Money Transfer Profile System for Automated Term Configuration
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Solution Overview
Problem
Conventional money transfer systems require manual negotiation and communication between senders and receivers, leading to potential miscommunication and uncertainty regarding transfer terms, with senders setting all terms without knowing the receivers' preferences, resulting in an inefficient and sometimes unsatisfactory process for both parties.
Innovation Solution
A computer system that creates user profiles for senders and receivers, allowing users to store and select money transfer preferences, enabling the server to automatically set transfer terms based on pre-stored profile information, facilitating seamless and efficient money transfers without manual re-entry or negotiation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If the sender sets all terms of the transfer when interacting with the agent, then the transfer can be initiated, but the receiver may not be satisfied with the transfer terms as the receiver's preferences are not considered
Solution Approach 1:
The system pre-configures transfer terms by retrieving saved profile information from the receiver before the transfer is initiated. This preliminary action ensures that the receiver's preferred terms are automatically applied, eliminating the need for manual negotiation while maintaining sender control over the transfer process.
2Adaptability or versatility
If the sender and receiver negotiate transfer terms apart from the agent, then the transfer can be customized, but miscommunication or incorrect information can prevent completion of the transfer
Solution Approach 1:
The receiver's profile information is automatically retrieved and applied to the transfer without requiring any action from the receiver. The system self-services the term configuration by accessing pre-stored data, eliminating communication between sender and receiver while ensuring accurate term application.
3Reliability
If the receiver has to inquire with the sender, remind the sender, and/or teach the sender how to initiate the transfer, then the transfer can be ensured to be correct, but the process becomes socially uncomfortable and time-consuming
Solution Approach 1:
All necessary transfer terms are pre-configured in the receiver's profile before the transfer is needed. This preliminary setup eliminates the need for real-time communication, reminders, or teaching during the transfer process, reducing both time loss and social discomfort while maintaining transfer accuracy.
4Adaptability or versatility
If manual negotiation and communication between senders and receivers is required, then transfer terms can be customized, but errors and uncertainties increase
Solution Approach 1:
The system automatically retrieves and applies transfer terms from the receiver's saved profile without manual input or communication. This self-service approach eliminates human error and uncertainty in term transmission while maintaining full customization based on the receiver's pre-stored preferences.
Data Source
AI summary
Various embodiments concern facilitating a money transfer by creating a first profile for a first user and a second profile for a second user. The first user can select the second profile from a plurality of profiles. The first user can enter a value designation for the transfer of money from the first user to the second user. A computing system can then stage the transfer of money based on previously saved profile information for the first user and the second user. The profile information can be used to set a plurality of terms of the money transfer without requiring either of the first user or the second user to reenter this information or otherwise affirmatively set the plurality of terms of the money transfer.