WO2009052689A1 - Method and system for electronic payment - Google Patents
Method and system for electronic payment Download PDFInfo
- Publication number
- WO2009052689A1 WO2009052689A1 PCT/CN2008/000407 CN2008000407W WO2009052689A1 WO 2009052689 A1 WO2009052689 A1 WO 2009052689A1 CN 2008000407 W CN2008000407 W CN 2008000407W WO 2009052689 A1 WO2009052689 A1 WO 2009052689A1
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- Prior art keywords
- currency
- merchant
- customer
- payment
- transaction
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/12—Payment architectures specially adapted for electronic shopping systems
Definitions
- the present invention relates to electronic business, more particularly, to a method and system for electronic means of payment.
- a Europe patent EP 1018711 named Dynamic currency conversion for card payment systems, provides a method and system of implementing a currency conversion during the process of paying via a card.
- the conversion could only processes between the preferred currency and the currency chosen by the merchant.
- the choices for the customer are limited.
- the foreign exchange (FX) rate is commonly to be fixed, and the benefit of both the customer and the merchant are affected.
- FX foreign exchange
- a new method for electronic payment is needed, wherein the merchant may support various currencies according to information of the customers. The customer may make a choice according to their own requirement, and the merchant may establish and update the foreign exchange rates based on the correlative information.
- a convenient and rapid electronic payment is really realized.
- One aspect of the present invention is to provide a method for multi-currency payment, and aimed to solve the problems in the current technologies that, there is little pertinence in the given currency, the choices for the customer are limited, the foreign exchange rate is commonly to be fixed, and the benefit of both the customer and merchant are affected.
- a method for multi-currency payment comprising the following steps:
- the step B further comprises: Bl. accepting and processing the transaction request, so as to obtain the geographical position factors of both the merchant and the customer, and the currency option manually selected by the card holder;
- step B2 further comprises at least one of:
- B23 obtaining a browser language utilized by the customer, and determining a currency that is applicable to a country using the language, and adding the currency into the currency list;
- B24 obtaining a numeric or strings address code for delivery from the transaction request, determining a currency that is applicable to the address and adding the currency into the currency list.
- the secure state in the step C further comprises at least one of: transaction security, payment authentication security, operations control, user access control, and system and network control.
- the step of changing the payment state in all the steps above further comprises generating emails to report the change of transaction processing state to both of the customer and the merchant; and the change of payment state comprises: transaction pre-authentication state, sales state, transaction reversal or withdraw state, transaction void or partial refunding state, refunding state.
- the multi-currency payment platform comprises a risk control and monitoring management module, and further comprises a FX rate storage and management module, a currency conversion and transaction processing module; wherein the FX rate storage and management module is used to accept, store, and update FX rates pre-defined by a merchant, an acquiring bank or both of them, and further used to accept and store the merchant's preferred currency and the merchant's current processing currency; the currency conversion and transaction processing module is used to obtain the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module, and determine a choice of currency available for the customer's selection.
- the currency conversion and transaction processing module further comprises: a transaction information processing unit, which is used to process a transaction request of the customer, so as to obtain geographical position factors of both the merchant and the customer, and the currency option manually selected by the card holder; a currency determining unit, which is used to obtain the geographical position factors of both the merchant and the customer, and the currency option manually selected by the card holder from the transaction information processing unit, and obtain the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module, and determine a currency list available for the customer according to the geographical position factors, the currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency; a currency arranging unit, which is used to determine an arrangement sequence of the currencies on the currency list based on the said currency list, the merchant's preferred currency and the merchant's current processing currency; wherein the said geographical position factors comprise at least some of: IP address of the customer and the merchant, country code of the zip code (numeric or strings) for delivery, country
- the risk control and monitoring management module further comprises: a transaction security control unit used for high standard of encryption of all card information transmitted, transaction origination IP trace and reporting, transaction monitoring to identify suspicious transactions, bank card monitoring, and bank account monitoring; a payment authentication unit used for real-time rejection on lost/stolen cards and integrated bankcard authentication, card verification value (CWl) and CW2 real-time validation and maintainable fraud-potential cards and IP Control; an operation control unit used for real-time alert on fraud-potential transactions, excessive card use blocking, card information masking protecting from internal fraud; a user access control unit used for user ID (identification) and password control, and invalid retries log, functional entitlement control and access audit trail, multi-currency billing processing solution and membership account control, user authentication measures and controls, masking of sensitive and confidential user information, and user account level management to limit user accessibility and privileges; and a system and network control unit used for encryption of data stored to protect the stored data from unauthorized access, deployment of advanced firewall, database and network securities, dedicated end-to-end frame-re
- the multi-currency payment platform further comprises a system administration management module, which is used for setting two different user interfaces: a merchant administration level interface and a master merchant administration level interface.
- the multi-currency payment platform further comprises an email generation and management module, which is used to generate email notifications to report the changed state to both the customer and the merchant when the transaction state is changed.
- the merchant may provide different currency acceptance according to information of the customer, the customer may make a choice according with his own requirement, and the merchant may establish and update the foreign exchange rates according to the correlative information, and thus the convenient and rapid electronic payment is really realized.
- Fig. 1 is a structural diagram of the multi-currency payment platform according to an embodiment of the present invention
- Fig. 2 is a structural diagram of the currency conversion and transaction processing module according to an embodiment of the present invention.
- Fig. 3 is a structural diagram of the risk control and monitoring management module according to an embodiment of the present invention.
- Fig. 4 is a flow chart of the multi-currency payment method according to an embodiment of the present invention.
