Patents Personalized Tokenized Payments for Next Generation Secure Payment Technology
OXFORD, Conn. - July 21, 2015 (Investorideas.com Newswire) NXT-ID, Inc. ( NASDAQ: NXTD; NXTDW ) ("NXT-ID" or the "Company") a biometric authentication company focused on the growing mobile commerce market and creator of the Wocket® smart wallet, announces that it has filed provisional patent 62/192218 for Personalized Tokenization System and Method.
This invention highlights next generation payment technology from NXT-ID that not only authorizes an account, but also the user using unique personal identifiers including biometrics in the generation of the payment token. Tokenization is the process by which sensitive data such as an account holder name and credit card number is replaced by a unique identifier to protect the information. This technology showcases local generation of dynamic secure tokens that can then be sent over current retail payment processes, recognized and translated into the actual selected account and user for authentication by the issuer.
"What is unique about this invention is that it uses local authentication to not only secure access to payment accounts selected by a user, but also generate unique, one-time-use tokens that identify both the user and the account, without revealing any sensitive information whatsoever during the transaction, says David Tunnell, CTO of NXT-ID. "Since local generation of unique tokens is performed offline within a mobile device or smart wallet, no vulnerable server is required to generate the token, keeping the token safe from attack and preventing fraud throughout the transaction."
He went on to say, "A mobile device such as a smart wallet equipped with the new personalized token technology capable of generating these secure tokens will go a long way to help fight both financial fraud and security breaches that are becoming so common place. Personalized tokenization compliments other encryption and tokenization methods such as EMV by adding biometric and other authentication to token technology."
Gino Pereira, Chief Executive Officer said," We continue to build out our patent and IP portfolio as the payment industry evolves. It is critical for a technology company like ours to position our technology ahead of the curve."
Wocket® is a smart wallet designed to protect your identity and replace all the cards in your wallet, with no smart phone or cloud required. Wocket® works almost anywhere credit cards are accepted and only works with your biometric stamp of approval or passcode.
Buy the Wocket® at www.wocketwallet.com
See the full Wocket® FAQ at: http://wocketwallet.com/pages/faq
Product images are available for media at: http://press.nxt-id.com
About NXT- ID Inc. - Mobile Security for a Mobile World: (NXTD) (NXTDW):
NXT-ID, Inc.'s innovative MobileBio® solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio® suite of biometric solutions that secure consumers' mobile platforms led by Wocket®; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. Wocket was recognized as one of the top technology products at CES 2015 by multiple media outlets including Wired.com. The Wocket works most anywhere credit cards are accepted and only works with your biometric stamp of approval or passcode. http://www.wocketwallet.com/
Forward-Looking Statements for NXT-ID: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from other patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.