System for tokenization and token selection associated with wearable device transactions

• US 10,127,539 B2
• Filed: 09/30/2015
• Issued: 11/13/2018
• Est. Priority Date: 09/30/2015
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Castinado, Joseph B., Mork, Philip W., Turner, Kimberly C.
• Primary Examiner(s): Crawley, Talia F
• Application Number:
  US14/871,355
• Publication Number:
  US 20170091745A1
• Time in Patent Office: 1,140 Days
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/4014 Identity check for transactions

Abstract

Embodiments of the invention are directed to systems, methods, and computer program products for tokenization and token selection associated with wearable device transactions. The system is configured to receive an indication that a user is in possession of the wearable device; authenticate the wearable device; receive an indication from the user to execute a transaction; determine that the user continues to remain in possession of the wearable device; and complete execution of the transaction; initiate execution of the transaction using the first token received from the user; determine a second token based on at least the transaction information and the one or more limits associated with the second token; swapping the first token with the second token; and execute the transaction using one or more financial institution accounts of the user associated with the second token.

Claims

1. A system for tokenization and token selection associated with wearable device transactions, the system comprising:

one or more memory devices;

one or more processing devices operatively coupled to the one or more memory devices; and

computer instruction code stored in the one or more memory devices and structured to cause the one or more processing devices to;

receive an indication that a user is in possession of the wearable device, the wearable device being associated with one or more tokens, wherein the one or more tokens are stored in a database associated with a financial institution, wherein the one or more tokens comprises information associated with one or more financial institution accounts of the user, wherein each of the one or more tokens is associated with one or more limits;

authenticate the wearable device at a first time based on at least receiving the indication that the user is in possession of the wearable device;

electronically receive an indication from the user to execute a transaction at a point of sale terminal of a merchant using a first token from the one or more tokens associated with the wearable device;

establish a communication link with the point of sale terminal of the merchant to receive transaction information associated with the transaction and the first token;

determine that the user continues to remain in possession of the wearable device based on at least continuously monitoring the wearable device from the first time;

initiate execution of the transaction using the first token received from the user, wherein executing comprises;

receiving the first token and the transaction information from the point of sale terminal of the merchant;

determining a second token from the one or more tokens based on at least the transaction information and the one or more limits associated with the second token; and

swapping the first token with the second token for the execution of the transaction; and

execute the transaction using at least one of the one or more financial institution accounts of the user associated with the second token.

2. The system of claim 1, wherein the module is further configured to:

electronically receive one or more limits for the one or more tokens for the execution of one or more transactions using the wearable device, wherein the one or more limits comprise at least a spending limit, a threshold on a number of transactions, a time limit, a merchant category, a product category, and/or a geographic location.

3. The system of claim 1, wherein the module is further is configured to:

electronically receive an indication that the user has scanned the wearable device at a point of sale of the merchant;

initiate a presentation of an interface on the wearable device, wherein the interface comprises one or more tokens to be applied towards the transaction;

receive a user selection of at least one token from the one or more tokens associated with the wearable device;

retrieve the at least one token associated with the wearable device based on at least receiving the user selection of at least one token from the one or more tokens and the indication that the user has scanned the wearable device at the point of sale of the merchant; and

initiate execution of the transaction using at least one of the one or more financial institution accounts of the user associated with the at least one token.

4. The system of claim 1, wherein the module is further configured to:

electronically receive via the wearable device, an authentication request from the user to associate the wearable device with the one or more financial institution accounts of the user;

electronically receive one or more authentication credentials from the user via the wearable device; and

authenticate the wearable device based on at least verifying the authentication credentials received from the user.

5. The system of claim 4, wherein the module is further configured to:

initiate presentation of one or more financial institution accounts associated with the user on the wearable device in response to receiving the authentication request;

electronically receive, via the wearable device, a user selection of at least one of the one or more financial institution accounts; and

establish a communicable link between the wearable device and the at least one financial institution account selected by the user, thereby enabling the user to execute transactions using funds associated with the financial institution account selected by the user.

6. The system of claim 1, wherein the module is further configured to:

electronically receive via a mobile device of the user, an authentication request from the user to associate the wearable device with the one or more financial institution accounts of the user, wherein the mobile device is communicably paired with the wearable device;

electronically receive one or more authentication credentials from the user via the mobile device; and

authenticate the wearable device based on at least verifying the authentication credentials received from the user.

7. The system of claim 6, wherein the module is further configured to:

initiate presentation of one or more financial institution accounts associated with the user on the mobile device of the user in response to receiving the authentication request;

electronically receive, via the mobile device, a user selection of at least one of the one or more financial institution accounts; and

establish a communicable link between the wearable device and the at least one financial institution account selected by the user, thereby enabling the user to execute transactions using funds associated with the financial institution account selected by the user.

8. The system of claim 1, wherein the module is further configured to:

continuously monitor the wearable device to determine whether the user continues to remain in possession of the wearable device, wherein monitoring further comprises continuously receiving input from the wearable device, the input comprising biometric feedback associated with the wearable device.

9. A computer program product for tokenization and token selection associated with wearable device transactions, the computer program product comprising a non-transitory computer-readable medium comprising code causing a first apparatus to:

receive an indication that a user is in possession of the wearable device, the wearable device being associated with one or more tokens, wherein the one or more tokens are stored in a database associated with a financial institution, wherein the one or more tokens comprises information associated with one or more financial institution accounts of the user, wherein each of the one or more tokens is associated with one or more limits;

authenticate the wearable device at a first time based on at least receiving the indication that the user is in possession of the wearable device;

electronically receive an indication from the user to execute a transaction at a point of sale terminal of a merchant using a first token from the one or more tokens associated with the wearable device;

establish a communication link with the point of sale terminal of the merchant to receive transaction information associated with the transaction and the first token;

determine that the user continues to remain in possession of the wearable device based on at least continuously monitoring the wearable device from the first time;

initiate execution of the transaction using the first token received from the user, wherein executing comprises;

receiving the first token and the transaction information from the point of sale terminal of the merchant;

determining a second token from the one or more tokens based on at least the transaction information and the one or more limits associated with the second token; and

swapping the first token with the second token for the execution of the transaction; and

execute the transaction using at least one of the one or more financial institution accounts of the user associated with the second token.

