Pre-authorized Resource Allocation System
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Solution Overview
Problem
Current resource interaction systems do not allow for secure interactions where entities can initiate and allow others to complete transactions, leading to inefficiencies and delays in resource transfer reconciliation.
Innovation Solution
A system that enables an initiating user to set interaction limits and designated user requirements, allowing a designated user to complete interactions securely by verifying these conditions in real-time, using a real-time resource transfer network for immediate reconciliation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If traditional end-of-day reconciliation is used, then system complexity is reduced, but resource transfer speed and reconciliation efficiency deteriorate
Solution Approach 1:
The system performs pre-authentication of resource interactions before the actual resource transfer occurs. The initiating user's account is verified and authorized in advance, allowing the designated user to complete the interaction without requiring complex real-time authentication. This preliminary action enables instant resource transfer while maintaining security, resolving the contradiction between speed and complexity.
2Reliability
If pre-authorization with designated users is implemented, then interaction security is improved, but system complexity increases
Solution Approach 1:
The authentication process is segmented into two distinct phases: pre-authentication by the initiating user and completion authentication by the designated user. This segmentation allows the system to maintain high security through multiple authentication layers while keeping each individual authentication step relatively simple. The pre-authorization token acts as a segmented credential that simplifies the second authentication phase.
Solution Approach 2:
A pre-authorization token is introduced as an intermediary element between the initiating user and the resource transfer system. This token encapsulates the pre-verified authentication credentials, allowing the designated user to complete the interaction without directly exposing complex authentication mechanisms. The token serves as a simplified mediator that maintains security while reducing system complexity for the completion phase.
3Productivity
If real-time reconciliation is implemented, then productivity is improved, but processing costs increase
Solution Approach 1:
The pre-authentication process performs preliminary verification of account balances and authorization status before resource transfer. This preliminary action prevents failed transactions from reaching the reconciliation stage, reducing the total number of transactions that require expensive real-time processing. By filtering out unauthorized or insufficient funds transactions beforehand, the system achieves real-time reconciliation efficiency at lower processing costs.
Data Source
AI summary
An interaction and resource exchange system that provides authentication for a designated user to complete an interaction entered into by an initiating user. An initiating user is able to enter into interactions with third-parties and set one or more interaction limits and/or designated user requirements to allow a designated user to complete the interaction with the third-party should interaction limits and/or designated user requirements be met. The interaction limits and/or the designated user requirements allow for improved security related to these types of interactions and resource exchanges. In particular, the interaction and resource exchange may be implemented through a real-time resource exchange network that efficiently allows for the designated user to complete the interaction.