Patent ID: 8086534

Claim:
A method of processing a cardholder-initiated financial transaction using a cardholder controlled input device in communication with a payment card network and a database, the cardholder associated with a payment card identifier issued to the cardholder by an issuer bank, the financial transaction performed with a merchant, said method comprising the steps of: receiving transaction data at the cardholder controlled input device, the transaction data relating to the financial transaction, the transaction data including a merchant identifier that identifies the merchant involved in the transaction; generating an authorization request at the cardholder controlled input device based at least in part on the transaction data, the authorization request including the merchant identifier and the payment card identifier, the authorization request configured to request an authorization message from the issuer bank indicating whether the cardholder has sufficient funds to complete the transaction; transmitting the authorization request from the cardholder controlled input device to the issuer bank through the payment card network, the payment card network identifying the merchant as being registered to utilize the payment card network; and receiving, at the cardholder controlled input device, the authorization message associated with the issuer bank, the authorization message including one of an approval and a denial of the authorization request.