Real-Time Cross-Border Money Transfer Network
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Solution Overview
Problem
Current digital payment systems face challenges in cross-border money transfers, requiring extensive personal identifying information, lengthy processing times, and high fees, making international transactions cumbersome and costly.
Innovation Solution
A network of computing nodes utilizing distributed ledger technology and API-based solutions enables real-time money transfers between bank accounts across different countries without needing personal identifying information beyond a beneficiary's mobile phone number or email address, using a token identifier and cryptographic keys for secure and immutable transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional international bank transfer systems are used, then security and reliability are maintained through extensive verification, but processing time increases and operational complexity increases
Solution Approach 1:
The system performs preliminary actions by pre-registering beneficiary information including bank account details, bank name, and routing numbers in a database before the actual transfer is needed. When a transfer is initiated, the system simply retrieves pre-validated information rather than verifying everything in real-time, thus maintaining security while reducing processing time from days to minutes
Solution Approach 2:
The patent introduces an intermediary payment system that acts as a mediator between the payer's bank and the beneficiary's bank. This intermediary system pre-validates and stores beneficiary information, then facilitates the transfer by routing instructions through intermediary banks only when needed, reducing the complexity and time of direct bank-to-bank verification processes
2Reliability
If traditional international bank transfer systems are used, then transaction security is maintained through multiple verification steps, but device complexity and operational complexity increase
Solution Approach 1:
The system performs preliminary actions by pre-registering and validating beneficiary information including bank account details, bank_name, and routing numbers in a database before the actual transfer is needed. When a transfer is initiated, the system simply retrieves pre-validated information rather than verifying everything in real-time, thus maintaining security while reducing processing complexity
Solution Approach 2:
The patent creates a simplified copy or representation of the complex bank transfer process by pre-storing validated beneficiary information in a database. Instead of repeatedly executing complex verification routines, the system uses stored copies of validated data (beneficiary details, bank information, routing numbers) to streamline subsequent transfers while maintaining the security guarantees of the original verification process
3Reliability
If traditional international bank transfer systems are used, then regulatory compliance is ensured through extensive information collection, but ease of operation decreases due to required personal identifying information
Solution Approach 1:
The system performs preliminary actions by pre-collecting and storing beneficiary information including mobile phone number, email address, bank account details, and regulatory compliance data in a database before transfers are needed. This allows users to simply enter minimal information (mobile number or email) for each transfer while the system handles the extensive compliance verification in advance
Solution Approach 2:
The patent introduces an intermediary payment system that acts as a mediator between the user and the complex regulatory requirements. The intermediary pre-validates beneficiary information against compliance criteria and stores it in a database, then handles compliance verification automatically during transfers, shielding users from the complexity of regulatory information requirements while ensuring compliance is maintained
Data Source
AI summary
A network of computing nodes and a method of operating the computing nodes effectuate, in real-time, an international, money transfer from the bank account of a first person (the payer) in a first country to the bank account of a second person (the beneficiary) in a second, different, country.