Financial Institution Checkout Widget Authentication
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Solution Overview
Problem
Online shopping is hindered by the need for customers to repeatedly provide sensitive information to merchants, posing security risks and being time-consuming, and the burden of setting up multiple accounts with various merchants.
Innovation Solution
A financial institution's secure checkout widget is rendered within a customer's web browser, allowing authentication using existing financial institution credentials, displaying available payment accounts, and processing payments through a payment service engine, eliminating the need for customers to create new accounts or share sensitive information with vendors.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If customers provide sensitive information to each online merchant, then transactions can be completed, but security risks increase and the process becomes time-consuming
Solution Approach 1:
The system performs preliminary authentication by integrating with the customer's existing online banking credentials before the actual transaction occurs. The financial institution widget authenticates the customer using pre-established banking credentials, so when the customer reaches the checkout stage, authentication has already been completed in advance, eliminating the need to re-enter sensitive information and reducing checkout time while maintaining security
Solution Approach 2:
The financial institution widget acts as an intermediary between the customer and the merchant. Instead of the customer directly sharing sensitive information with the merchant, the widget mediates the authentication and payment process by verifying credentials through the financial institution's secure system and then confirming payment to the merchant, thereby protecting customer data while enabling transactions
2Productivity
If customers set up accounts with each online merchant, then transaction information can be stored for faster checkout, but the complexity of account management increases and security risks arise if accounts are compromised
Solution Approach 1:
The system makes the financial institution's authentication system universal across multiple merchants. Instead of requiring separate accounts with each merchant, the same financial institution credentials work universally at any merchant participating in the program, eliminating the need for multiple merchant-specific accounts while maintaining fast checkout through pre-established authentication
Solution Approach 2:
The system extracts the authentication function from the merchant's system and relocates it to the customer's existing financial institution account. By taking out the credential verification process from each individual merchant and centralizing it in the customer's pre-existing banking system, the solution eliminates the need for customers to manage multiple merchant accounts while still enabling fast, secure transactions
Data Source
AI summary
Embodiments of the invention provide for methods, apparatuses, and computer program products for providing a financial institution check-out system for processing online transactions using a customer's pre-existing online financial institution profile. A customer desiring to checkout from an online vendor's electronic marketplace is given a choice to checkout using a financial institution's secure checkout widget, which is rendered alongside the customer computer system's web browser application by a financial institution server. The widget authenticates the customer as a financial institution account owner, and the financial institution server displays to the customer his or her available payment accounts and receives customer input regarding the desired payment account. The server runs a payment service engine that controls payment for the transaction, and then the widget communicates proof of successful payment to the vendor server. The vendor server receives payment confirmation from the financial institution server and thereafter communicates successful payment confirmation to the customer via the vendor's checkout interface.