Automated P2P Fund Transfer via Pre-Approved Trust Lists
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Solution Overview
Problem
Current electronic commerce systems lack efficient mechanisms for peer-to-peer and group financial management, particularly in facilitating secure and automated transactions between individuals and groups without requiring explicit authorization for each transfer.
Innovation Solution
A computer-implemented system that includes a payment processor and an accounts database, allowing for the creation and management of electronic payment accounts, enabling peer-to-peer transactions by identifying trusted relationships and automatically transferring funds between accounts without prior authorization, while also supporting group financial management through primary and sub-accounts with varying access levels.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If explicit authorization is required for each fund transfer, then security and control are improved, but transaction efficiency and user convenience deteriorate
Solution Approach 1:
The system performs preliminary authorization by requiring users to pre-approve payment destinations and amounts before actual transactions occur. This preliminary action establishes trust boundaries in advance, allowing subsequent transfers to execute automatically without requiring explicit authorization for each transaction, thereby resolving the contradiction between security and efficiency
2Ease of operation
If manual authorization is required for each transfer, then control and security are improved, but automation and speed deteriorate
Solution Approach 1:
Users perform preliminary control actions by setting up approved payee lists and payment rules in advance. Once configured, the system automatically executes transfers according to these pre-established parameters, eliminating the need for manual authorization while preserving user control through the initial configuration phase
Solution Approach 2:
The system enables self-service by automatically processing transfers between approved accounts based on pre-configured parameters. The automated system serves itself by matching payment requests against approved destinations and executing transfers without human intervention, thereby increasing automation while maintaining control through preliminary user decisions
3Ease of operation
If simple account structures are used, then ease of use is improved, but functionality for group financial management deteriorates
Solution Approach 1:
The system segments account structures into multiple hierarchical levels including individual accounts, group accounts, and sub-accounts. This segmentation allows the system to maintain simple interfaces for individual users while providing complex group financial management capabilities through the hierarchical account structure, resolving the contradiction between ease of use and functionality
4Reliability
If complex authorization procedures are implemented, then security is improved, but system complexity and processing time worsen
Solution Approach 1:
The system moves security checks to the preliminary configuration phase where users establish approved payee lists and payment parameters. During actual transactions, the system only needs to verify against these pre-established parameters rather than performing complex real-time authorization procedures, thereby maintaining security while reducing system complexity and processing time
Data Source
AI summary
This relates to transferring funds from a payer to a payee in a electronic payment system. The electronic payment system includes a payment processor and an accounts database. The payment processor receives a payment request from the payer. The payment request includes information to identify the payee and a payment amount. An accounts database is accessed to determine if the accounts database includes an account associated with the payee. Based on a determination that the accounts database includes an account associated with the payee, an electronic message is sent from the payment processor to the payee, to notify the payee of the payment request. The accounts database is accessed to determine if the payee is identified as having a trusted relationship with the payer.