Wireless Financial Account Reprogramming via RFID
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Solution Overview
Problem
Existing methods for offering new credit card accounts with balance transfer sub-accounts are cumbersome, requiring physical card reading and lengthy application processes, making it difficult for customers to compare terms and resulting in delayed access to new accounts.
Innovation Solution
A system and method for wirelessly reading and reprogramming financial account information on a purchasing device to offer a new account with a balance transfer sub-account, allowing for real-time comparison and immediate activation of the new account.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If physical card reading and lengthy application processes are used, then account security and verification are ensured, but customer convenience and access speed deteriorate
Solution Approach 1:
The patent replaces the mechanical card-swiping system with a wireless communication system using RFID tags. The RFID tag embedded in the purchasing device enables contactless communication with the system, eliminating the need for physical card handling and magnetic stripe reading. This substitution dramatically reduces the time required for account offering and activation while maintaining security through encrypted wireless data transmission.
Solution Approach 2:
The system performs preliminary actions by pre-configuring the RFID tag with account information before the customer needs it. When a new account is offered, the system wirelessly programs the RFID tag with the new account details in advance, allowing immediate activation without waiting for physical card production or mailing. This preliminary programming resolves the contradiction by enabling instant account access.
2Measurement precision
If multiple comparison steps are required, then account term accuracy is improved, but process complexity and time consumption increase
Solution Approach 1:
The patent merges the account offering, comparison, and activation processes into a single integrated wireless interaction. The system retrieves existing account information from the RFID tag, compares it with the offered account terms, and completes activation all through wireless communication without requiring separate physical steps. This consolidation maintains accurate term comparison while dramatically simplifying the overall process for the customer.
Solution Approach 2:
The RFID tag serves as an intermediary that stores and transmits account information wirelessly. It enables the system to access existing account terms for comparison without requiring physical card handling or manual data entry. This intermediary facilitates accurate term comparison while reducing process complexity by centralizing data access in a single wireless interface.
3Productivity
If physical card production and mailing are required, then account security is maintained, but productivity and customer access speed decrease
Solution Approach 1:
The patent replaces the physical card production and mailing infrastructure with wireless RFID programming. Instead of manufacturing physical cards and shipping them to customers, the system wirelessly transmits and programs account information directly onto the RFID tag in the customer's purchasing device. This substitution maintains security through encrypted wireless communication while achieving instant account activation, resolving the contradiction between productivity and reliability.
Solution Approach 2:
The system creates a digital copy of the account information and programs it directly onto the RFID tag without needing to produce a physical card. The RFID tag contains all necessary account data in digital form, accessible wirelessly for transactions. This copying approach eliminates the need for physical card production and mailing while maintaining account security through encrypted data storage and transmission.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
Enables efficient comparison and immediate activation of new financial accounts with favorable terms, overcoming the limitations of traditional methods by using wireless communication to transfer and reprogram account information, thus enhancing customer convenience and access.
Implementation Method 1
RFID (radio frequency identification) tags have been used to transmit payment information. RFID tags are microchips that may transmit and receive data, as well as store and encrypt that data.
Implementation Method 2
wireless reprogramming the purchasing device with information reflecting the new financial account
Data Source
AI summary
Systems and methods consistent with the invention may offer a new financial account having a balance transfer sub-account for implementation onto a customer's wireless purchasing device. The purchasing device may have a wireless transmitter that may communicate account information stored on the purchasing device to a service terminal. Based on the account information received by the service terminal, the system may obtain the terms of the customer's current account associated with the purchasing device. The system may then determine the terms of the new account for offering to the customer. If the customer accepts the offered account, the terminal may then wirelessly reprogram the purchasing device with the information of the new account and transfer the balance of the customer's original account to the balance transfer sub-account of the new account.