapio Ltd
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Dapio Ltd filed Critical Dapio Ltd
Priority to PCT/IB2023/061910 priority Critical patent/WO2025114740A1/en
Publication of WO2025114740A1 publication Critical patent/WO2025114740A1/en
Pending legal-status Critical Current
Anticipated expiration legal-status Critical

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Classifications

    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/02—Payment architectures, schemes or protocols involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
    • G06Q20/027—Payment architectures, schemes or protocols involving a neutral party, e.g. certification authority, notary or trusted third party [TTP] involving a payment switch or gateway
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/08—Payment architectures
    • G06Q20/20—Point-of-sale [POS] network systems
    • G06Q20/204—Point-of-sale [POS] network systems comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
    • G06Q20/34—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using cards, e.g. integrated circuit [IC] cards or magnetic cards
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
    • G06Q20/34—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using cards, e.g. integrated circuit [IC] cards or magnetic cards
    • G06Q20/353—Payments by cards read by M-devices
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
    • G06Q20/34—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using cards, e.g. integrated circuit [IC] cards or magnetic cards
    • G06Q20/356—Aspects of software for card payments
    • G06Q20/3567—Software being in the reader
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07F—COIN-FREED OR LIKE APPARATUS
    • G07F7/00—Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus
    • G07F7/08—Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus by coded identity card or credit card or other personal identification means
    • G07F7/0873—Details of the card reader
    • G07F7/088—Details of the card reader the card reader being part of the point of sale [POS] terminal or electronic cash register [ECR] itself
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q2220/00—Business processing using cryptography

Definitions

  • the present invention relates generally to the field of electronic payment systems and more particularly to an electronic payment system which utilises real-time routing of a software-based kernel to multiple banks for processing transactions.
  • a physical encryption kernel is included in the physical payment terminal. This encryption kernel connects to a single financial institution, namely the merchant operating the payment terminal.
  • a software-based encryption kernel is included in the software payment terminal which connects to a single financial institution, namely the merchant operating the software application.
  • a single encryption kernel is provided on the physical payment terminal or associated with the software payment terminal.
  • the respective payment terminal includes a reader or entry interface allowing reading or entry of account data, such as from a payment credit or debit card for example and the encryption kernel encrypts the account data and sends to the merchant financial institution for processing.
  • Physical payment terminals are limited in space, and it is not possible to hardwire multiple processors into the same system. Therefore, payment processors with a physical kernel must be hardwired to connect with a single transaction processor.
  • an electronic payment system comprising an electronic transaction terminal with an embedded card reader, the electronic transaction terminal associated with an analysis software application in real-time communication with a plurality of software-based encryption kernels, each software-based encryption kernel configured for real-time routing of a required transaction on an account based on information read from a payment card by the embedded card reader, from the electronic transaction terminal to one of multiple financial institutions or payment providers for processing the required transaction, the analysis software application selecting one of the multiple financial institutions or payment providers to process the required transaction and the electronic transaction terminal routing the required transaction through the respective software-based encryption kernel to the selected one of the multiple financial institutions or payment providers.
  • Providing an electronic payment system with these features ensures real-time routing of a required transaction on an account to one of multiple financial institutions or payment providers for processing the required transaction, in contrast with prior art systems which are only able to process required transactions through a single encryption kernel associated with a single financial institution or payment provider.
  • the analysis software application may be associated with any type of electronic transaction terminal.
  • electronic transaction terminal is intended to encompass any means through which a payment and/or funds transfer or issue can be requested and authorised.
  • the most well recognised electronic transaction terminals include the point-of- sale machines, which may be hardware based and software transaction terminals in the form of software applications operating on a device such as a smartphone or tablet or similar.
  • Software transaction terminals may be associated with card readers or the like, either separately from the smartphone or tablet or similar and in communication therewith or may be embedded in the device.
  • the electronic transaction terminals may include other transaction terminals such as tap and go transport pillars, cash machines, and mobile payment devices.
  • the analysis software application is preferably associated with the electronic transaction terminal.
  • the analysis software application may operate directly on the electronic transaction terminal.
  • the analysis software application may operate on a device which is separate from the electronic transaction terminal but in in real-time communication with the electronic transaction terminal.
  • the analysis software application may operate on a remote server or on a computing network for example, but this may introduce stability or reliability issues into the system or slow the processing of a request, and if so, is less preferred.