- Fig. 5 is a flow chart of processing payment by employing the multi-currency payment method according to an embodiment of the present invention.
- the merchant may provide different currency acceptance according to information of the customer, the customer may make a choice according with his own requirement, and the merchant may establish and update the foreign exchange rates according to the correlative information, and thus the convenient and rapid electronic payment is really realized.
- Fig. 1 illustrates a structure of the multi-currency payment platform according to an embodiment of the prevent invention.
- the multi-currency payment platform 100 in the prevent invention comprises a FX rate storage and management module 101, a currency conversion and transaction processing module 102, a email generation and management module 103, a risk control and monitoring management module 104, and a system administration management module 105.
- the FX rate storage and management module 101 is used to accept, store, and update the FX rate. This module allows the bank; the merchant or any other authorized parties to provide or to adjust the FX rates for the currency conversion.
- the FX rate storage and management module 101 is also used to accept and store the merchant's preferred currency and the merchant's current processing currency. While the customer is processing a payment, the FX rate storage and management module 101 is used to provide the latest FX rate for the transaction in combination with the currency conversion and transaction processing module 102.
- the currency conversion and transaction processing module 102 is used to process the transaction request of the customer, so as to obtain the geographical position factors of both the merchant and the customer, and obtain the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module 101, and determine and display a currency list available for the customer according to the geographical position factors and currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency.
- the said geographical position factors comprises: IP address of the customer and the merchant, country code of the zip code (numeric or strings) for delivery, country code of the telephone number, browser's language setting, customer's bank identification number, etc.
- the currency conversion and transaction processing module 102 in combination with the risk generation and management module 104 is also used to ensure that the transaction is processing in a highest security state to bring the highest credibility and security to both the customer and the merchant.
- the email generation and management module 103 sends different emails to report the change of transaction processing state to both of the customer and the merchant.
- the change of payment state comprises: transaction pre-authentication state, sales state, transaction reversal or withdraw state, transaction void, partial refunding state or refunding state.
- the risk control and monitoring management module 104 has also deployed a range of security measures, at various levels, comprising: a. transaction security; b. payment authentication security; c. operation control; d. user access control; and e. system and network control.
- the said transaction security comprises: high standard of encryption of all card information transmitted, transaction origination IP trace and reporting, transaction monitoring to identify suspicious transactions, bank card monitoring, and bank account monitoring.
- the payment authentication security comprises: real-time rejection on lost/stolen cards, real-time integrated bankcard authentication, card verification value (CWl) and CW2 real-time validation, and maintainable fraud-potential cards and IP Control.
- the operation control comprises: real-time alert on fraud-potential transactions, excessive card use blocking, and card information masking to protect from internal fraud, and email notification on operation in any manner or to any account.
- the user access control comprises: user ID (identification) and password control, invalid retries log, functional entitlement control and access audit trail, multi-currency billing processing solution and membership account control, user authentication measures and controls, masking of sensitive and confidential user information, and user account level management to limit user accessibility and privileges.
- the system and network control comprises: encryption of data stored to protect the stored data from unauthorized access, deployment of advanced firewall, database and network securities, dedicated end-to-end frame-relay/leased line connection to acquiring banks, and a whole reporting system.
- the system administration management module 105 is provided with two different user interfaces, including a merchant administration level interface and a master merchant administration level interface, which are designed to help system administrator both at the merchant and the master merchant to manage the multi-currency billing processing platform.
- the module enables the following functions: a. user maintenance (read-only), b. user access control, c. reporting, and d. system parameter settings.
- the module enables the functions as below: a. user maintenance; b. merchant maintenance; c. user access control; d. operation maintenance; e. reporting; f. system parameter settings.
- Fig. 2 illustrates a structure of the currency conversion and transaction processing module 200 according to the prevent invention.
- the currency conversion and transaction processing module 200 comprises: a transaction information processing unit 201, used to process the transaction request so as to obtain the geographical position factors of both the merchant and the customer, and currency option manually selected by the card holder; a currency determining unit 202, used to obtain the geographical position factors of both the merchant and the customer, and currency option manually selected by the card holder from the transaction information processing unit 201 and obtain the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module 101, and determine the currency list available for the customer according to the geographical position factors , currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency; a currency arranging unit 203, used to determine the arrangement sequence of the currencies on the currency list based on the said currency list, the merchant's preferred currency and the merchant's current processing currency; wherein the said geographical position factors comprise at least a portion of :
- Fig. 3 illustrates a structure of the risk control and monitoring management module 300 according to the prevent invention.
- the risk control and monitoring management module 300 comprises: a transaction security control unit 301, used for high standard of encryption of all card information transmitted, transaction origination IP trace and reporting, transaction monitoring to identify suspicious transactions, bank card monitoring, bank account monitoring; a payment authentication unit 302, used for real-time rejection on lost/stolen cards and integrated bankcard authentication, card verification value (CWl) and CW2 real-time validation and maintainable fraud-potential cards and IP Control; a operation control unit 303, used for real-time alert on fraud-potential transactions, excessive card use blocking, card information masking to protect from internal fraud; a user access control unit 304, used for user ID (identification) and password control, and invalid retries log, functional entitlement control and access audit trail, multi-currency billing processing solution and membership account control, user authentication measures and controls, masking of sensitive and confidential user information, and user account level management to limit user accessibility and privileges; and a
- Fig. 4 illustrates a flow chart of the multi-currency payment method, which is based on the system structure illustrated in Fig.l. Referring to Fig. 4, the particular process is as following.
