US Patent Issued to MasterCard International on Aug. 11 for "Systems and methods for use in redemption of tokens" (New York, Connecticut Inventors)

ALEXANDRIA, Va., Aug. 12 -- United States Patent no. 12,705,614, issued on Aug. 11, was assigned to MasterCard International Inc. (Purchase, N.Y.).

"Systems and methods for use in redemption of tokens" was invented by Issidor Iliev (White Plains, N.Y.), Soumyajit Mitra (New York), Jennifer Lorentz (Greenwich, Conn.) and Colin Delarso (New York).

According to the abstract* released by the U.S. Patent & Trademark Office: "Systems and methods are provided for use in redeeming tokens. One example computer-implemented method includes receiving, by a processing network, from a first institution, an authorization request for redemption of a token by a user and checking a data structure escrow address associated with the redemption of the token. ...