Claims:WE CLAIM:

1. A system 100 configured for secure data transmission for transaction with minimum computation hops, the system 100 comprising:
at least a first server 101 and a second server 102;
at least a processor 201, wherein the processor 201 is configured to communicate with user devices 104 via a network connectivity 103, wherein the processor 201 is comprised in the first server 101; and
at least a memory 203 coupled with the processor 201, wherein the processor 201 is configured to execute programmed instructions stored in the memory 203 for:
registering, the users 104 with the first server 101 and the second server 102;
authenticating, the users 104 by the first server 101 and the second server 102;
requesting, by the user 104-1 for issuance of a unique digital code, to the first server 101, wherein said unique digital code is issued in an account of the user 104-1 which is associated with the first server 101, wherein said unique digital code is having an associated value and a validity;
making, a lien marking request to the second server 102;
issuing, the unique digital code to the user 104-1 on said user’s account associated with the first server 101, on a successful lien marking;
transacting, a part or whole of the unique digital code to the user’s account 104-2 from the user’s 104-1 account, wherein said accounts are stored in the first server 101 and wherein said transaction takes place by communicating a unique digital code received by the user 104-1 to the user 104-1 on the respective user devices;
notifying, about a successful transaction to the user 104-2 on the respective user device;
settling, the transactions performed by the user 104-1 on T+1 day basis via the first server 101, by aggregating all the successful transactions and communicating the aggregated data (post reconciliation) to the second server 102, wherein T indicates the date of transaction; and
generating, a new unique digital code for the unused value from the unique digital code to the user 104-1 in the user’s 104-1 account associated with the first server, thereby enabling generation of a new unique digital code having an associated value and validity for every new transaction and enhancing the security of the transactions;
wherein, the system 100 facilitates in minimizing the computation hops required for each transaction, as settling of the transactions are performed on T+1 day basis (post reconciliation) by the first server 101 which enables elimination of unsuccessful transactions occurred during T+1 day.

2. The system 100 configured for secured data transmission for transaction with minimum computation hops of claim 1, the system 100 comprises the second server 102 comprising:
at least a processing unit 301 configured to communicate with user devices 104 via a network connectivity 103;
at least a memory unit 303 coupled with the processing unit 301, wherein the processing unit 301 is configured to execute programmed instructions stored in the memory unit 303 for:
registering, the users 104 with the second server 102;
authenticating, the users 104 by the second server 102;
making, a lien marking on the user’s 104-1 account stored in the second server 102; and
settling, the transactions performed by the user 104-1 on T+1 day basis, wherein the second server 102 debits the actual amount of the transaction from the user’s 104-1 account stored in the second server 102 and credits said debited amount to the account of the user 104-2 stored in the second server 102.

3. The system 100 configured for secured data transmission for transaction with minimum computation hops of claim 1, wherein the unique digital code) comprises QR code, a random unique code or any other codes, wherein said unique digital code is rendered using technologies including scanning, wireless, tap and go, NFC, low frequency blue tooth, ultra-sound, biometric, USSD.

4. The system 100 configured for secured data transmission for transaction with minimum computation hops of claim 1, wherein the processors of the servers of the system 100 use different types of networks 103, such as intranet, local area network (LAN), wide area network (WAN), the internet, and the like to fetch and store a necessary data related to a user in the memories.

5. The system 100 configured for secured data transmission for transaction with minimum computation hops of claim 1, wherein the system 100 is implemented on a variety of computing systems, such as a laptop computer, a desktop computer, a notebook, a workstation, a mainframe computer, a server, a network server, a mobile phone and the like.

6. The system 100 configured for secured data transmission for transaction with minimum computation hops of claim 1, wherein registration and authentication of users 104 requires identification information, such as mobile telephone number, mobile device IMEI number, legal name, social security number, address, birthdate, and/or account number.

