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NXT-ID patents personalized tokenized payments for next-gen payment technology


NXT-ID announced it has received provisional patent 62/192218 for “Personalized Tokenization System and Method”, which covers its next-generation payment technology in which a user can authorize their account using unique personal identifiers including biometrics.

The patented technology showcases local generation of dynamic secure tokens that can then be transmitted via 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,” said 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.

“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.”

NXT-ID’s Wocket is a smart wallet that protects the user’s identity and replaces all the cards in their wallet, all without the use of a smartphone or cloud.

Wocket works almost at any point of presence that accepts credit cards and only works with the user’s biometric identifier or passcode.

The device can protect the user’s credit, debit, loyalty, gift, ID, membership, insurance, medical information, passwords, and nearly any other information.

Previously reported, NXT-ID, Inc. filed provisional patent 62/188684 for “Behavioral-directed Authentication Method and System”, covering technology which recognizes both the individual (something you are) and the action (something you know) via behavior-metrics.

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