US Patent Issued to Bank of America on July 14 for "Payment redemption using non-fungible tokens" (North Carolina, Texas Inventors)

ALEXANDRIA, Va., July 14 -- United States Patent no. 12,682,348, issued on July 14, was assigned to Bank of America Corp. (Charlotte, N.C.).

"Payment redemption using non-fungible tokens" was invented by Brandon Castagna (Charlotte, N.C.), Lisa Pugh (Charlotte, N.C.), Mei Lin (Addison, Texas) and Alfred Reed (Charlotte, N.C.).

According to the abstract* released by the U.S. Patent & Trademark Office: "Apparatus and methods for utilizing non-fungible tokens ("NFTs") for payment redemption and remittances are provided. A payor may use a computer program product to create an NFT. The NFT may include a digital envelope and metadata. The digital envelope may include one or more payment terms as a payment statement and the payment funds. The NF...