Token Management System for Payment Device Transaction Updates
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Solution Overview
Problem
Existing payment device token systems face inefficiencies and errors when updating tokens, requiring notification and updating of each token holder, leading to computational and communicative inefficiencies, failed transactions, and potential penalties due to outdated tokens.
Innovation Solution
A system, method, and computer program product that generates a new token associated with a new payment device, links it to an old token, and communicates the new token for transaction processing, eliminating the need to notify each token holder and allowing multiple token updates without disrupting ongoing transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If old tokens are replaced with new tokens by notifying each token holder, then token security is improved, but computational efficiency deteriorates and transaction errors increase
Solution Approach 1:
The patent introduces a token management system as an intermediary between the payment device and multiple token holders. This central system maintains a mapping between old tokens and new tokens, allowing automatic translation during transactions without requiring direct notification or coordination with each token holder, thus resolving the contradiction between security updates and computational efficiency
Solution Approach 2:
The system creates a copy or mapping relationship between old tokens and new tokens in the token management system. When a transaction occurs, the system translates the old token to its corresponding new token using this pre-established mapping, enabling secure token replacement without direct communication with token holders and maintaining high transaction throughput
2Reliability
If each token holder is notified of token updates, then token currency is maintained, but communicative overhead increases and transaction failures increase
Solution Approach 1:
The patent consolidates the token update communication function into a single centralized token management system rather than requiring separate communications with each token holder. The system maintains a unified mapping that automatically translates old tokens to new tokens, eliminating redundant communications and information loss while ensuring all token holders receive updated tokens through the centralized mapping mechanism
3Ease of operation
If token holders use old tokens after replacement, then transaction simplicity is maintained, but transaction errors increase and penalties occur
Solution Approach 1:
The token management system acts as an intermediary that automatically translates old tokens to new tokens during transaction processing. Token holders continue to use their existing old tokens without any changes on their part, while the system handles the token translation in the background, ensuring both transaction simplicity and success by preventing errors from outdated tokens
Data Source
AI summary
Described are a system, method, and computer program product for updating and processing payment device transaction tokens. The method includes receiving a first notification based on issuance of a first new payment device, generating a first new token associated with the first new payment device, and linking the first new token to a previous token. The method also includes receiving a second notification based on issuance of a second new payment device, generating a second new token associated with the second new payment device, and linking the second new token to the first new token in a chain. The method further includes determining to deactivate the first new payment device and modifying the chain to remove the first new token. The method further includes receiving a transaction request and processing the transaction request by communicating second new token to an issuer.