Central Entitlements Engine for Multi-Account Transfer Approval
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing systems for managing access and control of financial accounts across various legal entities and users are disjointed, lacking a holistic approach, especially for large families or groups with multiple accounts and complex user hierarchies, leading to inefficiencies and security vulnerabilities.
Innovation Solution
A centralized platform integrating disparate electronic accounts through a central entitlements engine, enabling unified access and control via a user interface, with features for fraud monitoring, automatic approval, and user permission management, using a machine learning model for decision-making.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a centralized platform integrates multiple disparate electronic accounts through a central entitlements engine, then accessibility and usability are improved, but device complexity increases
Solution Approach 1:
The patent combines multiple disparate electronic accounts and permission management systems into a single centralized platform called the central entitlements engine. This engine unifiedly manages access control across retail banking accounts, asset management accounts, and other financial accounts for entire families or groups, replacing the previous disjointed approach where different technologies were used for different legal entities and account subgroups.
Solution Approach 2:
The central entitlements engine is designed as a universal system that handles multiple functions: managing permission levels for different users across various account types, approving transfer requests between accounts, providing fraud monitoring, and maintaining hierarchical control structures. This single platform serves all account management needs for entire families or groups regardless of account type or legal entity structure.
2Reliability
If permission-based access control is implemented across multiple legal entities and account types, then security is improved, but device complexity increases
Solution Approach 1:
The patent implements hierarchical permission levels that segment access control into different tiers. Users can be assigned specific permission levels (e.g., viewer, approver, administrator) for different account types and legal entities. This segmentation allows security to be tailored to specific needs while maintaining overall system security, with each user receiving only the access necessary for their role.
Solution Approach 2:
The central entitlements engine acts as an intermediary layer between users and the disparate electronic accounts. Rather than directly managing complex permissions for each account type and legal entity combination, the engine mediates access requests, evaluates permission levels, and enforces security policies centrally, simplifying the security management process while maintaining robust control.
3Productivity
If a unified system manages all accounts for entire families or groups, then productivity is improved, but device complexity increases
Solution Approach 1:
The patent merges management of all electronic accounts (retail banking, asset management, and other financial accounts) for entire families or groups into a single centralized platform. This allows users to view, manage, and approve transfers across all accounts through one interface, eliminating the need to switch between different systems for different account types or legal entities.
Solution Approach 2:
The system performs preliminary actions by pre-configuring permission levels and access rights for users before they need to perform account management tasks. Permission levels are assigned in advance based on user roles and responsibilities, allowing users to immediately access and manage accounts without complex real-time permission checks, thereby improving productivity.
Data Source
AI summary
The disclosed embodiments describe systems and methods for approving a transfer. User information may be accessed for a plurality of users in a group. Account information for a plurality of disparate electronic accounts associated with the group may be accessed. The disparate electronic accounts may be integrated and managed through a central entitlements engine. Permissions information associated with the user information and the account information may be accessed. A transfer request for an account in the plurality of disparate electronic accounts may be received from a first user device associated with a first user of the plurality of users. The transfer request may be sent to a second user device associated with a second user of the plurality of users. An electronic indication of an approval of the transfer request may be received. The permissions information may be modifiable by input from the second user device.