Retail Money Transfer Token System for Customized Transaction Completion
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Traditional money transfer systems are limited in their functionality and are not designed to facilitate retail purchases, lacking the ability to present money transfers as consumer merchandise items within a retail environment, which restricts their appeal and convenience.
Innovation Solution
A system and method that enables money transfer transactions to be performed as retail purchases by using tokens representing specific money transfer purposes, allowing customers to select and purchase money transfer products at retail locations, with completion interfaces for entering transaction details at a later time, enabling customization and tracking of delivery features.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If money transfer systems are presented only at agent offices or service counters, then the transaction process can be completed with basic information collection, but the customer experience is limited and the system is not perceived as a retail purchase option
Solution Approach 1:
The system is divided into two distinct phases: a retail purchase phase where customers select and purchase money transfer products at retail locations, and a completion phase where transaction details are entered at a completion interface. This segmentation allows the retail location to handle only the purchase aspect with minimal complexity, while the completion interface handles the detailed information collection.
Solution Approach 2:
A completion interface acts as an intermediary between the retail purchase and the actual transaction execution. This intermediary component receives the purchased product information and guides the customer through entering detailed transaction information, thereby bridging the gap between simple retail purchase and complex transaction processing.
2Ease of operation
If all transaction information must be collected at the point of purchase, then the transaction can be completed immediately, but the customer experience is degraded due to the need to provide extensive personal and recipient information in a retail setting
Solution Approach 1:
The system performs preliminary action by allowing customers to select and purchase money transfer products at retail locations before they need to provide detailed transaction information. The purchase can be made in advance with minimal information, and the detailed personal and recipient information can be entered later at a completion interface when the customer is ready.
3Adaptability or versatility
If money transfers are presented as consumer merchandise items with tokens, then the appeal and convenience are improved, but the system complexity increases due to integration with retail systems
Solution Approach 1:
The system enables money transfer products to serve multiple functions: they can be purchased as retail merchandise items at various retail locations, and the same product can be completed through different channels (in-store completion interface, telephone, or online). This multi-functionality allows the system to integrate with retail environments without requiring complex dedicated infrastructure.
4Ease of operation
If the completion interface allows customers to enter transaction details at a later time, then the ease of purchase is improved, but the transaction completion time is extended
Solution Approach 1:
The system provides dynamic flexibility by allowing customers to complete the transaction at their convenience through multiple channels. The completion interface can be accessed at any time after the retail purchase, and customers can choose the most convenient method (in-store, telephone, or online) to provide the required information, making the completion process adaptable to their schedule rather than fixed.
Data Source
AI summary
A system and method for performing customized money transfer send transactions uses a computer system connectable to receive data representing a send transaction identifier of at least one token. The computer system presents to the sender a completion interface that includes fields for receiving sender identification information, recipient identification information and a notification method, and message options related to the transaction. In response to receipt of sufficient information entered at the completion interface, an active, funded send transaction record is stored in the computer system including the message options for recipient notification.