18158804. SYSTEMS AND METHODS FOR SECURE TRANSMISSION OF PAYMENT DATA simplified abstract (JPMorgan Chase Bank, N.A.)
Contents
SYSTEMS AND METHODS FOR SECURE TRANSMISSION OF PAYMENT DATA
Organization Name
Inventor(s)
Raman Sankaran of Garnet Valley PA (US)
SYSTEMS AND METHODS FOR SECURE TRANSMISSION OF PAYMENT DATA - A simplified explanation of the abstract
This abstract first appeared for US patent application 18158804 titled 'SYSTEMS AND METHODS FOR SECURE TRANSMISSION OF PAYMENT DATA
The abstract of this patent application describes a method that involves receiving a token and a request for a payment option from a merchant backend, querying a database using the token to retrieve customer details and an account number, generating a payment option based on the account number and customer details, sending the payment option to the merchant backend, receiving a transaction identifier and an indication to apply the payment to a specific transaction, and applying the payment option to an invoice associated with the payment product.
- Receiving token and payment request from merchant backend
- Querying database using token as lookup key
- Generating payment option based on account number and customer details
- Sending payment option to merchant backend
- Applying payment option to specific transaction invoice
Potential Applications: - Streamlining payment processing for merchants - Enhancing security and efficiency in payment transactions - Improving customer experience by providing seamless payment options
Problems Solved: - Simplifying payment processing for merchants - Enhancing security by using tokens instead of sensitive information - Providing a more efficient and streamlined payment process for customers
Benefits: - Increased security in payment transactions - Improved efficiency and accuracy in processing payments - Enhanced customer experience through seamless payment options
Commercial Applications: Title: "Enhancing Payment Processing Efficiency and Security in Merchant Transactions" This technology could be used in various industries such as e-commerce, retail, and financial services to streamline payment processing, improve security, and enhance customer satisfaction. It could also be valuable for payment service providers and financial institutions looking to offer innovative solutions to their clients.
Prior Art: To find prior art related to this technology, researchers could explore patents and publications in the fields of payment processing, tokenization, and database query optimization. They may also look into existing solutions offered by payment service providers and financial institutions.
Frequently Updated Research: Researchers in the field of payment processing and financial technology are constantly exploring new methods to enhance security, efficiency, and customer experience in transactions. Stay updated on the latest developments in tokenization, database query optimization, and payment processing technologies to leverage the most innovative solutions for your business.
Questions about Payment Processing Efficiency and Security: 1. How does tokenization improve security in payment transactions? Tokenization replaces sensitive payment information with unique tokens, reducing the risk of data breaches and unauthorized access to personal and financial data.
2. What are the key benefits of using database queries to generate payment options? Database queries allow for quick retrieval of customer details and account information, enabling efficient and accurate payment processing for merchants and customers.
Original Abstract Submitted
In some aspects, the techniques described herein relate to a method including: receiving, at an issuer backend and from a merchant backend, a token and a request for a payment option; executing a query against a database, wherein the query uses the token as a lookup key, and wherein the query returns an account number and customer details, wherein the customer details are associated with a customer that is associated with the account number; generating the payment option based on a payment product associated with the account number and the customer details; sending the payment option to the merchant backend; receiving, from the merchant backend, a transaction identifier and an indication to apply the payment to a transaction associated with the transaction identifier; applying the payment option with respect to an invoice associated with the payment product.
