Centralized Payee Token Management for Mobile Payment Apps
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Solution Overview
Problem
The management of payee information on mobile devices for payment applications is cumbersome, requiring users to enter multiple details and often necessitating the use of multiple applications for different financial accounts, with complications arising from one-time passcodes and out-of-band communication.
Innovation Solution
A method and system for managing payee information on a mobile device, involving the receipt, storage, and transfer of payment information tokens, which can be encrypted and securely communicated to payment applications, allowing for centralized management and use across multiple accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users manually enter payee details in each payment application, then payment information can be stored, but the process becomes cumbersome and time-consuming
Solution Approach 1:
The system automatically detects and extracts payee information from incoming payment notifications without requiring manual user input. The mobile device's processor automatically parses the payment message, extracts payee details, and populates the payee database, enabling the system to serve itself rather than requiring user intervention.
Solution Approach 2:
Payee information is automatically captured and stored in the database before any payment transaction occurs. When a payment notification is received, the system proactively extracts and saves payee details in advance, so that when the user wants to send money, the information is already readily available.
2Adaptability or versatility
If users install multiple payment applications for different financial accounts, then they can access all their accounts, but device complexity and management burden increase
Solution Approach 1:
The payee management system is designed as a universal database that can store and manage payee information for multiple different payment applications and financial accounts simultaneously. The database structure is account-agnostic, allowing it to serve as a centralized repository that works with any payment application installed on the device.
Solution Approach 2:
The patent combines multiple payee databases from different payment applications into a single unified payee database. Instead of having separate databases for each application, the system merges them into one centralized database that all payment applications can access, reducing redundancy and simplifying management.
3Adaptability or versatility
If payment information is stored in multiple applications, then access is available across accounts, but data synchronization and updates become complex
Solution Approach 1:
The centralized payee database acts as an intermediary layer between multiple payment applications and the user. Instead of each application maintaining its own separate data, the database mediates all access requests, providing a single source of truth that all applications can query and update through standardized interfaces.
4Reliability
If one-time passcodes are sent via out-of-band communication, then security is enhanced, but user access becomes more difficult when the payment application cannot be minimized
Solution Approach 1:
The system extracts the one-time passcode verification process from the payment application itself and handles it through a separate notification channel. The passcode is delivered via SMS or push notification independently of the application state, allowing users to access it regardless of whether the payment application is minimized or running in the background.
Data Source
AI summary
A system and method is provided for management of payee information. The method is performed at a management application on a mobile communication device and includes: receiving a token including information relating to a payee, the information including payment information enabling processing of a transaction to a financial account of the payee; storing the token or extracted payment information from the token in association with the management application; and transferring the payment information to a payment application operating on the mobile communication device, the payment application operable to process payment to the payee using the payment information. The payment information for each of multiple payees is stored and transferred to a payment application when required.