Fintech Banking API for Automated Fund Retrieval and Issuance
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Solution Overview
Problem
Existing banking systems lack efficient integration of fintech solutions for managing and automating money transfers and document issuance between multiple entities, particularly in cases where account balances do not satisfy deposit requests, leading to uncollected funds and complex retrieval processes.
Innovation Solution
An integrated banking device utilizing fintech, equipped with a receiver and processor, facilitates account information retrieval, generates interoperation information, and performs automated money transfers and document issuance, including options for legal actions when necessary, using AI and neural networks to manage and prioritize account balances and bonds.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If automated money transfer and document issuance systems are implemented, then user convenience and transaction efficiency are improved, but system complexity and integration requirements increase
Solution Approach 1:
The patent combines multiple banking functions (money transfer, document issuance, account management) into a single integrated banking device that interfaces with multiple external systems (first server, second server, brokerage account) through unified API connections, reducing the number of separate systems users must interact with
Solution Approach 2:
The banking device is designed to perform multiple functions including retrieving account information, transferring money between accounts, issuing transaction documents, and managing deposits/withdrawals through a single platform that supports both API-based and scraping-based information retrieval methods
2Adaptability or versatility
If multiple account retrieval methods (API and scraping) are supported, then system adaptability and compatibility are improved, but processing time and computational resources increase
Solution Approach 1:
The system dynamically selects between API-based retrieval and scraping-based retrieval methods based on the specific account type and availability, allowing flexible adaptation to different banking systems while optimizing retrieval speed by using the most efficient method for each case
Solution Approach 2:
The patent introduces an intermediary processing layer that manages both API connections and scraping operations, coordinating these different retrieval methods through a unified interface that abstracts the complexity from the user while optimizing the selection and execution of retrieval methods
3Productivity
If automated fund retrieval from multiple accounts is performed, then money collection efficiency is improved, but user privacy and security risks increase
Solution Approach 1:
The system obtains user authorization and retrieves account information in advance before initiating money transfers, allowing pre-verification of account balances and user consent, which reduces security risks by ensuring authorized access before financial operations are performed
Solution Approach 2:
The patent implements feedback mechanisms where the system continuously monitors account balances, retrieval status, and user authorizations, providing real-time updates and allowing users to control and revoke access permissions, thereby maintaining security while enabling automated fund management
Data Source
AI summary
Proposed are an integrated banking device using fintech. The integrated banking device includes a receiver configured to receive account information of a second entity which provides money from a first entity which requests a deposit of money and a processor configured to provide the second entity with an application programming interface (API) for generating interoperation information corresponding to an account of the second entity in conjunction with a first server, which provides a financial service on the basis of the account information, and the second entity and withdraw money from the account of the second entity on the basis of the deposit request and the interoperation information.