- the FX rate storage and management module 101 accepts, stores, and updates the FX rates pre-defined by the merchant, the acquiring bank or both of them, and accepts and stores the merchant's preferred currency and the merchant's current processing currency pre-defined by the merchant.
- the said FX rates may include components or breakdown of the gross FX rate, a base rate, a mark-up rate and a surcharge advised by the acquiring bank, the merchant or other third party, who is recognized and assigned by the acquiring bank or/and the merchant.
- the mark-up rate may be based on either 1) variable percentage for each currency, 2) fixed percentage over all currencies or 3) any other methodologies that are agreeable by both the acquiring bank and the merchant.
- the transaction information processing unit 201 in the currency conversion and transaction processing module 102 deals with the transaction request from the customer and obtains the geographical position factors of both the merchant and the customer, and the currency option manually selected by the card holder.
- the currency determining unit 202 obtains the geographical position factors of both the merchant and customer, and currency option manually selected by the card holder from the transaction information processing unit 201 and obtains the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module 101, and determines a currency list available for the customer according to the geographical position factors, the currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency.
- the currency arranging unit 203 determines an arrangement sequence of the currencies on the list based on the said currency list, the merchant's preferred currency and the merchant's current processing currency. Specifically, the currency determining unit 202 obtains an IP address from the transaction information processing unit 201, determines a currency applicable to the particular address, and adds the currency into the currency list. The currency determining unit 202 may also obtain a country code of a telephone number and a zip code from the transaction information processing unit 201, determine a currency that is applicable a country corresponding to the country code and add the currency into the currency list.
- the currency determining unit 202 may obtain the browser's language setting from the transaction information processing unit 201, determine a currency that is applicable to a country using the language and add the currency into the currency list.
- the currency determining unit 202 may also obtain a numeric or strings address code for delivery from the transaction information processing unit 201, determine a currency that is applicable to the address and add the currency into the currency list.
- the currency determining unit 202 may obtain a bank identification number of a bank card number of the customer from the transaction information processing unit 201, determine a currency that is applicable to a bank identified by the bank identification number and add the currency into the currency list.
- the currency arranging unit 203 compares the currency list obtained through implementing the above several steps with the merchant's preferred currency and the merchant's current processing currency to determine an arrangement sequence of the currencies on the list.
- the currency list comprises at least one merchant's current processing currency. Then the complete currency list is shown on a screen and used for the customer to make a choice.
- the risk control and monitoring management module 104 accepts the customer's payment information from the currency conversion and transaction processing module 102, and sends the payment authorization request in a secure state; wherein, the risk control and monitoring management module 104 is fully compliant with the common security standards of financial institutions, supporting all CW/CW2, and 3-D SecureTM protocol, and SSL or other algorithm for transaction encryption. Moreover, all transactions that have not been captured may be reversed within a period of 14 days, based on the customer's chosen currency and amount sent for authorization. For all authorized transactions via debit/credit card, the merchants may perform authorization reversal within a period of 14 days.
- the risk control and monitoring management module 104 accepts the payment authorization information from the acquiring bank and requests the customer's validation.
- the validation information comprises the payment currency and its amount.
- the email generation and management module 103 may send different emails to report the change of transaction processing state to both of the customer and the merchant.
- Fig. 5 illustrates a flow chart of employing the multi-currency payment method, which is based on the system structure illustrated in Fig. 1. Referring the Fig. 5, the particular process is as following.
- the customer selects a commodity in the web site of the multi-currency payment platform, and process checkout for payment by a certain way.
- a commodity in the web site of the multi-currency payment platform In the present invention, debit cards, credit cards, charge cards and any other means of payment methods recognized by the merchants and the banks are available.
- the multi-currency payment platform displays available currencies and associated FX rates for the customer.
- the FX rate storage and management module 101 accepts, stores and updates the FX rates pre-defined by the merchant, the acquiring bank or both of them, and accepts and stores the merchant's preferred currency and the merchant's current processing currency.
- the ' currency conversion and transaction processing module 102 processes the transaction request so as to obtain the geographical position factors of both the merchant and the customer, and the currency option manually selected by the card holder, and obtains the merchant's preferred currency and the merchant's current processing currency, and determine and display the currency list available for the customer according to the geographical position factors, currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency, the said FX rates may include components or breakdown of the gross FX rate, a base rate, a mark-up rate and a surcharge advised by the acquiring bank, the merchant or other third party, who is recognized and assigned by the acquiring bank or/and the merchant.
- the mark-up rate may be based on either 1) variable percentage for each currency, 2) fixed percentage over all currencies or 3) any other methodologies that are agreeable by both the acquiring bank and the merchant.
- the customer chooses a payment currency, fills in and validates concerned transaction information, and the transaction details, such as surcharge from the acquiring bank and freightage.
- the multi-currency payment platform accepts the customer's payment information, and sends the payment authorization request in a secure state to the acquiring bank. Then the acquiring bank processes the authorization request. Moreover, all transactions that have not been captured may be reversed within a period of 14 days, based on the customer's chosen currency and amount sent for authorization. For all authorized transactions via debit/credit card, the merchants may perform authorization reversal within a period of 14 days.
- the customer validates payment information, and ends up the transaction. Moreover, the customers may be presented with a receipt, stating the amount that was billed
- the email generation and management module 103 send different emails to report the change of transaction processing state to both of the customer and the merchant.
- the present invention is typically applied in the multi-currency payment in the web, but it not so limited. It also can be used in different kind of multi-currency means.