7. The system 100 configured for secured data transmission for transaction with minimum computation hops of claim 1, wherein the lien marking is successfully done by the second server 102 after checking and verifying user’s 104-1 information such as employment history, banking history and balances, credit history and balances, monetary assets and liabilities, earnings history, tax returns history, telecommunications services history, mobile financial transactions history, and/or utilities history and like data.

8. The system 100 configured for secured data transmission for transaction with minimum computation hops of claim 1, the lien marking performed by the first server 101, is done without providing any user identity or account identity credentials by the second server 102, thereby enhancing security of the user’s account associated with the second server 102.

9. A method 400 configured for data transaction with minimum computation hops, the method comprising:
registering, via a processor 201 and a processing unit 301, the users 104 with the first server 101 and the second server 102 respectively;
authenticating, via the processor 201 and the processing unit 301, the users 104 by the first server 101 and the second server 102 respectively;
requesting, via the processor 201, by the user 104-1 for issuance of a unique digital code having an associated value and validity, to the first server 101, wherein said unique digital code, is issued in an account of the user 104-1 which is associated with the first server 101, wherein said unique digital code is a code with a value and a validity;
making, a lien marking request by the processor 201 of the first server 101 on the account of the user 104-1 stored in the second server 102;
issuing, via the processor 201, the unique digital code, to the user 104-1 on said user’s account associated with the first server 101, on a successful lien marking;
transacting, via the processor 201, the necessary value from the unique digital code, to one account of a user 104-2 from account of another user 104-1, wherein said accounts are stored in the first server 101 and wherein said transaction takes place by communicating a unique digital code received by the user 104-1 to the user 104-1 on the respective user devices;
notifying, via the processor 201, about a successful transaction to the user 104-2 on the respective user device;
settling, via the processor 201, the transactions performed by the user 104-1 on T+1 day basis via the first server 101, by aggregating all the successful transactions and communicating the aggregated data to the second server 102, wherein T indicates the date of transaction, and wherein the second server 102 further debits the actual amount of the transaction from the account of the user 104-1 stored in the second server 102 and credits said debited amount to the account of the user 104-2 stored in the second server 102; and
generating, via the processor 201, a new unique digital code having an associated value and validity, for the unused value from the issued value to the user 104-1 in the account of the user 104-1 associated with the first server, thereby enabling generation of a new unique digital code for every new transaction and enhancing the security of the transactions;
wherein, the method 400 facilitates in minimizing the computation hops required for each transaction, as settling of the transactions (post reconciliation) are performed on T+1 day basis by the first server 101 which enables elimination of unsuccessful transactions occurred during T+1 day.

10. The method 400 configured for data transaction with minimum computation hops of claim 8, wherein the lien marking is successfully done by the second server 102 after checking and verifying user’s 104-1 information such as employment history, banking history and balances, credit history and balances, monetary assets and liabilities, earnings history, tax returns history, telecommunications services history, mobile financial transactions history, and/or utilities history and like data.

11. The method 400 configured for data transaction with minimum computation hops of claim 8, the lien marking performed by the first server 101, is done without providing any user identity or account identity credentials by the second server 102, thereby enhancing security of the user’s account associated with the second server 102.

12. The method 400 configured for data transaction with minimum computation hops of claim 8, wherein issuing of the unique digital code is performed without transfer of funds from account of the user 104-1 in the second server 102 to first server 101 or within second server 102 from one account to another.
Dated this 29th day of November, 2018

Priyank Gupta
Agent for the Applicant
IN/PA- 1454
, Description:FORM 2
funds from a bank account of one person to the bank account of another person.
At
THE PATENTS ACT, 1970
(39 of 1970)
&
THE PATENT RULES, 2003
COMPLETE SPECIFICATION
(See Section 10 and Rule 13)

Title of invention:
A SYSTEM AND METHOD CONFIGURED FOR SECURE DATA TRANSMISSION FOR TRANSACTION WITH MINIMUM COMPUTATION HOPS

APPLICANT:
Brontoo Technology Solutions India Pvt Ltd
An Indian Entity addressed as
428, Avior Corporate Park, Nirmal Galaxy, L.B.S. Marg, Mulund West, Mumbai City-400080, Maharashtra, India

The following specification particularly describes the invention and the manner in which it is to be performed.
CROSS-REFERENCE TO RELATED APPLICATIONS AND PRIORITY
The present application does not claim priority from any other patent application.

