Instant Payment System Using Pre-Verified Trust Relationships
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Solution Overview
Problem
Existing electronic payment systems are cumbersome for individuals to accept electronic payments, especially for small amounts, as they often require verification processes that can be time-consuming and inconvenient for peer-to-peer transactions.
Innovation Solution
A system where an initiator electronic device transmits payment information to a transaction processing system, which verifies the recipient's identity and processes the payment, allowing for instant payments by omitting confirmation steps if the payer and recipient have previously completed a transaction, and enabling instant deposits into designated accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If verification processes are implemented to ensure payment security, then reliability is improved, but device complexity and time consumption increase
Solution Approach 1:
The system performs verification actions in advance by establishing trusted relationships between users. When a user adds another user to their contacts, the system pre-verifies their identities and establishes a trusted relationship. This preliminary action eliminates the need for complex real-time verification during transactions, as the trust relationship is already established beforehand.
Solution Approach 2:
The system enables users to self-verify their identities through the contact addition process. When User A adds User B to contacts, User B receives a notification and can self-verify by adding User A back or confirming the relationship. This self-service verification mechanism reduces the need for complex intermediary verification processes.
2Reliability
If multiple verification steps are implemented, then payment security is improved, but productivity decreases
Solution Approach 1:
The verification process dynamically adapts based on the established trust relationship. For transactions between users with existing trusted relationships (contact list members), the system applies simplified verification with fewer steps. For transactions between users without established relationships, the system applies full verification protocols. This dynamic approach ensures security while maximizing transaction speed for trusted users.
Solution Approach 2:
By establishing trusted relationships in advance through contact addition, the system performs verification work beforehand. This preliminary action allows subsequent transactions between trusted users to proceed quickly without repeating full verification sequences, thereby improving productivity while maintaining security.
3Reliability
If identity verification is required for each transaction, then reliability is improved, but loss of time increases
Solution Approach 1:
The system performs identity verification in advance when users add each other to their contact lists. This preliminary verification establishes a trusted relationship that is stored and reused for future transactions. As a result, subsequent transactions between the same users do not require repeating the full identity verification process, significantly reducing time loss while maintaining verification accuracy.
Solution Approach 2:
The system uses feedback from previous verification outcomes to determine the level of verification needed for future transactions. When a user has successfully verified their identity through contact addition, the system remembers this feedback and uses it to streamline future verification processes, reducing time loss while maintaining reliability.
Data Source
AI summary
Payment transactions may be initiated by entering payment information, such as an amount, source, and recipient, through a graphical user interface (GUI) of an electronic device. The electronic device may transmit the payment information to a payment processor, such as a third party provider, bank, or the like, that may subsequently transmit an authorization request to an electronic device associated with the recipient. In certain embodiments, the recipient may identify a payment account and transmit the account information with the authorization to the payment processor. Upon receiving the authorization, the payment processor may transmit recipient identification information to the payor's electronic device. The payor may then confirm the identity of the payment recipient and confirm payment. Upon receiving the confirmation, the payment processor may process the payment. In other embodiments, certain authorizations and/or confirmations may be omitted, allowing more instantaneous payments to occur.