Smartphone OCR for Faster Product Loan Payoff
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing methods for paying off loans are inefficient and time-consuming, particularly for businesses with large inventories of products, as they require manual input of product identifiers to retrieve loan information and perform payments.
Innovation Solution
A smartphone-based system that authenticates users, captures product identifiers using a camera, extracts characters via OCR, and initiates loan payoff requests, allowing users to select actions such as payments or disputes, and facilitates efficient payment processing through linked accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual input of product identifiers is used to retrieve loan information and perform payments, then data accuracy can be maintained, but the process becomes time-consuming and inefficient
Solution Approach 1:
The patent replaces manual mechanical data entry with automated optical character recognition (OCR) technology. The system captures images of product identifiers using a mobile device camera and automatically extracts the identifier data through OCR processing, eliminating the need for manual typing or copying of identifier information.
Solution Approach 2:
The patent uses image copying of the product identifier instead of manual transcription. The mobile device captures an image of the identifier (such as a VIN sticker or document), and the system processes this visual copy to extract the necessary data, significantly reducing the time required compared to manual entry.
2Productivity
If automated image capture and OCR is used to extract product identifiers, then data capture speed increases, but the system complexity increases
Solution Approach 1:
The patent leverages the multi-functionality of existing mobile devices, which already possess cameras, processors, and operating systems capable of running OCR applications. By utilizing these pre-existing components for multiple purposes (photography, communication, and now automated data capture), the system achieves high productivity without requiring specialized dedicated hardware.
Solution Approach 2:
The mobile device itself performs the data capture and initial processing functions. The device's camera captures the identifier image, its processor runs the OCR algorithm to extract text, and its connectivity modules transmit the data to the server. This self-service approach eliminates the need for separate dedicated capture devices or complex intermediary systems.
3Ease of operation
If multiple accounts are linked to user profiles for payment flexibility, then user convenience increases, but the security risk and system complexity increase
Solution Approach 1:
The system performs preliminary authentication and authorization checks before allowing access to payment functions. User credentials are verified against the server, and the system determines which linked accounts the user is authorized to access based on pre-configured permissions. This preliminary security validation ensures that even with multiple linked accounts, only authorized transactions can proceed.
Solution Approach 2:
The system provides feedback to users about which accounts are linked and which actions are permissible for each account. The server communicates account status and authorization levels back to the mobile device, enabling users to make informed decisions about which account to use for a given transaction while maintaining security through visible authorization boundaries.
Data Source
AI summary
A method includes authenticating, by a resource of a mobile device, a user for accessing the resource based on user credentials of the user, determining, according to a profile of the user, a set of allowable actions to be taken by the user, determining a list of accounts linked to the profile of the user, receiving an image of an identifier corresponding to a product, the image captured by a camera of the mobile device, extracting characters from the image corresponding to the identifier, initiating a request, to a server, including i) the identifier and ii) information corresponding to the list of accounts, receiving, responsive to the request, data corresponding to the product and displaying information relating to the data which corresponds to the product, including the set of allowable actions permitted to be performed.