Centralized Payment Directory for Secure Anonymous Transactions
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Solution Overview
Problem
Current financial transaction systems require security and encryption measures, leading to inconvenience and time delays, especially for small transactions, as individuals often lack access to credit card machines and must make special trips to banks for deposits.
Innovation Solution
A system utilizing a central directory and processor that allows financial transactions using publicly accessible Unique Identifiers, enabling deposits and payments without the need for security devices, by linking credit accounts across various financial institutions and allowing transactions via internet, mail, or phone using only the payee's name or identifier.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If security and encryption measures are implemented for financial transactions, then transaction security is improved, but transaction convenience and speed deteriorate
Solution Approach 1:
The patent introduces a trusted third-party payment processing network as an intermediary that handles security and encryption operations. This mediator allows payers and payees to conduct transactions without directly implementing security measures themselves, thus maintaining security while improving convenience. The intermediary processes transactions through a centralized system that manages cryptographic operations and security protocols.
Solution Approach 2:
The payment processing network provides universal security services that can be used by any participant in the system regardless of their individual security capabilities. The system offers multiple transaction methods (credit card, check mailing, account debit) through a single unified platform, allowing users to choose the most convenient option while the system handles all security requirements centrally.
2Reliability
If security and encryption devices are required for transactions, then transaction security is improved, but transaction time increases
Solution Approach 1:
The system performs security setup and cryptographic key generation in advance during account registration. Payment processing networks and financial institutions pre-establish secure channels and encryption protocols before actual transactions occur. This preliminary preparation eliminates the need for time-consuming security operations during the transaction moment itself.
Solution Approach 2:
The trusted third-party network acts as a mediator that handles time-consuming security operations centrally. Instead of each participant performing individual security checks and encryption operations that would extend transaction time, the intermediary processes these operations efficiently in a centralized manner, reducing overall transaction time while maintaining security.
3Reliability
If credit card machines and bank access are required for transactions, then transaction security is improved, but accessibility and convenience deteriorate
Solution Approach 1:
The system provides universal access to financial transactions through multiple channels including Internet, telephone, and mail. Users can conduct transactions without physical access to credit card machines or bank branches. The payment processing network offers multiple transaction methods (credit card, check mailing, account debit) that can be accessed from any location with basic communication capabilities.
Solution Approach 2:
The trusted third-party network serves as an intermediary that bridges the gap between users and the financial system. Instead of requiring direct access to bank infrastructure or specialized equipment, users interact with the intermediary through simple interfaces (website, phone system), and the intermediary handles the complex bank interactions and security protocols in the background.
Data Source
AI summary
The present invention relates to a central (root) directory and/or network of directories to linked credit accounts. Each linked credit account accepts, or is responsive to incoming payments or credits, without the need for access numbers, account numbers, routing numbers, or the like. The payment/deposit account may be set up as a deposit only account (e.g., it cannot pay out or be debited in the traditional sense). In this way, it can be effective in eliminating many of the security requirements of a traditional financial account.