TECHNICAL FIELD
The present subject matter described herein, in general, relates to a secured data transfer. In particular, the present subject matter is related to a system and method for enabling secure data transmission for transaction with minimum computation hops, with in-built reconciliation and settlement module.

BACKGROUND
Billions of transactions involving data transfer, exchange of information, funds transfer etc. involving computing machines are executed daily. A completed transaction symbolizes a unit of work done. A transaction may represent an activity of commerce like transfer of money in exchange of goods or services or transfer of
present, in case a customer purchases a product or service online or at physical location, customer has to provide bank/financial institute provided instrument such as credit card/debit card or credentials such as Internet username and password or Mobile banking credentials or wallet or third party service provider login details or tokenization post authentication to carry out the payment activity or else use cash.
In this purchase activity online, there are multiple entities such as customer, merchant, acquiring bank, payment gateway, issuing bank and card processing company.
Whereas in the case of offline i.e. POS device-based transaction, there may be additional device provider. For each transaction in these cases, there are multiple hops i.e. from merchant to payment gateway, acquirer bank, card processor, issuer bank and back, resulting in ONUS and OFFUS transactions. From customer point of view, there are transaction failures due to many hops and also need to provide sensitive bank details to merchant’s website or pos device, which may result in fraud.
With so many entities involved, there is a cost which gets added into the product or service or on top of the purchased product/service as convenience fee or service fee.
As per regulatory guidelines, two factor authentication is mandatory, to avoid fraud, which results in delay for processing the transaction i.e. customer has to wait for one time password as an SMS (Adding cost to the overall transaction).
Enhanced risk of compromise of customer’s confidential information viz Debit Card/ Credit Card number, Expiry date, CVV. These data can be captured by fraudsters when they are being used in online market place or they get skimmed when the card is used at physical stores or ATMs. All types of digital transactions involve at least 6/7 hops in one direction with so many intermediaries. This enhances the probability of failures.
Merchants pay Merchant Discount Rates (MDR) ranging from 0.25% to 5% (food cards are 5%) of the transaction amount and this amount is shared between all the participants of the eco system. Merchants also incur other costs for maintenance of POS/ card swipe / Biometric devices. These costs act as a deterrent for the merchants to embrace digital technology.
Settlement of the transactions are done by the banks ranging from T+2 extending up to fortnight, T being the date of transaction. Reconciliation of transactions are done by the Banks post settlement i.e. after 3 or 4 days of transaction. This may result in frauds and bank’s inability to recover amounts from the customers.
In all the current systems there is a real-time debit to account and then there is reconciliation and settlement, which results in fraud and refunds related issue as well as failed transaction management issues. Moreover, the transaction flow in the existing payment systems processes are linear. In the existing systems, there are fixed payment modes for each of them namely, wallets, etc.
Therefore, there is a long-standing need for a system and method for secure data transfer and data transaction system with minimum computation hops as well as better settlement system with in-built reconciliation, which facilitates single hop transactions, reduces frauds, guarantees payments, transfer, card-less withdrawals, T+1day settlements etc.

