Email-Based Money Transfer System
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current methods for transferring money, such as using physical checks or third-party services, are cumbersome and require extensive account information and specialized software, limiting user convenience and accessibility.
Innovation Solution
A system that enables money transfer via standard email protocols by identifying sender and recipient financial accounts from email messages and submitting payment requests through a payment service system, allowing users to send and receive payments using familiar email interfaces.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If physical checks are used for money transfer, then no specialized software is needed, but the process becomes cumbersome and requires physical deposition at a bank
Solution Approach 1:
The patent replaces the mechanical system of physical check handling (writing, mailing, depositing) with an electronic email-based system. Users compose an email with payment details and send it electronically, eliminating the need for physical bank visits and manual check processing while maintaining the familiar concept of sending money through a communication medium.
2Ease of operation
If online banking services are used, then money can be transferred electronically, but recipient's bank account number and routing number are required before transfer
Solution Approach 1:
The patent extracts the complex bank account verification process from the money transfer operation. Instead of requiring users to manually input and verify account numbers and routing numbers, the system automatically retrieves this information from the recipient's email address through integrated banking network queries, separating the information gathering step from the transfer execution step.
Solution Approach 2:
The system performs self-service by automatically querying the banking network to resolve the recipient's account information from their email address. The system autonomously completes the information gathering task without requiring user intervention, reducing the complexity of the transfer process while maintaining security through automated verification.
3Ease of operation
If third party transfer services are used, then money transfer can be facilitated, but both sender and recipient must have accounts at the service and customized software is required
Solution Approach 1:
The patent makes the email-based money transfer system universal by enabling it to work with any email service provider and any bank through standard email protocols and automated banking network integration. Users can transfer money using their existing email accounts without needing to create accounts with the transfer service or download specialized software, making the system accessible to all email users regardless of their email provider or bank.
4Ease of operation
If standard email protocol is used for money transfer, then user convenience and accessibility are improved, but security requirements become more challenging
Solution Approach 1:
The patent introduces the payment service system as an intermediary between the email communication and the actual money transfer. The system acts as a mediator that receives the email, validates the payment request, queries the banking network to verify account information, and executes the transfer through secure banking channels. This intermediary layer maintains security by never exposing sensitive banking credentials while still enabling convenient email-based initiation of transfers.
Data Source
AI summary
Method, systems, and apparatus for receiving the email message from a sender device; identifying, using data processing apparatus of a payment service system, a sender email address, a service email address, and one or more recipient email addresses from the email message; identifying, for the sender email address, a sender financial account associated with the payment service system and, for each of the one or more recipient email addresses, a respective recipient financial account associated with the payment service system; identifying a payment amount from a subject or body of the email message; submitting a request to transfer, using the payment service system, the payment amount from the respective sender financial account to the respective recipient financial account.