Financial Transaction Patent Granted To Authernative Inc. By China Patent Office
A financial transaction security patent has been granted to Authernative Inc. by the People’s Republic of China Patent Office and this according to an article in send2press.com, has brought forth a private and secured financial transactions method. Authernative Inc. is a developer of innovative identity management technologies and user and transaction authentication.
The patent has also brought for the first time a random partial PIN/password recognition algorithm for authentication of the account holder.
The patent explains an increased security as well as fraud protection system that helps the financial account holders in performing safe financial transactions with or without revealing the private personal details to the merchants. The method resembles a secure transaction-processing formulation from secured online and offline transactions which are initiated directly via the financial institutions where the consumers’ accounts are found.
The new patent number 01143367.1 that is entitled to "System and Method For Private and Secure Financial Transactions," is an additive to alike patent issued in Australia, Canada and New Zealand.