Abstract
The present invention relates to electronic business, more particularly, to a method and system for electronic means of payment. A method for multi-currency payment comprises the following steps: A. accepting, storing, and updating FX rates pre-defined by a merchant, an acquiring bank or both of them, and accepting and storing the merchant's preferred currency and the merchant's current processing currency; B. obtaining geographical position factors of both the customer and the merchant, the merchant's preferred currency and the merchant's current processing currency, and determining a currency available for the customer;C. accepting payment information of the customer, and sending a payment authorization request in a secure state; D. accepting payment authorization information from the acquiring bank and requesting a validation from the customer. By employing the present invention, the customer may make a choice according with his own requirement. The merchant may establish and update the foreign exchange rates according to the correlative information. Thus the convenient and rapid electronic payment is really realized.
Description
Method and System for Electronic Payment
FIELD OF THE INVENTION
The present invention relates to electronic business, more particularly, to a method and system for electronic means of payment.
BACKGROUND OF THE INVENTION
Along with the development of information technologies as well as the popularization and consummation of the network, the use of electronic means of payment has been playing an increasingly important role in our day-to-day life. However, the current inventions for the acceptance of the electronic means of payment always focus on its security, and the pivotal reasons of employing the electronic payment (i.e., convenience and rapidness) are neglected. Moreover, the current electronic payment platforms always take the local currency as payment currency, thus it is completely inconvenient for the customer who desires to employ a non-local purchase. This problem could only be solved through opening a new currency account in the bank or exchanging currency in a finance system, which causes the electronic payment lost its important advantages of convenience and rapidness.
A Europe patent EP 1018711, named Dynamic currency conversion for card payment systems, provides a method and system of implementing a currency conversion during the process of paying via a card. However the limitations are that, the conversion could only processes between the preferred currency and the currency chosen by the merchant. Moreover there is little pertinence in the given currency, in turn, the choices for the customer are limited. Moreover, the foreign exchange (FX) rate is commonly to be fixed, and the benefit of both the customer and the merchant are affected. i
Therefore, a new method for electronic payment is needed, wherein the merchant may support various currencies according to information of the customers. The customer may make a choice according to their own requirement, and the merchant may establish and update the foreign exchange rates based on the correlative information. Thus a convenient and rapid electronic payment is really realized.
SUMMARY OF THE INVENTION
One aspect of the present invention is to provide a method for multi-currency payment, and aimed to solve the problems in the current technologies that, there is little pertinence in the given currency, the choices for the customer are limited, the foreign exchange rate is commonly to be fixed, and the benefit of both the customer and merchant are affected.
According to an aspect of the present invention, a method for multi-currency payment is provided, comprising the following steps:
A. accepting, storing, and updating FX rates pre-defined by a merchant, an acquiring bank or both of them, and accepting and storing the merchant's preferred currency and the merchant's current processing currency;
B. obtaining geographical position factors of both the customer and the merchant, the currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency, and determining a currency available for the customer;
C. accepting payment information of the customer, and sending a payment authorization request in a secure state;
D. accepting payment authorization information from the acquiring bank and requesting a validation from the customer.
Advantageously, the step B further comprises:
Bl. accepting and processing the transaction request, so as to obtain the geographical position factors of both the merchant and the customer, and the currency option manually selected by the card holder;
B2. obtaining the geographical position factors of both the merchant and the customer, the currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency, and determining a currency list available for the customer according to the geographical position factors, the currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency;
B3. determining an arrangement sequence of the currencies on the list based on the said currency list, the merchant's preferred currency and the merchant's current processing currency, wherein the list comprises at least one merchant's current processing currency.
Advantageously, the step B2 further comprises at least one of:
B21. obtaining an IP address from the transaction request, determining a currency that is applicable to the address and adding the currency applicable to the address into the currency list;
B22. obtaining a country code of a telephone number and a country and/or zip code from the transaction request, determining a currency that is applicable to a country corresponding to the country code and adding the currency into the currency list;
B23. obtaining a browser language utilized by the customer, and determining a currency that is applicable to a country using the language, and adding the currency into the currency list;
B24. obtaining a numeric or strings address code for delivery from the transaction request, determining a currency that is applicable to the address and adding the currency into the currency list.
B25. obtaining a bank identification number of a bank card number of the customer, determining a currency that is applicable to a country bank identified by the bank identification number and adding the currency into the currency list.
B26. obtaining the currency option manually selected by the card holder determining a currency that is applicable to a bank identified by the bank identification number and adding the currency into the currency list.
Advantageously, the secure state in the step C further comprises at least one of: transaction security, payment authentication security, operations control, user access control, and system and network control.
Advantageously, the step of changing the payment state in all the steps above further comprises generating emails to report the change of transaction processing state to both of the customer and the merchant; and the change of payment state comprises: transaction pre-authentication state, sales state, transaction reversal or withdraw state, transaction void or partial refunding state, refunding state.
One aspect of the present invention is to provide a multi-currency payment platform, so as to solve the said problems in the current technologies better. The multi-currency payment platform comprises a risk control and monitoring management module, and further comprises a FX rate storage and management module, a currency conversion and transaction processing module; wherein the FX rate storage and management module is used to accept, store, and update FX rates pre-defined by a merchant, an acquiring bank or both of them, and further used to accept and store the merchant's preferred currency and the merchant's current processing currency;
the currency conversion and transaction processing module is used to obtain the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module, and determine a choice of currency available for the customer's selection.
