18380938. PAYMENT DELEGATION AND LINKING SYSTEM simplified abstract (Capital One Services, LLC)
Contents
- 1 PAYMENT DELEGATION AND LINKING SYSTEM
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 PAYMENT DELEGATION AND LINKING SYSTEM - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Potential Commercial Applications
- 1.9 Possible Prior Art
- 1.10 Original Abstract Submitted
PAYMENT DELEGATION AND LINKING SYSTEM
Organization Name
Inventor(s)
Eric Burnam of Midlothian VA (US)
Bhavik Gudka of Elk Grove Village IL (US)
PAYMENT DELEGATION AND LINKING SYSTEM - A simplified explanation of the abstract
This abstract first appeared for US patent application 18380938 titled 'PAYMENT DELEGATION AND LINKING SYSTEM
Simplified Explanation
The abstract describes a payment delegation and linking system that allows for the delegation of payment to an individual for a transaction, with a token embedded in the payment URL to link the payment transaction to the original delegated transaction.
- Delegation request sent to individual with payment URL embedded with a token
- Token embedded in unused field of payment transaction record generated at individual's device
- Token transmitted to payment processing system for processing and settlement
- Token used to link received payment transaction with original delegated transaction
- Original delegated transaction and received payment transaction displayed together in transaction summary
Potential Applications
The technology described in this patent application could be applied in various industries such as e-commerce, peer-to-peer payment platforms, and financial services.
Problems Solved
This technology solves the problem of securely delegating payments to individuals for specific transactions and accurately linking the payment transactions to the original delegated transactions.
Benefits
The benefits of this technology include improved payment delegation processes, enhanced transaction tracking and reconciliation, and increased security in payment processing.
Potential Commercial Applications
- E-commerce Payment Systems: Enhancing payment delegation and tracking for online transactions
- Peer-to-Peer Payment Platforms: Facilitating secure payment delegation between individuals
- Financial Services: Streamlining payment processing and reconciliation for financial institutions
Possible Prior Art
One possible prior art for this technology could be systems that use tokens for transaction linking and tracking, although the specific method of embedding tokens in payment URLs for delegation purposes may be novel.
Unanswered Questions
How does the system ensure the security of the embedded token during transmission and processing?
The system should have robust encryption and authentication measures in place to protect the token from unauthorized access or tampering.
What measures are in place to prevent fraud or misuse of the delegation request and token?
There should be validation processes and authorization checks to verify the legitimacy of the delegation request and ensure that the token is used only for linking the payment transactions as intended.
Original Abstract Submitted
Methods, systems, devices, and computer-readable media for a payment delegation and linking system are provided. The system may generate a delegation request to send to an individual for payment of a portion of a value of a transaction. The delegation request may be sent to the individual with a payment URL embedded with a token. Upon initiation of payment in response to the delegation request, the token may be embedded in an unused field of a payment transaction record generated at the individual's device and may be transmitted from the individual's device to a payment processing system for processing and settlement. The payment transaction record may ultimately be received at the requestor's bank with the token intact. The token may be used to link the received payment transaction with the original delegated transaction. The original delegated transaction and the received payment transaction may be displayed together in a transaction summary.
