Instant Confidential Exchange Payment System
Privacy is a human right. This includes the ability to buy what you personally need in complete privacy.
The ICE payment system is a mass market payment service available for all credit and debit card users. It enhances the personal security of the consumer by ensuring that their personal shopping data is unable to be extracted from a payment card transaction and used by data brokers to create potentially harmful, unwanted, and distorted personal profiles about each citizen based upon the items they purchase. Using ICE ensures that the details, timing, and uses of what was purchased are only known to the consumer.
2. Difference between Security and Privacy
Although modern payment card security ensures that consumers card details are protected from others during payment card transaction process, what the consumer purchased is considered to be information property owned by the entities involved in the payment card process. What you buy, how often you buy, what brands you purchase, what charities and political party contributions you make can all be sold onto data brokers for repackaging, and profiling through artificial intelligence (AI) for onward sales to whomsoever they chose.
Consumers are growing resentful that their private information, and their resultant digital profiles are being sold to entities who want to manipulate their buying, voting and life-style choices. They want this invasion of their privacy to cease.
In response to this growing public concern, Fluid Fintec has developed a unique payment privacy system that ensures the consumers can now use their credit and debit cards with absolute privacy. Our payment technology simply inserts a unique, tokenised data transaction element into payment card process to ensure secure and private payments.
The Consumer visits an online or physical ICE merchant and uses their debit and credit card in the usual way. They are informed that the process is being undertaken by the ICE system which protects their privacy. The privacy transaction timing is part of the process and is imperceptible.
The consumer’s existing bank issued payment card purchases a stored value ICE voucher through the ICE POS terminal or an ICE online checkout Application. The parties involved in the payment card transaction only know that a stored value token was purchased. This is the end of the payment card
transaction. The process then moves into the ICE payments system, where the ICE voucher is then used immediately within the ICE Point of Sale application, or online checkout Application, to purchase the required goods and services. The consumer obtains 2 contiguous receipts:
1. Purchase of an ICE voucher showing token number and value.
2. Purchase of the goods and services obtained by the instant stored value ICE voucher.
Fluid Fintec’s Stellar Consensus Protocol Based Payments Platform is highly secure. It uses Byzantine Fault Tolerant – DDOS resistant, trust lines which are always established between two parties before any transaction takes place.
A word about Payment Card Security
The payment card industry presently tokenizes your payment card information: name, address, payment card numbers etc by transferring this data to a random number electronic token. This electronic token provides significant security since it is relayed across the payment card network in a numerical form that cannot be descrambled by anyone attempting to steal payment card data. However, as consumers now know, this does not protect your spending privacy. Where you spend your money is now an information product.
Fluid Fintec have therefore developed a privacy token process that inserts an
instant, separate privacy tokenization without any changes for the consumer’s
purchasing routine. They pay for their purchases at checkout in exactly the same
way but allow their payment card to initially buy them a stored-value ICE token.
This token is then instantly used to purchase the goods and services they
require. They receive an ICE receipt from the point of sale that shows the initial
purchase of the token, and the goods and services they purchased with the token.
Their privacy is protected.
Privacy now recognized as a public right and a growing market requirement.
The consumers payment card information shows that they purchased a token for the sum they spent at the merchant. What products you purchased is only known to the consumer and their chosen vendor. The fact that a consumer spent $68.74 buying an ICE token is of no use to those who wish to profile a consumer and turn them into a product.
Fluid Fintec is a responsible payment service provider who in conjunction with the legal responsibilities of the payment acquiring bank, jurisdiction laws and regulations, also ensures that an ICE token cannot be used to purchase illegal products or services.
How the ICE System works for the Technically Minded
In the present payment card transaction world, everyone interconnects to the merchant
The ICE system breaks these fixed connections into 2 separate payment worlds
In the present payment card transaction world, everyone interconnects to the merchant
The Consumer visits an online or physical ICE merchant and uses their debit and credit card in the usual way. They are informed that the process is being undertaken by the ICE system which protects their privacy. The privacy transaction timing is part of the process and is imperceptible.
The consumer’s existing bank issued payment card purchases a stored value ICE voucher through the ICE POS terminal or an ICE online checkout Application. The parties involved in the payment card transaction only know that a stored value token was purchased. This is the end of the payment card transaction.
The process then moves into the ICE payments system, where the ICE voucher is then used immediately within the ICE Point of Sale application, or online checkout Application, to purchase the required goods and services. The consumer obtains 2 contiguous receipts:
1. Purchase of an ICE voucher showing token number and value.
2. Purchase of the goods and services obtained by the instant stored value ICE voucher.
The ICE Systems and Subsystems
The ICE payment processing subsystem is deployed through the following systems, subsystems and applications:
‘Stellar’ payment platform. This APG system issues the instantly redeemable electronic ICE token and controls and manages the two seemingly separate transactions, which are required to maintain absolute confidentiality:
1st The sale of the instant token and the required interaction with the PCI established payment processes.
2nd The subsequent redemption, a microsecond later, of the electronic token to purchase the consumers required products or services from the merchant.
The Android Point of Sale Application for the sale of the instant token Via the PCI standard payment card purchase process and the subsequent purchase of products from the merchant via the private network electronic token purchase.
The Merchant Application & Management System (MAMS) required to vet and process merchant applications, board the merchant and show real-time transaction data and summary reports to APG management and merchants. The MAMS system also determines and records merchant payments and deductions and sales channel commissions
The complete ICE payment system management and reporting system This enables APG management to change and set merchant fees and commissions. It also produces accounting data required for APG’s financial controllers and summary reports on transaction volumes and similar management data.
The Point of ICE Point of Sale Application is a state-of-the-art Android based application designed to provide greater flexibility and use with all major POS terminal manufacturer equipment.
Fluid Fintec has selected the Poynt type 5 Point of Sale unit to launch the ICE service. The Poynt POS was selected for its outstanding reliability, and multi-functionality
The initial Programme
The ICE System has been developed over the past 18 months to work in any market. It is to be initially deployed in the USA commencing May 2022. Thereafter, it will be deployed in Europe commencing in the UK in the 3rd quarter of 2022, and in the UAE during the 4th quarter of the year.
The ICE payment technology can complete more than 4,000 transactions a second. To prove the system’s mass market functionality, the initial use of this unique payment processing system shall be within thousands of New York convenience stores. Thereafter it will be deployed across the USA, Europe, and the Middle East
Contact
Our solutions team can tailor the ICE product to your needs and brand.
For further information on this advanced payment technology, please contact.