SUMMARY
This summary is provided to introduce concepts related to a system and method for enabling secured data transmission for transaction with minimum computation hops, with in-built reconciliation and settlement module. This summary is not intended to identify essential features of the claimed subject matter nor is it intended for use in determining or the scope of the claimed subject matter.
In one implementation, a system for enabling secured data transmission for transaction with minimum computation hops is disclosed. The system may comprise at least a first server and a second server, at least a processor wherein the processor is configured to communicate with user devices via a network connectivity wherein the processor is comprised in the first server. The system may comprise at least a memory coupled with the processor. The processor is configured to execute programmed instructions stored in the memory. The system may comprise registering the users with the first server and the second server. The system may further comprise authenticating, the users by the first server and the second server. The system may comprise requesting, by the user for issuance of Unique Digital Code, to the first server, wherein said Unique Digital Code is issued from an account of the user which is associated with the first server. The Unique Digital Code may be a number or a combination of number, alphabets, special characters, symbols and/or alpha numeric characters or a combination of all up to 16 digits or more for a specified amount and a specified maturity, wherein the amount may relate to amount from a saving or a current account or an Overdraft Account or a Credit Card. Thus, the Unique Digital Code may be a code with value and validity. The system may further comprise making, a lien marking request to the second server. The system may furthermore comprise issuing, Unique Digital Code (with value and validity) to the user on said user’s account associated with the first server, on a successful lien marking. The system may further comprise transacting, using the Unique Digital Code issued from the user’s account, wherein said accounts are stored in the first server and wherein said transaction takes place by communicating a Unique Digital Code received by the user on the respective user devices. The system may further comprise notifying, about a successful transaction to the user on the respective user device. The system may further comprise reconcile and settling, the transactions performed by the user on T+1 day basis via the first server, by aggregating all the successful transactions and communicating the aggregation data to the second server, wherein T indicates the date of transaction. The system may further comprise generating, a new Unique Digital Code for the unused amount from the issued amount to the user in the user’s account associated with the first server, thereby enabling generation of a new Unique Digital Code for every new transaction and enhancing the security of the transactions. The system facilitates in minimizing the computation hops required for each transaction, as settling of the transactions are performed on T+1 day basis by the first server which enables elimination of unsuccessful transactions occurred during T+1 day. The system may comprise the second server comprising at least a processing unit wherein a memory unit is coupled with the processing unit, wherein the processing unit is configured to execute programmed instructions stored in the memory unit. The second server may be configured for registering, the users with the second server. The second server may be configured for authenticating, the users by the second server. The second server may be configured for making, a lien marking request on the user’s account. The second server may be configured for enabling settling, the transactions performed by the user on T+1 day basis, wherein the second server initiates the debits to the actual amount of the transaction from the user’s account and credits said debited amount to the designated account of the financial institution.
In another aspect of the present subject matter, a method configured for secured data transmission for transaction with minimum computation hops is disclosed. The method may comprise registering, via a processor and a processing unit, the users with the first server and the second server respectively. The method may comprise authenticating, via the processor and the processing unit, the users by the first server and the second server respectively. The method may comprise requesting, via the processor, by the user for issuance of a Unique Digital Code, to the first server, wherein said Unique Digital Codes are issued in an account of the user which is associated with the first server. The method may comprise making, a lien marking request by the processor of the first server on the user’s account. The method may comprise issuing, via the processor, the Unique Digital Code to the user on said user’s account associated with the first server, on a successful lien marking by the second server. The method may comprise transacting, via the processor, the value from the Unique Digital Code to another user’s account, wherein said Unique Digital Codes are stored in the first server and wherein said transaction takes place by communicating the Unique Digital Code received by the user to another user on the respective user devices. The method may comprise notifying, via the processor, about a successful transaction to the user on the respective user device. The method may comprise settling, via the processor, the transactions performed by the user on T+1 day basis via the first server, by aggregating all the successful transactions (post reconciliation) and communicating the aggregation data to the second server, wherein T indicates the date of transaction and wherein the second server further enables debits of the actual amount of the transaction from the user’s account and credits said debited amount to the designated account of the bank. The method may comprise generating, via the processor, a new Unique Digital Code for the unused value from the issued Unique Digital Code to the user in the user’s account associated with the first server, thereby enabling generation of a new Unique Digital Code for every new transaction and enhancing the security of the transactions. The method facilitates in minimizing the computation hops required for each transaction, as settling of the transactions are performed on T+1 day basis, post reconciliation, by the first server which enables elimination of unsuccessful transactions occurred during T+1 day. It also ensures that the Unique Digital Code cannot be used multiple times, ensuring safety and security of underlying funds.

