Remote Payment Authorization via Intermediary Code
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Solution Overview
Problem
Existing remote payment systems lack security and are inefficient in reducing transaction fees and settlement times.
Innovation Solution
A method and system for remote electronic authorization of payment that involves accessing a transaction site, entering a personal identification number, transmitting an authorization code, and charging the user, with options for secure encryption and incentives for linking alternative payment accounts, allowing transactions on various remote devices like mobile phones and computers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional remote payment systems are used, then payment transactions can be completed, but security is insufficient and transaction fees are high
Solution Approach 1:
The patent introduces an authorization code as an intermediary element between the customer and the payment system. The authorization code is transmitted to the customer's mobile device and then entered back into the transaction system, creating a mediator that enhances security while enabling the payment transaction to proceed through existing infrastructure without incurring additional fees.
Solution Approach 2:
The system performs preliminary actions by generating and transmitting the authorization code to the customer's mobile device before the actual payment transaction is completed. This preliminary step establishes security credentials in advance, allowing the subsequent transaction to be processed securely through standard channels.
2Productivity
If traditional remote payment systems are used, then payment transactions can be completed, but settlement times are prolonged
Solution Approach 1:
The authorization code serves as a mediator that enables faster settlement by pre-establishing authentication credentials. Instead of performing full authentication during the transaction, the system uses the pre-transmitted authorization code to verify the customer's identity, significantly reducing settlement time while maintaining security.
3Reliability
If security measures are enhanced in remote payment systems, then payment security improves, but system complexity increases
Solution Approach 1:
The authorization code is a simple intermediary element that enhances security without adding complex infrastructure. It is transmitted through existing messaging channels to the customer's mobile device and then entered back into the system, providing security enhancement while maintaining simplicity in the overall system architecture.
Solution Approach 2:
The customer's mobile device serves the dual purpose of receiving the authorization code and displaying it for entry. The device leverages its existing display and input capabilities to provide the security function, eliminating the need for additional hardware or complex system components.
Data Source
AI summary
A method of and system for authorizing a transaction remotely is disclosed. A customer uses a computer to browse for a product displayed on the Internet. The customer may enter a unique number into the computer. The unique number is authorized and an authorization code is sent to the customer's communication device. The customer enters the authorization code into the computer to complete the transaction.