QR Code Fund Transfer System with Account Name Verification
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Solution Overview
Problem
Existing fund transfer systems lack efficiency and security in directly transferring funds between consumers using payment accounts, as they often rely on manual entry of account numbers and do not provide adequate protection for recipients' account information.
Innovation Solution
The system utilizes computer-readable indicia, such as QR codes, on access devices to identify destination accounts, allowing consumers to initiate fund transfers by scanning these indicia, which are encoded with account information, thereby simplifying transactions and enhancing security by hiding primary account numbers from recipients.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If manual entry of account numbers is used for fund transfers, then consumers can transfer funds between accounts, but the process is inefficient and security is compromised due to exposure of primary account numbers
Solution Approach 1:
The patent uses tokens as digital copies or representations of primary account numbers. Instead of directly exposing or manually entering actual PANs, the system creates and uses token copies that represent the account information, thereby maintaining security while enabling fund transfer operations.
Solution Approach 2:
The patent introduces tokens as an intermediary between the consumer's device and the payment account system. These tokens mediate the fund transfer process by representing account information without requiring direct exposure or manual handling of sensitive primary account numbers, thus improving both security and operational efficiency.
2Ease of operation
If primary account numbers are distributed to consumers for identification, then payment accounts can be identified in transactions, but security is weakened as recipients' account information becomes exposed
Solution Approach 1:
The system replaces direct distribution of primary account numbers with distribution of token copies. These tokens contain encoded account information that enables identification and transaction processing without exposing the actual primary account numbers, thus maintaining operational capability while eliminating security risks.
Solution Approach 2:
The patent transforms the form of account identification by changing the parameter from actual primary account numbers to token representations. This parameter change maintains the functional capability of account identification while fundamentally altering the security profile by removing sensitive information from the transaction flow.
3Productivity
If computer-readable indicia with encoded account information are used, then fund transfers can be initiated by scanning, but the system complexity increases
Solution Approach 1:
The patent replaces manual entry mechanisms with optical scanning mechanisms. Instead of consumers physically typing or entering account information, the system uses camera-based scanning to capture and decode tokens from images, substituting mechanical keyboard input with optical detection and image processing.
Solution Approach 2:
The patent makes consumers' existing mobile devices multi-functional by enabling them to both display tokens and scan/decode tokens from other devices. This universal capability eliminates the need for specialized hardware while achieving high transaction efficiency through the integration of camera, processor, and communication functions in devices consumers already possess.
Data Source
AI summary
Systems and methods are provided for use in facilitating fund transfers between source accounts and destination accounts. One exemplary method includes capturing a computer-readable indicia representative of: a destination account identifier specific to a destination account of a first party and a name of the first party associated with the destination account and, in response to the captured indicia, displaying the name of the first party as a confirmation that the first party is associated with the destination account. The method also includes identifying a source account identifier associated with a source account based on a selection of the source account or on the source account being a default account, and compiling and transmitting a transfer request for a fund transfer based on: the destination account identifier, the source account identifier associated with the identified source account, and a payment amount for the fund transfer.