E-Receipt Platform Using Intermediary Transaction Data Aggregation
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Solution Overview
Problem
Existing point of sale systems are siloed and archaic, making it difficult to collect, store, and regenerate transaction data across multiple merchants, leading to inconvenience for customers and inefficiencies in inventory management and security verification.
Innovation Solution
A data structure driven mechanism that interconnects merchant terminals and user devices to facilitate the collection, storage, and regeneration of electronic receipts, incorporating security features like one-time codes and watermarks, while maintaining merchant branding and user authentication through transaction data analysis.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If merchants use their own separate point of sale systems, then each merchant can maintain their own checkout process and inventory tracking, but the systems become siloed and disparate making it difficult to collect and store transaction data across multiple merchants
Solution Approach 1:
The patent introduces a financial institution's computing system as an intermediary that receives transaction data from multiple merchants' point of sale devices and stores it in a centralized data warehouse. This intermediary system enables data aggregation across disparate merchant systems while maintaining each merchant's operational independence, resolving the contradiction between system autonomy and data accessibility.
2Reliability
If physical receipts are provided to customers, then customers have evidence of transactions, but customers must carry and keep track of physical receipts which is inconvenient
Solution Approach 1:
The patent creates electronic copies of physical receipts by extracting transaction data from the centralized data warehouse and generating e-receipts that can be delivered to customers via email or mobile devices. These electronic copies maintain the reliability of transaction evidence while eliminating the need for customers to physically carry and track paper receipts, thus improving convenience.
3Productivity
If transaction data is stored centrally, then data can be easily accessed and regenerated, but security risks increase and fraudulent activities may occur
Solution Approach 1:
The patent implements feedback mechanisms where the system continuously monitors and validates transaction data integrity through checksums, digital signatures, and verification protocols. The centralized system provides feedback to merchants and customers about transaction status and receipt authenticity, enabling real-time detection of fraudulent activities while maintaining efficient data access.
Solution Approach 2:
The patent applies preliminary security measures by embedding verification codes, digital signatures, and cryptographic hashes in transaction data before it is stored in the centralized system. These pre-applied security features enable automatic validation of data integrity and authenticity, preventing fraudulent activities before they can compromise the system.
4Ease of operation
If e-receipts are generated without security features, then customer convenience is maximized, but fraudulent receipt generation becomes easier
Solution Approach 1:
The patent employs visual security features such as watermarks, color-coded verification elements, and dynamic branding that change or respond to validation queries. These visual features are embedded in e-receipts to provide immediate visual authentication of receipt legitimacy, allowing customers to verify authenticity without compromising the ease of e-receipt generation and delivery.
Data Source
AI summary
Embodiments described herein provide a platform, device and process for storing transaction data from a point of sale device (e.g., at a merchant) or from an intermediary data store so a representation of the data can later be presented to a customer. The data is stored, relevant data extracted, and additional data is combined to enable reconstruction of transaction data in a form for presentation of transaction data as an e-receipt on an online platform or allowing transaction data to be used as security questions for a user to whom the transaction data relates.