BRIEF DESCRIPTION OF THE DRAWINGS
The detailed description is described with reference to the accompanying figures. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The same numbers are used throughout the drawings to refer like features and components.
Figure 1 illustrates, a system 100 configured for secured data transmission for transaction with minimum computation hops, in accordance with an embodiment of the present disclosure.
Figure 2 illustrates, a first server 101 and its components, in accordance with an embodiment of the present disclosure.
Figure 3 illustrates, a second server 102 and its components, in accordance with an embodiment of the present disclosure.
Figure 4 illustrates, various components and connectivity 400 of the first server 101, the second server 102 and a third server 401, in accordance with an embodiment of the present disclosure.
Figure 5 illustrates, a method 500 enabling secured data transmission for transaction with minimum computation hops, in accordance with an embodiment of the present disclosure.

DETAILED DESCRIPTION
Reference throughout the specification to “various embodiments,” “some embodiments,” “one embodiment,” or “an embodiment” means that a particular feature, structure, or characteristic described in connection with the embodiment is included in at least one embodiment. Thus, appearances of the phrases “in various embodiments,” “in some embodiments,” “in one embodiment,” or “in an embodiment” in places throughout the specification are not necessarily all referring to the same embodiment. Furthermore, the particular features, structures or characteristics may be combined in any suitable manner in one or more embodiments.
Some embodiments of this disclosure, illustrating all its features, will now be discussed in detail. The words "comprising," "having," "containing," and "including," and other forms thereof, are intended to be equivalent in meaning and be open ended in that an item or items following any one of these words is not meant to be an exhaustive listing of such item or items or meant to be to only the listed item or items.
It must also be noted that, the singular forms "a," "an," and "the" include plural references unless the context clearly dictates otherwise. Although any methods similar or equivalent to those described herein can be used in the practice or testing of embodiments of the present disclosure, the exemplary methods are now described. The disclosed embodiments are merely exemplary of the disclosure, which may be embodied in various forms.
Various modifications to the embodiment will be readily apparent to those skilled in the art and the generic principles herein may be applied to other embodiments. However, one of ordinary skill in the art will readily recognize that the present disclosure is not intended to be to the embodiments illustrated but is to be accorded the widest scope consistent with the principles and features described herein.
The present subject matter described herein, is related to a ubiquitous or innovative secured data transfer, for the purpose of transactions in finance and banking domain. The system and method may be configured for enabling secure data transmission for transaction with minimum computation hops. In one embodiment, the system and method may be configured for electronically guaranteeing payments, transfers, card less ATM withdrawals etc. with in-built reconciliation and settlement module.
Referring now to figure 1, a system 100 configured for secured data transaction with minimum computation hops is illustrated, in accordance with the present subject matter. In one embodiment, the system 100 may comprise a first server 101, a second server 102, a network connectivity 103, and one or more user devices 104-1, 104-2, 104-3…. The first server 101 and the second server 102 may be connected to the user device 104 through the network connectivity 103. It may be understood that the first server 101 may communicate with user devices 104-1, 104-2,104-3, collectively referred to as user device 104 hereinafter, or user 104, or applications residing on the user device 104. In one embodiment, the second server 102 may have one-way communication with the user devices 104 during registration process or when one time password (OTP) as a second factor for transaction is insisted upon the user devices 104. The first server 101 may comprise a processor 201 (shown in figure 2), wherein the processor 201 may be configured to communicate with the user devices 104 via the network connectivity 103. A memory 203 (shown in figure 3) may be coupled with the processor 201, wherein the processor 201 may be configured to execute programmed instructions stored in the memory 203. Similarly, the second server 102 may comprise a processor unit 301 (shown in figure 3), wherein the processor unit 301 may be configured to communicate with user devices 104 via the network connectivity 103 wherein, said network connectivity 103 is a one-way restricted communication. A memory unit 303 (shown in figure 4) may be coupled with the processor unit 301, wherein the processor unit 301 may be configured to execute programmed instructions stored in the memory unit 303.