  • the analysis software application is in real-time communication with a plurality multiple software-based encryption kernels.
  • Each of the plurality of software-based encryption kernels preferably corresponds with one of the multiple financial institutions or payment providers.
  • the software-based encryption kernels allow communication between the electronic transaction terminal and a respective one of the multiple financial institutions or payment providers.
  • the analysis software application and plurality of software-based encryption kernels may be provided in a single software application.
  • the analysis software application may select between the multiple financial institutions or payment providers based on information available to the analysis software application from one or more of the multiple financial institutions or payment providers.
  • Information may be pushed to the software application from one or more of the multiple financial institutions or payment providers.
  • Information may be requested by the software application from one or more of the multiple financial institutions or payment providers.
  • Any information transferred will preferably be transferred in real-time. This will allow the analysis software application to make a selection as to which one of the multiple financial institutions or payment providers is to process a required translation, in realtime if necessary, including any changes in information, as changes are made.
  • the software-based encryption kernels may be generated and provided to or associated with the electronic transaction terminal.
  • Each software-based encryption kernel may be generated by a software application operating on or in association with a transaction terminal.
  • the software application may generate the multiple software-based encryption kernels based on information available to the software application from one or more of the multiple financial institutions or payment providers.
  • Each at least one software-based encryption kernel is configured for real-time routing of a required transaction on an account to a financial institution or payment providers for processing the required transaction.
  • Software-based encryption kernels are not new.
  • the provision of an electronic transaction terminal with access to multiple software-based encryption kernels, each corresponding to one of multiple financial institutions or payment providers has not been done before now.
  • the provision of an electronic transaction terminal with access to multiple software-based encryption kernels allows access from a single payment terminal to one of multiple financial institutions or payment providers, but preferably requires a selection between the software-based encryption kernels and the multiple financial institutions or payment providers to process the payment.
  • the analysis software application will preferably identify at least one and preferably a number of criteria relating to a tendered payment for a requested transaction.
  • the decision as to which one of the multiple financial institutions or payment providers is selected to process the required transaction will preferably be based on one or more of the criteria.
  • the criteria preferably relate to the account from which the payment is to be made and/or an access token used to authorise payments from that account.
  • the access token may be a physical device such as a debit or credit card, or a software-based token such as that provided by Apple® Wallet or Google® Pay which both offer a digital wallet platform and online payment system.
  • These criteria may include issuing country or country of origin, required transaction country, token type, payment network such as Visa, Mastercard, AMEX, Diners or the like, debit/credit account or other account specific information for example whether the account is a loan account or a transaction account.
  • the decision as to which one of the multiple financial institutions or payment providers is selected to process the required transaction may be based on one or more additional factors including factors that are specific to each of the multiple financial institutions or payment providers.
  • the factors may be obtained and/or updated in real-time from each of the multiple financial institutions or payment providers and provided to the analysis software application.
  • the analysis software application is in real-time communication with a plurality of software-based encryption kernels. Once the analysis software application has selected one of the multiple financial institutions to process the required transaction, the corresponding software-based encryption kernel is then utilised to encrypt the details of the required transaction and communicate with the selected financial institution or payment provider to process the required transaction.
  • the plurality of software-based encryption kernels may utilise a communications pathway which is accessible from the electronic transaction terminal. Depending on the type of electronic transaction terminal, one or more communications pathways may be provided.
  • the electronic transaction terminal will have access to at least one communications pathway, preferably a wireless communication pathway.
  • Figure 1 shows a prior art operational scheme of a physical payment terminal connected to a single bank.
  • Figure 3 shows a flow diagram of a payment terminal connected to a multi banking environment according to an embodiment of the invention.
  • FIG. 1 A prior art operational scheme of a physical payment terminal 10 connected to a single bank, is shown in Figure 1.
  • the payment terminal 10 reads the details of the payment card and transmits the details of the payment card together with a request for the payment, to the financial institution payment processor 11 via an encryption kernel 12 embedded on/in the payment terminal.
  • the encryption kernel connects to a single financial institution, namely the merchant operating the payment terminal.
  • the financial institution then calculates the fees for making the payment based on a fee schedule 13 such as that shown.
