Payment Card Token Management for Selective Merchant Freezing
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Solution Overview
Problem
Existing payment card systems face security risks, particularly when a single merchant experiences a data breach, leading to disruptive account-wide freezes, and lack efficient account-level management capabilities.
Innovation Solution
A financial institution computing system with a token database and management circuit enables real-time management of payment tokens, allowing customers to provision, re-provision, enable, and disable tokens through a graphical user interface, ensuring secure and flexible transaction control.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If account-wide freeze is implemented upon security breach, then security risk is reduced, but customer convenience deteriorates due to disruption of all transactions
Solution Approach 1:
The patent segments the payment card account into multiple independent tokens, each representing a separate payment instrument or merchant account. This allows selective freezing of individual tokens rather than the entire account, resolving the contradiction by maintaining security through targeted token freezing while preserving customer convenience through continued operation of unaffected tokens.
2Adaptability or versatility
If multiple tokens are provisioned for different merchants, then transaction control flexibility is improved, but system complexity increases
Solution Approach 1:
The patent implements a universal token management system that handles multiple tokens through a single interface and set of procedures. The token management circuit provides multi-functional capabilities including token provisioning, enabling, disabling, and deletion through unified mechanisms, thereby achieving transaction control flexibility without proportionally increasing system complexity.
Data Source
AI summary
Methods and systems of managing payment cards are disclosed. A financial institution computing system includes a token database storing a plurality of tokens and token information, a network interface circuit enabling the financial institution computing system to exchange information over a network; and a token management circuit. The token management circuit enables a graphical user interface on a customer device over the network that can be used to generate new token requests, re-provision token requests, and management requests. The management requests enable and disable tokens, such that transactions against a payment card account using an enabled token are completed, and transactions against the payment card account using a disabled token are denied.