Social Network Identity Verification for Secure SME Payments

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Solution Overview

Problem

Small and medium-sized enterprises (SMEs) face challenges in adopting electronic systems for processing invoices and payments due to high costs and the lack of a standardized transaction system, making it inefficient for them to share costs with other businesses, and traditional payment methods require explicit bank account information, which SMEs may not want to disclose.

Innovation Solution

A system and method for automated processing of invoices and payments that allows SMEs to aggregate invoices, recognize payment documents, and facilitate electronic transactions without revealing bank account information, using a network-based approach to share costs and improve efficiency.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Extent of automation

If SMEs install dedicated electronic systems for processing invoices and payments, then electronic transaction processing capability is improved, but system cost and complexity increase

Engineering Contradiction:

Improveelectronic transaction processingVSAvoidsystem cost and complexity

Core Design Contradiction:

Extent of automationVSDevice complexity

Solution Approach 1:

The patent combines multiple SMEs into a networked system where they share electronic processing capabilities. Instead of each SME installing its own dedicated system, the system merges processing functions across multiple businesses, allowing them to access electronic transaction processing through the network while sharing infrastructure costs.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The patent creates a universal electronic processing network that serves multiple SMEs with different processing needs. The system provides multi-functional capabilities including invoice processing, payment processing, and account management across different businesses, eliminating the need for each SME to maintain separate dedicated systems.

Inventive Principle:

Principle #6Universality (Multi-functionality)

2Ease of operation

If traditional payment methods are used, then bank account information can be exchanged for processing payments, but security and privacy are worsened due to exposure of bank account details

Engineering Contradiction:

Improvepayment processing capabilityVSAvoidbank account information exposure

Core Design Contradiction:

Ease of operationVSObject-affected harmful factors

Solution Approach 1:

The patent introduces an intermediary network system that facilitates payment processing without requiring direct exchange of bank account information between parties. The network acts as a mediator that enables transactions while keeping bank account details hidden, thus maintaining security and privacy while preserving payment processing capability.

Inventive Principle:

Principle #24Intermediary (Mediator)

Data Source

PatentUS10163102B2Method and system for using social networks to verify entity affiliations and identities

Publication Date: 2018.12.25 BILL OPERATIONS LLC

AI summary

Login credentials for at least one website, such as a social networking website, are received from a user purporting to act on behalf of an entity, for example, in the context of registering the entity with a system for electronic bill payment. Social data relating to the entity is retrieved from the websites using the login credentials. The social data comprises a plurality of social connections, each reflecting a respective relationship between the entity and a respective third party. A plurality of relevant social connections comprising at least a subset of the plurality of social connections is determined, each social connection of the plurality of relevant social connections reflecting a relationship to a respective third party that is deemed to be reliable. A reliability rating of the entity is then determined based on the plurality of relevant social connections.