  • a prior art operational scheme of a software payment terminal connected to a single bank is shown in Figure 2 in the form of a smartphone 14 with a software application enabling electronic payments.
  • an electronic payment system comprising an electronic transaction terminal 20 associated with an analysis software application 21 which is in real-time communication with a plurality of software-based encryption kernels 22, 22’ and 22”.
  • Each of the software-based encryption kernels 22, 22’ and 22” is configured for real-time routing of a required transaction on an account to a respective one of multiple financial institutions or payment providers 25, 26, 27 for processing the required transaction.
  • the analysis software application 21 receives a request for a required transaction, selects one of the multiple financial institutions or payment providers 25, 26, 27” and then routes the request for the required transaction through the respective software-based encryption kernel 22, 22’ and 22” to the payment processor 23, 23’ and 23 of the selected one of the multiple financial institutions or payment providers 25, 26, 27”.
  • the analysis software application 21 is shown separately from the software-based encryption kernels 22, 22’ and 22” but the analysis software application 21 and software-based encryption kernels 22, 22’ and 22” may be provided as a single software application which operates on the electronic transaction terminal.
  • the analysis software application 21 preferably operates directly on the electronic transaction terminal 20.
  • Each software-based encryption kernel 22, 22’ and 22” may provide a gateway of communication between the analysis software application 21 and the payment processors 23, 23’ and 23 of the selected one of the multiple financial institutions or payment providers 25, 26, 27”, allowing the analysis software application 21 to obtain information from each of the multiple financial institutions or payment providers 25, 26, 27” and then to make a selection of which of the multiple financial institutions or payment providers 25, 26, 27” is to be used to process the required transaction.
  • Information may be pushed to the analysis software application 21 from one or more of the multiple financial institutions or payment providers 25, 26, 27”.
  • Information may be requested by the analysis software application 21 from one or more of the multiple financial institutions or payment providers 25, 26, 27”.
  • Any information transferred to the analysis software application 21 will preferably be transferred in real-time. This will allow the analysis software application 21 to make the selection in real-time based on real-time information including any changes in information as changes are made.
  • the software-based encryption kernels may be generated and provided to the electronic transaction terminal.
  • the analysis software application 21 will preferably identify at least one and preferably a number of criteria relating to a requested transaction before selecting one of the multiple financial institutions or payment providers 25, 26, 27” to process the payment.
  • the decision as to which one of the multiple financial institutions or payment providers 25, 26, 27” is selected to process the required transaction will preferably be based on one or more of the criteria.
  • the criteria preferably relate to the account from which the payment is to be made and/or an access token used to authorise payments from that account.
  • the access token may be a physical device such as a debit or credit card, or a software-based token such as that provided by Apple® Wallet or Google® Pay which both offer a digital wallet platform and online payment system.
  • These criteria may include issuing country or country of origin, required transaction country, token type, payment network such as Visa, Mastercard, AMEX, Diners or the like, debit/credit account or other account specific information for example whether the account is a loan account or a transaction account.
  • the decision as to which one of the multiple financial institutions or payment providers 25, 26, 27” is selected to process the required transaction may be based on one or more additional factors including factors that are specific to each of the multiple financial institutions or payment providers 25, 26, 27”.
  • the factors may be obtained and/or updated in real-time from each of the multiple financial institutions or payment providers 25, 26, 27” and provided to the analysis software application 21.
  • the analysis software application has selected one of the multiple financial institutions to process the required transaction, the corresponding softwarebased encryption kernel 22, 22’ and 22” is then utilised to process the transaction with the selected financial institution or payment provider 25, 26, 27”.
  • an electronic transaction terminal 20 with access to multiple software-based encryption kernels 22, 22’ and 22” allows access from a single payment terminal to multiple financial institutions or payment providers 25, 26, 27” but requires a selection between the multiple financial institutions or payment providers 25, 26, 27” to process the payment.

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Abstract

The invention relates to electronic payment systems which utilise real-time routing of a software-based kernel to multiple banks for processing transactions, where the electronic transaction terminal associated with an analysis software application in real-time communication with a plurality of software-based encryption kernels, each software-based encryption kernel configured for real-time routing of a required transaction on an account based on information read from a payment card, to one of multiple financial institutions for processing the required transaction, wherein the analysis software application selecting one of the multiple financial institutions to process the required transaction through the respective software-based encryption kernel to the selected one of the multiple financial institutions.

