Synchrony Financial’s patent describes a method for enhancing data security in communication systems. It involves validating user devices, generating a long-term token through a randomized system, and facilitating secure transactions using both the long-term and a unique transaction token. GlobalData’s report on Synchrony Financial gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Synchrony Financial, was a key innovation area identified from patents. Synchrony Financial's grant share as of July 2024 was 49%. Grant share is based on the ratio of number of grants to total number of patents.
Data security for secure transactions using unique tokens
The patent US12069046B2 outlines a computer-implemented method and system for facilitating secure transactions through the use of long-term and transaction tokens. The method begins with the validation of a user device using secure user data, followed by the generation of a long-term token via a randomized unique token system. Upon receiving a transaction communication that includes this long-term token, a transaction token is generated to facilitate the secure transaction. The process includes various checks, such as validating the long-term token against expiration thresholds and ensuring that transaction tokens are unique and not previously used, thereby enhancing security during transactions.
Additionally, the patent describes mechanisms for real-time monitoring of token validity and expiration, as well as the automatic updating of tokens based on specific triggers. The system is designed to store transaction tokens in a used token database and update long-term tokens accordingly. The instructions for this method can be stored on non-transitory computer-readable media, allowing devices to execute the operations necessary for secure transaction processing. Overall, the patent emphasizes a structured approach to managing secure transactions through tokenization, aiming to mitigate risks associated with unauthorized access and token reuse.
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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.
