Access Code Deposit System for Non-Account Holders
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Solution Overview
Problem
Current methods restrict non-account holders from depositing monetary funds into another person's account, and credit card account holders lack access to self-service financial transaction devices for depositing payments, necessitating alternative mechanisms for authorization and transaction.
Innovation Solution
A method and system for generating an access code that allows non-account holders to deposit funds into an account, using paper tickets, email, or mobile devices, with restrictions and criteria defined by the account owner, enabling various forms of payment including cash, checks, and credit card transfers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If non-account holders are allowed to deposit funds, then accessibility and convenience are improved, but security and authorization control become more difficult
Solution Approach 1:
The patent introduces an access code as an intermediary authorization mechanism. The account owner generates and provides this code to non-account holders, who then use it at the self-service device to deposit funds. This intermediary code enables secure authorization without requiring the non-account holder to have personal account credentials or provide identification at the device, thus maintaining security while improving accessibility.
2Ease of operation
If credit card account holders are given access to self-service devices, then transaction convenience is improved, but device complexity and access control become more challenging
Solution Approach 1:
The patent extends the functionality of self-service financial devices to accommodate multiple account types. By implementing a unified access code system that works for both traditional account holders and credit card account holders, the device achieves multi-functionality. The same device interface and authorization mechanism serve different user categories, eliminating the need for separate systems and reducing overall complexity despite the expanded access scope.
3Ease of operation
If pre-printed deposit slips with account numbers are provided, then ease of deposit is improved, but information security and privacy protection deteriorate
Solution Approach 1:
The patent extracts the sensitive account number information from the deposit authorization process. Instead of including the actual account number on deposit slips or in communications with non-account holders, the system uses a separate access code that references the account without exposing its number. This extraction of sensitive data eliminates the security risk of account number exposure while maintaining the ease of deposit through the access code mechanism.
Data Source
AI summary
Systems and methods for depositing monetary funds into an account are described. A first request from a first individual to deposit monetary funds into an account associated with an entity may be received. The first individual is not an account owner of the account. Monetary funds from the first individual may be received for deposit in the account. The monetary funds may include cash, checks, credit card transfers, and/or debit card transfers. The receipt of the first request may be receipt of a paper ticket with an access code authorizing deposit of monetary funds into the account. One or more restrictions may be reviewed to authorize the deposit of monetary funds in the account.