Money Transfer System Using Stored Recipient Data
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Solution Overview
Problem
The process of transferring money is often inconvenient and time-consuming, requiring senders and recipients to visit money transfer offices or use ATMs, and involves complexities such as needing to know recipient account information and manage PINs and security codes.
Innovation Solution
A system where a sender can initiate a money transfer using an initiating terminal, with associated recipient account information stored in a database, allowing for seamless transfer without needing to know recipient details, using a network-connected database management system to facilitate transactions between primary and partner accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If the sender uses traditional money transfer methods (visiting money transfer office or ATM), then the transfer can be completed, but the process is time-consuming and inconvenient
Solution Approach 1:
The system enables senders to initiate money transfers automatically through an electronic interface without requiring visits to physical locations. The sender inputs their account information and designates recipients, and the system automatically completes the transfer process, eliminating the need for manual intervention at money transfer offices or ATMs.
Solution Approach 2:
The patent introduces an intermediary system comprising a database and network infrastructure that connects senders and recipients. This intermediary automatically manages the transfer process, including retrieving recipient information from the database and facilitating the money transfer, thereby eliminating the need for direct interaction between senders and recipients at physical locations.
2Ease of operation
If the sender uses ATM for money transfer, then the transfer can be completed, but the sender needs to know recipient account information and manage PINs and security codes
Solution Approach 1:
The patent extracts the complexity of managing recipient account information, PINs, and security codes from the sender's responsibilities. The system automatically retrieves this information from the database when the sender designates a recipient, eliminating the burden of manually managing and communicating sensitive account details.
Solution Approach 2:
The system creates and maintains copies of recipient account information in its database. When a sender wants to transfer money, the system retrieves the necessary information from these stored copies rather than requiring the sender to input or manage the actual account details, thereby simplifying the user interface and reducing complexity.
Data Source
AI summary
A system and method for facilitating money transfer from a primary account holder to one or more partner accounts. The primary account holder uses a self-service terminal, which displays information on each of several related partner accounts. The displayed partner account information permits the selection of the partner account into which money is to be transferred.