NXT-ID (NasdaqCM: NXTD) Patents Personalized
Tokenized Payments for Next Generation Secure Payment Technology
Applications for fighting
both financial fraud and security breaches
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.
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 anywhere credit cards are accepted and only works with your
biometric stamp of approval. http://www.wocketwallet.com/
NXT-ID'
wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification and
has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/
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 others 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.
Contacts:
Media:
D. Van
Zant
+1-800-665-0411
press@nxt-id.com
+1-800-665-0411
press@nxt-id.com
Published at Investorideas.com
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