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 for using a direct payment authorization channel, whereby a third party payment authorization network is avoided, 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 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; anddetermine whether to authorize the transaction based on the received token and the received transaction data.