Wells Fargo pursues tokenization system

This describes a system in which sensitive information — e.g. a document, database value, graphics — could be located, protected and accessed by means of tokenization.

Patent abstract as follows: “Systems and methods to manage a tokenization manifest that can be used for managing a redaction through tokenization of a set of field level tokenization values applied to an arbitrary information object of an arbitrary file (e.g. database cells, XML and other document elements, areas of graphics images, etc.).”

“The methods and system extend the use of tokenization to the protection of arbitrary fields or information objects of any type or format. This allows the tokenized components of the information object to be located and provided to a Tokenization Service Provider that can recover, for an authorised requestor, the original content protected by the token. The tokenization schema processes the unrestricted content into a corresponding restricted token. The token can include an embedded URL, where the URL is a link to submit a request to the Tokenization Service Provider to view the token as the unrestricted content.”

Further details here.

Crypto credit card clampdown

Whilst Wells Fargo seems keen on the underlying technology, it doesn’t have much love for cryptocurrencies. Last month, Coin Rivet reported that it had become the latest bank to stop customers from purchasing cryptocurrencies via their credit cards.

It lined up alongside Citigroup, JPMorgan Chase & Co. and Bank of America, flagging up concerns that the volatility of Bitcoin et al could cause buyers to renege on repayments.

“We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry,” said a Wells Fargo spokesperson.

The bank would, however, “continue to evaluate the issue as the market evolves.”