Person-to-Person Asset Routing via Check Image Processing
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Solution Overview
Problem
Current systems for transferring money between individuals or entities are often inconvenient, time-consuming, and pose security concerns, particularly when recipients' account information is not readily available or when users must create additional accounts with third-party service providers.
Innovation Solution
A computerized person-to-person asset routing system that processes images of negotiable instruments to extract transaction data, compares this data to a repository to identify recipient routing information, and transfers assets directly to the recipient, eliminating the need for account information sharing and account creation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional electronic banking systems are used for money transfer, then transactions can be processed, but users must know and disclose account information which creates security concerns and inconvenience
Solution Approach 1:
The patent introduces a third-party service provider as an intermediary that facilitates money transfers without requiring direct disclosure of account information between senders and receivers. The intermediary system extracts data from check images and automatically routes funds, eliminating the need for users to manually share sensitive financial information while maintaining secure transaction processing.
Solution Approach 2:
The patent replaces manual account information entry and traditional banking mechanics with an automated image processing system. By using optical character recognition to extract data from check images and automated database matching to identify recipients, the system eliminates the mechanical process of manually providing and verifying account numbers, thereby improving ease of operation while maintaining security.
2Ease of operation
If third-party service providers are used to facilitate payments, then money can be transferred between individuals, but users must create additional accounts and remember usernames and passwords
Solution Approach 1:
The patent makes the third-party service provider universal by allowing users to initiate payments through various methods (check image upload, mobile device capture) without requiring separate accounts for different functions. The single intermediary system handles all payment facilitation tasks including data extraction, recipient identification, and fund transfer, eliminating the need for multiple accounts and credentials while maintaining ease of operation.
3Reliability
If check imaging and data extraction systems are implemented, then account information sharing is eliminated, but image processing and data extraction complexity increases
Solution Approach 1:
The patent uses optical character recognition to create a digital copy of the check data from the uploaded image. By extracting and storing only the necessary transaction information as digital data rather than handling physical checks or full image data, the system reduces processing complexity while maintaining security through automated data extraction and routing.
Data Source
AI summary
Disclosed is a computerized person-to-person asset routing system. The system typically includes a processor, a memory, and a person-to-person asset routing module that is stored in the memory and executable by the processor. The person-to-person asset routing module is typically configured for receiving an electronic image file containing an image of a negotiable instrument from a payor computing device; processing the image of the negotiable instrument to extract transaction data; identifying a payor account; comparing the extracted transaction information to a payee information repository; based on comparing the extracted transaction information to the payee information repository, identifying payee routing information associated with a payee; and based on identifying the payor account and the payee routing information, transferring assets from the payor account to the payee via the payee routing information.