QR-Enabled Transaction Card for Contactless Client Authentication
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Solution Overview
Problem
Financial institutions face challenges in maintaining the same level of safety and quality of service in digital financial services while eliminating the need for in-person visits, particularly in securely accessing and managing client financial accounts.
Innovation Solution
A transaction card equipped with a smart chip for contactless financial transactions and a QR code for client authentication credentials, enabling automatic launch of financial institution mobile or web applications, and secure access to client financial accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If digital or online financial services are provided to eliminate in-person visits, then client convenience is improved, but security and quality of service may deteriorate
Solution Approach 1:
The authentication process is segmented into multiple independent verification steps: device authentication via QR code scanning, identity verification through authentication credentials, and transaction authorization. This multi-layered segmentation ensures that each aspect of security is independently verified while maintaining overall system convenience
Solution Approach 2:
Authentication credentials are pre-configured and stored securely in the client device before actual transactions occur. The QR code contains pre-encoded authentication data that enables immediate verification without requiring real-time manual intervention, thus maintaining both convenience and security
2Reliability
If manual authentication processes are used for digital financial services, then security can be maintained, but time efficiency deteriorates
Solution Approach 1:
The manual mechanical process of typing authentication credentials is replaced with an optical scanning system. The QR code authentication mechanism uses camera-based optical recognition to automatically capture and verify credentials, eliminating manual input while maintaining security verification integrity
Solution Approach 2:
The system enables self-service authentication where the client device automatically scans the QR code, extracts authentication credentials, and completes the verification process without requiring manual intervention or assistance from bank personnel, thus saving time while ensuring security
3Ease of operation
If contactless transaction methods are implemented, then client convenience is improved, but authentication reliability may worsen
Solution Approach 1:
The patent merges two previously separate processes into a unified contactless system: the physical card presentation process is combined with digital QR code authentication. The transaction card integrates both contactless payment capabilities and authentication credential delivery, allowing both functions to be performed through a single contactless interaction that maintains high reliability
Data Source
AI summary
A transaction card, a computing device, a computer program product, a computer-implemented system, and a computer-implemented method for delivering financial services and, more particularly, facilitating client device authentication via a two-dimensional, machine-readable barcode (e.g., a quick response (QR) code) containing a link to facilitate an automatic launch of a financial institution mobile application and client authentication credentials that facilitates authenticated client device access to one or more client financial accounts maintained by the financial institution.