Visa International Service Association (20240233013). DEVICES, SYSTEMS, AND METHODS FOR AUTHENTICATING AN ACCOUNT FOR TRANSACTING ON CRYPTOCURRENCY EXCHANGES simplified abstract
DEVICES, SYSTEMS, AND METHODS FOR AUTHENTICATING AN ACCOUNT FOR TRANSACTING ON CRYPTOCURRENCY EXCHANGES
Organization Name
Visa International Service Association
Inventor(s)
Shibabrata Sanjib Kundu of Kolkata (IN)
Varadharajan Seshadri of Chennai (IN)
Bhuvaneswari Govindan of Salem (IN)
DEVICES, SYSTEMS, AND METHODS FOR AUTHENTICATING AN ACCOUNT FOR TRANSACTING ON CRYPTOCURRENCY EXCHANGES - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240233013 titled 'DEVICES, SYSTEMS, AND METHODS FOR AUTHENTICATING AN ACCOUNT FOR TRANSACTING ON CRYPTOCURRENCY EXCHANGES
The abstract describes a method for quickly onboarding a user for trading on a cryptocurrency exchange through a payment network.
- Receiving an API call to authenticate the user for trading on the exchange.
- Transmitting the request to the issuer system associated with the user's account.
- Receiving a verification result from the issuer system based on previously authenticated user identifying information.
- Responding to the request by transmitting the verification result to the cryptocurrency exchange.
Potential Applications: - Streamlining the user onboarding process for cryptocurrency exchanges. - Enhancing security measures for user authentication in financial transactions.
Problems Solved: - Simplifying the process of verifying user authenticity for trading on cryptocurrency exchanges. - Improving efficiency in user onboarding procedures.
Benefits: - Faster access to trading on cryptocurrency exchanges. - Enhanced security and authentication measures for user accounts.
Commercial Applications: Cryptocurrency exchanges, financial institutions, payment networks.
Prior Art: Research related to user authentication methods in financial transactions and cryptocurrency exchanges.
Frequently Updated Research: Stay updated on advancements in user authentication technologies and their applications in the cryptocurrency industry.
Questions about the technology: 1. How does this method improve the user experience on cryptocurrency exchanges? 2. What are the potential security implications of using a payment network for user authentication in financial transactions?
Original Abstract Submitted
a method of rapidly onboarding a user for access to trade on a cryptocurrency exchange via a payment network is disclosed herein. the method can include receiving an application program interface (“api”) call including a request to authenticate the user for access to trade on the cryptocurrency exchange, wherein the request includes information associated with an account of the user, transmitting the request to an issuer system associated with the account, receiving a verification result from the issuer system, wherein the verification result is based on user identifying information previously authenticated by the issuer system in association with the account, wherein the verification result is indicative of an authenticity status of the user, and responding to the request by transmitting an indication of the verification result to the cryptocurrency exchange.
