According to GlobalData’s company profile on Discover Financial Services, UWB-enabled payments was a key innovation area identified from patents. Discover Financial Services's grant share as of June 2023 was 1%. Grant share is based on the ratio of number of grants to total number of patents.

Provisioning secondary tokens for network-based financial transactions

Source: United States Patent and Trademark Office(USPTO). Credit: Discover Financial Services

A recently filed patent (Publication Number: US20230206226A1) describes a computing system that enables the generation and use of secondary tokens for purchase cards. The system includes one or more processors, computer-readable mediums, and program instructions.

The computing system is designed to receive a request from another computing system to provide a merchant with a secondary token for a purchase card. This secondary token is associated with a secondary payment network and serves as an alternative to the primary token, which is associated with a primary payment network. The secondary token is a computer-generated identifier of the purchase card that can be used instead of the primary account number (PAN) when processing network-based financial transactions involving the purchase card.

Upon receiving the request, the computing system generates the secondary token for the purchase card and transmits it back to the requesting computing system. The merchant can then utilize this secondary token to process one or more network-based financial transactions involving the purchase card.

The patent also describes additional functionalities of the computing system. It can receive an authorization request for a network-based financial transaction involving the purchase card, which includes the secondary token. The system can detokenize the secondary token, rebuild the authorization request, and transmit it to a third computing system associated with the issuer of the purchase card. After transmitting the rebuilt authorization request, the system can receive an authorization acknowledgement from the issuer and transmit a confirmation for the transaction back to the requesting computing system.

Furthermore, the computing system can also verify the purchase card before generating and transmitting the secondary token. It can send a request to a second computing system associated with the issuer to verify the purchase card and receive a response indicating whether the issuer has verified the card.

Overall, this patent describes a computing system that facilitates the use of secondary tokens for purchase cards, allowing for secure and efficient network-based financial transactions.

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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.