Financial transaction processing system

Details Financial transaction processing system Financial transaction processing system

G - Physics

06

Q

G06Q 20/24 (2012.01) G07G 1/14 (2006.01)

Patent

CA 2344733

The automated method of the present invention provides an efficient arrangement for setting certain financial transactions using a debit point of sale transaction network, as opposed to routing over a credit network. The method and arrangement uses an onsite database of bank identification numbers to conduct a preliminary assessment of whether a particular card is debit capable, and appropriately processes the transaction information based on the preliminary assessment. The system preferably is also updated when a financial transaction is successfully completed as a debit transaction which the database did not initially identify as being debit capable. In this way, the database is continuously updated and over time, a more accurate database is achieved. The system can also be networked, such that information between databases is shard and improved, based on the network experience.

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