Standardized Payment Message Format for Real-Time Transaction Processing
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Solution Overview
Problem
Real-time payment networks lack support for person-to-merchant (P2M) transactions and often require proprietary integrations, which are costly and insecure, and do not facilitate immediate payment processing without user approval.
Innovation Solution
A payment system utilizing a trusted repository of transaction data, where a payments computer generates unique identifiers for transactions, enabling real-time payment processing through standard message formats, minimizing enrollment activities and ensuring user authentication and approval for each transaction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If proprietary API integrations are used in real-time payment networks, then transaction processing capability is enabled, but integration cost and security risk increase
Solution Approach 1:
The patent introduces a standardized message format acting as an intermediary between payment initiators and real-time payment networks. This message format serves as a universal interface that eliminates the need for proprietary API integrations, reducing both integration complexity and security risks while maintaining transaction processing capability across different networks
Solution Approach 2:
The patent creates a universal message format that can be used across multiple real-time payment networks and different transaction types (P2P, P2M, bill payment). This single standardized interface replaces multiple proprietary integrations, enabling one system to work with various payment networks without requiring network-specific implementation
2Speed
If real-time payment networks process transactions immediately, then payment speed is improved, but user approval mechanisms are bypassed increasing fraud risk
Solution Approach 1:
The patent implements preliminary user approval actions before transactions are processed in real-time. The message format includes fields for user authentication and authorization, ensuring that users approve transactions beforehand. This preliminary approval mechanism maintains the real-time processing speed while preventing fraud through pre-validated user consent
Solution Approach 2:
The patent incorporates feedback mechanisms where the payment system receives and processes user approval responses before executing transactions. The standardized message format includes fields for carrying approval status information, ensuring that real-time processing only occurs after receiving positive feedback from authorized users
3Ease of manufacture
If standard message formats are used instead of proprietary APIs, then integration cost decreases, but compatibility with existing networks must be maintained
Solution Approach 1:
The patent designs the standardized message format to be universally compatible with existing real-time payment networks. The format includes all necessary fields required by major networks (UPI/IMPS, Zengin, FPS, RTP) while using a single unified structure, eliminating the need for proprietary adaptations and reducing integration costs across different networks
Data Source
AI summary
A request for payment message is received. The message includes transaction data. A transaction identifier is generated. The transaction data is stored in association with the transaction identifier. The transaction identifier is transmitted to an acquirer bank. A request to retrieve data is received from a payer's bank. The request to retrieve data includes the transaction identifier. At least some of the transaction data is transmitted to the payer's bank. A confirmation is received from the payer's bank. The confirmation indicates that a real-time payment has been made in accordance with the request for payment message.