Fund Transfer Control Number System for Pre-Paid Accounts
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Solution Overview
Problem
Current systems for person-to-person fund transfers lack efficient methods for transferring funds to pre-paid instrument accounts, particularly in ensuring secure and automated processing of transactions between multiple agent systems.
Innovation Solution
A method and system for transferring funds from a sender to a pre-paid instrument account involve receiving and approving transfer requests, selecting and associating money transfer control numbers, and facilitating redemption, utilizing a computer system to manage and communicate these processes between agent systems, ensuring secure and efficient funding of the recipient's account.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual processing methods are used for person-to-person fund transfers, then flexibility in handling diverse transfer scenarios is maintained, but processing efficiency and transaction speed deteriorate
Solution Approach 1:
The system segments the fund transfer process into distinct phases: initiation phase (sender submits request), processing phase (system validates and creates control numbers), and redemption phase (recipient claims funds). Each phase is handled by specific system components, enabling automated high-speed processing while maintaining flexibility through modular design.
Solution Approach 2:
The system introduces money transfer control numbers as intermediary identifiers that mediate between the sender's transfer request and the recipient's redemption action. These control numbers enable automated tracking and verification without requiring direct communication between sender and recipient, thus speeding up processing while maintaining system simplicity.
2Productivity
If pre-paid instrument accounts are used as default pay-out method, then transaction costs are reduced and processing efficiency is improved, but adaptability to alternative payment methods deteriorates
Solution Approach 1:
The system is designed with multi-functionality to handle both pre-paid instrument accounts and alternative payment methods. The core automated processing framework remains the same, but the system can adapt to different payout mechanisms through configurable parameters, thus maintaining efficiency while providing versatility.
Solution Approach 2:
The system performs preliminary actions by defaulting to pre-paid instrument account funding, which streamlines the transfer process and reduces costs. However, the system maintains the capability to accommodate alternative payment methods when specifically requested, balancing efficiency with adaptability through default configurations rather than rigid constraints.
3Adaptability or versatility
If multiple agent systems are involved in the transfer process, then system versatility and user accessibility are improved, but transaction security and processing reliability deteriorate
Solution Approach 1:
The system implements feedback mechanisms where each agent system reports transaction status and verification results back to the central processing system. The system uses money transfer control numbers to track and verify transactions across multiple agent systems, ensuring that each step is confirmed before proceeding, thus maintaining reliability while supporting multiple agents.
Solution Approach 2:
The system performs preliminary validation and creates control numbers before the actual fund transfer occurs. This beforehand cushioning ensures that all necessary checks are completed in advance, reducing the risk of errors when multiple agent systems are involved, and maintaining high reliability across the distributed network.
Data Source
AI summary
According to the invention, a method for transferring funds from a sender to a pre-paid account to be assigned to a recipient is disclosed. The method may include receiving a request to perform a funds transfer, including an amount and a recipient, and determining whether to approve the request. Upon approval, the method may include selecting a first and second money transfer control number (MTCN). The method may include recording an association of the amount and the recipient with the first MTCN, and an association of the two MTCN's. The method may include sending the second MTCN out and later receiving a request to redeem which includes the second MTCN. The method may include determining the first MTCN based on the second MTCN, and whether to approve the request. Upon approval, an indication may be sent that the amount is available for funding of the pre-paid account of the recipient.