Payment Tokenization for Deposit Account Access
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Solution Overview
Problem
Existing payment systems do not allow holders of bank deposit accounts to access their accounts via transactions at payment card acceptance points without issuing a conventional debit card account.
Innovation Solution
The system generates a token mapped to a shadow payment card account or shadow bank account, which is then provisioned to the account holder for use at payment card acceptance points, allowing transactions to be translated back to the deposit account for processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a conventional debit card account is issued to allow access at payment card acceptance points, then account accessibility is improved, but device complexity and administrative processing increase
Solution Approach 1:
The patent introduces a token as an intermediary element that bridges the deposit account system and payment card acceptance points. The token serves as a mediator that allows transactions to be processed at card terminals without requiring a conventional debit card account, thus improving accessibility while avoiding the complexity of traditional card issuance and administration
Solution Approach 2:
The patent creates a simplified copy or representation of payment card functionality through tokens. Instead of issuing physical or virtual debit cards with full account functionality, the system provisions tokens that replicate the essential transaction capability at acceptance points, eliminating the need for complex card account management
2Ease of operation
If tokenization is implemented for deposit accounts, then ease of operation at payment card points is improved, but system complexity increases
Solution Approach 1:
The patent segments the payment system into distinct functional components: token provisioning, token storage, and token processing. By dividing the system into these separate modules with clear interfaces, the complexity is distributed and managed more effectively, allowing each component to be optimized independently while maintaining overall system functionality
Data Source
AI summary
A method of routing a payment transaction includes receiving a transaction request message. The message includes a payment token that was previously issued to an account holder. The payment token is translated into a funding account indicator. The funding account indicator is in a format defined for payment card account numbers in a payment account system. The funding account indicator is translated into a bank account number. The bank account number identifies a bank deposit account owned by the account holder. An EFT message is transmitted to initiate an EFT transaction to be funded from the bank deposit account owned by the account holder. The EFT message includes the bank account number.