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1. (WO2002005224) SYSTEM AND METHOD FOR VERIFYING A FINANCIAL INSTRUMENT

Pub. No.:    WO/2002/005224    International Application No.:    PCT/US2001/021725
Publication Date: Fri Jan 18 00:59:59 CET 2002 International Filing Date: Wed Jul 11 01:59:59 CEST 2001
IPC: G06Q 10/06
G06Q 20/02
G06Q 20/04
G06Q 20/10
G06Q 20/12
G06Q 20/34
G06Q 20/38
G06Q 20/40
G06Q 30/02
G06Q 30/06
G06Q 40/00
G07F 7/10
Applicants: PAYPAL, INC.
Inventors: TEMPLETON, James
BHARGAVA, Sanjay
Title: SYSTEM AND METHOD FOR VERIFYING A FINANCIAL INSTRUMENT
Abstract:
A system and method for verifying a financial instrument or a user's authorization to use a financial instrument. A transaction processor initiates one or more verifying transactions involving the instrument, with details that may vary from one transaction to another, such as the type of transaction (e.g., deposit, credit, debit), amount of the transaction, number of transactions, the merchant or vendor name or account for the transaction, and so on. Selected details, particularly variable ones, are saved in the system. Th user accesses information regarding the transaction by accessing it on-line, via telephone, in a monthly statement, etc. The user then submits the requested details to the system through a user interface, which compares them to the stored details. If they correspond, then the user may be permitted to use the instrument (e.g., for a purchase, a fund transfer).