US Patent Application 18448587. SYSTEM AND METHOD OF TOKENIZING DEPOSIT ACCOUNT NUMBERS FOR USE AT PAYMENT CARD ACCEPTANCE POINT simplified abstract
Contents
SYSTEM AND METHOD OF TOKENIZING DEPOSIT ACCOUNT NUMBERS FOR USE AT PAYMENT CARD ACCEPTANCE POINT
Organization Name
Mastercard International Incorporated
Inventor(s)
Sandeep Malhotra of Greenwich CT (US)
Shanthan Subramaniam of Baldwin Place NY (US)
Dana J Lorberg of St. Louis MO (US)
SYSTEM AND METHOD OF TOKENIZING DEPOSIT ACCOUNT NUMBERS FOR USE AT PAYMENT CARD ACCEPTANCE POINT - A simplified explanation of the abstract
This abstract first appeared for US patent application 18448587 titled 'SYSTEM AND METHOD OF TOKENIZING DEPOSIT ACCOUNT NUMBERS FOR USE AT PAYMENT CARD ACCEPTANCE POINT
Simplified Explanation
- The patent application describes a method of routing a payment transaction. - The method involves receiving a transaction request message that includes a payment token previously issued to an account holder. - The payment token is then translated into a funding account indicator, which is in a format defined for payment card account numbers in a payment account system. - The funding account indicator is further translated into a bank account number that identifies a bank deposit account owned by the account holder. - An Electronic Funds Transfer (EFT) message is then transmitted to initiate an EFT transaction, which will be funded from the bank deposit account owned by the account holder. - The EFT message includes the bank account number.
Original Abstract Submitted
A method of routing a payment transaction includes receiving a transaction request message. The message includes a payment token that was previously issued to an account holder. The payment token is translated into a funding account indicator. The funding account indicator is in a format defined for payment card account numbers in a payment account system. The funding account indicator is translated into a bank account number. The bank account number identifies a bank deposit account owned by the account holder. An EFT message is transmitted to initiate an EFT transaction to be funded from the bank deposit account owned by the account holder. The EFT message includes the bank account number.
