Unified Virtual Wallet for Multi-Account Payment Security
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Solution Overview
Problem
Current mobile and e-commerce payment systems face challenges in security, efficiency, and usability, particularly in handling multiple financial accounts and requiring repeated input of credit card information, which can lead to security risks and user inconvenience.
Innovation Solution
The implementation of a trusted platform architecture that enables secure, rapid, and efficient negotiation, authorization, and confirmation of multi-party data processes, including payment transactions, by registering devices and applications with a trusted authentication server, allowing for secure token management and eliminating the need for repeated credit card input through tokenization and secure token transmission.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If virtual wallets are tied to individual account administrators, then security is improved, but user convenience deteriorates when dealing with multiple financial institutions
Solution Approach 1:
The patent combines multiple virtual wallets from different financial institutions into a single unified wallet interface. The system aggregates payment credentials from multiple account administrators while maintaining the security boundaries of each individual wallet, allowing users to manage all accounts through one application rather than switching between multiple institution-specific wallets.
Solution Approach 2:
The unified wallet serves multiple functions by supporting credentials from various financial institutions simultaneously. It provides a universal interface that can handle different payment networks, account types, and authentication methods while maintaining the specific security requirements of each underlying account administrator.
2Adaptability or versatility
If credit card information is repeatedly input for transactions, then transaction flexibility is improved, but security risks increase and user burden increases
Solution Approach 1:
The system performs preliminary actions by securely storing payment credentials in encrypted form within the virtual wallet before transactions are needed. During checkout, the pre-stored credentials are automatically retrieved and transmitted, eliminating the need for users to re-enter information while maintaining security through encrypted storage and controlled access.
Solution Approach 2:
The virtual wallet enables self-service by automatically managing the retrieval, encryption, and transmission of payment credentials. The system handles the complex security protocols and credential management without requiring user intervention, reducing both security risks from manual input and user burden.
3Adaptability or versatility
If multiple virtual wallets are used for different financial institutions, then account coverage is improved, but device complexity increases
Solution Approach 1:
The patent merges multiple institution-specific virtual wallets into a single unified wallet application. The system integrates credentials from multiple account administrators behind one interface, reducing device complexity by eliminating the need to install and manage separate wallet applications for each financial institution.
Solution Approach 2:
The unified wallet acts as an intermediary layer between the user and multiple financial institutions. It provides a single point of access that manages connections to various account administrators, simplifying the architecture by removing the need for direct, separate integrations with each institution's system.
4Productivity
If sensitive payment information is transmitted for each transaction, then transaction processing is improved, but security exposure increases
Solution Approach 1:
The system creates encrypted copies of payment credentials that are stored securely in the virtual wallet. During transactions, these encrypted copies are transmitted instead of the original sensitive information, allowing transaction processing to proceed while minimizing security exposure through the use of tokenized or encrypted representations.
Solution Approach 2:
The system performs preliminary encryption and secure storage of payment credentials before transactions occur. By pre-processing the sensitive information into secure formats and storing it in protected environments, the system enables rapid transaction processing without repeatedly exposing the original unencrypted data during each transaction.
Data Source
AI summary
Systems, methods and data structures for the processing of data for the secure creation, administration, manipulation, processing, and storage of electronic data useful in the processing of electronic payment transactions and other secure data processes. Aspects of such systems include trusted platforms by which networked communication devices and merchant systems may registered as trusted entities. Information associated with particular payment means, such as accounts or payment tokens, can be stored on device(s) secure data sets known as virtual or electronic wallets, or in the form of secure payment tokens. Among other improvements, the invention enables the use of multiple payment accounts to fund purchases and other electronic transactions.