Digital Wallet Tokenization for Secure Payment Updates
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Consumers face inefficiencies and security concerns when updating payment information across multiple online service provider accounts, requiring them to log into each account separately and re-enter sensitive information, which is time-consuming and vulnerable to data interception.
Innovation Solution
A system and method for securely and efficiently updating account information across resource providers using resource provider specific tokens, managed by a digital wallet server, which links and stores these tokens with user accounts, allowing for secure and efficient transaction management without the need to continuously enter sensitive information into each provider's website.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If consumers manually update payment information at each service provider website, then each provider can directly receive updated account details, but the process becomes time-consuming and security risks increase due to continuous entry of sensitive information
Solution Approach 1:
The system performs preliminary actions by storing payment account information securely in a digital wallet before it is needed. When a service provider needs payment information, the system automatically retrieves and provides it without requiring the consumer to re-enter data. This preliminary storage and automatic retrieval mechanism eliminates the need for repeated manual entry, reducing both time consumption and security risks.
Solution Approach 2:
The patent introduces a digital wallet system as an intermediary between the consumer and service providers. Instead of consumers directly sharing payment information with multiple providers, the digital wallet acts as a secure mediator that holds the information and selectively provides it to authorized providers. This intermediary layer enhances security by preventing direct exposure of sensitive data while maintaining efficient information delivery.
2Ease of operation
If consumers log into multiple service provider accounts to update payment information, then each account can be updated, but the complexity of the process increases and user convenience decreases
Solution Approach 1:
The digital wallet system performs multiple functions within a single platform: it stores payment information securely, manages multiple service provider relationships, automatically updates accounts, and provides transaction tracking. This multi-functional approach eliminates the need for consumers to separately manage each service provider account, significantly simplifying the overall process while maintaining comprehensive account management capabilities.
3Productivity
If service providers store consumers' payment information directly, then transactions can be processed efficiently, but the risk of data interception and unauthorized access increases
Solution Approach 1:
The digital wallet serves as a secure intermediary that holds payment information and selectively provides it to service providers during transactions. Service providers do not store sensitive payment data directly; instead, they receive authorized access to specific payment accounts through the digital wallet system. This intermediary architecture maintains transaction efficiency while minimizing data exposure and interception risks.
Solution Approach 2:
The system creates secure digital representations (tokens) of payment account information that can be transmitted to service providers without exposing the actual sensitive data. These digital copies or tokens enable transaction processing while maintaining the security of the original payment information, as the tokens cannot be reverse-engineered to reveal the actual account details.
Data Source
AI summary
Embodiments of the invention are directed to systems and methods for securely and efficiently updating account information across resource providers. Embodiments of the invention provide a method for managing account data that is an improvement in both speed and security over prior methods used by account data management systems. According to embodiments of the invention, account data is linked to resource provider specific tokens stored and managed by a digital wallet provider. Resource provider specific tokens may be stored by resource providers to conduct future transactions, also including recurring or automatic transactions. To manage the resource provider specific tokens, a user may simply send requests to the digital wallet provider using a single interface displayed on a user device rather than by logging into accounts for numerous resource providers and continuously entering updated account data.