Advantageously, the currency conversion and transaction processing module further comprises: a transaction information processing unit, which is used to process a transaction request of the customer, so as to obtain geographical position factors of both the merchant and the customer, and the currency option manually selected by the card holder; a currency determining unit, which is used to obtain the geographical position factors of both the merchant and the customer, and the currency option manually selected by the card holder from the transaction information processing unit, and obtain the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module, and determine a currency list available for the customer according to the geographical position factors, the currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency; a currency arranging unit, which is used to determine an arrangement sequence of the currencies on the currency list based on the said currency list, the merchant's preferred currency and the merchant's current processing currency; wherein the said geographical position factors comprise at least some of: IP address of the customer and the merchant, country code of the zip code (numeric or strings) for delivery, country code of the telephone number, browser's language setting, and customer's bank identification number; and the selected option in the currency list comprises at least one merchant's current processing currency.
Advantageously, the risk control and monitoring management module further comprises: a transaction security control unit used for high standard of encryption of all card information transmitted, transaction origination IP trace and reporting, transaction monitoring to identify suspicious transactions, bank card monitoring, and bank account monitoring; a payment authentication unit used for real-time rejection on lost/stolen cards and integrated bankcard authentication, card verification value (CWl) and CW2 real-time validation and maintainable fraud-potential cards and IP Control; an operation control unit used for real-time alert on fraud-potential transactions, excessive card use blocking, card information masking protecting from internal fraud; a user access control unit used for user ID (identification) and password control, and invalid retries log, functional entitlement control and access audit trail, multi-currency billing processing solution and membership account control, user authentication measures and controls, masking of sensitive and confidential user information, and user account level management to limit user accessibility and privileges; and a system and network control unit used for encryption of data stored to protect the stored data from unauthorized access, deployment of advanced firewall, database and network securities, dedicated end-to-end frame-relay/leased line, Virtual Private Network or other secure connection to the acquiring banks.
Advantageously, the multi-currency payment platform further comprises a system administration management module, which is used for setting two different user interfaces: a merchant administration level interface and a master merchant administration level interface.
Advantageously, the multi-currency payment platform further comprises an email generation and management module, which is used to generate email notifications to report the changed state to both the customer and the merchant when the transaction state is changed.
By employing the method and system for electronic payment of the present invention, the merchant may provide different currency acceptance according to information of the customer, the customer may make a choice according with his own requirement, and the merchant may establish and update the foreign exchange rates according to the correlative information, and thus the convenient and rapid electronic payment is really realized.
BRIEF DESCRIPTION OF THE DRAWINGS
Fig. 1 is a structural diagram of the multi-currency payment platform according to an embodiment of the present invention;
Fig. 2 is a structural diagram of the currency conversion and transaction processing module according to an embodiment of the present invention;
Fig. 3 is a structural diagram of the risk control and monitoring management module according to an embodiment of the present invention;
Fig. 4 is a flow chart of the multi-currency payment method according to an embodiment of the present invention;
Fig. 5 is a flow chart of processing payment by employing the multi-currency payment method according to an embodiment of the present invention.
DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT
These and other advantage, aspect and novel features of the present invention, as well as details of an illustrated embodiment thereof, will be more fully understand from the following description and drawings. While various embodiments of the present invention has been presented by way of example only,
and not limitation.
By employing the method and system for electronic payment of the present invention, the merchant may provide different currency acceptance according to information of the customer, the customer may make a choice according with his own requirement, and the merchant may establish and update the foreign exchange rates according to the correlative information, and thus the convenient and rapid electronic payment is really realized.
Fig. 1 illustrates a structure of the multi-currency payment platform according to an embodiment of the prevent invention. The multi-currency payment platform 100 in the prevent invention comprises a FX rate storage and management module 101, a currency conversion and transaction processing module 102, a email generation and management module 103, a risk control and monitoring management module 104, and a system administration management module 105.
The FX rate storage and management module 101 is used to accept, store, and update the FX rate. This module allows the bank; the merchant or any other authorized parties to provide or to adjust the FX rates for the currency conversion. The FX rate storage and management module 101 is also used to accept and store the merchant's preferred currency and the merchant's current processing currency. While the customer is processing a payment, the FX rate storage and management module 101 is used to provide the latest FX rate for the transaction in combination with the currency conversion and transaction processing module 102.
The currency conversion and transaction processing module 102 is used to process the transaction request of the customer, so as to obtain the geographical position factors of both the merchant and the customer, and obtain the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module 101, and determine and display a currency list available for the customer according to the geographical position factors and
currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency. The said geographical position factors comprises: IP address of the customer and the merchant, country code of the zip code (numeric or strings) for delivery, country code of the telephone number, browser's language setting, customer's bank identification number, etc. The currency conversion and transaction processing module 102 in combination with the risk generation and management module 104 is also used to ensure that the transaction is processing in a highest security state to bring the highest credibility and security to both the customer and the merchant.
Once the payment state changes, the email generation and management module 103 sends different emails to report the change of transaction processing state to both of the customer and the merchant. The change of payment state comprises: transaction pre-authentication state, sales state, transaction reversal or withdraw state, transaction void, partial refunding state or refunding state.
The risk control and monitoring management module 104 has also deployed a range of security measures, at various levels, comprising: a. transaction security; b. payment authentication security; c. operation control; d. user access control; and e. system and network control. The said transaction security comprises: high standard of encryption of all card information transmitted, transaction origination IP trace and reporting, transaction monitoring to identify suspicious transactions, bank card monitoring, and bank account monitoring. The payment authentication security comprises: real-time rejection on lost/stolen cards, real-time integrated bankcard authentication, card verification value (CWl) and CW2 real-time validation, and maintainable fraud-potential cards and IP Control. The operation control comprises: real-time alert on fraud-potential transactions, excessive card use blocking, and card information masking to protect from internal fraud, and email notification on operation in any manner or to any account. The user access control comprises: user
ID (identification) and password control, invalid retries log, functional entitlement control and access audit trail, multi-currency billing processing solution and membership account control, user authentication measures and controls, masking of sensitive and confidential user information, and user account level management to limit user accessibility and privileges. The system and network control comprises: encryption of data stored to protect the stored data from unauthorized access, deployment of advanced firewall, database and network securities, dedicated end-to-end frame-relay/leased line connection to acquiring banks, and a whole reporting system.
