Patent ID: 8930274
Filing Date: 2015-01-06
Classification: G06F,G06Q,H04L

Abstract:
1. A computer-implemented method for processing financial transactions, comprising: receiving, by a computing device associated with a user and from an account management system, a bundle of public application transaction counters and a bundle of private transaction counters that corresponds to the bundle of public application transaction counters; receiving, by the computing device associated with the user a request for payment information from a merchant computing system to process a payment transaction, the request for payment information comprising a request for payment account information and a merchant computing system transaction code; retrieving, by the computing device associated with the user, payment account information, one of the bundle of public application transaction counters, and a corresponding one of the corresponding bundle of private application transaction counters to process the request for payment information without accessing a secure element of the computing device associated with the user; generating, by the computing device associated with the user without accessing the secure element, a security code using the merchant computing system transaction code and the corresponding one of the bundle of corresponding private application transaction counters; transmitting, by the computing device associated with the user and to the merchant computing system, a response to the request for payment information, information in the response comprising the retrieved payment account information, the retrieved one of the bundle of public application transaction counters, and the generated security code, wherein the information is transmitted by the merchant computing system to the account management system for payment approval in a payment processing request; and receiving, by the computing device associated with the user, a notification of an approved payment transaction, the notification of the approved payment transaction indicating that the account management system confirmed validity of the one of the bundle of public application transaction counters and the generated security code received in the payment processing request from the merchant computing system.