Mobile Wallet Unique Code ACH Fund Transfer
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Solution Overview
Problem
Current systems for mobile payments and fund transfers are inefficient and lack enhanced methods for individuals to use their mobile devices to make payments and transfer funds using wireless internet connections.
Innovation Solution
A computer-implemented method and system that enables users to create and manage mobile wallet accounts through online communities, fund them using various sources, and transfer funds via an Automated Clearing House (ACH) network using unique codes generated by mobile devices for secure transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional payment methods (credit cards, checks, cash) are used, then payment functionality is available, but portability and convenience are limited
Solution Approach 1:
The patent creates a digital copy of payment functionality by storing account information and generating virtual payment instruments (barcodes, QR codes, NFC tokens) on mobile devices. This allows users to replicate the function of physical cards and cash in a portable electronic format, eliminating the need to carry multiple physical payment methods while maintaining the same transactional capabilities
Solution Approach 2:
The mobile wallet system is designed to support multiple payment methods and transaction types within a single application. It can store multiple account types (checking, savings, credit), support various payment networks (ACH, credit card networks, debit card networks), and work across different device types (smartphones, tablets, wearables). This multi-functionality consolidates what would otherwise require multiple separate systems into one universal platform
2Ease of operation
If mobile devices are used for payments, then portability is improved, but security and reliability challenges arise
Solution Approach 1:
The system performs preliminary authentication and authorization actions before transactions occur. Account verification, security question validation, and transaction approval workflows are completed in advance through the mobile interface, ensuring that only authorized transactions are processed. This preliminary action layer adds security without requiring complex hardware at the point of sale
Solution Approach 2:
The mobile device acts as an intermediary between the user and the payment network, mediating the transaction through secure communication protocols. The system uses intermediate authentication layers including security questions, verified caller ID integration, and encrypted data transmission between the mobile device, merchant, and financial institutions. This intermediary role protects sensitive information while enabling secure transactions
3Loss of energy
If ACH network is used for fund transfers, then transaction costs are reduced, but processing speed may be affected
Solution Approach 1:
The system dynamically selects between different payment networks and transfer methods based on user needs and transaction characteristics. For immediate transfers, it can utilize faster networks; for non-urgent transfers, it defaults to the cost-effective ACH network. This dynamic approach allows the system to optimize for either speed or cost depending on the specific transaction context, rather than being locked into a single fixed method
Data Source
AI summary
A system for payment processing using a mobile device configured to generate a unique code associated with a transaction to pay a recipient. The system further comprises mobile wallet account processing logic configured to receive the unique code and payment receipt options from a recipient. The mobile wallet account processing logic is further configured to transmit funds using an ACH network to the recipient.