In an embodiment, as illustrated in figure 1, the first server 101 and the second server 102 may accept information provided by the multiple users 104-1,104-2,104-3 using the respective user device 104, to register the respective user with the first server 101 and the second server 102 of the system 100.
Although the present subject matter is explained considering that the system 100 is implemented as on a server, it may be understood that the system 100 may also be implemented in a variety of computing systems, such as a laptop computer, a desktop computer, a notebook, a workstation, a mainframe computer, a server, a network server, a mobile phone and the like. It will be understood that the system 100 may be accessed by multiple users through the keypad and display of the system 100.
In one implementation, the processors of the servers of the system 100 may use different types of networks 103, such as intranet, local area network (LAN), wide area network (WAN), the internet, and the like to fetch and store a necessary data related to a user in the memories. The network 103 may either be a dedicated network or a shared network. The shared network represents an association of the different types of networks that use a variety of protocols, for example, Hypertext Transfer Protocol (HTTP), Hypertext Transfer Protocol Secured (HTTPs), Transmission Control Protocol/Internet Protocol (TCP/IP), Wireless Application Protocol (WAP), OAuth 2.0 and the like, to communicate with one another using various data interchange formats such as JavaScript Object Notation (JSON), eXtensible Markup Language (XML), and the likes of using application program interface (API) such as Representational State Transfer - RESTful API or SOAP (Simple Object Access Protocol), webservices and the like or specific Javascript (.js implementation), SDK for apps for Android and iOS. Further the network 103 may include a variety of network devices, including routers, bridges, servers, computing devices, storage devices, and the like.
In one embodiment, the user device 104 may be enabled to register with the second server 102. Further, the second server 102 may authenticate the user of the user device 104 via a one-time generated passcode after registration of the said user with the second server 102. In one embodiment, the user device 104 may be registered with the second server 102 by execution of registration instructions via the processor unit 301, wherein the registration instructions are stored in the memory unit 303. The second server 102 may authenticate the registered user device 104 for data transaction by sending a code to the user device 104 via the network connectivity 103, further user of the user device 104 may send the received code to the second server 102, through the first server 101. The second server 102 may validate the received code and then authenticate the registered user device 104 for required data transaction. In one embodiment, the code may be a randomly generated code which may be unique for each authentication process. The code may be a one-time password or one time generated code but may not be to said code.
The second server 102 may be connected to the first server 101 via the network connectivity 103. In one embodiment, the user device 104 may also be registered with the first server 101. In one embodiment, the registration process may comprise providing user credentials required for data transaction and verification of the said credentials. After successful registration, an account of each registered users 104 is created in the memory 203 of the first server 101.
In one embodiment, a user 104-1 may request the first server 101 to issue Unique Digital Code (with value and validity) for performing a data transaction. The Unique Digital Code may be a number or a combination of number, alphabets, special characters, symbols and/or alpha numeric characters or a combination of all up to 16 digits or more for a specified amount and a specified maturity, wherein the amount may relate to amount from a saving or a current account or an Overdraft Account or a Credit Card. Thus, the Unique Digital Code may be a code with value and validity. The first server 101 may then send a request to the second server 102 for making a lien marking on an account of the user 104-1, wherein said account may be stored in the second server 102. Once the first server 101 acknowledges successful lien marking, the first server 101 may issue Unique Digital Code (with value and validity) to the account of the user 104-1, wherein said account is stored in the first server 101.
