Tokenization of user accounts for direct payment authorization channel

摘要

Embodiments of the present invention disclose a financial institution system maintained by a financial institution and for tokenization of user accounts for using a direct payment authorization channel, whereby a third party payment authorization network is avoided. Embodiments establish a direct channel of communication between the system and a merchant or a merchant network in communication with the merchant; wherein the direct channel of communication comprises a network communication channel without a third party payment authorization system; receive a token issued by the financial institution and associated with a user account associated with a customer of the financial institution; receive transaction data comprising an amount associated with a transaction between the customer of the financial institution and the merchant; and determine whether to authorize the transaction based on the received token and the received transaction data.

主权项

1. A financial institution system maintained by a financial institution and for tokenization of user accounts so that none of a user's credit card number, debit card number and/or account number are necessary to perform a transaction with a merchant, thereby improving security of the user's credit card number, debit card number and/or account number, and for using a payment authorization channel, whereby a third party payment authorization network is avoided because the system obviates the need to validate the user's credit or debit card number, the system comprising:
a memory device; and a processing device operatively coupled to the memory device, wherein the processing device is configured to execute computer-readable program code to:
establish a communication channel between the system and a merchant or a merchant network in communication with the merchant;wherein the communication channel comprises a network communication channel including at least some financial institution network infrastructure but without passing through a third party payment authorization system configured to authorize transaction involving credit and/or debit card numbers;receive a token different than a credit card number, debit card number or account number associated with a user account associated with a customer of the financial institution, the token being associated with the user account associated with the customer of the financial institution;wherein the token is configured in a format enabling the token to be communicated over the financial institution network infrastructure;receive transaction data associated with a transaction between the customer of the financial institution and the merchant; anddetermine whether to authorize the transaction based on the received token and the received transaction data without communicating the token to a third party payment authorization system configured to authorize transaction involving credit and/or debit card numbers.