Description

ELECTRONIC PAYMENT SYSTEM
Technical Field of the Invention
The present invention relates generally to the field of electronic payment systems and more particularly to an electronic payment system which utilises real-time routing of a software-based kernel to multiple banks for processing transactions.
Background to the Invention
According to ECB SPACE (2021), card payments in the European Union accounted for 52% of transactions, and the COVID-19 pandemic caused 40% of consumers to use less cash.
Currently, electronic payment systems utilise a physical payment terminal connected to a single bank or a software payment terminal connected to a single bank.
In the case of a physical payment terminal, a physical encryption kernel is included in the physical payment terminal. This encryption kernel connects to a single financial institution, namely the merchant operating the payment terminal.
In the case of a software payment terminal, which conventionally is a software application operating on a mobile computing device such as a smartphone or tablet or an access reader which is associated with a software application operating on a mobile computing device, a software-based encryption kernel is included in the software payment terminal which connects to a single financial institution, namely the merchant operating the software application.
In both of these cases, a single encryption kernel is provided on the physical payment terminal or associated with the software payment terminal. The respective payment terminal includes a reader or entry interface allowing reading or entry of account data, such as from a payment credit or debit card for example and the encryption kernel encrypts the account data and sends to the merchant financial institution for processing.
One problem with this is that conventional physical payment terminals and conventional software payment terminals are connected to a single financial institution (the merchant supporting the payment terminal), conventional physical payment terminals by the provision of a physical encryption kernel included in the physical payment terminal and conventional software payment terminals by the software-based encryption kernel included in the software payment terminal.
This means that if for any reason, the merchant financial institution which supports the payment terminal is unavailable or cannot be reached, the requested transaction cannot be processed, or alternatively, cannot be processed in real-time. This is not optimal, and the transaction is either not processed or is processed at a later stage which can expose the merchant or the provider of the goods or services for which the payment is requested, to loss.
Physical payment terminals are limited in space, and it is not possible to hardwire multiple processors into the same system. Therefore, payment processors with a physical kernel must be hardwired to connect with a single transaction processor.
It is an object of the invention to overcome or at least partially ameliorate the any one or more of the abovementioned disadvantages and/or provide the user with a useful or commercial choice.
Summary of the Invention
According to a first aspect of the invention there is provided an electronic payment system comprising an electronic transaction terminal with an embedded card reader, the electronic transaction terminal associated with an analysis software application in real-time communication with a plurality of software-based encryption kernels, each software-based encryption kernel configured for real-time routing of a required transaction on an account based on information read from a payment card by the embedded card reader, from the electronic transaction terminal to one of multiple financial institutions or payment providers for processing the required transaction, the analysis software application selecting one of the multiple financial institutions or payment providers to process the required transaction and the electronic transaction terminal routing the required transaction through the respective software-based encryption kernel to the selected one of the multiple financial institutions or payment providers. Providing an electronic payment system with these features ensures real-time routing of a required transaction on an account to one of multiple financial institutions or payment providers for processing the required transaction, in contrast with prior art systems which are only able to process required transactions through a single encryption kernel associated with a single financial institution or payment provider.
The analysis software application may be associated with any type of electronic transaction terminal. Within the context of the present description, the term ‘electronic transaction terminal’ is intended to encompass any means through which a payment and/or funds transfer or issue can be requested and authorised.
The most well recognised electronic transaction terminals include the point-of- sale machines, which may be hardware based and software transaction terminals in the form of software applications operating on a device such as a smartphone or tablet or similar. Software transaction terminals may be associated with card readers or the like, either separately from the smartphone or tablet or similar and in communication therewith or may be embedded in the device.
Further, the electronic transaction terminals may include other transaction terminals such as tap and go transport pillars, cash machines, and mobile payment devices.
The analysis software application is preferably associated with the electronic transaction terminal. In one preferred embodiment, the analysis software application may operate directly on the electronic transaction terminal. Alternatively, the analysis software application may operate on a device which is separate from the electronic transaction terminal but in in real-time communication with the electronic transaction terminal. For example, the analysis software application may operate on a remote server or on a computing network for example, but this may introduce stability or reliability issues into the system or slow the processing of a request, and if so, is less preferred.
