Interactive Gaming System Fund Blocking via Financial Institution Intermediary
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Interactive gaming systems face delays and regulatory burdens due to the need for players to transfer funds, which can be hesitant to place significant funds with non-financial entities, and the system acting as a financial fiduciary, increasing security and operational risks.
Innovation Solution
The system processes player credits and debits by blocking funds at a financial institution, allowing players to wager without transferring funds to the gaming system, using an intermediary business system to manage financial accounts and communicate with the financial institution for block requests and settlements.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If players transfer funds to the interactive gaming system, then the system can operate wagers, but delays occur in transferring payments and the system assumes financial fiduciary responsibilities
Solution Approach 1:
The patent extracts the financial fiduciary function from the interactive gaming system and transfers it to the player's financial institution. The gaming system no longer holds or manages player funds, eliminating payment transfer delays and reducing regulatory burdens while maintaining wagering operations.
Solution Approach 2:
The player's financial institution acts as an intermediary between the player and the gaming system. Instead of direct fund transfers to the gaming system, the financial institution holds and manages funds, coordinating with the gaming system to enable wagers without the gaming system assuming financial responsibility.
2Ease of operation
If the interactive gaming system acts as a financial fiduciary, then player funds can be managed, but regulatory burdens and security requirements increase
Solution Approach 1:
The patent removes the financial fiduciary role from the gaming system, extracting fund management responsibilities and transferring them to the player's financial institution. This eliminates the regulatory and security complexity associated with managing player funds while preserving the ability to facilitate wagers.
Solution Approach 2:
The financial institution serves as an intermediary that assumes financial fiduciary responsibilities, holding player funds and coordinating with the gaming system. This arrangement maintains ease of operation for fund management while the financial institution, not the gaming system, bears the regulatory and security burdens.
3Productivity
If players place significant funds with the gaming system, then wagering can proceed, but players may be hesitant due to security concerns
Solution Approach 1:
The player's financial institution acts as a trusted intermediary that holds and secures player funds, leveraging its established security measures and regulatory compliance. This arrangement maintains wagering productivity while enhancing player trust, as funds remain with a reputable financial institution rather than a gaming operator.
Solution Approach 2:
The patent segments the financial management function from the gaming operation function. The financial institution handles fund security and management, while the gaming system handles wagering operations. This separation allows players to trust their funds with a specialized financial entity while still enabling full wagering activity.
Data Source
AI summary
An interactive financial transactions systems and methods are disclosed for providing gaming activity using funds located at a financial institution. Prior to initiating gaming activity, the player indicates the amount of funds the player would like to wager in a session. The financial institution is contacted to block the player funds from being used for another purpose while the player is placing wagers on the interactive gaming system. As the player completes wagers, the results of wagering activities may be passed to the financial institution. When the player completes the gaming session, the financial institution is instructed to release the blocked funds. In one embodiment, the interactive gaming system contacts an intermediary business which performs the account blocking and financial transactions with the financial institution.