Receiver-Driven Money Transfer System Inversion
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Solution Overview
Problem
Current money transfer systems often fail due to incorrect receiver information provided by senders, and receivers may be hesitant to share personal details, leading to delayed transactions and frustration for both parties.
Innovation Solution
Implementing a receiver-driven money transfer system where the receiver initiates and sets up the transaction, with the sender only needing to authorize and provide funds, using a money transfer host system that ensures compliance with regulations and facilitates secure communication and funding.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If the sender provides receiver information to initiate a money transfer, then the money transfer can be executed, but incorrect information may be provided leading to transaction failures
Solution Approach 1:
The patent inverts the traditional money transfer initiation process by allowing the receiver to initiate the transfer instead of the sender. The receiver provides their own accurate information and contact details to the money transfer system, which then notifies the sender. This inversion ensures information accuracy since the receiver is providing their own verified details, while still maintaining ease of operation as the sender only needs to respond to a notification rather than manually entering all information.
2Ease of manufacture
If the receiver provides personal information to the sender, then the money transfer can be initiated, but the receiver may feel uneasy about sharing account information
Solution Approach 1:
The patent introduces a money transfer system as an intermediary between the sender and receiver. The receiver provides their information to the system, which acts as a secure intermediary to notify the sender. This intermediary approach eliminates the need for the receiver to directly share personal or account information with the sender, addressing the receiver's hesitation while still enabling the money transfer to be completed.
3Productivity
If the sender manually provides all receiver information, then the money transfer can be initiated, but the process becomes complex and error-prone
Solution Approach 1:
The patent applies preliminary action by having the receiver pre-provide their information, contact details, and transfer instructions to the money transfer system before the sender needs to initiate the transfer. The system stores this information and automatically generates notifications to the sender, eliminating the need for the sender to manually gather and verify receiver information. This preliminary action significantly reduces the complexity and time required for the sender to initiate the transfer.
Data Source
AI summary
A method for performing a money transfer initiated by a receiver of the money transfer, wherein the method includes receiving a money transfer initiation request from the receiver and the money transfer initiation request includes an amount of funds to be transferred, receiver information, and sender information. The method also includes staging a money transfer transaction after receiving the money transfer initiation request, wherein the money transfer transaction is pending an authorization by the sender to fund the money transfer. The method further includes providing the sender with a notification of the money transfer transaction, receiving the authorization to fund the money transfer transaction, and executing the money transfer to transfer the funds from the sender to the receiver.