Patent ID: 8205793

Claim:
A banking transaction processing method comprising: accessing at a merchant location, a first stored authorization code from a first device carried by a person and presented to the merchant location, electronically accessing at the merchant location, a second stored authorization code from a second device, physically separate from the first device, and separately carried by the person and presented to the merchant location, electronically providing the first authorization code to an authorization module residing at the merchant location, electronically providing the second authorization code to the authorization module residing at the merchant location, electronically evaluating a relationship between the first and second authorization codes, and providing a transaction authorization indication from the authorization module for a transaction with the merchant based on a result of the step of evaluating, wherein the step of accessing a second stored authorization code is performed by electronically accessing a first of a series of transaction-specific validation code sequences from a portable electronic device carried by the person to the merchant location, and further including the steps of reissuing the first authorization code and reinitializing the series of transaction-specific validation code sequences on the portable electronic device, wherein said reissued authorization code and reinitialized series of transaction-specific validation code sequences are operable to be re-used for future instances of the merchant transactions, and completing the transaction between the merchant and the person in response to the transaction authorization indication being positive.