Online Account Verification via Electronic Credit Data Exchange

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Solution Overview

Problem

The process of opening online gambling accounts is delayed due to the need for physical submissions of documents, which discourages potential users.

Innovation Solution

A system and method that allows for the real-time establishment and approval of online accounts by receiving identification and credit information during a communication session, enabling immediate account opening and access.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If physical mailings of documents are required for account approval, then verification reliability is improved, but account opening time increases

Engineering Contradiction:

Improveverification reliabilityVSAvoidaccount opening time

Core Design Contradiction:

ReliabilityVSLoss of time

Solution Approach 1:

The patent replaces the mechanical mailing system with an electronic communication system. Credit verification requests are transmitted electronically to bureaus, and responses are received digitally, eliminating the need for physical document mailing while maintaining verification integrity through electronic authentication protocols

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The system creates and transmits electronic copies of credit verification requests and responses instead of requiring original physical documents. This allows multiple parties to access and process the same verification data simultaneously without delaying the account opening process

Inventive Principle:

Principle #26Copying

2Reliability

If credit verification requests are sent to multiple bureaus, then verification completeness is improved, but processing time increases

Engineering Contradiction:

Improveverification completenessVSAvoidprocessing time

Core Design Contradiction:

ReliabilityVSLoss of time

Solution Approach 1:

The system pre-establishes electronic communication channels and protocols with multiple credit bureaus before account opening requests are received. Verification templates and data formats are pre-configured, allowing immediate processing of credit requests without setup delays

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system implements parallel processing of credit verification requests to multiple bureaus simultaneously rather than sequentially. Electronic transmission and reception occur continuously without interruption, and the system continuously monitors for responses from any bureau to expedite the overall verification process

Inventive Principle:

Principle #20Continuity of useful action

Data Source

PatentUS8001039B2System and method for establishing and providing access to an online account

Publication Date: 2011.08.16 CANTOR INDEX LLC

AI summary

A method of providing an account is provided. The method includes receiving identification information associated with a user during a communication session. The method further includes communicating a request for credit information, wherein the request includes at least a portion of the identification information. The requested credit information is received and an account is approved based at least in part on the received credit information. The account is opened and access is provided to the opened account during the communication session.