eWallet Payment Instrument Image Capture and Data Extraction
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Solution Overview
Problem
Current electronic payment systems, such as eWallets, face limitations in managing and processing payment instrument data efficiently, particularly in capturing and verifying payment instrument images and associated data elements, which can be restrictive and not user-friendly, especially when dealing with multiple payment instruments and authorization complexities.
Innovation Solution
The system allows users to capture payment instrument images using devices like scanners or cameras, processes these images to extract data elements, and facilitates authorization and modification of payment instrument data within the eWallet account, enabling seamless addition, editing, and management of payment instruments with features like image processing and optical character recognition.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If manual entry of payment instrument information is used, then data accuracy can be ensured through user verification, but time consumption and operational complexity increase significantly
Solution Approach 1:
The patent replaces manual mechanical data entry with automated optical character recognition (OCR) technology. The system captures images of payment instruments (credit cards, checks) and automatically extracts data elements such as account numbers, names, and expiration dates through image processing and OCR algorithms, eliminating the need for manual typing while maintaining data accuracy through automated verification processes.
Solution Approach 2:
The system creates digital copies of payment instruments by capturing images and extracting data from physical or digital representations. These copies are then stored in the eWallet system, allowing the same payment instrument information to be reused across multiple transactions without re-entry, significantly reducing time consumption while maintaining accuracy through the original source verification.
2Adaptability or versatility
If multiple payment instruments are supported, then user versatility and convenience improve, but system complexity and authorization management become more difficult
Solution Approach 1:
The patent segments the payment instrument management system into distinct modular components: payment instrument storage module, authorization module, and transaction processing module. Each payment instrument is stored as a separate identifiable entity with its own authorization credentials, allowing the system to handle multiple instruments independently while maintaining manageable complexity through clear separation of functions and data structures.
Solution Approach 2:
The system implements a universal authorization framework that works across multiple payment instrument types (credit cards, debit cards, checks, gift cards). The authorization module uses a standardized process that can authenticate and manage permissions for any payment instrument stored in the system, reducing complexity by avoiding the need for separate authorization logic for each instrument type while maintaining versatility.
3Productivity
If image processing and OCR are implemented, then data capture efficiency improves, but processing time and computational resources increase
Solution Approach 1:
The system performs preliminary actions by pre-processing and storing extracted data from payment instrument images in a structured format during the initial capture phase. When the same payment instrument is used for subsequent transactions, the pre-extracted data is retrieved directly without repeating the full image processing and OCR sequence, significantly reducing processing time for repeated operations while maintaining high initial capture efficiency.
Data Source
AI summary
Systems and methods that receive one or more images and based at least in part on the received images, identify information associated with a payment instrument. The information associated with the payment instrument may be stored in a payment instrument repository, such as an electronic wallet (eWallet), associated with a user. The eWallet may be accessed by the user to add, delete, or modify payment instruments and associated information in the eWallet. The eWallet may further be used by the use to initiate a financial transaction using one or more of the payment instruments associated with the eWallet.