Authentication & Security

XRomb Receives Patent for Loading Transaction Card and Processing Repayment on Mobile Device

On 9th July 2014, leader in Intelligent Mobile APIs – XRomb Inc. – announced that they had been awarded with Patent 8,763,896 by the US Patent Office. This basically covers the most user friendly way of loading credit card information into mobile apps.

"This patent makes claims in connection with our technology that allows easy, secure, and scalable adoption of mobile phone payment technologies for banks, merchants, and consumers," stated the Chairman & CEO of XRomb, Valdis Martinsons, in a press release. "It demonstrates our ability to deliver on our vision to provide mobile payment systems that offer great user experiences along with best in class security," he added.

  • This patent describes a system and method patent for loading transaction card and processing repayment on a mobile device.
  • It comes barely a month after XRomb participated as a guest speaker across North America at a leading executive forum on payment security.
  • XRomb says that as part of its Intelligent Mobile Platform, the company possesses Cloud based and NFC based payment solutions for banks and merchants of all size.

“The embodiments described herein provide in one aspect, a method of loading a transaction card account onto a mobile device, the mobile device comprising a memory and a contactless reader, the method comprising: reading, via the contactless reader, transaction card information from a physical contactless transaction card corresponding to the transaction card account; sending a retrieval message, to an issuer server, to retrieve a card security credential for the transaction card account, the retrieval message comprising the transaction card information for identifying the transaction card account at the issuer server; receiving, from the issuer server, a card security credential for the transaction card account; and storing, the transaction card information and the card security credential as a transaction card corresponding to the transaction account, on the memory of the mobile device,” stated their patent application.

  • XRomb is a leading provider of simple, secure, end-to-end mobile and web commerce solutions. The XRomb Intelligent Mobile Platform enables merchants to deliver mobile commerce to customers.
  • At the same time, it enables banks and card issuers to extend card credentials to mobile customers using tokenization and secure elements which are required for mobile phone commerce.
  • Their FastTouch Mobile Wallet enables the easy addition of Near Field Communication (NFC) payments, Cloud Payments, and Loyalty Programs to be delivered to customers on all major smartphone platforms.

"Today's mobile commerce marketplace is growing increasingly competitive with the introduction of new technologies almost daily, and the most successful businesses will be those who leverage their intellectual property to give customers the assurances they are looking for when using this new technology,” added Martinsons, in the same release. “XRomb Inc. has various patents in progress covering the mobile payment ecosystem, and we are anticipating significantly increasing revenues as customers expand their use of mobile payments.”

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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