Real-Time Payment Identifier Consolidation
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Solution Overview
Problem
The existing system for real-time transactions relies on multiple account alias addresses for each user across various merchant systems, leading to a high number of addresses that merchant systems need to maintain, which increases computing resources required.
Innovation Solution
A method and system where a real-time payment application on a user device generates and stores a real-time payment identifier, which is then communicated to merchant systems for transactions, reducing the need for multiple account alias addresses.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If multiple account alias addresses are generated for each user across various merchant systems, then transaction capability is improved, but computing resources required by merchant systems increase
Solution Approach 1:
The patent merges multiple account alias addresses into a single Real Time Payment Identifier (RTPI) that is stored on the user device. Instead of each merchant system maintaining separate account alias addresses for the same user, the system consolidates these into one RTPI that the user can present across multiple merchant systems, thereby reducing the computing resources required while maintaining transaction capability.
Solution Approach 2:
The RTPI is designed as a universal identifier that functions across multiple merchant systems. The same RTPI stored on the user device can be used for transactions with different merchants, eliminating the need for merchant-specific account alias addresses and reducing the overall complexity and resource requirements of the payment system.
2Adaptability or versatility
If multiple account alias addresses are maintained for the same user, then user coverage across merchants is improved, but security risk increases due to more identifiers being compromised
Solution Approach 1:
The patent combines multiple account alias addresses into a single RTPI that is securely stored on the user device. This consolidation reduces the number of identifiers that need to be managed and transmitted, thereby reducing the security risk while maintaining the ability to transact with multiple merchants.
Solution Approach 2:
The RTPI acts as an intermediary identifier between the user and merchant systems. Instead of exposing multiple account alias addresses to merchant systems, the user device presents the single RTPI, which reduces the attack surface and security risk while still enabling transactions across multiple merchants.
Data Source
AI summary
Described are a system, method, and computer program product for real-time transactions. The method includes receiving a real-time payment identifier request, the real-time payment identifier request including at least one of a phone number associated with the user device and an account identifier. The real-time payment identifier request may be communicated to a real-time payment platform located remotely from the user device. A real-time payment identifier may be received and stored in a real-time payment identifier database stored on the user device. A first transaction identifier request may be received from a first merchant system. The real-time payment identifier may be communicated to the first merchant system. A second transaction identifier request may be received from a second merchant system and the real-time payment identifier may be communicated to the second merchant system.