Transaction Code System for Cross-Bank Transfers
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Solution Overview
Problem
Conventional systems for conducting commercial transactions are limited, requiring specialized equipment, restricting transactions to specific financial institutions and types, such as B2C, and not allowing seamless transfers between multiple banks or user devices.
Innovation Solution
A transaction code system that generates and transmits sale and confirmation transaction codes between user devices, enabling users to conduct various types of transactions, including B2B, C2C, and cross-bank transfers, using hardware processors and non-transitory media with computer-executable instructions, without the need for NFC chips, allowing users to initiate, verify, and settle transactions using multiple user devices.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If conventional transaction systems are used, then transactions can be conducted within a single financial institution, but the system cannot support cross-bank transfers or transactions between multiple financial institutions
Solution Approach 1:
The patent implements a universal transaction code system that can handle multiple types of transactions (B2C, B2B, C2C, cross-bank transfers) through a single standardized mechanism. The transaction code serves as a multi-functional identifier that works across different financial institutions and transaction types, eliminating the need for institution-specific transaction systems.
Solution Approach 2:
The patent introduces a centralized transaction processing system that acts as an intermediary between different financial institutions. This intermediary system receives transaction codes, processes them through standardized protocols, and executes the appropriate transactions across multiple banks, enabling cross-institutional transactions without direct integration between individual banks.
2Ease of operation
If specialized equipment is required for transactions, then transaction security can be maintained, but accessibility and ease of operation are reduced
Solution Approach 1:
The patent replaces specialized hardware equipment (such as NFC chips, dedicated transaction terminals) with software-based transaction codes that can be processed by standard computing devices. This substitution maintains security through cryptographic protocols and centralized verification while enabling transactions on common devices like smartphones and computers.
Solution Approach 2:
The patent uses digital copies of transaction information encoded in standardized codes that can be transmitted and verified across different platforms. Instead of requiring unique physical media for each transaction, the system uses replicable digital transaction codes that maintain their integrity through standardized verification processes.
3Adaptability or versatility
If conventional transaction systems are used, then transactions are limited to specific types (e.g., B2C), but the system cannot support diverse transaction types like B2B or C2C
Solution Approach 1:
The patent implements a dynamic transaction code system where the same basic code structure can adapt to different transaction types through variable parameters and flags. The system can dynamically adjust the interpretation and processing of transaction codes based on the specific transaction type (B2C, B2B, C2C, cross-bank), allowing a single flexible system to handle diverse transaction scenarios.
Data Source
AI summary
In accordance with some embodiments of the disclosed subject matter, methods for conducting a transaction using transaction codes are provided, the methods comprising: obtaining information about a trade item associated with the transaction; generating, using a hardware processor, a sale transaction code on a first user device; transmitting the sale transaction code to the first user device; receiving a first input of the sale transaction code on a second user device; generating a confirmation transaction code in response to receiving the first input, wherein the confirmation transaction code includes information about a second user account associated with the second user device; transmitting the confirmation transaction code to the second user device; receiving a second input of the confirmation transaction code on the first user device; and settling the transaction using the second user account in response to receiving the second input.