Transaction Scheduling via Biometric Identifier Generation
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Customers face significant wait times when conducting financial transactions at banking locations such as ATMs and brick-and-mortar banks, leading to frustration and a desire to complete transactions outside these locations to minimize wait times and potential identity theft risks.
Innovation Solution
A method and system that allow users to initiate and complete transactions using a registered device, which identifies suitable points of transaction, generates a unique identifier for the transaction, and schedules the transaction for completion at a selected location, enabling users to present the identifier for authentication and completion at the point of transaction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If customers conduct transactions at traditional banking locations (ATMs, brick-and-mortar banks), then transaction security can be maintained through physical authentication, but customers experience significant wait times and frustration
Solution Approach 1:
The system performs preliminary authentication and transaction setup through mobile device biometric verification before the customer arrives at the point of transaction. The unique identifier is generated and prepared in advance, so that when the customer arrives at the ATM or kiosk, the transaction is already authenticated and ready for rapid completion, eliminating traditional wait times.
2Loss of time
If customers complete transactions outside banking locations using mobile devices, then wait times are reduced, but identity theft risks may increase
Solution Approach 1:
The system creates a secure digital copy of the customer's biometric authentication data stored on their mobile device. This cryptographic copy serves as the unique identifier that can be verified without exposing the actual biometric data, allowing secure remote authentication that eliminates identity theft risks while enabling mobile transaction initiation.
3Reliability
If the system generates unique identifiers with detailed transaction information, then transaction security and accuracy are improved, but the complexity of the identifier increases
Solution Approach 1:
The system transforms complex transaction information into a compact unique identifier by changing the parameter representation. Instead of storing detailed transaction data directly in the identifier, the system uses cryptographic hashing and encoding techniques to represent comprehensive transaction information in a condensed format that maintains security and accuracy while reducing complexity.
Data Source
AI summary
Various embodiments generally relate to generating and scheduling transactions in advance. More specifically, various embodiments relate to receiving a request for a transaction from a user device; processing the transaction, where the transaction requires some user interaction at a point of transaction to complete the transaction; identifying a location for completion of the transaction; determining possible points of transaction within a predetermined distance of the identified location; displaying the possible points of transaction; receiving a selection of one of the possible points of transaction; generating a unique identifier for the transaction based on the selected point of transaction; and sending the unique identifier for presentation at the selected point of transaction, where the unique identifier is used to complete the transaction.