Server-Coordinated Global Remittance Without Overseas Float Funds
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Solution Overview
Problem
Current international fund transfer methods involve the sender's bank holding float funds in multiple overseas markets, leading to significant delays in the transfer process.
Innovation Solution
Implementing a system where funds are immediately pushed to the receiver's account identifier, bypassing the need for float funds in multiple overseas markets, and enabling settlement in the receiver's country, facilitated by a server computer and processing network computer.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If the sender's bank holds float funds in multiple overseas markets to settle with the receiving entity's bank, then the fund transfer can be settled, but the transfer process experiences significant delays
Solution Approach 1:
The patent extracts the float funds holding requirement from the traditional remittance process. Instead of requiring the sender's bank to maintain float funds in multiple overseas markets, the system enables direct settlement by extracting this intermediate holding step, allowing funds to be pushed immediately to the receiver's account identifier without waiting for float funds to be available in the receiver's market.
Solution Approach 2:
The patent introduces a server computer as an intermediary that coordinates between the sender's bank and the receiver's bank. This intermediary enables direct settlement by facilitating the push transfer mechanism, where the server computer manages the transaction message transmission and coordination without requiring float funds to be held in multiple markets.
2Reliability
If traditional bank-to-bank settlement processes are used for international transfers, then funds can be transferred, but the process involves multiple steps and intermediaries increasing complexity
Solution Approach 1:
The patent merges the fund transfer and settlement functions into a single integrated process. Instead of separate steps for fund transfer, float funds holding, and settlement, the system combines these into a direct push transfer mechanism where the server computer coordinates the entire transaction, eliminating unnecessary intermediaries and simplifying the overall process.
Solution Approach 2:
The server computer performs multiple functions: receiving transfer data, verifying receiver information, transmitting transaction messages, and coordinating settlement. This multi-functional approach reduces the need for multiple specialized systems and simplifies the overall architecture by consolidating settlement process functions into a single versatile platform.
Data Source
AI summary
The method includes receiving, by a server computer from a first user device, transfer data regarding a receiver operating a second user device. The server computer can transmit a verification request message to a wallet aggregator computer. The server computer can then receive a verification response message from the wallet aggregator, the verification response message including an account identifier of the receiver. The server computer can then transmit a confirmation request message to the first user device and receive a confirmation response message. The server computer can then send a transaction message including the receiver's account identifier.