Dynamic Transaction Card Updating Account Data
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Solution Overview
Problem
Existing transaction cards, such as credit and debit cards, have limited capabilities for updating additional accounts and account information, often requiring a new card to be issued in case of fraud or changes, which is inefficient and inconvenient for users.
Innovation Solution
A dynamic transaction card system that allows for secure updating of existing cards with additional accounts and data using pre-stored shell data, activated via an issuer system, enabling real-time updates through a mobile device connected via technologies like WiFi, Bluetooth, or NFC, and displaying updated information using LED or dot matrix displays.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a new card is issued to update account information or respond to fraud, then security and account accuracy are improved, but the process becomes inefficient and inconvenient for users
Solution Approach 1:
The card system transitions from static account information to dynamic, real-time updateable data. The card can now be remotely updated with new account numbers, expiration dates, and security codes without physical replacement, allowing the system to adapt dynamically to fraud detection or account changes while maintaining user convenience
Solution Approach 2:
A remote update system acts as an intermediary between the card issuer and the physical card. This intermediary layer enables secure transmission of updated account information to the card's display and storage components, eliminating the need for direct physical card replacement while ensuring security protocols are maintained
2Adaptability or versatility
If traditional transaction cards are used with magnetic stripes and EMV chips, then basic transaction functionality is maintained, but the ability to update additional accounts and account information is limited
Solution Approach 1:
The card integrates multiple functions into a single device: traditional magnetic stripe reading, EMV chip processing, and a display component capable of showing multiple account information sets. This multi-functional design allows the card to handle various transaction types and display different accounts without requiring separate cards for each function
Solution Approach 2:
The card structure nests multiple data storage layers within a single physical card. The magnetic stripe, EMV chip, and internal memory components are nested within the card body, with each layer providing different types of account information storage and retrieval capabilities, allowing comprehensive account management in one device
Data Source
AI summary
A system for securely updating an electronic transaction card held by an account holder with an additional account and/or account data. A dynamic transaction card may be securely updated with an additional account by using pre-stored shell data and/or inactive data, whereby the pre-stored shell data may be populated using data received from an issuer system and/or the inactive data may be activated via an activation signal received from an issuer system. A backend server may determine, via a fraud determination, expiration determination, and/or user-request, that new account data should be transmitted to an account holder. The dynamic transaction card may receive the data associated with a notification, update a display, instruct an EMV applet to use a key associated with a received EMV key identifier for signatures, and/or update any additional data stored on the dynamic transaction card.