Unique Payment Links for Secure Direct Merchant Transfers
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Solution Overview
Problem
Existing digital payment systems require users to create accounts with third-party platforms, necessitating multiple sign-ups and potential disclosure of sensitive information, leading to inconvenience and security risks.
Innovation Solution
A transaction management system that enables direct payments between payer and payee through unique hyperlinks, eliminating the need for third-party accounts by using email or text messaging, with security features like time limits and access restrictions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users create accounts with third-party payment systems to facilitate digital payments, then payment security and transaction management are improved, but user convenience deteriorates due to multiple sign-ups and data disclosure requirements
Solution Approach 1:
The patent extracts the payment processing function from third-party platforms and implements direct peer-to-peer transfers. The system generates unique payment links that enable direct fund transfer between payer and payee without requiring either party to create accounts with intermediary services, thereby eliminating the need for multiple sign-ups while maintaining security through encrypted communication and time-limited access
Solution Approach 2:
The patent introduces a communication infrastructure as an intermediary that facilitates direct payments. This infrastructure includes message routing systems, secure link generation, and time-limited access mechanisms that enable direct fund transfers without requiring traditional third-party payment accounts, thus resolving the contradiction between security and convenience
2Loss of information
If third-party payment systems are used to facilitate payments, then transaction traceability is improved, but data exposure and security risks increase
Solution Approach 1:
The patent removes sensitive payment data from third-party systems by implementing direct peer-to-peer transfers. Payment links contain encrypted transaction information that is transferred directly between payer and payee, eliminating the need to disclose account details to intermediaries while maintaining complete transaction traceability through the communication infrastructure
Solution Approach 2:
The patent employs time-limited payment links that automatically expire after a predetermined period. These disposable links contain all necessary transaction information in an encrypted format and are valid only for a limited duration, thereby reducing the window for data exposure while maintaining complete transaction records for traceability
Data Source
AI summary
A payer initiates a payment transaction of a certain dollar amount through a user interface provided by their bank. The bank generates a hyperlink associated with the payment transaction. By managing a state of the transaction, the hyperlink can be given an expiration time and/or a counter of visits. The hyperlink is sent to a payment recipient in a text message or email, either by the payer or by the bank. Upon following the hyperlink, the recipient can enter their own debit card information to receive the money transfer to their debit account, without the need to set up an account login or account. A notification mechanism, such as a broadcast stream of payments, can be employed to inform different entities (such as those recording property payments or utilities payments) that a payment was made to the payment recipient.