Digital Fund Status Tracking in Real Estate Transactions

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Solution Overview

Problem

Real estate transactions face challenges in electronic completion due to security, transparency, and traceability concerns, with manual processes and paper-based cheques or bank drafts being cumbersome and risky, especially for large dollar amounts involving multiple intermediaries.

Innovation Solution

A real estate transaction portal system that enables automated digital status tracking of funds through multiple payment channels, using graphical status indicators and automated messaging to confirm payment initiation and completion, reducing reliance on paper cheques and manual updates.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If paper cheques or bank drafts are used for real estate transactions, then security and traceability are improved, but the process becomes manual and cumbersome requiring multiple visits to bank branches

Engineering Contradiction:

Improvesecurity and traceabilityVSAvoidmanual process complexity

Core Design Contradiction:

ReliabilityVSEase of operation

Solution Approach 1:

The patent replaces the mechanical manual process of ordering, picking up, and physically handling paper cheques and bank drafts with an automated digital payment system. The system automatically initiates payments through digital channels, eliminates the need for physical bank branch visits, and provides automated status tracking, thereby maintaining security and traceability while dramatically improving ease of operation.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The patent creates digital copies of the payment process instead of relying on physical paper cheques and drafts. By using digital payment channels and automated messaging systems, the system maintains the traceability and security of traditional methods while eliminating the need for physical handling and multiple visits to bank branches.

Inventive Principle:

Principle #26Copying

2Reliability

If certified cheques and bank drafts are used, then payment security is improved, but processing costs increase and the process becomes highly manual

Engineering Contradiction:

Improvepayment securityVSAvoidprocessing complexity

Core Design Contradiction:

ReliabilityVSDevice complexity

Solution Approach 1:

The patent replaces the complex manual processing of certified cheques and bank drafts with automated digital payment channels. The system automatically initiates, tracks, and confirms payments through digital messaging systems, eliminating the need for manual handling, reducing processing complexity, and maintaining payment security through automated verification and tracking.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

3Reliability

If in person attendance is required for transactions, then payment verification is improved, but health risks to personnel increase

Engineering Contradiction:

Improvepayment verificationVSAvoidhealth risk to personnel

Core Design Contradiction:

ReliabilityVSObject-affected harmful factors

Solution Approach 1:

The patent substitutes in-person attendance with automated digital communication and verification systems. The system uses automated messaging channels to confirm payment initiation and completion, providing verification without requiring physical presence, thereby maintaining payment verification reliability while eliminating health risks to personnel.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

4Reliability

If multiple intermediaries are involved in transactions, then payment tracking becomes difficult, but transaction completeness is improved

Engineering Contradiction:

Improvetransaction completenessVSAvoidpayment tracking difficulty

Core Design Contradiction:

ReliabilityVSLoss of information

Solution Approach 1:

The patent implements automated feedback mechanisms through digital messaging systems that provide real-time status updates on payment progression. The system automatically receives and processes status messages from each intermediary, providing continuous feedback on payment tracking while maintaining the involvement of multiple intermediaries for transaction completeness.

Inventive Principle:

Principle #23Feedback

Solution Approach 2:

The patent uses automated digital messaging systems as intermediaries between the buyer, seller, and their respective intermediaries. This digital intermediary layer facilitates seamless communication and status tracking across multiple parties, making payment tracking easier while preserving the necessary intermediaries for transaction completeness.

Inventive Principle:

Principle #24Intermediary (Mediator)

Data Source

PatentUS20230060462A1Digital status tracking of funds

Publication Date: 2023.03.02 ROYAL BANK OF CANADA

AI summary

A method is provided for tracking funds in a real estate transaction using a real estate transaction portal. Through an interface of a real estate transaction portal, a request is accepted from a pre-registered buyer to transfer funds to a pre-registered beneficiary, the funds being in settlement of at least a portion of a real estate transaction. A corresponding payment request is initiated through a digital payment channel. On receipt of a first automated message through the payment channel, the first automated message is decoded as a confirmation of the initiation of the payment request. In real time, a graphical status indicator is displayed to the pre-registered buyer and the pre-registered beneficiary showing the initiation. On receipt of a second automated message through the payment channel, the second automated message is decoded as a completion of the payment request and the graphical status indicator is accordingly updated in real time.