Digital Identity Verification for Instant Payment Card Approval
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Solution Overview
Problem
The conventional process of obtaining a payment card is lengthy and requires individuals to share personal information repeatedly, which can be inefficient and time-consuming, especially when verifying identity and authorization for credit cards or loans.
Innovation Solution
The system leverages digital identity services to aggregate and verify personal information, allowing financial institutions to instantly approve and issue payment cards or loans using a mobile device, eliminating the need for manual data entry and reducing the processing time by utilizing existing digital identity data.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If conventional manual verification processes are used to verify identity and authorization for payment cards, then data integrity and verification accuracy are maintained, but processing time is lengthy and efficiency is low
Solution Approach 1:
The system performs preliminary actions by pre-verify(ing) and aggregating personal information through digital identity services before the actual payment card application process. The digital identity data is prepared and validated in advance, so when the application is submitted, the financial institution can instantly retrieve and use this pre-verified information for authorization decisions, eliminating the need for time-consuming manual verification steps
Solution Approach 2:
The patent introduces digital identity services as an intermediary between the applicant and the financial institution. This intermediary pre-processes and validates personal information, then provides it to the financial institution in a standardized format. This mediator layer enables instant verification by the financial institution without requiring them to perform lengthy manual checks, thus resolving the contradiction between fast processing and verification accuracy
2Ease of operation
If manual data entry and verification processes are used, then data accuracy can be ensured through human review, but the process becomes time-consuming and inefficient
Solution Approach 1:
The system enables self-service by allowing applicants to use their existing digital identity information that they have already established and maintained. The digital identity service automatically aggregates and validates the personal information without requiring manual data entry or human review. The applicant simply provides authorization for the financial institution to access their pre-existing digital identity data, making the process both convenient and instantaneous
Solution Approach 2:
The patent uses copying by retrieving and using copies of personal information from the digital identity service instead of requiring original documents or manual verification. The financial institution receives validated copies of personal information (such as identity documents, address verification, etc.) that have already been authenticated by the digital identity service, enabling instant processing without handling physical documents or performing manual verification
3Reliability
If repeated sharing of personal information is required for verification, then comprehensive verification can be achieved, but user convenience decreases and data privacy risks increase
Solution Approach 1:
The patent merges multiple verification functions into a single digital identity service. Instead of requiring separate verification processes for identity, address, and other personal information, the digital identity service consolidates all these verification functions into one unified system. The financial institution receives a single comprehensive set of verified information from this merged source, achieving reliable verification without complex multi-step processes
Solution Approach 2:
The digital identity service provides universal verification capabilities that can be used across multiple financial institutions and applications. The same digital identity data that verifies identity for one purpose can be reused for other verification needs. This multi-functional approach eliminates the need for repeated sharing of personal information with different institutions, as the verified digital identity serves multiple purposes while maintaining privacy and security
Data Source
AI summary
Systems and methods are described to facilitate an efficient on-boarding experience for users joining a financial institution, while maintaining the integrity of certain operations to determine whether the users are eligible for certain financial products based on the personal information of the users. For instance, a first server may perform an approval process by receiving a request to verify an identity of the user using a digital identity service, sending to a second server a request to obtain one or more categories of personal information about the user, receiving personal information associated with the one or more categories selected by or authorized by the user, determining, based on at least some of the received personal information, that the user is approved for a payment card, and sending information associated with the payment card to a mobile device.