Mobile Device Credit Account System for Secure Remote Transactions

Resolve Bottlenecks,
Find Innovative SolutionsGenerate Solutions

Solution Overview

Problem

Mobile communication devices lack the capability to fully leverage advanced data services due to the slow adaptation of service providers in incorporating new applications, and traditional banking methods are not well-suited for the modern, cashless society, where convenient and secure financial transactions are needed on-the-go.

Innovation Solution

A mobile communication device (MCD) credit account system that associates a unique ID with a credit account, enabling remote credit transactions, peer-to-peer transfers, currency conversions, and benefit management, using a remote communication interface and encryption for security, allowing MCDs to function as credit cards without physical cards or identification information.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Ease of operation

If traditional banking methods are used, then financial transactions can be conducted, but user mobility and convenience are reduced due to the need for physical visits to bank branches

Engineering Contradiction:

Improveconvenience of financial transactionsVSAvoidtime required for bank visits

Core Design Contradiction:

Ease of operationVSLoss of time

Solution Approach 1:

The patent replaces the mechanical system of physical bank branch visits with an electronic system. Mobile communication devices serve as electronic banking terminals, allowing users to conduct financial transactions through wireless communication interfaces rather than traveling to physical locations. This substitution eliminates the need for mechanical movement (traveling to banks) while maintaining transaction functionality.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The patent makes mobile communication devices universal by enabling them to perform multiple functions including traditional banking operations. The mobile device can access credit accounts, perform transactions, and communicate with financial institutions through its existing communication capabilities, transforming it from a single-purpose device to a multi-functional financial platform.

Inventive Principle:

Principle #6Universality (Multi-functionality)

2Adaptability or versatility

If mobile communication devices are made more portable and personal, then user mobility increases, but the rate of adaptation of service providers for new applications decreases

Engineering Contradiction:

Improvemobility of communication devicesVSAvoidrate of incorporation of new applications

Core Design Contradiction:

Adaptability or versatilityVSProductivity

Solution Approach 1:

The patent applies preliminary action by pre-establishing credit accounts and financial service frameworks before the mobile device reaches the user. The infrastructure for credit transactions, account management, and financial services is set up in advance, allowing new applications to be immediately utilized without requiring service providers to adapt infrastructure in real-time.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The patent introduces an intermediary system that bridges mobile devices and financial institutions. This intermediary layer includes credit account management components and communication interfaces that enable financial services to be delivered to mobile devices without requiring direct integration between the device and complex financial infrastructure, thereby accelerating adoption.

Inventive Principle:

Principle #24Intermediary (Mediator)

3Ease of operation

If credit transactions are conducted remotely through mobile devices, then ease of operation improves, but security risks increase due to remote communication interfaces

Engineering Contradiction:

Improveease of credit transactionsVSAvoidsecurity risks of remote transactions

Core Design Contradiction:

Ease of operationVSObject-affected harmful factors

Solution Approach 1:

The patent uses copying by creating digital representations of financial accounts and transaction data within the mobile device. Instead of transmitting sensitive information directly, the system creates secure copies of account data that can be encrypted and managed locally, reducing exposure to security risks while maintaining transaction capability.

Inventive Principle:

Principle #26Copying

Solution Approach 2:

The patent extracts sensitive financial information from centralized systems and places it within secured environments on the mobile device. By taking out data from vulnerable centralized locations and storing it in secure, encrypted forms on the device, the system reduces the attack surface while maintaining accessibility for authorized transactions.

Inventive Principle:

Principle #2Taking out (Extraction)

Data Source

PatentUS8805740B2Mobile device credit account

Publication Date: 2014.08.12 WELLS FARGO BANK NA

AI summary

Providing for a mobile communication device (MCD) credit account and credit transactions by way of such an MCD is described herein. As an example, a credit account sponsored by a financial or commercial entity can be associated with a unique ID of an MCD. The MCD can interface with another electronic device and initiate credit transactions, such as commercial purchases, credit transfers, currency conversions, and the like, via the interface. Further, rules provided by the sponsoring entity can guide such transactions, enforcing credit limits, for instance. A management component can then synchronize transactions conducted by the device with a server of a financial institution over a remote communication interface, such as the Internet or a cellular/mobile communication network. Accordingly, a mobile device can replace a traditional credit card in transacting credit business.