In an embodiment, the analysis software application is in real-time communication with a plurality multiple software-based encryption kernels. Each of the plurality of software-based encryption kernels preferably corresponds with one of the multiple financial institutions or payment providers. Preferably, the software-based encryption kernels allow communication between the electronic transaction terminal and a respective one of the multiple financial institutions or payment providers.
The analysis software application and plurality of software-based encryption kernels may be provided in a single software application.
In an embodiment, the analysis software application may select between the multiple financial institutions or payment providers based on information available to the analysis software application from one or more of the multiple financial institutions or payment providers.
Information may be pushed to the software application from one or more of the multiple financial institutions or payment providers.
Information may be requested by the software application from one or more of the multiple financial institutions or payment providers.
Any information transferred will preferably be transferred in real-time. This will allow the analysis software application to make a selection as to which one of the multiple financial institutions or payment providers is to process a required translation, in realtime if necessary, including any changes in information, as changes are made.
The software-based encryption kernels may be generated and provided to or associated with the electronic transaction terminal.
Each software-based encryption kernel may be generated by a software application operating on or in association with a transaction terminal. The software application may generate the multiple software-based encryption kernels based on information available to the software application from one or more of the multiple financial institutions or payment providers.
Each at least one software-based encryption kernel is configured for real-time routing of a required transaction on an account to a financial institution or payment providers for processing the required transaction.
Software-based encryption kernels are not new. The provision of an electronic transaction terminal with access to multiple software-based encryption kernels, each corresponding to one of multiple financial institutions or payment providers has not been done before now. The provision of an electronic transaction terminal with access to multiple software-based encryption kernels allows access from a single payment terminal to one of multiple financial institutions or payment providers, but preferably requires a selection between the software-based encryption kernels and the multiple financial institutions or payment providers to process the payment.
In an embodiment, the analysis software application will preferably identify at least one and preferably a number of criteria relating to a tendered payment for a requested transaction. The decision as to which one of the multiple financial institutions or payment providers is selected to process the required transaction will preferably be based on one or more of the criteria.
The criteria preferably relate to the account from which the payment is to be made and/or an access token used to authorise payments from that account. The access token may be a physical device such as a debit or credit card, or a software-based token such as that provided by Apple® Wallet or Google® Pay which both offer a digital wallet platform and online payment system.
These criteria may include issuing country or country of origin, required transaction country, token type, payment network such as Visa, Mastercard, AMEX, Diners or the like, debit/credit account or other account specific information for example whether the account is a loan account or a transaction account.
The decision as to which one of the multiple financial institutions or payment providers is selected to process the required transaction may be based on one or more additional factors including factors that are specific to each of the multiple financial institutions or payment providers.
The factors may be obtained and/or updated in real-time from each of the multiple financial institutions or payment providers and provided to the analysis software application.
The analysis software application is in real-time communication with a plurality of software-based encryption kernels. Once the analysis software application has selected one of the multiple financial institutions to process the required transaction, the corresponding software-based encryption kernel is then utilised to encrypt the details of the required transaction and communicate with the selected financial institution or payment provider to process the required transaction.
The plurality of software-based encryption kernels may utilise a communications pathway which is accessible from the electronic transaction terminal. Depending on the type of electronic transaction terminal, one or more communications pathways may be provided.
Preferably, the electronic transaction terminal will have access to at least one communications pathway, preferably a wireless communication pathway.
Detailed Description of the Invention
In order that the invention may be more clearly understood one or more embodiments thereof will now be described, by way of example only, with reference to the accompanying drawings, of which:
Figure 1 shows a prior art operational scheme of a physical payment terminal connected to a single bank.
Figure 2 shows a prior art operational scheme of a software payment terminal connected to a single bank.
Figure 3 shows a flow diagram of a payment terminal connected to a multi banking environment according to an embodiment of the invention.
A prior art operational scheme of a physical payment terminal 10 connected to a single bank, is shown in Figure 1.
In this scheme, when a payment card (not shown) is presented to make a payment, the payment terminal 10 reads the details of the payment card and transmits the details of the payment card together with a request for the payment, to the financial institution payment processor 11 via an encryption kernel 12 embedded on/in the payment terminal. The encryption kernel connects to a single financial institution, namely the merchant operating the payment terminal. The financial institution then calculates the fees for making the payment based on a fee schedule 13 such as that shown. A prior art operational scheme of a software payment terminal connected to a single bank is shown in Figure 2 in the form of a smartphone 14 with a software application enabling electronic payments.
