System and method for a self-calculating token vault
US10546294B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Aug 24, 2016 |
| Grant date | Jan 28, 2020 |
| Priority date | — |
| Expiry date | Jan 16, 2038 |
Classification
- Technology area (CPC H)Electricity
- CPC primaryH04L2463/061
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A system and method for electronic payment that involves generating and then using a temporary token based on a legacy PAN (Primary Account Number) to conduct an electronic transaction. The token is generated by transforming the PAN using specific inputs such that the original PAN can be recovered by manipulating the token in various ways as disclosed herein. One potential manipulation that may be used is encryption/decryption. The token is transmitted to a portable electronic device such that the portable electronic device may present the token to a point-of-sale device. The POS communicates the token to a server which validates the token by, among other things, recovering the PAN. If the PAN is recovered as expected a validation message is returned to the POS device.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.