The system administration management module 105 is provided with two different user interfaces, including a merchant administration level interface and a master merchant administration level interface, which are designed to help system administrator both at the merchant and the master merchant to manage the multi-currency billing processing platform. At the merchant administration level, the module enables the following functions: a. user maintenance (read-only), b. user access control, c. reporting, and d. system parameter settings. At the master merchant administration level, the module enables the functions as below: a. user maintenance; b. merchant maintenance; c. user access control; d. operation maintenance; e. reporting; f. system parameter settings.
Fig. 2 illustrates a structure of the currency conversion and transaction processing module 200 according to the prevent invention. Referring to Fig. 2, the currency conversion and transaction processing module 200 comprises: a transaction information processing unit 201, used to process the transaction request so as to obtain the geographical position factors of both the merchant and the customer, and currency option manually selected by the card holder; a currency determining unit 202, used to obtain the geographical position factors of both the merchant and the customer, and currency option manually selected by the card
holder from the transaction information processing unit 201 and obtain the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module 101, and determine the currency list available for the customer according to the geographical position factors , currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency; a currency arranging unit 203, used to determine the arrangement sequence of the currencies on the currency list based on the said currency list, the merchant's preferred currency and the merchant's current processing currency; wherein the said geographical position factors comprise at least a portion of : IP addresses of the customer and the merchant, country code of the zip code (numeric or strings) for delivery, country code of the telephone number, browser's language setting, customer's bank identification number. Further, the currency list may comprise at least one merchant's current processing currency. Moreover, the ordering of the currencies may base on the times that a currency appears, or a sequence determined by the merchant.
Fig. 3 illustrates a structure of the risk control and monitoring management module 300 according to the prevent invention. Referring to Fig. 3, the risk control and monitoring management module 300 comprises: a transaction security control unit 301, used for high standard of encryption of all card information transmitted, transaction origination IP trace and reporting, transaction monitoring to identify suspicious transactions, bank card monitoring, bank account monitoring; a payment authentication unit 302, used for real-time rejection on lost/stolen cards and integrated bankcard authentication, card verification value (CWl) and CW2 real-time validation and maintainable fraud-potential cards and IP Control; a operation control unit 303, used for real-time alert on fraud-potential transactions, excessive card use blocking, card information masking to protect from internal fraud; a user access control unit 304, used for user ID (identification) and password
control, and invalid retries log, functional entitlement control and access audit trail, multi-currency billing processing solution and membership account control, user authentication measures and controls, masking of sensitive and confidential user information, and user account level management to limit user accessibility and privileges; and a system and network control unit 305, used for encryption of data stored to protect the stored data from unauthorized access, deployment of advanced firewall, database and network securities, dedicated end-to-end frame-relay/leased line connection to acquiring banks.
Fig. 4 illustrates a flow chart of the multi-currency payment method, which is based on the system structure illustrated in Fig.l. Referring to Fig. 4, the particular process is as following.
At step S401, the FX rate storage and management module 101 accepts, stores, and updates the FX rates pre-defined by the merchant, the acquiring bank or both of them, and accepts and stores the merchant's preferred currency and the merchant's current processing currency pre-defined by the merchant. And the said FX rates may include components or breakdown of the gross FX rate, a base rate, a mark-up rate and a surcharge advised by the acquiring bank, the merchant or other third party, who is recognized and assigned by the acquiring bank or/and the merchant. The mark-up rate may be based on either 1) variable percentage for each currency, 2) fixed percentage over all currencies or 3) any other methodologies that are agreeable by both the acquiring bank and the merchant.
At step S402, the transaction information processing unit 201 in the currency conversion and transaction processing module 102 deals with the transaction request from the customer and obtains the geographical position factors of both the merchant and the customer, and the currency option manually selected by the card holder. The currency determining unit 202 obtains the geographical position factors of both the merchant and customer, and currency option manually selected by the
card holder from the transaction information processing unit 201 and obtains the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module 101, and determines a currency list available for the customer according to the geographical position factors, the currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency. The currency arranging unit 203 determines an arrangement sequence of the currencies on the list based on the said currency list, the merchant's preferred currency and the merchant's current processing currency. Specifically, the currency determining unit 202 obtains an IP address from the transaction information processing unit 201, determines a currency applicable to the particular address, and adds the currency into the currency list. The currency determining unit 202 may also obtain a country code of a telephone number and a zip code from the transaction information processing unit 201, determine a currency that is applicable a country corresponding to the country code and add the currency into the currency list. Further, the currency determining unit 202 may obtain the browser's language setting from the transaction information processing unit 201, determine a currency that is applicable to a country using the language and add the currency into the currency list. The currency determining unit 202 may also obtain a numeric or strings address code for delivery from the transaction information processing unit 201, determine a currency that is applicable to the address and add the currency into the currency list. Additionally, the currency determining unit 202 may obtain a bank identification number of a bank card number of the customer from the transaction information processing unit 201, determine a currency that is applicable to a bank identified by the bank identification number and add the currency into the currency list. The currency arranging unit 203 compares the currency list obtained through implementing the above several steps with the merchant's preferred currency and
the merchant's current processing currency to determine an arrangement sequence of the currencies on the list. Wherein, the currency list comprises at least one merchant's current processing currency. Then the complete currency list is shown on a screen and used for the customer to make a choice.
