Patent ID: 8214298

Claim:
A method of performing a financial transaction using a buyer's secure computing module (SCM) commutatively coupled to a buyer's wireless communication device, the method comprising: receiving, by a processor resident in the buyer's SCM, financial transaction details for the financial transaction from the buyer's wireless communication device, the financial transaction details including a transaction amount for the execution of the financial transaction; generating by the processor resident in the buyer's SCM, a financial transaction package including the financial transaction details and credentials associated with the buyer; communicating, by a proximate-field wireless communicator resident in the buyer's SCM, the financial transaction package to a seller's SCM via a proximate-field wireless communication channel; receiving from the seller's SCM, by the proximate-field wireless communicator resident in the buyer's SCM via the proximate-field wireless communication channel, a request for an authorization of a funds transfer consistent with the transaction amount from a financial organization associated with the buyer to a financial organization associated with the seller; communicating, by the proximate-field wireless communicator resident in the buyer's SCM, an authorization for a transfer of funds from the financial organization associated with the buyer to the financial organization associated with the seller to the seller's SCM via the proximate-field wireless communication channel; receiving from the seller's SCM, by the proximate-field wireless communicator resident in the buyer's SCM via the proximate-field wireless communication channel, an acknowledgment of the funds transfer from the financial organization associated with the buyer to the financial organization associated with the seller; and providing, by the processor resident in the buyer's SCM, the acknowledgement to the buyer's wireless communication device.