NXT-ID, a biometric authentication start-up company focused on the growing mobile commerce market and creator of the Wocket smart wallet, has filed a provisional patent 62/192218 for a Personalized Tokenization System and Method.This invention decribes next-generation payment technology 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.”