NCR Voyix Corporation (20240273622). INTERFACES AND TECHNIQUES FOR SECURE TRANSACTION FUNDING simplified abstract
Contents
INTERFACES AND TECHNIQUES FOR SECURE TRANSACTION FUNDING
Organization Name
Inventor(s)
Bryan Walser Nonni of Atlanta (GA)
Abdulwahab Jarkas of Atlanta GA (US)
INTERFACES AND TECHNIQUES FOR SECURE TRANSACTION FUNDING - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240273622 titled 'INTERFACES AND TECHNIQUES FOR SECURE TRANSACTION FUNDING
Simplified Explanation: When a consumer checks out, they have the option to buy now and pay later through a transaction interface. The consumer's information is collected, and a financial institution is presented with the transaction details to service a loan. Terms are provided by the financial institution and accepted by the consumer through the interface, generating a smart contract on a blockchain for the loan.
- Consumer can choose a buy now pay later option at checkout
- Consumer information is collected through the transaction interface
- Financial institution is presented with transaction details for loan servicing
- Terms are provided by the financial institution and accepted by the consumer
- Smart contract is generated on a blockchain for the loan
Potential Applications: This technology can be applied in e-commerce platforms, retail stores, and online payment systems to offer consumers more flexibility in payment options.
Problems Solved: This technology addresses the need for alternative payment methods, especially for consumers who prefer to defer payment for their purchases.
Benefits: The benefits of this technology include increased consumer convenience, improved cash flow for retailers, and enhanced financial flexibility for consumers.
Commercial Applications: Potential commercial applications include integration into online shopping platforms, payment processing systems, and financial services to offer buy now pay later options to consumers.
Prior Art: Readers can explore prior art related to blockchain-based payment systems, smart contracts, and alternative payment methods in the financial technology sector.
Frequently Updated Research: Stay informed about the latest developments in blockchain technology, financial services innovation, and consumer payment preferences to understand the evolving landscape of buy now pay later options.
Questions about Buy Now Pay Later Technology: 1. How does this technology impact consumer spending habits? 2. What security measures are in place to protect consumer data in this payment system?
Original Abstract Submitted
when a consumer checkouts out, the transaction interface presents a buy now pay later option selected by the consumer for payment of a transaction. consumer information is collected through the interface and a registered financial institution (fi) is presented the transaction details and information for servicing a loan. terms are provided from the fi and presented to the consumer through the interface. acceptance by the consumer causes a smart contract with the terms and parties of the loan to be generated in a blockchain (bc) and payment processed by the bc by transferring funds from a fi wallet to a retailer wallet associated with the transaction.