In one embodiment, the user 104-1 may use the issued Unique Digital Code for data transaction with another user 104-2. The user 104-2 may also be registered with the first server 101 and have a different account stored in the first server 101. During data transaction, the user 104-1 may receive the value of the Unique Digital Code, on a user device associated with the user 104-1, for performing data transaction with the user 104-2. The user 104-1 may perform the necessary data transaction by issuing the value of the Unique Digital Code to the user 104-2. The issuance of Unique Digital Code may be performed in the accounts of users 104-1 and 104-2 respectively which is stored in the first server 101. A notification of successful transaction is received on the user device 104-2.
In accordance with embodiment of the present disclosure, for every new transaction, a new Unique Digital Code may be generated. In one embodiment, if the Unique Digital Code requested by the user 104-1 from the first server 101 are not completely utilized in the first transaction, the remaining value of the Unique Digital Code in the account of the user 104-1 may be transacted with a new Unique Digital Code for any further transaction. In one embodiment, the Unique Digital Code may include, but may not be to, a QR code, or any other randomly generated code. In accordance with various embodiments of the present disclosure, the unique digital code may be rendered using technologies including, but not to, scanning, wireless, tap and go, NFC, low frequency blue tooth, ultra-sound, biometric, USSD, and the like. It is to be noted herein that the generation of the Unique Digital Code for every new transaction provides enhanced security to the data transaction.
In one embodiment, the reconciliation operations may be handled by the first server 101 and the second server 102 may settle the successful transactions (post reconciliation) in a batch mode on T+1day basis, T being the date of transaction. In other words, at T+1 day, the data associated to all successful transactions of the users 104 is communicated by the first server 101 to the second server 102 and then the second server 102 may debit the corresponding credits from the users account stored in second server 102.In one embodiment, the unused value of the Unique Digital Code issued to the user 104-1 may be transferred back from the first server 101 to the second server 102.
In an exemplary embodiment, referring to figure 1 and figure 4, consider a transaction is initiated between a customer and merchant. In this exemplary embodiment, consider a user 104-1 is a customer and a user 104-2 is a merchant. The first server 102 may also comprise a bank interface and a merchant interface, wherein said bank interface may facilitate in communicating with the second server 102 and wherein the merchant interface may facilitate in communicating with the third server 401. In one embodiment, the first server 102 may be linked to partner bank internet banking, partner banking application, partner bank ATM or the like. The customer 104-1 and the merchant 104-2 may be registered with the first server 101. Therefore, an account for each registered user is created in the first server 101. In one embodiment, the customer 104-1 may request to issue Unique Digital Code (with value and validity) from the first server 101 in order to perform financial transaction with the merchant 104-2. The first server 101 may then send a request to the second server 102 for making a lien marking on an account of the customer, wherein the said account may be stored in the second server 102. In one embodiment, the second server 102 may be a bank server comprising a customer account. Further, in one embodiment, the second server 102 may comprise a bank CBS, credit card, prepaid system, payment bank system, electronic wallets or the like. In one embodiment, the second server may be a single server or act as a combination of multiple servers performing multiple roles/functions. In one embodiment, the second server act as a core banking server. In another embodiment, the second server may act as an authentication server. In yet another embodiment, the second server may act as a database server. Furthermore, in one embodiment, the third server 401 may comprise aggregator website or application, or a merchant application, or an aggregator POS, or a merchant POS, or the like. Once the first server 101 acknowledges the successful lien marking, the first server 101 may issue Unique Digital Code (with value and validity) to the account of the customer, wherein said account is stored in the first server 101. Therefore, the first server 101 may not be required to have knowledge about the customers account in the bank. The first server 101 only acknowledges the lien marking made on the customer’s account on the bank server. The bank server decides whether to allow a lien marking for respective customer. The allowance of the lien marking is decided by the bank server based on various parameters including, but are not to, account balance, previous monetary record of the customer, type of the customer, and the like. Thus, in one exemplary embodiment, if the customer requests the first server 101 for issuing 5000 credits to the account of the customer stored in the first server 101, the first server 101 may request to make a lien marking to the customers account stored in the bank server. Further, if the bank verifies the customer account and finds the account is suitable for the lien marking, the bank server sends a notification of the lien marking to the first server 101. The customer may be a registered user of the bank server. Therefore, on successful lien marking, the first server 101 may issue Unique Digital Code to the customer.
