Fund Remittance System Using Dual Security Codes for ATM Transactions
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Solution Overview
Problem
Current fund remittance methods through online banking require third-party mediation, making them inconvenient and error-prone, and do not leverage ATMs for direct, near real-time transactions.
Innovation Solution
A system and method enabling direct near real-time fund remittance between sending and receiving entities using ATMs, with automatically generated security codes communicated to both parties for secure transactions, allowing scheduled payments to be retrieved at self-service machines.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If third-party mediation is used for fund remittance, then transaction security is improved, but operation convenience deteriorates and error rates increase
Solution Approach 1:
The patent extracts and eliminates the third-party mediator from the fund remittance process. The system enables direct peer-to-peer transactions between sending and receiving entities through automated code generation and validation, removing the intermediary that caused inconvenience and errors while maintaining security through cryptographic codes.
Solution Approach 2:
The system implements self-service by allowing sending and receiving entities to independently generate, receive, and validate security codes without third-party intervention. The automated code generation and validation processes enable direct transactions where participants serve their own needs without requiring mediator assistance.
2Reliability
If third-party mediation is used for fund remittance, then transaction security is improved, but transaction time deteriorates
Solution Approach 1:
By removing the third-party mediator from the transaction flow, the system eliminates the time required for intermediary processing. The direct peer-to-peer code generation and validation enables near real-time transactions, dramatically reducing transaction time while maintaining security through cryptographic codes.
Solution Approach 2:
The system performs preliminary actions by pre-generating and communicating security codes to both sending and receiving entities before the actual transaction. This advance preparation eliminates the need for time-consuming third-party verification during the transaction itself, enabling rapid direct transfers.
3Ease of operation
If direct near real-time fund remittance is enabled, then operation convenience is improved, but security risk deteriorates
Solution Approach 1:
The patent introduces cryptographic security codes as digital intermediaries that mediate the direct transaction between sending and receiving entities. These codes serve as the trust mechanism that enables convenient direct remittance while mitigating security risks through automated validation and encryption.
Solution Approach 2:
The system replaces traditional mechanical security measures (physical cash handling, in-person verification) with electronic cryptographic codes and automated validation mechanisms. This substitution enables direct near real-time transactions while providing enhanced security through digital encryption and automatic code verification.
4Productivity
If automated security code generation is implemented, then transaction speed is improved, but system complexity deteriorates
Solution Approach 1:
The system implements a universal security code generation mechanism that handles multiple transaction types and security requirements through a single automated process. The same code generation and validation logic applies across different scenarios, improving transaction speed without proportionally increasing complexity through standardized multi-functional handling.
Data Source
AI summary
A system and method for enabling the remittance of funds is provided. More particularly, the fund remittance process of the present invention enables a sending entity having a source account at a financial institution to schedule a payment transaction for withdrawal by a designated receiving entity. A plurality of security codes are automatically generated upon processing a request to schedule a payment, wherein a first security code is communicated directly to the sending entity and a second security code is communicated directly to the designated receiving entity. The designated receiving entity may submit a request to retrieve the scheduled payment at a qualifying self-service machine. In interacting with the self service machine, security measures are deployed to execute one of a plurality of security code combination schemes in association with the first and second security codes. Upon validation, allocated funds associated with the scheduled payment are made available to the designated receiving entity for withdrawal.