Payment Token Binding for Secure Transaction Processing
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Solution Overview
Problem
Current electronic transaction systems face challenges in providing seamless and secure payment processes, especially when using payment service providers like VENMO, as they often require complex authentication and tokenization processes, which can be cumbersome and prone to errors.
Innovation Solution
The system introduces a method of binding user information with a payment service provider account using common IDs and payment tokens, allowing for secure and efficient transactions by redirecting the user device to the payment application for authentication and generating non-transactable tokens that can be used for charging the user's account, enabling seamless user experiences with enhanced security and context-based data sharing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If complex authentication and tokenization processes are used to ensure security, then security is improved, but ease of operation deteriorates
Solution Approach 1:
The patent introduces a payment service provider as an intermediary between the user and the merchant. The provider handles complex authentication and tokenization processes behind the scenes, while presenting a simplified interface to users. The payment application on the user device communicates with the provider's servers, which manage the secure token generation and binding processes, thereby shielding users from complexity while maintaining security.
Solution Approach 2:
The system performs authentication and token generation in advance before the actual transaction occurs. The payment application authenticates the user and generates payment tokens beforehand, binding them to the user's account and funding instruments. This preliminary action ensures security requirements are met before the transaction, simplifying the actual payment process.
2Reliability
If traditional payment authentication processes are used, then security is maintained, but productivity deteriorates due to repeated login attempts and errors
Solution Approach 1:
The patent creates payment tokens as secure copies or representations of the user's payment information. Instead of repeatedly transmitting sensitive card details or requiring repeated logins, the system generates token copies that can be used for multiple transactions. The binding of tokens to user accounts and funding instruments maintains security while enabling rapid, error-free transaction processing.
3Adaptability or versatility
If user information is shared for context-based data sharing, then adaptability is improved, but loss of information deteriorates due to privacy concerns
Solution Approach 1:
The patent extracts only the necessary payment-related information from user data for transaction processing. The tokenization process separates payment credentials from other user information, sharing only what is needed for the transaction (token and binding information) while keeping sensitive personal data private. This selective extraction enables context-based sharing without compromising overall data privacy.
Data Source
AI summary
In some embodiments, a method for binding a user's information to a user's account with a payment service provider includes receiving a request to pay for a transaction using the user's account with the payment service provider. The request to pay specifies a funding instrument. Additionally, the payment service provider is a source of the funding instrument, and the transaction is between the user and a merchant application. The method also includes generating a common identifier (ID) corresponding to the funding instrument, and generating a payment token corresponding to the common ID and the funding instrument. The common ID is a non-transactable token associated with the merchant application and the user, and the payment token is a non-transactable token that corresponds to the common ID. The method further includes binding the user's payment service provider account to the payment token and the common ID.