Automated IVR Fund Transfer Authentication System
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Solution Overview
Problem
Conventional fund transfer systems, such as those for payday loans, often result in significant delays due to the need for borrowers to physically visit locations and wait for loan funds to be deposited, which is undesirable for borrowers in urgent need and insecure due to the lack of immediate verification of account ownership.
Innovation Solution
A system that processes fund transfer transactions by receiving first identification information, such as a payment card number, and second identification information, like a PIN, to authenticate and deposit funds into a borrower's account, allowing for real-time transfers through an automated Interactive Voice Response (IVR) system, ensuring secure transactions without requiring both pieces of information to be provided at the same location.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional fund transfer systems are used for payday loans, then security verification can be performed, but significant delays occur in fund transfer
Solution Approach 1:
The system performs authentication and verification actions before the fund transfer is initiated. The borrower's identity is verified, account is authenticated, and authorization is obtained in advance through the IVR system, allowing the actual fund transfer to occur immediately without delay.
Solution Approach 2:
The patent replaces physical mechanical processes (visiting the store, manual check processing, in-person verification) with automated electronic systems. The IVR system automates the authentication process, and electronic fund transfer replaces physical check deposition, eliminating the time delays inherent in manual processes.
2Reliability
If physical verification methods are used at the lending store, then account ownership can be confirmed, but borrowers must visit the store and wait for processing
Solution Approach 1:
The borrower performs the verification process themselves through the automated IVR system by providing personal identification information and confirming account details. This self-service approach eliminates the need for staff-assisted verification at the physical store while maintaining security.
Solution Approach 2:
The IVR system acts as an intermediary between the borrower and the fund transfer system. It mediates the authentication process by collecting verification information, validating it against stored data, and authorizing the transfer, thereby eliminating the need for direct physical interaction at the lending store.
3Reliability
If multi-factor authentication is implemented through IVR, then security is enhanced, but system complexity increases
Solution Approach 1:
The IVR system performs multiple functions: it serves as the communication interface, authentication validator, authorization processor, and transfer initiator. By consolidating these functions into a single automated system, the patent manages complexity while maintaining multi-factor security verification.
Data Source
AI summary
A system and method for processing lending transactions that may facilitate prompt transfer of funds (for example, loan funds) to an individual in a secure manner. An adaptive payment server may receive first identification information, second identification information, and a request for a fund transfer. The adaptive payment server may determine an account associated with the first identification information. The adaptive payment server may authenticate identification of the account based on the second identification information. The adaptive payment server may initiate a deposit of a fund amount associated with the request into the identified account, wherein the fund amount is deposited substantially immediately after the identified account has been authenticated.