Importance

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Abstract

A high speed, highly secure transaction management system and method capable of managing large volumes of complex transactions, that require a high level of security, from a plurality of transaction sources is provided. Such transaction sources may include, but are not limited to, the electronic toll and fare collection industry. The transaction management system may include tamper resistant hardware containing, for example, memory and data storage components, and a processor device for controlling, processing and managing transactions and related data and information, and may be configured with one or more processing components. In addition, the transaction management system can be suitably configured for facilitating offline payment transactions, for example a payment transaction that can be conducted locally, rather than through a post processing of a prepaid account, or through use of an intelligent, agency specific transponder device. For example, a transaction management system can be suitably configured for facilitating payment of transactions by storing value on a smart card component or module interfaces to a transponder device, and for debiting and crediting the stored value as transactions are incurred locally with the smart card device. The smart card component can be configured to authorize payment and collect transaction records in such a manner as to allow settlement of funds between various issuers, acquirers and operators of electronic toll collection systems. As a result, the process can significantly increase the speed of transactions, thus enabling the transactions to occur locally, such as when a transponder is proximate to a toll collection system. Further, the transaction management system can be configured to address multiple types of applications. For example, an exemplary transaction management system can address high volume transactions, multiple processing transactions, different types of transactions, and different types of collection systems.

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First Claim