Alias-Based P2P Payment Intermediary System
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Solution Overview
Problem
Current systems for person-to-person (P2P) payments are often inconvenient and insecure, requiring users to share sensitive account information and involve complex setups, especially when transferring money between individuals who are not customers of the same financial institution.
Innovation Solution
A mobile banking integrated P2P payment system that allows users to send and receive payments using aliases such as mobile phone numbers or email addresses, eliminating the need for account information sharing, and enabling payments to and from non-customers of the same financial institution, with a user-friendly interface and secure verification processes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional electronic banking systems are used for P2P payments, then money can be transferred between accounts, but the sender must know the receiver's account information which creates security risks and inconvenience
Solution Approach 1:
The patent introduces a payment facilitation system that acts as an intermediary between senders and receivers. Instead of directly sharing account information, the system uses alias identifiers (phone numbers, email addresses) as mediators. The facilitation system translates these aliases into actual account information, preventing direct exposure of sensitive data while enabling payments.
Solution Approach 2:
The patent creates alias identifiers (copies) that represent actual account information without being the account information itself. These aliases (phone numbers, email addresses) function as substitutes that can be safely shared publicly while the real account details remain protected in the banking system.
2Object-affected harmful factors
If third party service providers are used to facilitate P2P payments, then payments can be made without sharing account information, but users must open additional accounts and remember extra credentials which reduces convenience
Solution Approach 1:
The patent makes the banking system itself multi-functional by integrating P2P payment capabilities directly into existing banking accounts. Users can perform both traditional banking operations and P2P payments through the same account and authentication credentials, eliminating the need for separate third-party accounts while maintaining security benefits.
Solution Approach 2:
The patent combines P2P payment functionality with existing banking account structures. Instead of creating separate payment accounts, the system merges payment capabilities into the familiar banking account framework, allowing users to leverage existing credentials and interfaces for both savings/transactions and peer-to-peer payments.
3Object-affected harmful factors
If third party payment systems are implemented, then account information security is improved, but the systems are not user-friendly and take time to set up
Solution Approach 1:
The system provides multiple functions through a single interface: traditional banking operations, P2P payments, bill payments, and account management all through the same banking login. This eliminates the need for users to adapt to new interfaces or remember additional credentials while maintaining security protections.
4Reliability
If P2P payments are limited to customers of the same financial institution, then transaction security is simplified, but the system lacks versatility for payments to non-customers
Solution Approach 1:
The payment facilitation system acts as an intermediary that enables transactions between customers of different financial institutions. By using alias identifiers and a centralized facilitation layer, the system maintains security through controlled information sharing while allowing payments to any person with a registered alias, regardless of their banking institution.
Data Source
AI summary
Embodiments of the invention are directed to systems, methods and computer program products for transmitting, via an intermediary system, a payment request from a payment requestor to a customer. In some embodiments, a method includes: (a) receiving, at an intermediary computing device, the payment request from a source system, wherein the payment request includes a payment amount and an alias associated with a payment recipient, (b) in response to receiving the payment request, determining, via a computing device processor, whether the payment recipient is a registered payment recipient based on the alias, and (c) in response to determining the payment recipient is a registered payment recipient based on the alias, communicating, via the intermediary computing device, the payment request to the payment recipient based on the payment recipient being the registered payment recipient.