Staged Transaction Distribution Profile for Unbanked Money Transfers
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Solution Overview
Problem
Current money transfer systems are inefficient for unbanked individuals and non-bank financial institutions, as they often require one-time cash transactions and lack flexibility, especially when cross-border transactions with currency changes are involved, limiting access to various transfer options.
Innovation Solution
A system that allows customers to create a distribution profile with payment source identification and transaction specifications, enabling multiple money transfers with multifactor authentication, and utilizing existing data processing platforms to facilitate cross-border transactions with enhanced customer control and convenience.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If one-time cash transactions are used for money transfers, then unbanked individuals can perform transfers without bank accounts, but the process requires repeated cash handling and separate funding for each transaction
Solution Approach 1:
The system performs preliminary actions by requiring customers to complete registration and provide payment source identification before actual transactions. Transaction specifications are staged in advance, allowing multiple transfers to be executed without repeated cash handling. This preliminary setup eliminates the need for separate cash funding for each transaction while maintaining accessibility for unbanked individuals.
Solution Approach 2:
The patent introduces an intermediary system that acts as a mediator between unbanked individuals and the money transfer network. This intermediary platform stores transaction specifications and payment source information, enabling customers to perform multiple transfers without directly handling cash each time. The system bridges the gap between cash-based funding and electronic transfer execution.
2Adaptability or versatility
If separate data processing platforms are used for different agent groups and transaction types, then specific transaction requirements can be addressed, but the system complexity increases and not all platforms support all transaction varieties
Solution Approach 1:
The patent creates a universal transaction specification structure that can accommodate multiple transaction types and agent groups within a single platform. The staged transaction specifications are designed to be platform-agnostic, allowing the same core system to handle various transaction varieties without requiring separate specialized platforms for each agent group or transaction type.
Solution Approach 2:
The system segments transaction processing into distinct specification stages (registration, specification staging, execution) that can be independently configured for different transaction types. This segmentation allows the core platform to remain simple while accommodating complex transaction requirements through modular specification definitions rather than requiring complex platform architecture.
3Productivity
If multiple transaction specifications are staged in advance, then customers can perform multiple transfers efficiently, but the system must store and manage complex transaction data
Solution Approach 1:
The system extracts and separates critical transaction elements into distinct specification stages, storing only essential data (payment source identification, recipient information, transfer parameters) rather than complete transaction details. This extraction approach allows multiple transaction specifications to be staged with minimal data storage requirements while maintaining the ability to execute complex transfer sequences.
Data Source
AI summary
A method for performing transactions comprises receiving registration information and transaction specifications, generating a distribution profile based on the registration information, and storing the transaction specifications in the distribution profile. The distribution profile is identified based on an initiation instruction and associated user authentication data, and one of the transaction specifications in the distribution profile is identified based on the initiation instruction. Payment source status is verified and a send transaction is initiated, based on the payment source status.