Bank of America Corporation (20240330922). PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS simplified abstract
Contents
PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS
Organization Name
Inventor(s)
Brandon Castagna of Charlotte NC (US)
Lisa Pugh of Charlotte NC (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 20240330922 titled 'PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS
The patent application describes a method and apparatus for utilizing non-fungible tokens (NFTs) for payment redemption and remittances.
- A payor can create an NFT using a computer program product, which includes a digital envelope and metadata.
- The digital envelope contains payment terms and payment funds, allowing the NFT to be transferred to a payee's digital wallet.
- The payee can redeem the payment funds by selecting an option, which triggers the transfer of funds to the payee.
Potential Applications:
- Digital payments and remittances
- Secure and transparent payment systems
- Streamlining payment processes for businesses
Problems Solved:
- Ensuring secure and traceable payments
- Simplifying payment redemption processes
- Facilitating cross-border remittances
Benefits:
- Increased security and transparency in payments
- Efficient and streamlined payment processes
- Enhanced traceability and accountability in transactions
Commercial Applications:
- Financial institutions
- E-commerce platforms
- Cross-border payment services
Questions about NFTs: 1. How do NFTs differ from traditional payment methods? NFTs are unique digital assets that cannot be replicated or exchanged like traditional currencies, making them ideal for secure and traceable payments.
2. What are the advantages of using NFTs for payment redemption? NFTs offer increased security, transparency, and efficiency in payment processes, benefiting both payors and payees.
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.
