MANAGED DIGITAL WALLETS

摘要

Embodiments of the present invention disclose utilizing a token associated with a payment device to enter into transactions. In some embodiments the token is associated directly with a payment device, while in other embodiments the token may be associated with a digital wallet that is associated with the payment device. Particularly, embodiments of the present invention may create a managed digital wallet for a client. A client may then designate individuals to participate in the wallet as an administrator and/or as a user. The present invention may allow a client to control the purchases of a user of the account using the token through the use of limits. Each of the users associated with the account may be assigned one or more individual tokens to use with the digital wallet to enter into transactions instead of using the actual account information of accounts associated with the digital wallet.

主权项

1. A system for use in a token based financial transaction system, whereby individual tokens associated with one or more financial accounts are utilized by a plurality of users, 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:
associate the plurality of users with a digital wallet, wherein at least a portion of the digital wallet is stored on a payment device for each of the plurality of users;associate the individual tokens with the one or more financial accounts;associate each of the individual tokens with each of the plurality of users associated with the digital wallet;store each of the individual tokens, or a reference to access each of the individual tokens, in the digital wallet of each of the plurality of users in place of one or more account numbers of the one or more financial accounts, wherein each of the individual tokens or the reference is stored on the payment device for each of the plurality of users;group each of the individual users or each of the individual tokens associated with each of the plurality of users into one or more groups or sub-groups andcreate one or more limits, wherein the one or more limits comprise one or more global limits associated with each of the one or more financial accounts for each of the individual users or the individual tokens associated with the one or more financial accounts, one or more group limits or sub-group limits associated with each of the one or more groups or sub-groups for each of the individual users or the individual tokens associated with each of the one or more groups or the sub-groups, and one or more individual limits associated with each of the individual users or the individual tokens,wherein for each of the individual tokens, a single individual token is associated with a global financial account from the one or more financial accounts, a single user from the plurality of users, and at least one of the one or more groups or the sub-groups;wherein the associations between the individual tokens, the one or more financial accounts, the plurality of users, and the one or more groups or sub-groups are stored by a tokenization system or by financial institution systems;identify a compromised token from the individual tokens;determine the single user, the global financial account, and the at least one of the one or more groups or the sub-groups associated with the compromised token;replace the compromised token in the digital wallet of the user with a replacement individual token, wherein the replacement individual token is associated with the single user, the global financial account, and the at least one of the one or more groups or sub-groups associated with the compromised token.