Barcode Payment Flow for Instant Push Transfers
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Conventional payment methods require manual input of recipient information and are not instantaneous, often involving delays due to the use of networks like ACH, which is inconvenient and lacks security.
Innovation Solution
A system utilizing optical labels, such as barcodes or NFC tags, to link directly to a payee's financial account, enabling real-time payments without the need for manual entry of recipient information, using a push payment network.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional payment methods (bank wire transfers, credit cards, mobile applications) are used, then payments can be processed through established financial networks, but the process requires multiple manual steps and is not instantaneous
Solution Approach 1:
The system performs preliminary actions by pre-generating barcodes containing encoded financial account information for payees. This allows the payment initiation process to skip manual data entry steps, as all necessary recipient information is pre-packaged in the barcode, enabling faster transaction processing while maintaining reliability through pre-validated account data
Solution Approach 2:
The patent replaces manual mechanical data entry processes with automated optical scanning. Instead of users manually typing recipient information into mobile applications or web interfaces, the system uses barcode scanning technology to automatically capture and process payment information, significantly reducing transaction time while maintaining data accuracy
2Reliability
If conventional payment methods require manual entry of recipient information, then security can be maintained through user verification, but the process becomes complex and time-consuming
Solution Approach 1:
The system creates a simplified copy of the payment initiation process by encoding essential financial account information into a barcode format. This copy contains pre-validated recipient information that can be rapidly scanned and processed, maintaining security through the use of authenticated account data while dramatically simplifying the user interaction required to initiate payments
Solution Approach 2:
The barcode serves as an intermediary element that bridges the payer and payee financial systems. It encapsulates verified account information in a machine-readable format that can be quickly scanned and processed, reducing the complexity of direct system-to-system communication while maintaining security through pre-validated data encoding
3Productivity
If barcodes are used to store embedded information for payments, then the payment process can be simplified and accelerated, but security risks such as data breaches may increase
Solution Approach 1:
The system changes the parameter of information encoding by using barcode technology to compress and encode financial account information into a compact visual format. This enables rapid scanning and processing while maintaining data security through encrypted or tokenized account information within the barcode structure, balancing speed improvements with security considerations
Data Source
AI summary
A system for making payments is disclosed. The system performs steps to at least receive a barcode with embedded information linking to a payee account capable of receiving a payment. Based on receiving the barcode a prompt for display on a browser of the user device can be generated, where the prompt requests identification of a financial institution connected to a user of the user device. The prompt can be transmitted to the user device. Identifying information identifying the financial institution can be received in response to the prompt. The financial institution can be accessed based on the response to the prompt. Based on accessing the user financial institution a request for the payment from the user financial institution to the payee account can be made.