Intermediary Transfer Facilitator for Secure Digital Transactions

Resolve Bottlenecks,
Find Innovative SolutionsGenerate Solutions

Solution Overview

Problem

Digital electronic transactions over the internet face challenges in tracking ownership without releasing sensitive information, and existing systems require multiple inputs and are time-intensive due to latency issues.

Innovation Solution

A transfer facilitator system that performs transactions through an intermediary account without requiring sensitive information from the sender or receiver, using a single API call to facilitate transfers between unverified accounts by storing items in a verified intermediary account, and utilizing a transfer provider to reduce latency.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If identity verification of all parties is required for tracking digital transactions, then transaction tracking capability is improved, but sensitive information exposure increases

Engineering Contradiction:

Improvetransaction tracking capabilityVSAvoidsensitive information exposure

Core Design Contradiction:

ReliabilityVSObject-affected harmful factors

Solution Approach 1:

The patent introduces an intermediary system that acts as a mediator between transferor and transferee. This intermediary holds the sensitive information and performs verification, allowing transaction tracking without requiring the original parties to expose their sensitive information to each other or to external systems. The intermediary system maintains the chain of title while protecting participant privacy.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Reliability

If multiple inputs are required for transactions through an intermediary, then transaction security is improved, but system complexity increases

Engineering Contradiction:

Improvetransaction securityVSAvoidsystem complexity

Core Design Contradiction:

ReliabilityVSDevice complexity

Solution Approach 1:

The patent merges multiple verification and transaction functions into a single intermediary system. Instead of requiring separate verification steps and multiple system interactions, the intermediary consolidates identity verification, transaction validation, and chain of title maintenance into one integrated system, reducing overall complexity while maintaining security.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The intermediary system performs multiple functions including identity verification, transaction authorization, sensitive information management, and chain of title maintenance. This multi-functional approach eliminates the need for separate specialized systems for each function, simplifying the overall architecture.

Inventive Principle:

Principle #6Universality (Multi-functionality)

3Object-affected harmful factors

If transactions are performed through an intermediary system, then sensitive information protection is improved, but transaction latency increases

Engineering Contradiction:

Improvesensitive information protectionVSAvoidtransaction latency

Core Design Contradiction:

Object-affected harmful factorsVSLoss of time

Solution Approach 1:

The intermediary system performs preliminary actions by pre-establishing verified accounts and maintaining ready-state verification data. When a transaction is initiated, the intermediary can quickly validate participants using pre-verified information, significantly reducing transaction latency compared to real-time verification.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The intermediary system maintains continuous readiness to process transactions by keeping verified account information available and pre-configured. This continuous state eliminates the need for repeated verification cycles, enabling fast transaction processing while maintaining security.

Inventive Principle:

Principle #20Continuity of useful action

Data Source

PatentUS11681990B2Reducing information requirements in digital electronic transfers

Publication Date: 2023.06.20 DWOLLA INC

AI summary

Systems and methods for transferring between accounts in the absence of sensitive information needed to perform a direct transfer between accounts are described herein. In an embodiment, an intermediary system receives a request to perform a digital electronic transfer of an item from a first online account to a second online account through the intermediary system, wherein the intermediary system does not have access to the sensitive information for either the first online account or the second online account. Without requesting the sensitive information for either the first online account or the second online account, the intermediary system responds to the request by: performing a first digital electronic transfer of the item from the first online account to a system account, storing data assigning the item to an intermediary account for which the intermediary system has the sensitive information, and performing a second digital electronic transfer of the item from the system account to the second online account.