In this scheme, when a payment card (not shown) is presented to make a payment, hardware associated with the smartphone 14 reads the details of the payment card and the software application transmits the details of the payment card together with a request for the payment, to the financial institution payment processor 11 via an encryption kernel 12 embedded in the software application on the smartphone 14. The encryption kernel connects to a single financial institution, namely the merchant operating the payment terminal. The financial institution then calculates the fees for making the payment based on a fee schedule 13 such as that shown.
In the embodiment of the invention illustrated in Figures 3, an electronic payment system is provided comprising an electronic transaction terminal 20 associated with an analysis software application 21 which is in real-time communication with a plurality of software-based encryption kernels 22, 22’ and 22”.
Each of the software-based encryption kernels 22, 22’ and 22” is configured for real-time routing of a required transaction on an account to a respective one of multiple financial institutions or payment providers 25, 26, 27 for processing the required transaction.
The analysis software application 21 receives a request for a required transaction, selects one of the multiple financial institutions or payment providers 25, 26, 27” and then routes the request for the required transaction through the respective software-based encryption kernel 22, 22’ and 22” to the payment processor 23, 23’ and 23 of the selected one of the multiple financial institutions or payment providers 25, 26, 27”.
In the illustrated embodiment, the analysis software application 21 is shown separately from the software-based encryption kernels 22, 22’ and 22” but the analysis software application 21 and software-based encryption kernels 22, 22’ and 22” may be provided as a single software application which operates on the electronic transaction terminal. The analysis software application 21 preferably operates directly on the electronic transaction terminal 20.
Each software-based encryption kernel 22, 22’ and 22” may provide a gateway of communication between the analysis software application 21 and the payment processors 23, 23’ and 23 of the selected one of the multiple financial institutions or payment providers 25, 26, 27”, allowing the analysis software application 21 to obtain information from each of the multiple financial institutions or payment providers 25, 26, 27” and then to make a selection of which of the multiple financial institutions or payment providers 25, 26, 27” is to be used to process the required transaction.
Information may be pushed to the analysis software application 21 from one or more of the multiple financial institutions or payment providers 25, 26, 27”.
Information may be requested by the analysis software application 21 from one or more of the multiple financial institutions or payment providers 25, 26, 27”.
Any information transferred to the analysis software application 21 will preferably be transferred in real-time. This will allow the analysis software application 21 to make the selection in real-time based on real-time information including any changes in information as changes are made.
The software-based encryption kernels may be generated and provided to the electronic transaction terminal.
In an embodiment, the analysis software application 21 will preferably identify at least one and preferably a number of criteria relating to a requested transaction before selecting one of the multiple financial institutions or payment providers 25, 26, 27” to process the payment. The decision as to which one of the multiple financial institutions or payment providers 25, 26, 27” is selected to process the required transaction will preferably be based on one or more of the criteria.
The criteria preferably relate to the account from which the payment is to be made and/or an access token used to authorise payments from that account. The access token may be a physical device such as a debit or credit card, or a software-based token such as that provided by Apple® Wallet or Google® Pay which both offer a digital wallet platform and online payment system. These criteria may include issuing country or country of origin, required transaction country, token type, payment network such as Visa, Mastercard, AMEX, Diners or the like, debit/credit account or other account specific information for example whether the account is a loan account or a transaction account.
The decision as to which one of the multiple financial institutions or payment providers 25, 26, 27” is selected to process the required transaction may be based on one or more additional factors including factors that are specific to each of the multiple financial institutions or payment providers 25, 26, 27”.
The factors may be obtained and/or updated in real-time from each of the multiple financial institutions or payment providers 25, 26, 27” and provided to the analysis software application 21.
In use, once the analysis software application has selected one of the multiple financial institutions to process the required transaction, the corresponding softwarebased encryption kernel 22, 22’ and 22” is then utilised to process the transaction with the selected financial institution or payment provider 25, 26, 27”.
The provision of an electronic transaction terminal 20 with access to multiple software-based encryption kernels 22, 22’ and 22” allows access from a single payment terminal to multiple financial institutions or payment providers 25, 26, 27” but requires a selection between the multiple financial institutions or payment providers 25, 26, 27” to process the payment.
