Virtual Payment Instrument Sharing with Real-Time Spending Limits
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Solution Overview
Problem
Existing methods for sharing payment instruments lack real-time access control and security, allowing unauthorized users full access and exposing account information to risks.
Innovation Solution
A system that remotely shares a payment instrument to a client device with real-time monitoring and spending limits, using a virtual payment instrument linked to a transaction account, accessible through a beneficiary wallet application with authentication and spending policies.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If payment instrument access is shared with authorized users, then financial assistance capability is improved, but security and control over spending deteriorates
Solution Approach 1:
The patent segments payment instrument access by creating virtual payment instruments with distinct spending policies for different authorized users. Each user receives a segmented view of the account with customized spending limits, categories, and time restrictions, allowing the account holder to provide financial assistance while maintaining granular control over each user's access.
Solution Approach 2:
The patent implements dynamic spending policies that can be modified in real-time by the account holder. Spending limits, categories, and time restrictions can be adjusted dynamically based on changing conditions, allowing the system to adapt to various financial assistance scenarios while maintaining security and control.
2Reliability
If real-time monitoring and spending limits are implemented, then security and control are improved, but system complexity deteriorates
Solution Approach 1:
The patent introduces a payment processing system as an intermediary that automatically enforces spending policies and monitors transactions in real-time. This intermediary layer handles the complexity of policy enforcement, limit checking, and monitoring without requiring complex client-side implementation, thereby maintaining security while managing system complexity through centralized control.
3Speed
If virtual payment instruments with spending policies are used, then near-instantaneous sharing capability is improved, but ease of operation deteriorates
Solution Approach 1:
The patent implements self-service mechanisms where authorized users can independently access and use their virtual payment instruments through mobile devices without requiring manual intervention from the account holder for each transaction. The system automatically applies spending policies and provides real-time feedback, enabling near-instantaneous sharing while maintaining ease of operation through automated policy enforcement and user-friendly interfaces.
Data Source
AI summary
Various embodiments for remotely sharing a payment instrument of a first user to a client device of a second user are provided. In some embodiments, a system is configured to receive display an authentication user interface for the second user based at least in part on a selection of an authentication hyperlink. The authentication user interface can be associated with accessing a virtual payment instrument that is linked to a transaction account of the first user. The system can be configured to transmit a user credential for the second user using the authentication user interface. The virtual payment instrument can be received based at least in part on an authentication of the user credential for the second user. A wallet user interface can be displayed that includes the virtual payment instrument based at least in part on a receipt of the virtual payment instrument.