System and method for transferring value to a magnetic stripe on a transaction card
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United States of America Patent
Stats
-
Jan 28, 2003
Grant Date -
Aug 16, 2001
app pub date -
Jul 2, 1998
filing date -
Jul 3, 1997
priority date (Note) -
In Force
status (Latency Note)
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Abstract
The present invention discloses a system and method enabling value stored in an advanced technology memory on a transaction card to be utilized in a magnetic stripe transaction with the card. The invention provides a special transaction number that is encrypted and recorded on the magnetic stripe of the card. The special transaction number comprises the value to be transferred or transaction amount, a personal identification number ('PIN'), and an account number. The special transaction number is recorded in a non-discretionary data field. Further, an indicator character may also be recorded on the magnetic stripe to alert a host system of a financial institution of the existence of the special transaction number. Thus, the special transaction number is read during a magnetic stripe transaction and the value represented by the special transaction number may be utilized to perform the transaction.
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