Single-Use Banking Transaction Indicia for Cardless Payments
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Solution Overview
Problem
Customers face difficulties in performing banking transactions, such as withdrawals, without their bank card or at inconvenient times, as automated systems require card insertion and secret code entry, limiting flexibility and security.
Innovation Solution
A system and method that generates a single-use banking transaction indicia, which can be a bar code, to facilitate transactions without a bank card, allowing account holders to receive and use this indicia to perform specific transactions at designated times or locations, ensuring security through encryption and validation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If automated transaction machines require bank card insertion and secret code entry, then security is improved, but ease of operation deteriorates
Solution Approach 1:
The patent uses a copy of the transaction authorization (indicia such as barcode, QR code, or printed receipt) instead of requiring the original bank card and secret code. The indicia contains encoded transaction information that can be scanned or read by the automated machine, replacing the need for physical card insertion and manual code entry while maintaining security through encrypted transaction data
Solution Approach 2:
The patent replaces the mechanical interaction of inserting a physical bank card into a slot with an optical or electronic scanning system. The automated transaction machine uses scanners or readers to capture indicia information from paper receipts or electronic displays, substituting mechanical card insertion with non-contact optical/electronic detection methods
2Reliability
If bank cards are required for transactions, then security is improved, but adaptability deteriorates
Solution Approach 1:
The patent creates a universal transaction indicia system that can be used across multiple banking locations and transaction types without requiring specific bank cards. The indicia (barcode, QR code, or electronic token) serves as a universal key that can be scanned by any compatible automated transaction machine in the network, enabling the same transaction method to work across different banks and transaction scenarios
Solution Approach 2:
The patent introduces an intermediary element (the transaction indicia) that mediates between the account holder and the automated transaction machine. This indicia acts as a portable authorization token that can be generated at one location (teller window, ATM, or online) and used at any subsequent location, serving as a flexible intermediary that bridges different banking interfaces and transaction points
3Ease of operation
If single-use transaction indicia are generated and distributed, then ease of operation is improved, but device complexity increases
Solution Approach 1:
The patent enables self-service transaction initiation where account holders can generate their own transaction indicia through automated interfaces (online banking, mobile apps, or self-service kiosks). The system automatically creates, encodes, and provides the indicia without requiring manual intervention from bank employees, and the indicia can be automatically scanned and processed by machines, reducing the need for complex manual handling procedures
Data Source
AI summary
A computer-implemented system and method is used for facilitating a single instance banking transaction. The method includes the steps of receiving a banking transaction request from a banking account holder at a first banking computer system, the request including at least an account identification and transaction information, generating a single instance banking transaction indicia correlated to the banking transaction request, providing the single instance banking transaction indicia to the banking account holder, receiving the single instance banking transaction indicia at a second banking computer system, and performing the banking transaction request at the second banking computer system.