Fund Transfer Directory Using Public-to-Private Account Tokens
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Solution Overview
Problem
Existing payment systems often require disclosing sensitive financial account information, which can be insecure and inconvenient, especially when transferring funds between individuals or businesses with different banking institutions.
Innovation Solution
A computer-implemented payment processing system that uses public and private identifiers, allowing funds transfers without revealing account numbers, by utilizing an information directory to map public tokens to private tokens and enabling transfers through a network.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional payment systems use account numbers for fund transfers, then transfers can be completed, but sensitive financial information is exposed and security is compromised
Solution Approach 1:
The patent introduces an information directory as an intermediary component that stores the mapping between public identifiers and private account identifiers. This mediator allows fund transfers to be initiated using only public identifiers (like email addresses or phone numbers) while the actual account number mapping occurs securely within the directory, preventing exposure of sensitive financial information.
Solution Approach 2:
The system segments the identifier into two distinct parts: a public identifier that can be freely shared for initiating transfers, and a private account identifier that remains secured and is never exposed to senders. This segmentation allows the transfer functionality to work while protecting sensitive information through the information directory's internal mapping mechanism.
2Reliability
If the system requires recipients to be registered users, then security is improved, but usability deteriorates when transferring to unregistered individuals
Solution Approach 1:
The system enables unregistered recipients to receive funds through a self-service mechanism. When a sender initiates a transfer to an unregistered public identifier, the information directory automatically generates and sends an invitation message to that identifier. The recipient can then complete registration by responding to this invitation, allowing the transfer to proceed without manual intervention or pre-registration requirements.
Solution Approach 2:
The system performs preliminary actions by automatically sending invitation messages to unregistered recipients before the actual fund transfer completes. This preliminary invitation process prepares the recipient's account in advance, ensuring security requirements are met while maintaining ease of use for both registered and unregistered users.
3Ease of operation
If account numbers are shared between sender and recipient, then transfers are straightforward, but information security is compromised
Solution Approach 1:
The information directory serves as a secure intermediary that handles all account number mappings. Senders only need to provide public identifiers (such as email addresses or phone numbers) to initiate transfers, and the directory automatically resolves these to the corresponding private account numbers internally. This eliminates the need for senders to handle or store sensitive account information while maintaining transfer functionality.
Solution Approach 2:
The system uses public identifier copies (such as email addresses or phone numbers) instead of the actual private account number copies. These public identifiers can be freely shared and copied without security risks, while the information directory maintains the secure mapping to actual account numbers, allowing convenient transfers without exposing sensitive information.
Data Source
AI summary
A computer-implemented method including receiving a request to facilitate a transfer of funds from a sender account of a sender at a sender financial institution to a recipient account of a recipient at a recipient financial institution. The request can include a public identifier for the recipient but not include an account number of the recipient account at the recipient financial institution. The method also can include determining, using an information directory, a private token for the recipient account based on the public identifier. The method additionally can include transmitting the private token of the recipient account to enable the transfer of the funds from the sender account to the recipient account. Other embodiments are disclosed.