Limited Account System with Visual Code for Cashless Access
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Solution Overview
Problem
Individuals with limited access to bank accounts or bank-like services, such as those relying on cash transactions, are marginalized in a cashless economy, lacking the infrastructure to support credit cards or traditional bank account requirements.
Innovation Solution
A system that creates a limited account for these individuals, enabling cashless transactions through a visual code associated with a fob or mobile device, allowing restricted access and oversight, with features like geographical or IP-based limitations, escrow periods, and verification processes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional bank accounts are required for participation in the cashless economy, then security and transaction capabilities are improved, but accessibility and inclusion of limited users deteriorates
Solution Approach 1:
The patent segments bank account functionality into distinct feature sets (deposit, withdrawal, transfer, payment) and creates limited accounts that provide only the necessary subset of features. This allows users to have secured accounts without requiring full bank account capabilities, resolving the contradiction between security and accessibility.
Solution Approach 2:
The patent introduces a third-party administrator as an intermediary who manages limited accounts on behalf of users who cannot directly access bank services. This intermediary structure enables secure transactions while maintaining accessibility for limited users, as the administrator handles the complex authentication and transaction processing.
2Adaptability or versatility
If full bank account features are provided to limited users, then accessibility is improved, but security and oversight of transactions deteriorates
Solution Approach 1:
The patent extracts and removes unnecessary or potentially harmful account features from full bank accounts, creating limited accounts with only essential functions. This extraction process maintains accessibility for limited users while inherently improving security by eliminating features that could be misused or create vulnerability.
Solution Approach 2:
The patent implements feedback mechanisms where the third-party administrator receives notifications and updates about account activity, allowing for ongoing oversight and control. This feedback loop enables security monitoring while maintaining user accessibility, as the administrator can respond to transactions and adjust access as needed.
3Reliability
If limited access features are implemented for restricted users, then security and oversight are improved, but ease of operation and user convenience deteriorates
Solution Approach 1:
The patent enables limited users to perform basic account operations independently through simplified interfaces, while the third-party administrator handles more complex tasks. This self-service capability maintains ease of operation for users while preserving oversight through the administrator's monitoring role.
Solution Approach 2:
The patent creates a dynamic access model where user permissions and account features can be adjusted in real-time based on circumstances. This dynamic approach maintains ease of operation by adapting to user needs while preserving security and oversight capabilities when required.
Data Source
AI summary
A method according to the present disclosure may include receiving information associated with a user; generating, via a computing device, a limited account for the user, the limited account having at least one restriction, according to the received information; causing a code associated with the limited account to be applied to a physical token; providing, to a mobile device that scans the code, limited access to the limited account; receiving, from the mobile device, an instruction to transfer an asset to or from the limited account; and causing the asset to be transferred according to the instruction.