10. The computer program product of claim 9, wherein the first apparatus is further configured to:

electronically receive one or more limits for the one or more tokens for the execution of one or more transactions using the wearable device, wherein the one or more limits comprise at least a spending limit, a threshold on a number of transactions, a time limit, a merchant category, a product category, and/or a geographic location.

11. The computer program product of claim 9, wherein the first apparatus is further configured to:

electronically receive an indication that the user has scanned the wearable device at a point of sale of the merchant;

initiate a presentation of an interface on the wearable device, wherein the interface comprises one or more tokens to be applied towards the transaction;

receive a user selection of at least one token from the one or more tokens associated with the wearable device;

retrieve the at least one token associated with the wearable device based on at least receiving the user selection of at least one token from the one or more tokens and the indication that the user has scanned the wearable device at the point of sale of the merchant; and

initiate execution of the transaction using at least one of the one or more financial institution accounts of the user associated with the at least one token.

12. The computer program product of claim 9, wherein the first apparatus is further configured to:

electronically receive via the wearable device, an authentication request from the user to associate the wearable device with the one or more financial institution accounts of the user;

electronically receive one or more authentication credentials from the user via the wearable device; and

authenticate the wearable device based on at least verifying the authentication credentials received from the user.

13. The computer program product of claim 12, wherein the first apparatus is further configured to:

initiate presentation of one or more financial institution accounts associated with the user on the wearable device in response to receiving the authentication request;

electronically receive, via the wearable device, a user selection of at least one of the one or more financial institution accounts; and

establish a communicable link between the wearable device and the at least one financial institution account selected by the user, thereby enabling the user to execute transactions using funds associated with the financial institution account selected by the user.

14. The computer program product of claim 9, wherein the first apparatus is further configured to:

electronically receive via a mobile device of the user, an authentication request from the user to associate the wearable device with the one or more financial institution accounts of the user, wherein the mobile device is communicably paired with the wearable device;

electronically receive one or more authentication credentials from the user via the mobile device; and

authenticate the wearable device based on at least verifying the authentication credentials received from the user.

15. The computer program product of claim 14, wherein the first apparatus is further configured to:

initiate presentation of one or more financial institution accounts associated with the user on the mobile device of the user in response to receiving the authentication request;

electronically receive, via the mobile device, a user selection of at least one of the one or more financial institution accounts; and

establish a communicable link between the wearable device and the at least one financial institution account selected by the user, thereby enabling the user to execute transactions using funds associated with the financial institution account selected by the user.

16. The computer program product of claim 9, wherein the first apparatus is further configured to:

continuously monitor the wearable device to determine whether the user continues to remain in possession of the wearable device, wherein monitoring further comprises continuously receiving input from the wearable device, the input comprising biometric feedback associated with the wearable device.

17. A computer implemented method for authenticating the use of a wearable device to execute a transaction, the method comprising:

receiving an indication that a user is in possession of the wearable device, the wearable device being associated with one or more tokens, wherein the one or more tokens are stored in a database associated with a financial institution, wherein the one or more tokens comprises information associated with one or more financial institution accounts of the user, wherein each of the one or more tokens is associated with one or more limits;

authenticating the wearable device at a first time based on at least receiving the indication that the user is in possession of the wearable device;

electronically receiving an indication from the user to execute a transaction at a point of sale terminal of a merchant using a first token from the one or more tokens associated with the wearable device;

establishing a communication link with the point of sale terminal of the merchant to receive transaction information associated with the transaction and the first token;

determining that the user continues to remain in possession of the wearable device based on at least continuously monitoring the wearable device from the first time;

initiating execution of the transaction using the first token received from the user, wherein executing comprises;

receiving the first token and the transaction information from the point of sale terminal of the merchant;

determining a second token from the one or more tokens based on at least the transaction information and the one or more limits associated with the second token; and

swapping the first token with the second token for the execution of the transaction; and

executing the transaction using at least one of the one or more financial institution accounts of the user associated with the second token.

18. The computer implemented method of claim 17, wherein the method further comprises:

electronically receive one or more limits for the one or more tokens for the execution of one or more transactions using the wearable device, wherein the one or more limits comprise at least a spending limit, a threshold on a number of transactions, a time limit, a merchant category, a product category, and/or a geographic location.

19. The computer implemented method of claim 17, wherein executing further comprises:

electronically receive an indication that the user has scanned the wearable device at a point of sale of the merchant;

initiate a presentation of an interface on the wearable device, wherein the interface comprises one or more tokens to be applied towards the transaction;

receive a user selection of at least one token from the one or more tokens associated with the wearable device;

retrieve the at least one token associated with the wearable device based on at least receiving the user selection of at least one token from the one or more tokens and the indication that the user has scanned the wearable device at the point of sale of the merchant; and

initiate execution of the transaction using at least one of the one or more financial institution accounts of the user associated with the at least one token.

20. The computer implemented method of claim 17, wherein authenticating further comprises:

electronically receive via the wearable device, an authentication request from the user to associate the wearable device with the one or more financial institution accounts of the user;

electronically receive one or more authentication credentials from the user via the wearable device; and

authenticate the wearable device based on at least verifying the authentication credentials received from the user.