Method for the depersonalization and transmittal of financial information for finanacial transactions
AssigneeFluid Financial
InventorJonathan Lee
Life of this patent
Estimating the term…
Abstract
A method of facilitating payment for goods and services, having steps including the generation of transaction tokens containing only information necessary for the payment of a vendor, but not including unnecessary data, such as personal sensitive data. Currently there is a problem in the system wherein private, confidential, or sensitive information is transmitted and stored as a part of processing credit card or other electronic payments in connection with a purchase and then this information is sold, potentially creating liability for vendors. This method prevents this by ensuring that the sensitive data is never transmitted to financial services vendors, and so is not in danger of disclosure.
Claims8
A method for the payment for goods or services from a vendor, the steps consisting of:
- obtaining consent from a customer to utilize the method;
- generating a first transaction token at a point of sale, wherein the first transaction token contains information about the transaction, including personal or protected information;
- transmitting the first transaction token to a transaction processor;
- accessing data contained within the first transaction token;
- generating a second transaction token utilizing only necessary data accessed from the first transaction token;
- transmitting the second transaction token to a financial services vendor for processing;
- generating a decision on the approval or denial of the transaction based upon the data contained within the second transaction token;
- and
- communicating the decision to the provider of health care.
Dependencies are inferred from the claim text.