Secure Online Payment System with Intermediary Verification
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Solution Overview
Problem
Existing online payment systems lack security, are inconvenient for both customers and vendors, and often result in errors or delays in payment processing, particularly for small businesses.
Innovation Solution
A method and system for secure online payments that involves entering information associated with a transaction, generating a digital bill, associating it with a customer's account, alerting the customer to status changes, receiving payment instructions, and processing payments through an online secure payment system, which can include a cloud server or microservices architecture, ensuring secure data storage and processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a vendor issues an invoice with a unique payment code for a customer to enter into their online banking system, then the payment can be made through online banking, but the system suffers from potential lack of online security or the possibility of fraudulent invoices being generated with fraudulent payment codes
Solution Approach 1:
The patent introduces an intermediary online payment system that acts as a mediator between the vendor's billing system and the customer's banking system. This intermediary system verifies the authenticity of payment codes, validates invoices, and securely processes payments, thereby preventing fraudulent invoices and payment code abuse while maintaining the convenience of online payment processing
Solution Approach 2:
The system implements feedback mechanisms where the online payment system communicates with both the vendor's billing system and the customer's banking system to verify payment code authenticity, validate invoice details, and confirm payment processing. This feedback loop ensures that fraudulent attempts are detected and rejected, enhancing payment security
2Reliability
If payment codes are made long and complex to ensure security, then security is improved, but the chance of a customer entering the wrong code increases, delaying payment or transferring payment to an incorrect account
Solution Approach 1:
The patent implements a copying mechanism where the online payment system automatically captures and stores the payment code from the vendor's billing system, then automatically enters this code into the customer's banking system. This eliminates manual code entry by customers, ensuring that the exact payment code is used without transcription errors, while the system maintains security through automated verification processes
Solution Approach 2:
The system performs self-service by automatically generating, validating, and processing payment codes without requiring customer intervention. The online payment system autonomously handles the complex payment code management, verification, and entry processes, reducing both security risks and entry errors while maintaining operational simplicity for users
3Ease of operation
If bill details must be manually entered into a payment system by the customer, then the customer can control when payments are made, but this increases the risk of entry errors and makes it easy for a customer to forget to enter a bill
Solution Approach 1:
The patent implements preliminary action by having the vendor's billing system pre-generate and transmit invoice details and payment codes to the online payment system before the customer needs to make a payment. This pre-population of payment information eliminates the need for customers to manually enter bill details, reducing entry errors while maintaining customer control over payment timing through the automated system
4Ease of operation
If manual entry of bill details is required, then customers can schedule payments according to their financial situation, but this process is inconvenient for both customers and vendors and can lead to delays in the vendor receiving payment
Solution Approach 1:
The patent implements dynamics by creating a flexible payment system that can adapt to different customer needs and vendor requirements. The system allows customers to choose between immediate automated payment processing and scheduled payment options, while the vendor can configure different payment terms and receive notifications when payments are processed. This dynamic approach maintains customer control over payment timing while significantly reducing processing delays through automation
Solution Approach 2:
The system ensures continuity of useful action by maintaining constant communication between the vendor's billing system, the online payment system, and the customer's banking system. Invoice details are continuously available for payment, payment status is continuously updated, and both parties receive continuous notifications, eliminating gaps in the payment process and ensuring timely payment processing while maintaining customer flexibility
Data Source
AI summary
A method for making a secure payment, the method comprising the steps of: entering, using an online secure payment system, one or more pieces of information associated with a transaction for a customer from a biller; generating, via the online secure payment system, a digital bill for the customer from the one or more pieces of information; associating the digital bill with an account for the customer in the online secure payment system and alerting the customer to a change in status in the account; receiving, with the online secure payment system, a payment instruction for the digital bill from the customer; and processing, with the online secure payment system, the payment instruction for the digital bill and sending payment of the digital bill to the biller.