At step S403, the risk control and monitoring management module 104 accepts the customer's payment information from the currency conversion and transaction processing module 102, and sends the payment authorization request in a secure state; wherein, the risk control and monitoring management module 104 is fully compliant with the common security standards of financial institutions, supporting all CW/CW2, and 3-D Secure™ protocol, and SSL or other algorithm for transaction encryption. Moreover, all transactions that have not been captured may be reversed within a period of 14 days, based on the customer's chosen currency and amount sent for authorization. For all authorized transactions via debit/credit card, the merchants may perform authorization reversal within a period of 14 days. At step S404, the risk control and monitoring management module 104 accepts the payment authorization information from the acquiring bank and requests the customer's validation. The validation information comprises the payment currency and its amount.
In all the said steps, once the payment state is changed, the email generation and management module 103 may send different emails to report the change of transaction processing state to both of the customer and the merchant.
Fig. 5 illustrates a flow chart of employing the multi-currency payment method, which is based on the system structure illustrated in Fig. 1. Referring the Fig. 5, the particular process is as following.
At step S501, the customer selects a commodity in the web site of the multi-currency payment platform, and process checkout for payment by a certain way. In the present invention, debit cards, credit cards, charge cards and any other
means of payment methods recognized by the merchants and the banks are available.
At step S502, the multi-currency payment platform displays available currencies and associated FX rates for the customer. The FX rate storage and management module 101 accepts, stores and updates the FX rates pre-defined by the merchant, the acquiring bank or both of them, and accepts and stores the merchant's preferred currency and the merchant's current processing currency. The ' currency conversion and transaction processing module 102 processes the transaction request so as to obtain the geographical position factors of both the merchant and the customer, and the currency option manually selected by the card holder, and obtains the merchant's preferred currency and the merchant's current processing currency, and determine and display the currency list available for the customer according to the geographical position factors, currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency, the said FX rates may include components or breakdown of the gross FX rate, a base rate, a mark-up rate and a surcharge advised by the acquiring bank, the merchant or other third party, who is recognized and assigned by the acquiring bank or/and the merchant. The mark-up rate may be based on either 1) variable percentage for each currency, 2) fixed percentage over all currencies or 3) any other methodologies that are agreeable by both the acquiring bank and the merchant.
At step S503, the customer chooses a payment currency, fills in and validates concerned transaction information, and the transaction details, such as surcharge from the acquiring bank and freightage.
At step S504, the multi-currency payment platform accepts the customer's payment information, and sends the payment authorization request in a secure state to the acquiring bank. Then the acquiring bank processes the authorization request.
Moreover, all transactions that have not been captured may be reversed within a period of 14 days, based on the customer's chosen currency and amount sent for authorization. For all authorized transactions via debit/credit card, the merchants may perform authorization reversal within a period of 14 days.
At step S505, the customer validates payment information, and ends up the transaction. Moreover, the customers may be presented with a receipt, stating the amount that was billed
In all the said steps, once the payment state is changed, the email generation and management module 103 send different emails to report the change of transaction processing state to both of the customer and the merchant.
It should be explained that, the present invention is typically applied in the multi-currency payment in the web, but it not so limited. It also can be used in different kind of multi-currency means.
The foregoing description is just the preferred embodiment of the invention. It is not intended to exhaustive or to limit the invention. Any modifications, variations, and amelioration without departing from the spirit and scope of the present invention should be included in the scope of the prevent invention.
Claims
L A method for multi-currency payment, comprising the following steps:
A. accepting, storing, and updating FX rates pre-defined by a merchant, an acquiring bank or both of them, and accepting and storing the merchant's preferred currency and the merchant's current processing currency;
B. obtaining geographical position factors of both the customer and the merchant, currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency, and determining a currency available for the customer;
C. accepting payment information of the customer, and sending a payment authorization request in a secure state;
D. accepting payment authorization information from the acquiring bank and requesting a validation from the customer.
2. A method for multi-currency payment as in claim 1, wherein the step B further comprises:
Bl. accepting and processing the transaction request, so as to obtain the geographical position factors of both the merchant and the customer, and currency option manually selected by the card holder;
B2. obtaining the geographical position factors of both the merchant and the customer, currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency, and determining a currency list available for the customer according to the geographical position factors, currency option manually selected by the card holder the merchant's preferred currency and the merchant's current processing currency;
B3. determining an arrangement sequence of the currencies on the list based on the said currency list, the merchant's preferred currency and the merchant's current processing currency, wherein the list comprises at least one merchant's current processing currency.
3. A method for multi-currency payment as in claim 2, wherein the step B2 further comprises at least one of:
B21. obtaining an IP address from the transaction request, determining a currency that is applicable to the address and adding the currency applicable to the address into the currency list;
B22. obtaining a country code of a telephone number and a zip code from the transaction request, determining a currency that is applicable to a country corresponding to the country code and adding the currency into the currency list;
B23. obtaining a browser language utilized by the customer, and determining a currency that is applicable to a country using the language, and adding the currency into the currency list;
B24. obtaining a numeric or strings address code for delivery from the transaction request, determining a currency that is applicable to the address and adding the currency into the currency list.
B25. obtaining a bank identification number of a bank card number of the customer, determining a currency that is applicable to a bank identified by the bank identification number and adding the currency into the currency list.
