Capital one services, llc (20240112154). PAYMENT DELEGATION AND LINKING SYSTEM simplified abstract
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 20240112154 titled 'PAYMENT DELEGATION AND LINKING SYSTEM
Simplified Explanation
The patent application describes a payment delegation and linking system that allows for the delegation of payment to an individual for a transaction, with the ability to link the delegated payment back to the original transaction.
- The system generates a delegation request with a payment URL embedded with a token, which is sent to the individual for payment initiation.
- The token is embedded in an unused field of a payment transaction record generated at the individual's device and transmitted to a payment processing system for processing and settlement.
- The payment transaction record with the token intact is received at the requestor's bank, allowing for the linking of the received payment transaction with the original delegated transaction.
Potential Applications
This technology could be applied in various industries such as e-commerce, peer-to-peer payments, and financial services for streamlined payment delegation and tracking.
Problems Solved
This system solves the problem of efficiently delegating payments to individuals for specific transactions and linking those payments back to the original transaction for accurate record-keeping.
Benefits
The benefits of this technology include improved payment delegation processes, enhanced transaction tracking, and simplified reconciliation of payments with the original transactions.
Potential Commercial Applications
Potential commercial applications of this technology include payment platforms, financial institutions, and online marketplaces looking to offer secure and efficient payment delegation services.
Possible Prior Art
One possible prior art could be systems that allow for payment delegation but lack the ability to link the delegated payment back to the original transaction for comprehensive transaction tracking.
Unanswered Questions
How does the system ensure the security of the token embedded in the payment transaction record during transmission and processing?
The system may use encryption techniques to secure the token and ensure its integrity throughout the payment process.
What measures are in place to prevent unauthorized access to the payment URL embedded with the token by malicious actors?
The system may implement authentication protocols and access controls to restrict access to the payment URL and token, reducing the risk of unauthorized use.
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.
