Account Open Interfaces via Third-Party APIs
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Solution Overview
Problem
Current systems for electronic transactions, such as online purchases, require users to set up accounts in advance, leading to inconvenience and potential loss of sales as users may defer or forego purchases due to the added steps and delays in setting up accounts.
Innovation Solution
A system that includes a network circuit, an accounts database, and application programming interfaces (APIs) to facilitate account-open functionality directly within third-party platforms, allowing users to open new accounts without leaving the third-party website or application, using APIs or software development kits (SDKs) for seamless integration and streamlined user experiences.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users set up accounts in advance before making purchases, then transaction security and account management are improved, but user convenience and transaction speed deteriorate due to the additional setup steps and time required
Solution Approach 1:
The system performs preliminary account setup actions automatically in the background during the checkout process, rather than requiring users to complete account creation beforehand. The account opening process is initiated and completed automatically as part of the transaction flow, eliminating the need for separate account setup steps while maintaining security through proper authentication protocols.
Solution Approach 2:
The patent introduces an intermediary account management system that bridges the gap between third-party platforms and financial institutions. This intermediary layer handles account creation, authentication, and verification processes transparently, allowing users to transact through third-party interfaces while secure account management is performed in the background by the intermediary system.
2Reliability
If users complete account setup before purchasing, then account verification and transaction security are improved, but transaction time and user patience deteriorate due to the delay and additional steps
Solution Approach 1:
The system performs preliminary account verification and security checks automatically during the checkout process rather than requiring users to complete separate account setup steps beforehand. Account creation and verification are initiated and completed in the background as part of the transaction flow, maintaining security protocols while eliminating time-consuming separate setup steps.
Solution Approach 2:
The patent enables the account opening process to be skipped as a separate user action by integrating it into the automated checkout flow. The system rushes through the account creation and verification steps automatically in the background during checkout, completing necessary security protocols without requiring users to pause and complete separate account setup procedures.
3Ease of operation
If third-party platforms integrate account opening functionality, then user convenience and transaction flow are improved, but system complexity and integration requirements worsen
Solution Approach 1:
The patent introduces an intermediary account management system that serves as a mediator between third-party platforms and financial institutions. This intermediary layer provides standardized integration interfaces and handles complex account creation, authentication, and verification processes, allowing third-party platforms to integrate account opening functionality with reduced complexity while maintaining user convenience.
Solution Approach 2:
The intermediary account management system provides universal, multi-functional capabilities that work across different third-party platforms. By creating a standardized, platform-agnostic account management interface that handles multiple functions (account creation, verification, authentication), the system reduces integration complexity for individual platforms while maintaining ease of operation for users.
Data Source
AI summary
A computing system may include a network circuit configured to communicate with a third party computing device via a network, one or more interface elements (e.g., application programming interfaces and/or software development kits) providing account open functionality, and an account open circuit configured to: accept, via the interface elements, a set of user data and an account open request for opening a new account with the provider, where the set of user data is received from a user computing device of a user via a third party website or application; establish the new account by generating a set of account data associated with the new account without directing the user to the operating environment of a website or application of the provider; and transmit the set of account data to the third party computing device for use by the third party computing device in a transaction with the user.