Tokenized Payment Intermediary for SME Transaction Security
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Small and medium-sized enterprises (SMEs) face challenges in implementing electronic payment systems due to high costs and lack of standardized transaction systems, leading to inefficiencies in payment processing and lack of anonymity in traditional payment methods, which require sharing bank account information and involve manual labor in processing invoices and payments.
Innovation Solution
A computer-implemented method and system that enables SMEs to connect with each other for business transactions, including credibility rating, identity verification, and payment processing, by automating invoice recognition, payment document generation, and electronic payment processing, allowing for secure and efficient transactions without revealing bank account information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional payment methods are used, then bank account information can be shared for payment processing, but entities cannot maintain anonymity and security in financial transactions
Solution Approach 1:
The patent introduces an intermediary payment processing system that acts as a mediator between payors and payees. This system uses tokenization to replace sensitive bank account information with non-sensitive tokens, allowing payments to be processed without exposing actual bank account details. The intermediary system manages the mapping between tokens and real account information, ensuring both security and functionality.
2Productivity
If SMEs implement dedicated electronic payment systems, then payment processing efficiency can be improved, but the cost becomes prohibitive for small and medium-sized enterprises
Solution Approach 1:
The patent describes a universal payment processing system that serves multiple entities simultaneously. This cloud-based platform provides electronic payment processing, invoice recognition, and transaction management capabilities to multiple SMEs through a shared infrastructure. By consolidating these functions into a single multi-tenant system, the patent eliminates the need for each SME to deploy dedicated systems while maintaining full functionality.
Solution Approach 2:
The system incorporates automated invoice recognition using optical character recognition (OCR) and machine learning algorithms to automatically process and categorize invoices. This self-service capability allows the system to handle document processing, data extraction, and payment routing without manual intervention, significantly improving efficiency while reducing operational costs for SMEs.
3Ease of manufacture
If manual invoice processing is used, then implementation cost is low, but manual labor and processing time increase significantly
Solution Approach 1:
The patent replaces manual mechanical invoice processing with automated optical character recognition (OCR) and machine learning systems. These technologies scan, recognize, and extract data from invoice documents automatically, eliminating the need for manual data entry and processing. The system can process multiple invoices simultaneously, dramatically reducing processing time while maintaining low implementation costs through cloud-based deployment.
Data Source
AI summary
Among other things, embodiments of the present disclosure enables corporate entities to connect with each other and enables social networking interactions, credibility rating, identity verification, and/or business transactions between the corporate entities.