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Patent drawing for Method and System for Secure Handling of Electronic Financial Transactions
US 20,170,278,105 A1
Business & commerce US 20,170,278,105 A1 Expired

Method and System for Secure Handling of Electronic Financial Transactions

This invention describes a computer system for securely managing digital money transfers between users. A central 'financial services exchanger' connects various financial providers and user devices, creating a standard way to handle transactions. For each transfer, the exchanger creates a unique digital token, which is passed between users and returned to the exchanger for confirmation, with all transaction records stored centrally.

Why it matters: Open banking initiatives and API standardization have matured significantly since 2017, making it much easier to implement the invention's core concept of a standardized platform for integrating diverse financial service providers.

Status
ExpiredProtection ended and was never renewed
How hard to build
SpecializedHeavy software system, security, financial integration.

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