Code Transmission via Financial Transaction Records
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Solution Overview
Problem
Existing methods for transmitting personal codes to users are either expensive and secure or insecure and cost-effective, and there is a challenge in verifying financial account identifier information for new users to prevent fraud and invalid transactions.
Innovation Solution
A method where the user submits financial account identifier information to a code allocation unit, which transfers funds to/from a financial institution, including the code as additional information, ensuring secure transmission and verification by the financial institution, acting as an independent third party.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If personal codes are transmitted via e-mail, then transmission simplicity is improved, but transmission security deteriorates
Solution Approach 1:
The patent introduces a financial institution as an intermediary to transmit the personal code. Instead of direct e-mail transmission, the code is embedded in a financial transaction record (debit/credit note) that is delivered through the financial institution's secure channel, thereby maintaining simplicity while enhancing security through the intermediary's established secure infrastructure
Solution Approach 2:
The financial transaction record serves multiple functions simultaneously: it acts as a secure transmission channel for the code, provides verification of the user's financial account information, and creates a auditable trail. This multi-functionality eliminates the need for separate secure transmission mechanisms while maintaining both simplicity and security
2Reliability
If personal codes are handed over personally or sent by mail, then transmission security is improved, but expense increases
Solution Approach 1:
The patent merges the code transmission function with the existing financial transaction process. The personal code is embedded within the debit/credit note that is already being sent to the user's financial institution, thereby utilizing the existing communication infrastructure and eliminating the need for separate secure delivery mechanisms like registered mail or in-person delivery
Solution Approach 2:
The system uses the user's own financial transaction records as the transmission medium. The user's existing relationship with their financial institution and the automatic delivery of transaction statements creates a self-service transmission channel that requires no additional expense or special handling procedures
3Reliability
If financial account identifier information is verified, then fraud prevention is improved, but verification cost and complexity increase
Solution Approach 1:
The financial institution acts as an intermediary that performs verification of the user's financial account information. Instead of the company needing to build its own verification system, the financial institution's existing verification capabilities are utilized to confirm the validity of the account identifier, thereby reducing verification complexity while maintaining high fraud prevention standards
Solution Approach 2:
The system incorporates feedback from the financial institution regarding the validity of the financial account identifier information. The financial institution provides confirmation or rejection of the verification, allowing the system to adapt its response accordingly - either proceeding with code transmission or rejecting the request, thereby simplifying the overall verification process through clear feedback mechanisms
Data Source
AI summary
The present invention relates to a method for transmitting a code to a user in which the user transmits his or her financial account identifier information to a code allocation unit 3, the code allocation unit 3 transfers an amount of money to the financial institution 5 specified by the user and/or transfers an amount of money from the financial institution 5 specified by the user, thereby submitting the account identifier information and the code to be transmitted as additional information with this transfer and/or this debit, and the financial institution 5 forwards a receipt for the transfer and/or debit together with the additional information to the user.