Secure Merchant Payment Token for Multi-Source Transaction Authorization
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Solution Overview
Problem
Current electronic payment systems face challenges in providing secure, efficient, and convenient transaction processes, particularly when users need to access multiple sources of funds, as merchants and financial institutions struggle with rapid and reliable communication and data management.
Innovation Solution
The development of networked payment authorization and merchant transaction management systems that generate and manage secure merchant payment tokens, allowing purchasers to easily select and use multiple payment sources while maintaining security and commercial standards, enabling efficient and secure transactions between purchasers, merchants, and financial institutions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional electronic payment systems are used to access multiple sources of funds, then users can make payments from different bank accounts, but the transaction process becomes complex and unreliable due to difficulties in communicating with multiple financial institutions
Solution Approach 1:
The patent introduces a payment token as an intermediary that abstracts the complexity of multiple financial institutions. Instead of directly communicating with multiple banks, the system uses a standardized payment token format that can be universally processed, thereby maintaining reliability while enabling access to multiple payment sources.
Solution Approach 2:
The payment information is segmented into standardized tokens that can be independently processed. Each payment source is represented as a discrete token unit, allowing the system to handle multiple sources through standardized, modular processing rather than complex integrated communication.
2Productivity
If traditional payment systems are used, then transactions can be processed, but the speed and efficiency are reduced due to complex data management and communication requirements
Solution Approach 1:
The patent creates simplified copies of payment information in the form of standardized tokens. These token copies contain essential payment data in a uniform format that can be rapidly processed without requiring complex original data management, thereby increasing processing speed while reducing system complexity.
Solution Approach 2:
The payment data format is changed from complex, institution-specific structures to standardized token parameters. This parameter transformation enables faster processing by converting heterogeneous data into a uniform format that can be efficiently handled by standardized processing routines.
3Reliability
If merchants and financial institutions directly communicate for transaction processing, then transactions can be executed, but security risks increase due to exposure of sensitive account information
Solution Approach 1:
The payment token serves as a secure intermediary that masks sensitive account information. The token contains the necessary payment data in an encrypted or obfuscated format that allows transaction execution while preventing direct exposure of sensitive financial information, thereby reducing security risks.
Solution Approach 2:
The patent extracts only the essential payment information needed for transaction processing into the token, leaving sensitive details out of the communication stream. This extraction approach maintains transaction reliability while minimizing security exposure by removing unnecessary sensitive data from the exchange.
Data Source
AI summary
Systems 100; devices 110, 120, 130, 150, 160; methods 2400, 2500; and machine-executable programming structures stored in persistent (i.e., non-transitory), computer-readable media 604, 606, 618, 126, 139 for the rapid and secure negotiation, authorization, execution, and confirmation of multi-party data processes, including payment transactions conducted between purchasers 190 having electronic access to bank accounts and other sources of payment, merchants operating e- and/or m-commerce transaction systems 132, 134, 136, and banks and other financial institutions 120 capable of electronically communicating with both.