American Express Travel Related Services Company, Inc. (20240289756). PAYMENT INSTRUMENT ADAPTABLE FOR MULTIPLE CENTRAL BANK DIGITAL CURRENCIES simplified abstract
Contents
PAYMENT INSTRUMENT ADAPTABLE FOR MULTIPLE CENTRAL BANK DIGITAL CURRENCIES
Organization Name
American Express Travel Related Services Company, Inc.
Inventor(s)
Lucky Bimolaksono of Hurlstone Park (AU)
Dean Ernest Arthur Nicolson of Wattle Grove (AU)
Matthew Stephen Bodell of New York NY (US)
PAYMENT INSTRUMENT ADAPTABLE FOR MULTIPLE CENTRAL BANK DIGITAL CURRENCIES - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240289756 titled 'PAYMENT INSTRUMENT ADAPTABLE FOR MULTIPLE CENTRAL BANK DIGITAL CURRENCIES
The patent application describes a payment instrument that interfaces with multiple central bank digital currency (CBDC) networks associated with different countries and territories.
- The system includes a computing device that detects the location of a client device outside a territorial area for a first CBDC blockchain network.
- An authorization request for a purchase is received from a merchant system, and a token associated with the request is identified and linked to the client device.
- The computing device verifies that the token is authorized for use with a blockchain address for a second CBDC blockchain network.
- A CBDC blockchain transfer is generated and transmitted to the second CBDC blockchain network.
Potential Applications: - Cross-border transactions - International e-commerce - Travel and tourism industries
Problems Solved: - Simplifying cross-border payments - Enhancing payment security - Streamlining international transactions
Benefits: - Increased efficiency in cross-border transactions - Enhanced security for digital payments - Facilitation of international commerce
Commercial Applications: Title: "Global Payment Instrument for Cross-Border Transactions" This technology can be utilized by financial institutions, e-commerce platforms, and international businesses to facilitate seamless cross-border transactions and enhance the security of digital payments.
Prior Art: Readers can explore prior art related to cross-border payment systems, digital currency networks, and blockchain technology to gain a deeper understanding of the innovation presented in this patent application.
Frequently Updated Research: Stay informed about the latest developments in CBDC networks, blockchain technology, and international payment systems to understand the evolving landscape of digital finance.
Questions about the technology: 1. How does this payment instrument improve cross-border transactions? 2. What are the key security features of this system?
Original Abstract Submitted
disclosed are various embodiments for a payment instrument, such as a payment card or a client device, that interfaces with multiple central bank digital currency (cbdc) networks associated with different countries and territories. in one non-limiting example, the system comprises a computing device that is configured to detect a location of a client device being outside of a territorial area for a first cbdc blockchain network and receive an authorization request from a merchant system for a purchase of an item. a token associated with the authorization request is identified and associated with the client device. the computing device determines that the token is authorized for use with a blockchain address for a second cbdc blockchain network for the purchase. a cbdc blockchain transfer is generated and the cbdc blockchain transfer is transmitted to the second cbdc blockchain network.
