Multi-Account P2P Payment System with Unique Identifiers
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Solution Overview
Problem
Traditional computer-implemented account-to-account payment systems restrict users to transferring funds from a single account, requiring users to unlink and relink unique identifiers for each transaction, limiting flexibility and efficiency.
Innovation Solution
Implementing a system where each account is assigned a unique identifier by a financial institution, allowing users to select from multiple accounts for transactions, enabling funds to be transferred from one account and received into another using unique account identifiers, and validating transactions using hash values for integrity.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users are restricted to transferring funds from a single account in traditional P2P payment systems, then the system complexity is reduced and account management is simplified, but user flexibility and transaction efficiency are significantly limited
Solution Approach 1:
The system segments the account selection process by assigning unique identifiers to individual accounts within a user's portfolio. Each account (checking, savings, investment) can be independently identified and selected for transactions, allowing users to flexibly choose from multiple accounts without complicating the overall system architecture.
Solution Approach 2:
The unique identifier system serves multiple functions: it uniquely identifies accounts across different financial institutions, enables flexible account selection for transactions, and provides a universal interface for both sending and receiving funds. This multi-functional approach increases versatility without proportionally increasing system complexity.
2Productivity
If users must unlink and relink unique identifiers for each account in traditional systems, then account security is maintained through strict control, but transaction time and user convenience are significantly reduced
Solution Approach 1:
The system performs preliminary action by pre-assigning unique identifiers to each account and maintaining persistent linkages between users and their accounts. This eliminates the need for repeated unlinking and relinking operations, allowing users to quickly select from pre-configured accounts during transactions without time-consuming reconfiguration.
Solution Approach 2:
The system creates a virtual representation of account identifiers that can be referenced multiple times without affecting the original account linkages. Users can copy or reference their unique account identifiers across multiple transactions and contexts without needing to re-establish connections, significantly reducing transaction time.
3Adaptability or versatility
If multiple user accounts are created to enable transactions from different accounts, then account selection flexibility is achieved, but technical resource consumption and system overhead increase
Solution Approach 1:
The system merges multiple financial accounts under a single user profile by assigning unique identifiers to each account. This consolidation allows users to access and transact from multiple accounts (checking, savings, investment) through one unified interface, reducing the need for multiple separate user accounts and thereby conserving technical resources while maintaining flexibility.
Solution Approach 2:
A single user account in the system serves multiple functions by linking to various financial accounts through unique identifiers. This universal user account can handle transactions from different source accounts and to different destination accounts, eliminating the need for separate user accounts for each financial account and reducing overall system overhead.
Data Source
AI summary
Implementations of the present disclosure include receiving transaction data for a transaction that is to be executed by a computer-implemented person-to-person (P2P) payment system, the transaction data including a unique account identifier uniquely identifying an account of a first user among a plurality of accounts of the first user, and an amount to be transferred to the account from a second user, processing the transaction data to execute the transaction, and transmitting notifications to each of the first user and the second user, the notifications providing information regarding the transaction.