Patent ID: 6879966

Claim:
A method for tokenless authorization of an electronic payment between a payor and a payee using an electronic third party identicator and at least one payor bid biometric sample, said method comprising the steps of: a payor registration step, wherein the payor registers with an electronic third party identicator at least one registration biometric sample, and at least one payor financial account, identifier, and wherein the payor registers a non-unique payor personal identification number with the electronic third party identicator, which is used by the electronic third party identicator to assist in identification of the payor; a payor biometric sample collection step, wherein in at least one payor bid biometric sample is obtained from the payor's person; at least one transmission step, wherein the payor bid biometric sample is electronically forwarded from the payee to the third-party electronic identicator; a payor identification step, wherein the electronic third party identicator compares the payor bid biometric sample with at least one registered biometric sample for producing either a successful or failed identification of the payor; an identification response step, wherein upon successful identification of the payor, the electronic third-party identicator electronically forwards at least one payor financial account identifier to the payee; a transaction execution step, wherein an electronic financial transaction is formed between the payor and the payee, comprising a transaction amount and a payor financial account identifier, and the financial transaction is electronically forwarded by the payee to a financial transaction processor for authorization; and a biometric theft resolution step, wherein the payor's personal identification number is changed whenever the payor's biometric sample is determined to have been fraudulently duplicated; wherein upon successful identification of the payor and authorization of the financial transaction by the financial transaction processor, a biometric-based authorization of an electronic payment is given to transfer funds from the payor's financial account to a payee's financial account.