20240048505. TOKENIZATION OF RESOURCE EXCHANGE EVENT INFORMATION simplified abstract (Bank of America Corporation)

TOKENIZATION OF RESOURCE EXCHANGE EVENT INFORMATION

Organization Name

Bank of America Corporation

Inventor(s)

Sean D. Fitzpatrick of Davidson NC (US)

Justin Garrick of Charlotte NC (US)

TOKENIZATION OF RESOURCE EXCHANGE EVENT INFORMATION - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240048505 titled 'TOKENIZATION OF RESOURCE EXCHANGE EVENT INFORMATION

Simplified Explanation

The abstract of this patent application describes a secured system for sharing and distributing a user's resource exchange event information with third-party data recipients. The system requires the user to verify their identity and give consent before distributing the information.

• User inputs are received to define resource exchange event metadata.
• A resource exchange event token is generated, which maps a token identifier to the processing data and metadata of the event.
• The token is communicated to a predetermined third-party data recipient and stored by them.
• The third-party data recipient can present the token when requesting the processing of a resource exchange event on behalf of the user.

Potential applications of this technology:

• Sharing resource exchange event information securely with third-party data recipients.
• Enabling third-party data recipients to request the processing of resource exchange events on behalf of users.

Problems solved by this technology:

• Ensuring the security and privacy of user's resource exchange event information.
• Providing a controlled and consent-based system for sharing information with third-party data recipients.

Benefits of this technology:

• Enhanced security and privacy for users' resource exchange event information.
• Streamlined and controlled sharing of information with third-party data recipients.
• Improved efficiency in processing resource exchange events on behalf of users.

Original Abstract Submitted

secured system for sharing/distributing a user's resource exchange event information with third-party data recipients. in response to verifying the identity of a user and receiving the user's consent to distribute the resource exchange event information, user inputs are received that define resource exchange event metadata and a resource exchange event token is generated that maps a token identifier to both the resource exchange event processing data and the defined resource exchange event metadata. the token is communicated to and stored by a predetermined third-party data recipient, which presents the token at the time of requesting the processing of a resource exchange event on behalf of the user.