Unified Wallet Architecture for Multi-Account Payment Security
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Solution Overview
Problem
Existing electronic payment systems face challenges in security, efficiency, and usability, particularly in multi-party and multi-device transactions, where users must manage multiple financial accounts and repeatedly input sensitive information, leading to security risks and inconvenience.
Innovation Solution
The implementation of a trusted platform architecture that enables secure, rapid, and efficient negotiation, authorization, and confirmation of payment transactions by registering devices and applications with a trusted authentication server, allowing for secure tokens and payment credentials to be stored and used for in-app payments, reducing the need for repeated input of credit card information and minimizing exposure of sensitive data.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users manage multiple virtual wallets for different financial institutions, then they can access multiple payment accounts, but the complexity of device management and information input increases
Solution Approach 1:
The patent merges multiple virtual wallets from different financial institutions into a single unified wallet application. This allows users to manage multiple payment accounts through one interface rather than switching between separate wallet applications, directly reducing device complexity while maintaining the ability to access diverse payment sources.
Solution Approach 2:
The unified wallet application provides universal functionality to handle multiple types of payment accounts (credit cards, debit cards, gift cards, loyalty programs) from different financial institutions within a single application framework. This multi-functional design eliminates the need for separate specialized wallets for each institution or card type.
2Reliability
If users repeatedly input sensitive payment information for transactions, then transaction authorization is achieved, but security risks and information exposure increase
Solution Approach 1:
The system performs preliminary actions by securely storing payment information and generating unique transaction tokens in advance. When a transaction is initiated, the pre-stored tokens are used instead of requiring users to re-input sensitive payment details, thereby maintaining authorization capability while minimizing information exposure and security risks.
Solution Approach 2:
The patent creates secure copies of payment credentials in the form of unique transaction tokens that represent the original payment information without exposing it. These token copies are used for transaction processing, allowing authorization to proceed while the original sensitive data remains protected and undisclosed to merchants or third parties.
3Reliability
If traditional payment processing with multiple intermediaries is used, then transaction security is maintained through verification, but transaction speed and efficiency decrease
Solution Approach 1:
The patent extracts and eliminates unnecessary intermediary steps from the traditional payment processing chain. By using a unified wallet system that directly interfaces with merchants and financial institutions, the system removes redundant verification layers while maintaining essential security protocols, thereby accelerating transaction processing without compromising reliability.
Solution Approach 2:
The unified wallet application serves as a streamlined intermediary that consolidates multiple verification functions into a single coordination point. Rather than passing through multiple separate intermediaries (different wallet applications, multiple authentication systems), the unified wallet acts as one efficient mediator that maintains security verification while reducing processing delays.
4Adaptability or versatility
If users deal with multiple virtual wallets for different institutions, then all payment accounts can be accessed, but user convenience and transaction efficiency are reduced
Solution Approach 1:
The patent combines multiple institution-specific virtual wallets into one unified application interface. Users can select from and manage multiple payment accounts (credit cards, debit cards, gift cards, loyalty programs) from different financial institutions within a single wallet, eliminating the need to switch between multiple applications and significantly improving ease of operation.
Solution Approach 2:
The unified wallet application provides universal access to diverse payment methods and account types from multiple financial institutions through a single application. This multi-functional design allows users to perform all payment operations across different institutions without learning multiple interfaces or managing separate applications, enhancing user convenience.
Data Source
AI summary
Systems (100, 900), methods, and machine-executable data structures for the processing of data for the secure creation, administration, manipulation, processing, and storage of electronic data useful in the processing of electronic payment transactions and other secure data processes. Aspects of such systems (100) include trusted platforms (120) by which networked communication devices (110) and merchant systems (130) may registered as trusted entities 110′, 130. Information associated with particular payment means, such as accounts or payment tokens, can be stored on device(s) secure data sets known as virtual or electronic wallets (112), or in the form of secure payment tokens. Among other improvements, the invention enables the use of multiple payment accounts to fund purchases and other electronic transactions.