Authorization request for financial transactions

Abstract

Embodiments of the present invention provide a method, system, and computer program product for authorizing a financial transaction. A financial institution can identify financial risk associated with the financial transaction based on product details. The product details are sent to the financial institution by a merchant along with the authorization request. The financial institution, then, notifies the merchant regarding authorization of the financial transaction based on the risk assessment. Finally, the merchant fulfills or terminates the financial transaction based on the notification received regarding authorization request.

1 . A method comprising:
 identifying, by a computer-based system for evaluating financial risk, a product order associated with a greatest financial risk by comparing a plurality of product orders to a predefined list of products, wherein each of a plurality of products in the predefined list of products is ranked from a product associated with a greatest financial risk to a product associated with a least financial risk; and   authorizing, by the computer-based system, only the product order associated with the greatest financial risk.   
     
     
         2 . The method of  claim 1 , further comprising assigning, by the computer-based system, a plurality of priority orders to a plurality of product orders. 
     
     
         3 . The method of  claim 2 , wherein the plurality of priority orders are included in the predefined list of products. 
     
     
         4 . The method of  claim 2 , wherein the plurality of priority orders include a ranking of the plurality of product orders from greatest financial risk to least financial risk. 
     
     
         5 . The method of  claim 1 , wherein the product order associated with the greatest financial risk is the product order associated with a greatest quantity of products. 
     
     
         6 . The method of  claim 1 , further comprising transmitting, by the computer-based system and to the financial institution, an authorization request for the product order associated with a greatest priority order and an authorization request for the product order associated with a greatest quantity of products. 
     
     
         7 . The method of  claim 1 , wherein the predefined list of products is defined by the financial institution and associated with a list of products having a financial risk. 
     
     
         8 . The method of  claim 1 , wherein the unique product code is defined by the financial institution and included in the predefined list of products. 
     
     
         9 . The method of  claim 1 , wherein the product order includes at least one of: a unique product code and a quantity. 
     
     
         10 . The method of  claim 1 , wherein the authorizing is based on an assessment of financial risk associated with the product order. 
     
     
         11 . The method of  claim 1 , wherein the authorizing includes transmitting an authorization request only for the product order associated with the greatest financial risk to a financial institution and receiving an authorization decision from the financial institution. 
     
     
         12 . An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a computer-based system for evaluating financial risk, cause the computer-based system to be capable of performing operations comprising:
 identifying, by the computer-based system, a product order associated with a greatest financial risk by comparing a plurality of product orders to a predefined list of products, wherein each of a plurality of products in the predefined list of products is ranked from a product associated with a greatest financial risk to a product associated with a least financial risk; and   authorizing, by the computer-based system, only the product order associated with the greatest financial risk.   
     
     
         13 . A system comprising:
 a tangible, non-transitory memory communicating with a merchant processor for evaluating financial risk,   the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the merchant processor, cause the merchant processor to perform operations comprising:   identifying, by the merchant processor, a product order associated with a greatest financial risk by comparing a plurality of product orders to a predefined list of products, wherein each of a plurality of products in the predefined list of products is ranked from a product associated with a greatest financial risk to a product associated with a least financial risk; and   authorizing, by the merchant processor, only the product order associated with the greatest financial risk.   
     
     
         14 . The system of  claim 13 , further comprising assigning, by the computer-based system, a plurality of priority orders to a plurality of product orders. 
     
     
         15 . The system of  claim 14 , wherein the plurality of priority orders are included in the predefined list of products. 
     
     
         16 . The system of  claim 14 , wherein the plurality of priority orders include a ranking of the plurality of product orders from greatest financial risk to least financial risk. 
     
     
         17 . The system of  claim 13 , wherein the product order associated with the greatest financial risk is the product order associated with a greatest quantity of products. 
     
     
         18 . The system of  claim 13 , further comprising transmitting, by the computer-based system and to the financial institution, an authorization request for the product order associated with a greatest priority order and an authorization request for the product order associated with a greatest quantity of products. 
     
     
         19 . The system of  claim 13 , wherein the product order includes at least one of: a unique product code and a quantity. 
     
     
         20 . The system of  claim 13 , wherein the authorizing is based on an assessment of financial risk associated with the product order.