Systems and Methods for Tokenizing Financial Information

Abstract

Embodiments of the invention can provide systems and methods for tokenizing financial information associated with mobile device transactions. According to one example embodiment of the invention, a method for providing tokens to devices can be provided. The method can include receiving, from a device, a request for a token to represent financial information; identifying, in response to the request, token information associated with the token; providing at least a portion of the token information to the device; and providing the token to a third party entity, wherein the third party entity utilizes the received token to evaluate a second token subsequently received from one of the device or a user of the device.

Description

RELATED APPLICATION[0001]This application claims priority to U.S. Ser. No. 61 / 490,501, titled “Trusted Service Manager,” filed on May 26, 2011, the contents of which are incorporated herein by reference.FIELD OF THE INVENTION[0002]Embodiments of the invention relate generally to mobile device transactions, and more specifically to systems and methods for tokenizing financial information associated with mobile device transactions.BACKGROUND OF THE INVENTION[0003]Mobile devices, such as cell phones, personal digital assistants (“PDAs”), smart phones, and other similar devices, have increasingly been utilized to provide additional functionality beyond traditional voice communications. One component of enabling the mobile devices to support these additional functionalities includes installing software applications on the mobile devices. Mobile device applications can facilitate a variety of services performed by or with the mobile devices, including payment applications (e.g., prepaid, ...

AI Technical Summary

Benefits of technology

[0005]Embodiments of the invention may provide systems and methods for tokenizing financial information associated with mobile device transactions. According to one example embodiment of the invention, a method for providing tokens to devices can be provided. The method can include receiving, from a device, a request for a token to represent financial information; identifying, in response to the request, token information associated with the token; providing at least a portion of the token information to the device; and providing the token to a third party entity, wherein the third party entity utilizes the received token to evaluate a second token subsequently received from one of the device or a user of the device. In certain embodiments, one or more operations can be performed by one or more computers associated with a service provider.

[0006]According to another embodiment, a system for providing tokens to devices can be provided. The system may include at least one memory and at least one processor. The at least one memory may be configured to store computer-executable instructions. The at least one processor may be configured to receive, from a device, a request for a t

Problems solved by technology

However, because the shared memory of the mobile device is inherently insecure, the sensitive data can be exposed to security attacks, such as side channel attacks, Trojan application, and / or input sniffers, if the sensitive data is moved to a shared memory of the mobile device or communicated to a service provider by the mobile device.

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