B26. obtaining the currency option manually selected by the card holder, determining a currency that is applicable to a bank identified by the bank identification number and adding the currency into the currency list.
4. A method for multi-currency payment as in claim 1, wherein the secure state in the step C further comprises at least one of: transaction security, payment authentication security, operations control, user access control, and system and network control.
5. A method for multi-currency payment as in any one of claims 1-4, wherein the step of changing the payment state in all the steps above further comprises generating emails to report the change of transaction processing state to both of the customer and the merchant; and the change of payment state comprises: transaction pre-authentication state, sales state, transaction reversal or withdraw state, transaction void, partial refunding state or refunding state.
6. A multi-currency payment platform, comprising a risk control and monitoring management module, and further comprises a FX rate storage and management module, a currency conversion and transaction processing module; wherein the FX rate storage and management module is used to accept, store, and update FX rates pre-defined by a merchant, an acquiring bank or both of them, and further used to accept and store the merchant's preferred currency and the merchant's current processing currency; the currency conversion and transaction processing module is used to obtain the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module, and determine a choice of currency available for the customer's selection.
7. The multi-currency payment platform as in claim 6, wherein the currency conversion and transaction processing module further comprises: a transaction information processing unit, which is used to process a transaction request of the customer, so as to obtain geographical position factors of both the merchant and the customer, and currency option manually selected by the card holder a currency determining unit, which is used to obtain the geographical position factors of both the merchant and the customer from the transaction information processing unit, and obtain the merchant's preferred currency and the merchant's current processing currency from the FX rate storage and management module, and determine a currency list available for the customer according to the geographical position factors, the currency option manually selected by the card holder, the merchant's preferred currency and the merchant's current processing currency; a currency arranging unit, which is used to determine an arrangement sequence of the currencies on the currency list based on the said currency list, the merchant's preferred currency and the merchant's current processing currency; wherein the said geographical position factors comprise at least some of: IP address of the customer and the merchant, country code of the zip code (numeric or strings) for delivery, country code of the telephone number, browser's language setting, and customer's bank identification number; and the currency list comprises at least one merchant's current processing currency.
8. The multi-currency payment platform as in claim 6, wherein the risk control and monitoring management module further comprises: a transaction security control unit used for high standard of encryption of all card information transmitted, transaction origination IP trace and reporting, transaction monitoring to identify suspicious transactions, bank card monitoring, and bank account monitoring; a payment authentication unit used for real-time rejection on lost/stolen cards and integrated bankcard authentication, card verification value (CVYl) and CW2 real-time validation and maintainable fraud-potential cards and IP Control; an operation control unit used for real-time alert on fraud-potential transactions, excessive card use blocking, card information masking protecting from internal fraud; a user access control unit used for user ID (identification) and password control, and invalid retries log, functional entitlement control and access audit trail, multi-currency billing processing solution and membership account control, user authentication measures and controls, masking of sensitive and confidential user information, and user account level management to limit user accessibility and privileges; and a system and network control unit used for encryption of data stored to protect the stored data from unauthorized access, deployment of advanced firewall, database and network securities, dedicated end-to-end frame-relay/leased line/Virtual Private Networks or other secure connection to the acquiring banks.
9. The multi-currency payment platform as in claim 6, wherein the multi-currency payment platform further comprises a system administration management module, which is used for setting two different user interfaces: a merchant administration level interface and a master merchant administration level interface.
10. The multi-currency payment platform as in any one of claims 6-9, wherein the multi-currency payment platform further comprises an email generation and management module, which is used to generate email notifications to report the changed state to both the customer and the merchant when the transaction state, is changed.
Applications Claiming Priority (2)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CN200710167231.1 | 2007-10-26 | ||
| CNA2007101672311A CN101419691A (en) | 2007-10-26 | 2007-10-26 | A kind of method and system of E-Payment |
Publications (1)
| Publication Number | Publication Date |
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| WO2009052689A1 true WO2009052689A1 (en) | 2009-04-30 |
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| Application Number | Title | Priority Date | Filing Date |
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| PCT/CN2008/000407 WO2009052689A1 (en) | 2007-10-26 | 2008-02-28 | Method and system for electronic payment |
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| CN (1) | CN101419691A (en) |
| WO (1) | WO2009052689A1 (en) |
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| FR3095540A1 (en) * | 2019-04-24 | 2020-10-30 | Amadeus Sas | Method for processing a set of orders in a computerized environment |
| US11893634B2 (en) | 2017-09-06 | 2024-02-06 | State Farm Mutual Automobile Insurance Company | Method and system for correcting errors in consumer reporting |
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| CN106469004A (en) * | 2015-08-20 | 2017-03-01 | 阿里巴巴集团控股有限公司 | Information conversion method and device |
| CN106940857A (en) * | 2016-01-04 | 2017-07-11 | 阿里巴巴集团控股有限公司 | Business backing method and device |
| CN105550858A (en) * | 2016-01-19 | 2016-05-04 | 李玉婉 | Payment terminal and payment method therefor |
| CN106779710A (en) * | 2017-01-16 | 2017-05-31 | 世纪禾光科技发展（北京）有限公司 | The method and apparatus of e-commerce platform exchange rate management |
| WO2020062249A1 (en) * | 2018-09-30 | 2020-04-02 | 沃酷控股有限公司 | Method and apparatus for processing information in order payment, server, and medium |
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| CN109615375A (en) * | 2018-12-05 | 2019-04-12 | 深圳市爱贝信息技术有限公司 | A kind of method of payment and system based on different currency |
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Also Published As
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| CN101419691A (en) | 2009-04-29 |
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