Real-Time Payment Verification Elements for Account Confirmation
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Solution Overview
Problem
In real-time payment transactions, the irrevocability of funds transfer makes it difficult to correct misdirected payments, as conventional verification methods like micro-transactions are time-consuming and require manual confirmation.
Innovation Solution
Utilizing irrevocable real-time payments to exchange nonfinancial information for account verification, such as generating a verification element and transmitting it via a real-time payment message to confirm the destination account.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If micro-transactions are used for account verification, then account verification can be performed, but the process takes several days and requires manual confirmation
Solution Approach 1:
The patent extracts the verification information exchange from the financial transaction flow. Instead of using actual micro-transactions to verify accounts, the system uses real-time payment network messages to carry verification elements (such as verification codes or tokens) separately from fund transfers. This separation allows verification to occur without the delays and manual steps associated with traditional micro-transaction methods.
Solution Approach 2:
The patent replaces the mechanical process of manual confirmation and multi-day verification with an automated electronic message exchange system. Real-time payment network messages automatically carry verification elements between systems, eliminating the need for manual user confirmation and reducing verification time from several days to near-instantaneous processing.
2Speed
If real-time payments are made irrevocable, then payment speed is improved, but the ability to correct misdirected funds is reduced
Solution Approach 1:
The patent implements preliminary account verification through real-time payment network messages before irrevocable fund transfers occur. Verification elements are exchanged and validated in advance, ensuring account accuracy before the actual payment is made. This preliminary check prevents misdirected funds while maintaining the speed of real-time processing.
Solution Approach 2:
The patent introduces verification elements as an intermediary mechanism between the payment initiation and fund transfer. These verification elements (carried in real-time payment network messages) serve as a mediator that confirms account validity without delaying the irrevocable nature of the payment. The intermediary verification layer ensures accuracy while preserving payment speed.
Data Source
AI summary
Methods, apparatuses, and computer program products are disclosed for account verification. An example method includes receiving a request for payment transmission from a payment provider device and generating a first verification element for a payment destination device associated with the request for payment transmission. The method further includes transmitting the first verification element to the payment destination device via a first real-time payment message. In an instance in which the computing device receives responsive authorization from the payment destination device, the method includes verifying the payment destination device. In response to verifying the payment destination device, the method includes transmitting a first real-time payment to the payment destination device. In an instance in which the computing device fails to receive responsive authorization from the payment destination device, the method includes transmitting a verification failure notification to the payment provider device.