Intermediary Transfer System for Cross-Platform Wallet Value Exchange
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Solution Overview
Problem
Existing mobile wallet systems cannot communicate or transfer value between disparate platforms, limiting users with accounts from multiple providers to make seamless payments across different service providers.
Innovation Solution
An intermediary transfer system that translates data between unique mobile wallet service provider formats, enabling value transfers between accounts maintained by different providers, using a network interface, processor, and memory device to process and facilitate transactions through a settlement account mechanism.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If mobile wallet service providers maintain unique disparate platforms, then each provider can maintain independent control and security, but value transfer between different providers becomes impossible
Solution Approach 1:
The patent introduces a transfer intermediary system that acts as a mediator between disparate mobile wallet service provider platforms. This intermediary receives transfer requests from one provider, processes the value transfer through settlement accounts, and delivers the transfer to the target provider's platform. This allows value transfer between different providers without requiring direct integration between their systems, thus maintaining their independence while enabling cross-platform transfers.
2Ease of operation
If direct integration between all mobile wallet platforms is implemented, then seamless value transfer is enabled, but system complexity and integration requirements increase significantly
Solution Approach 1:
The transfer intermediary simplifies the value transfer process by providing a standardized interface that all providers can use. Instead of requiring each provider to integrate directly with every other provider (creating a complex mesh architecture), the intermediary handles all cross-provider transfers through a centralized coordination mechanism using settlement accounts, making the process easier to implement and maintain.
Solution Approach 2:
The transfer intermediary serves as a universal platform that can handle value transfers between any combination of mobile wallet service providers. It provides a multi-functional solution that works across different providers, devices, and transfer scenarios, eliminating the need for provider-specific integration arrangements.
3Reliability
If settlement accounts are maintained for each provider, then accurate value tracking and reconciliation is achieved, but additional account management complexity is introduced
Solution Approach 1:
The patent extracts the settlement account management function from the individual provider systems and centralizes it in the transfer intermediary. Each provider maintains a settlement account with the intermediary, which tracks all value transfers between providers. This separation allows accurate value tracking and reconciliation while simplifying individual provider systems, as they only need to interact with the intermediary's standardized settlement mechanism rather than managing complex inter-provider accounting themselves.
Data Source
AI summary
Various embodiments herein each include at least one of systems, methods, and software for value transfer between disparate systems. One such embodiment includes receiving a transfer request to transfer a value from a first account provider to an account maintained with a second account provider and including data identifying an individual or entity that initiated the transfer request. This method also includes identifying the second account provider based on data included in the transfer request and generating a request to transfer the value of the transfer request to the account in a format compatible with the second account provider. The method may then transmit the generated request to the second account provider.