US Patent Issued to VeriFone on Sept. 22 for "Systems and methods for payment authorization utilizing a universal token" (British, German Inventors)

ALEXANDRIA, Va., Sept. 24 -- United States Patent no. 12,743,701, issued on Sept. 22, was assigned to VeriFone Inc. (Wilmington, Del.).

"Systems and methods for payment authorization utilizing a universal token" was invented by Subadeepak Ilangovan (Herne Bay, Great Britain) and Kingshuk Nag (Munich).

According to the abstract* released by the U.S. Patent & Trademark Office: "A system for authenticating a payment transaction is provided, including a payment device (such as an ECR or payment terminal), a provider gateway, and a universal token vault. The payment device provides a payment processing request including a tokenization request and an account number (such as a PAN or DPAN). The provider gateway receives the payment processing re...