The one or more embodiments are described above by way of example only. Many variations are possible without departing from the scope of protection afforded by the appended claims.

Claims

1. An electronic payment system comprising an electronic transaction terminal with an embedded card reader, the electronic transaction terminal associated with an analysis software application in real-time communication with a plurality of software-based encryption kernels, each software-based encryption kernel configured for real-time routing of a required transaction on an account based on information read from a payment card by the embedded card reader, from the electronic transaction terminal to one of multiple financial institutions or payment providers for processing the required transaction, the analysis software application selecting one of the multiple financial institutions or payment providers to process the required transaction and the electronic transaction terminal routing the required transaction through the respective software-based encryption kernel to the selected one of the multiple financial institutions or payment providers.
2. An electronic payment system as claimed in claim 1 wherein the analysis software application operates directly on the electronic transaction terminal.
3. An electronic payment system as claimed in claim 1 wherein the analysis software application operates on a device separate from the electronic transaction terminal but in in real-time communication with the electronic transaction terminal.
4. An electronic payment system as claimed in claim 1 or claim 2 wherein the analysis software application and plurality of software-based encryption kernels are provided in a single software application.
5. An electronic payment system as claimed in any one of the preceding claims wherein the analysis software application selects between the multiple financial institutions or payment providers based on information available to the analysis software application from one or more of the multiple financial institutions or payment providers.
6. An electronic payment system as claimed in claim 5 wherein information is pushed to the analysis software application from one or more of the multiple financial institutions or payment providers.
7. An electronic payment system as claimed in claim 5 wherein information is requested by the analysis software application from one or more of the multiple financial institutions or payment providers.
8. An electronic payment system as claimed in any one of claims 5 to 7 wherein information transferred is transferred in real-time.
9. An electronic payment system as claimed in any one of the preceding claims wherein the software-based encryption kernels are generated on the electronic transaction terminal.
10. An electronic payment system as claimed in claim 9 wherein each softwarebased encryption kernel is generated by a software application operating on or in association with a transaction terminal.
11. An electronic payment system as claimed in claim 9 or claim 10 wherein the software application generates the multiple software-based encryption kernels based on information available to the software application from one or more of the multiple financial institutions or payment providers.
12. An electronic payment system as claimed in any one of claims 1 to 8 wherein the software-based encryption kernels are generated on a separate device and provided to or associated with the electronic transaction terminal.
13. An electronic payment system as claimed in any one of the preceding claims wherein the analysis software application identifies at least one criterion relating to required transaction upon which to select the selected one of the multiple financial institutions or payment providers.
14. An electronic payment system as claimed in claim 13 wherein the at least one criterion is selected from the group comprising country in which the required transaction originates, country of origin of an account from which the payment is to be made, payment network, type of account and type of required transaction.
15. An electronic payment system as claimed in claim 13 or claim 14 wherein the at least one criterion relates to the account from which the payment is to be made and/or an access token used to authorise payments from that account.
16. An electronic payment system as claimed in any one of claims 13 to 15 wherein the selection of one of the multiple financial institutions or payment providers is based on one or more factors specific to each of the multiple financial institutions or payment providers.
17. An electronic payment system as claimed in claim 16 wherein the one or more factors are obtained and/or updated in real-time from each of the multiple financial institutions or payment providers and provided to the analysis software application.
18. An electronic payment system as claimed in any one of the preceding claims wherein once the analysis software application has selected one of the multiple financial institutions or payment providers to process the required transaction, the corresponding software-based encryption kernel is then utilised to encrypt details of the required transaction and communicate with the selected financial institution or payment provider to process the required transaction.
19. An electronic payment system as claimed in any one of the preceding claims wherein electronic transaction terminal comprises a communications pathway and the analysis software application utilises the communications pathway through one of the plurality of software-based encryption kernels to process the required transaction with the selected one of the multiple financial institutions or payment providers.
20. An electronic payment system as claimed in claim 19 wherein the at least one communications pathway is a wireless communication pathway.
21. An electronic payment system as claimed in any one of the preceding claims wherein the plurality of software-based encryption kernels are provided on the electronic transaction terminal.
PCT/IB2023/061910 2023-11-27 2023-11-27 Electronic payment system Pending WO2025114740A1 (en)

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