Item-Specific Money Transfer System with Restricted Fund Binding
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current money transfer processes are complex and lack user-friendliness, with uncertainties about how funds are used and potential for fraudulent transactions, as senders are unsure if the received funds are spent on intended items at the best available prices.
Innovation Solution
Implementing item-specific money transfers by identifying items, determining vendors and prices, receiving authorization for restricted funds, pre-staging transfers, and binding them for use only with specified vendors for specific items, with features like SMS or email proof of purchase and location-specific PIN generation to ensure funds are used as intended.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional money transfer processes are used, then money can be transferred freely, but it is difficult to ensure funds are used for intended purposes and increases risk of fraudulent transactions
Solution Approach 1:
The patent segments the money transfer process into distinct phases: authorization stage where sender specifies intended use, execution stage where funds are transferred with restrictions, and verification stage where proof of purchase is submitted. This segmentation allows verification of fund usage without complicating the overall transfer mechanism, as each phase has specific controls applicable only to that stage.
Solution Approach 2:
The system performs preliminary actions by requiring senders to pre-specify the intended purpose of funds during authorization, and by pre-establishing verification requirements before transfer completion. This preliminary structuring of fund usage parameters enables automated verification later without adding complexity to the transfer execution itself.
2Reliability
If item-specific restrictions are imposed on money transfers, then fraudulent transactions are reduced, but the transfer process becomes more complex
Solution Approach 1:
The patent implements self-service by requiring senders to automatically specify the intended use of funds during the authorization process, and by automating the verification process where the system automatically checks proof of purchase against the predefined intended use. This self-service approach reduces manual intervention needs while maintaining security, making the process more user-friendly despite the added restrictions.
3Loss of information
If verification processes are implemented to track fund usage, then transparency is improved, but the time required for money transfer increases
Solution Approach 1:
The patent applies partial action by requiring verification only for the specific portion of funds that was restricted for particular purposes, rather than verifying the entire transfer amount. The system selectively verifies only those funds that have usage restrictions, allowing unrestricted funds to be transferred and verified more quickly, thus reducing overall processing time while maintaining necessary transparency.
Data Source
AI summary
The invention provides various systems and methods for implementing item-specific money transfers. The method includes receiving identification of an item, determining a vendor and a price of the item, and receiving, from a receiver, a money transfer request for an amount of the price of the item. The money transfer request identifies a sender. The method further includes sending the money transfer request to the sender, receiving, from the sender, authorization for a money transfer in an amount of the price of the item. The authorization includes an indication that funds from the money transfer are restricted for use only for the item.