Digital Wallet Secure Data Pull Link
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Solution Overview
Problem
Users face the inconvenience of managing multiple online accounts for various service providers and risk security breaches when entering and storing financial information across different platforms, especially with increasing online threats.
Innovation Solution
A system that enables automatic data retrieval and secure communication between service providers and a digital wallet, allowing users to link their accounts securely without exposing sensitive information, using a transaction processor to negotiate encryption keys and establish a unique payment flow for electronic transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users establish multiple online accounts with different service providers to access their services, then users can access various services (utilities, credit cards, goods), but users must remember multiple authentication credentials and face increased security risks
Solution Approach 1:
The patent introduces a digital wallet as an intermediary system between users and multiple service providers. The digital wallet stores authentication credentials and service account information, acting as a mediator that eliminates the need for users to directly manage multiple accounts with different providers. Users interact with the digital wallet instead of individual service providers, reducing security risks while maintaining service access capability.
Solution Approach 2:
The digital wallet is designed as a universal system that can store and manage authentication credentials for multiple different service providers (utilities, credit cards, goods services). This multi-functional platform allows users to access various services through a single interface, improving versatility while centralizing security management.
2Ease of operation
If users enter and store financial information with each service provider's platform, then users can process transactions electronically, but users run increased risk of compromising personal and financial information
Solution Approach 1:
The digital wallet serves as a secure intermediary that stores financial information and authentication credentials. Instead of users entering financial data with each service provider, the digital wallet handles authentication and transaction processing securely. This intermediary approach maintains electronic transaction processing capability while significantly reducing data breach risk by limiting exposure of sensitive information.
Solution Approach 2:
The system performs preliminary authentication and security verification through the digital wallet before transactions are processed with service providers. By establishing secure credentials and authentication mechanisms in advance through the digital wallet, the system prevents unauthorized access and reduces the risk of financial information compromise during actual transactions.
3Adaptability or versatility
If users manage multiple online accounts manually, then users can access various services, but users face inconvenience and time consumption
Solution Approach 1:
The digital wallet implements self-service functionality by automatically managing authentication credentials, service accounts, and transaction processes. The system handles credential storage, retrieval, and verification automatically, eliminating the need for users to manually manage multiple accounts. Users simply interact with the digital wallet interface, which handles all account management tasks autonomously, reducing time consumption while maintaining broad service coverage.
Solution Approach 2:
The digital wallet provides a universal platform that consolidates multiple service account management functions into a single system. It handles authentication, credential storage, transaction processing, and account synchronization across different service providers, eliminating the need for users to manually manage each account separately and significantly reducing account management time.
Data Source
AI summary
There are provided systems and methods for automatic data pull requests using a secure communication link between online resources. An account may be used to electronically process transactions by a user, which may include use of a digital wallet that may store payment instruments used for transaction processing. The user may access an online platform for a service provider that provides a service to the user and bills the user for the service. The online platform may provide transaction processing services for the user's bills. The user may request a secure communication link be established between the service provider's billing platform and the user's digital wallet so that when billing data is available on the billing platform, the data may be pulled by the digital wallet from the platform and loaded to the user's digital wallet for processing.