Payment Token Vault for Cross-Domain Token Provisioning
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Solution Overview
Problem
Financial networks face challenges in accessing and managing payment tokens across inconsistent storage locations, and tokenization systems are limited to card accounts, failing to support non-card domains like demand deposit accounts (DDAs) or Automated Clearing House (ACH) transactions.
Innovation Solution
A computer system with a token repository and server system that includes a processor and instructions for provisioning, updating, and authorizing payment tokens, supporting token life cycle management, and enabling secure transactions using encrypted information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If multiple storage locations are used for tokenization across financial networks, then tokenization coverage and functionality are enhanced, but data structure inconsistency and management difficulty increase
Solution Approach 1:
The patent consolidates multiple distributed storage locations into a centralized token vault, merging scattered tokenization functionalities into a single unified system. This resolves the data structure inconsistency by providing a single standardized storage location that all financial networks access, eliminating the complexity of managing multiple inconsistent storage systems while maintaining broad tokenization coverage across card and non-card domains.
Solution Approach 2:
The centralized token vault is designed as a universal system that handles multiple types of financial products and domains (credit cards, demand deposit accounts, ACH transactions) through a single platform. This multi-functional design allows the same storage location to serve diverse tokenization needs across different financial networks, achieving versatility without proportionally increasing management complexity.
2Adaptability or versatility
If distributed storage locations are used across financial networks, then tokenization functionality is expanded, but access difficulty and authentication complexity increase
Solution Approach 1:
The centralized token vault acts as an intermediary between financial networks and tokenized financial products. Instead of networks directly accessing multiple distributed storage locations with varying data structures, they all interact with the single token vault through standardized interfaces. This intermediary approach simplifies access while maintaining expanded tokenization functionality across card and non-card domains.
3Adaptability or versatility
If multiple storage locations with varying functionalities are used, then service transparency is improved, but information access difficulty increases
Solution Approach 1:
The patent implements homogeneous data structures within the centralized token vault, ensuring all tokens are stored and accessed using the same standardized format. This homogeneity resolves information access difficulty by providing consistent data organization across all financial products, while service transparency is maintained through the vault's ability to provide uniform access controls and audit trails for all token operations.
Data Source
AI summary
A computer system includes a token repository configured to store payment tokens, and a server system. The server system includes a processor and instructions stored in non-transitory machine-readable media, the instructions configured to cause the server system to receive a request to provision a payment token based on a financial product, wherein the request includes information related to the financial product, provision a payment token based on the token request, including authenticating the financial product based on the financial product information and generating the payment token upon authenticating the financial product, wherein the payment token is useable to make a payment via the financial product, and store the payment token in the token repository.