Value Added Wallet Enrollment Automation via Financial Data Intermediary
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Solution Overview
Problem
Current digital wallet systems face challenges in providing a seamless and secure user experience for creating and managing virtual wallet accounts, especially in facilitating frictionless enrollment of payment accounts and maintaining low friction user interactions across multiple merchants and services.
Innovation Solution
The proposed solution involves a Value Added Wallet (VAW) system that enables users to create virtual wallet accounts by leveraging existing financial institution data, allowing for pre-filled enrollment forms, automatic account linking, and management of payment options, along with enhanced security features and persistent links for recurring transactions, all while maintaining user privacy and convenience.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users manually create and manage virtual wallet accounts at each merchant, then account security and control are maintained, but user interaction friction increases and enrollment time is lost
Solution Approach 1:
The system performs preliminary actions by automatically pre-populating wallet enrollment forms with data from the user's existing financial institution accounts before the user completes enrollment. This includes automatically filling in personal information, account details, and other required fields based on data already held by the financial institution, thereby eliminating manual data entry and reducing enrollment time
Solution Approach 2:
The patent introduces a wallet enrollment platform as an intermediary between the user's financial institution and the merchant. This platform acts as a mediator that securely retrieves data from the financial institution with user permission, processes the enrollment information, and completes the wallet creation automatically, reducing direct user intervention while maintaining security
2Productivity
If existing financial institution data is leveraged for automatic enrollment, then enrollment speed and convenience improve, but data security and privacy management complexity increases
Solution Approach 1:
The system segments the enrollment process into distinct modular components: a wallet enrollment platform, financial institution data sources, user permission management layers, and merchant integration interfaces. Each segment handles specific functions independently, allowing security measures to be applied at appropriate boundaries and reducing overall system complexity while maintaining efficiency
Solution Approach 2:
The patent implements feedback mechanisms where the system continuously monitors and manages user permissions regarding data access. Users can review what data is being accessed, approve or deny specific data sharing requests, and modify their permission settings at any time. This feedback loop maintains security and privacy control while enabling efficient automatic enrollment
3Ease of operation
If manual account management is required across multiple merchants, then user control over payment information is maintained, but user experience consistency and convenience deteriorate
Solution Approach 1:
The patent creates a universal wallet that can be used across multiple merchants and services. The wallet stores payment information, personal details, and account data in a standardized format that can be automatically shared with any enrolled merchant, providing consistent user experience across different platforms while reducing the need for separate account management at each merchant
Data Source
AI summary
The THIRD-PARTY VALUE ADDED WALLET FEATURES AND INTERFACES APPARATUSES, METHODS, AND SYSTEMS (“VAW”) facilitates allowing a third party service provider to integrate with an electronic wallet to provide a value-added service to a wallet consumer. The VAW may also be configured to facilitate the creation and funding of pre-paid accounts in a consumer's virtual wallet.