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1. (WO2017035265) SYSTEM AND METHOD FOR A SELF-CALCULATING TOKEN VAULT

Pub. No.:    WO/2017/035265    International Application No.:    PCT/US2016/048463
Publication Date: Fri Mar 03 00:59:59 CET 2017 International Filing Date: Thu Aug 25 01:59:59 CEST 2016
IPC: G06Q 20/38
G06Q 20/20
G06Q 20/30
Applicants: SEQUENT SOFTWARE, INC.
Inventors: REISGIES, Hans
MILOV, Peter
Title: SYSTEM AND METHOD FOR A SELF-CALCULATING TOKEN VAULT
Abstract:
A system and method for electronic payment that involves generating and then using a temporary token based on a legacy PAN (Primary Account Number) to conduct an electronic transaction. The token is generated by transforming the PAN using specific inputs such that the original PAN can be recovered by manipulating the token in various ways as disclosed herein. One potential manipulation that may be used is encryption/decryption. The token is transmitted to a portable electronic device such that the portable electronic device may present the token to a point-of-sale device. The POS communicates the token to a server which validates the token by, among other things, recovering the PAN. If the PAN is recovered as expected a validation message is returned to the POS device.