SYSTEMS AND METHODS FOR IMPLEMENTING HYBRID DYNAMIC WALLET TOKENS
First Claim
1. A system comprising:
- a memory storing a payment account of a user; and
one or more processors in communication with the memory and adapted to;
generate a wallet token associated with the payment account of the user;
receive the wallet token from the user for implementing a transaction with another user, wherein the wallet token comprises an ISO8583 transaction message embedded with non-payment related identity information of the user; and
process the transaction based on the identity information of the user.
2 Assignments
0 Petitions
Accused Products
Abstract
A system or method may be provided to implement dynamic hybrid wallet tokens. A payment network architecture may be established to allow a payment service provider to implement seamless flow of payment transactions. Hybrid dynamic wallet tokens may be morphed with additional information based on the types of transactions to be performed and may be communicated over industry payment networks. In particular, the payment service provider may use Industry Standard BINs as tokens to transmit information in lieu of actual funding source information to all interacting parties with the provision of securely allowing each party to de-tokenize via secure connection from the backend to identify the true funding instrument only when needed.
95 Citations
20 Claims
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1. A system comprising:
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a memory storing a payment account of a user; and one or more processors in communication with the memory and adapted to; generate a wallet token associated with the payment account of the user; receive the wallet token from the user for implementing a transaction with another user, wherein the wallet token comprises an ISO8583 transaction message embedded with non-payment related identity information of the user; and process the transaction based on the identity information of the user. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A method comprising:
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generating, by a hardware processor, a wallet token associated with a payment account of a user; receiving, by the hardware processor, the wallet token from the user for implementing a transaction with another entity, wherein the wallet token comprises an ISO8583 transaction message embedded with non-payment related identity information of the user; and processing, by the hardware processor, the transaction based on the wallet token including identity information of the user. - View Dependent Claims (15, 16)
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17. A non-transitory computer-readable medium comprising instructions which, in response to execution by a computer system, cause the computer system to perform a method comprising:
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logging a user into a payment account of the user at a payment service provider; receiving an authorization token from the payment service provider; and communicating the authorization token and information of a merchant at which a transaction is initiated by the user; and receiving pay codes generated based on the authorization and the information of the merchant. - View Dependent Claims (18, 19, 20)
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Specification