20240020692. PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS simplified abstract (Bank of America Corporation)

From WikiPatents
Jump to navigation Jump to search

PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS

Organization Name

Bank of America Corporation

Inventor(s)

Brandon Castagna of Charlotte NC (US)

Lisa Pugh of Charlotte NC (US)

Mei Lin of Addison TX (US)

Alfred Reed of Charlotte NC (US)

PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240020692 titled 'PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS

Simplified Explanation

The patent application describes an apparatus and methods for using non-fungible tokens (NFTs) for payment redemption and remittances. Here is a simplified explanation of the abstract:

  • A computer program product allows a payor to create an NFT, which includes a digital envelope and metadata.
  • The digital envelope contains payment terms and the payment funds.
  • The NFT can be transferred to a digital wallet owned by a payee.
  • The payee can choose to redeem the payment funds.
  • The payment funds are then transferred to the payee based on their selection.

Potential applications of this technology:

  • Digital payments: This technology enables the use of NFTs as a form of digital payment, providing a secure and transparent method for transferring funds.
  • Remittances: The ability to transfer payment funds through NFTs can be used for remittances, allowing individuals to send money to others in different locations.
  • Micropayments: NFTs can facilitate micropayments, allowing for small transactions to be made easily and efficiently.

Problems solved by this technology:

  • Security: The use of NFTs provides a secure method for transferring payment funds, reducing the risk of fraud or unauthorized access.
  • Transparency: The digital envelope and metadata included in the NFT provide transparency regarding the payment terms, ensuring that both the payor and payee have a clear understanding of the transaction.
  • Efficiency: The use of NFTs streamlines the payment redemption and remittance process, making it faster and more efficient compared to traditional methods.

Benefits of this technology:

  • Accessibility: The use of digital wallets and NFTs makes payment redemption and remittances accessible to a wider range of individuals, including those without access to traditional banking services.
  • Cost-effectiveness: By utilizing digital technology, this method of payment redemption and remittance can be more cost-effective compared to traditional methods, reducing transaction fees and other associated costs.
  • Traceability: The use of NFTs allows for the traceability of payment transactions, providing a clear audit trail and enhancing accountability.


Original Abstract Submitted

apparatus and methods for utilizing non-fungible tokens (“nfts”) for payment redemption and remittances are provided. a payor may use a computer program product to create an nft. the nft may include a digital envelope and metadata. the digital envelope may include one or more payment terms as a payment statement and the payment funds. the nft may be transferred to a digital wallet belonging to a payee. the payee may select an option to redeem the payment funds. the payment funds may be transferred to the payee per the selection.

Retrieved from "http://wikipatents.org/index.php?title=20240020692._PAYMENT_REDEMPTION_USING_NON-FUNGIBLE_TOKENS_simplified_abstract_(Bank_of_America_Corporation)&oldid=28628"