P2P Payment System Using Aliases to Secure Transactions
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Solution Overview
Problem
Current systems for person-to-person (P2P) payments are often inconvenient and insecure, requiring users to share confidential account information and involve complex setups, especially when transferring money between individuals who are not customers of the same financial institution.
Innovation Solution
A P2P payment system that allows users to send and receive payments using aliases such as mobile phone numbers or email addresses, eliminating the need for account information sharing, and integrating with online banking systems for secure and user-friendly transactions, enabling payments to and from anyone regardless of their financial institution affiliation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users share confidential account information to enable P2P payments, then payment functionality is achieved, but security and user privacy are compromised
Solution Approach 1:
The patent introduces an alias (such as mobile phone number or email address) as an intermediary between the sender and recipient's actual account information. The sender provides the alias instead of direct account details, and the system mediates the connection through its platform, allowing payments to be processed without exposing confidential account information. This resolves the contradiction by enabling payment functionality while maintaining security through the intermediary layer.
2Ease of operation
If third party service providers facilitate P2P payments, then payment capability is enabled, but system complexity and setup requirements increase
Solution Approach 1:
The patent merges the P2P payment functionality directly into the existing online banking system, eliminating the need for separate third-party service provider accounts and setups. Users leverage their existing banking credentials and account structure to access P2P payment features, combining multiple functions (banking + P2P payments) into a single integrated platform. This reduces setup complexity while maintaining payment capability.
3Ease of operation
If users register with third party service providers for P2P payments, then payment access is granted, but time consumption and inconvenience increase
Solution Approach 1:
The patent performs preliminary actions by requiring users to establish banking accounts and online banking access before needing P2P payment functionality. Since most users already have banking relationships and online banking setup complete, the preliminary work (account creation, authentication systems, financial infrastructure) is already in place. When users need P2P payments, they can access the feature immediately using their existing credentials without additional setup time.
4Measurement precision
If P2P payment systems require account information disclosure, then transaction accuracy is improved, but user privacy and security are compromised
Solution Approach 1:
The patent segments the payment information into two distinct parts: the alias (public identifier like phone number or email) that can be freely shared, and the actual account information (private banking details) that remains protected. The system processes transactions by matching aliases to accounts internally without requiring the sender to see or handle the recipient's sensitive account information. This segmentation maintains transaction accuracy through proper matching while protecting user privacy.
Data Source
AI summary
System, method, and computer program product are provided for a user to send and receive P2P payments using the Internet. Through the use of a network, a user may access accounts the user has at a financial institution and direct payments to other individuals or entities using the other individuals or entities alias. In this way, the user may ensure a secure payment to a third-party through the network associated with a financial institution. The payments may be directed to individuals the user may input into the system by providing the user's alias. A user's alias may be a unique identifier of the user and tied to a financial account of that user. In this way, the sender of the P2P payments may input the recipient's alias and transfer funds via the P2P payment system without having to input the recipient's account information.