The customer may use the issued Unique Digital Code (with value and validity) for monetary transaction with the merchant. The merchant may also be registered with the first server 101 and may have a different account stored in the first server 101. During the data transaction, the customer may receive a Unique Digital Code (with value and validity), on corresponding user device, for performing the data transaction with the merchant. In one embodiment, the Unique Digital Code (with value and validity) may be in correspondence to the lien marking and may be sent by the bank server to the first server 101. Further, the first server 101 may send the Unique Digital Code (with value and validity) to the customer. The customer may perform the necessary monetary transaction by transferring the Unique Digital Code (with value and validity) issued to said customer 104-1 by the first server 101, to the merchant, for a respective purchase from the merchant. Such a transaction may be facilitated by respective user devices of the customer and merchant. The transferring of credits may be performed from the account of customer to the account of the merchant. The credits may be transferred by mapping the Unique Digital Code (with value and validity) received on the customer’s user device 104-1 to a portal on the second server 102 and notification for the same may be made available in the merchant’s user device 104-2. For every new transaction, a Unique Digital Code (with value and validity) may be generated. In one embodiment, if the value of the Unique Digital Code issued to the customer from the first server 101 are not completely utilized in the first transaction, the remaining value of the Unique Digital Code of the customer may be transacted with a new Unique Digital Code (with value and validity) for any further transaction as per the settings set by the users. In one exemplary embodiment, if the customer has been issued with a value of Rs.5000 but uses only Rs.3000 for transacting with the merchant for corresponding purchase, then the remaining value of Rs.2000 is allotted a new and different Unique Digital Code (with value and validity) which may be used for further transaction. The generation of the Unique Digital Code (with value and validity) for every new transaction provides an enhanced security to the data transaction. In one embodiment, the Unique Digital Code is known to the user.
In one embodiment, the reconciliation operations may be handled by the first server 101 and the bank server may settle the successful transactions in a batch mode on T+1day basis, T being the date of transaction. More particularly, at T+1 day, the data associated to all successful transactions of the customers may be communicated by the first server 101 to the bank server and then the bank server may debit the corresponding monetary amount from the customer’s account stored in bank server. This debited amount is then credited to the merchant’s account stored in the bank server. Therefore, such reconciliation operations enable in reducing the number of hops in the transactions. The transaction is thus performed in a single hop. As all successful transactions are aggregated at T+1 day, the debit from the customer’s bank account is performed. This helps in eliminating the failed transactions, thus consuming less time and reducing the number of transaction hops. Also, the first server 101 issues Unique Digital Code (with value and validity) to the customer without asking for any personal financial details or any other details. The only condition is that the customer and the merchant are registered with the first server 101 for facilitating the monetary transaction between them. This enhances the security of transaction. Therefore, the customer is allowed to transact without providing any financial details, without any card, or a wallet. The system 100 facilitates in ONUS transactions and post reconciliation. In one embodiment, the customer may be linked with the bank server only during the registration and authentication process of the customer with the bank account stored on the bank server. The Unique Digital Codes may be issued without transfer of funds from the customer account in the second server 102 to the first server 101 or within the second server 102 from one account to another.
Referring to figure 2, the processor 201, a memory 203, a Random-Access Memory (RAM), a network adapter, I/O pins 202, and a UART port may be configured to form a processing unit. In one embodiment, the processor 201 may be electronically coupled with the memory 203, the RAM, the network adapter, a USB port, the I/O pins 202 and the UART port. In one embodiment, the display and the keypad may be electronically coupled with the processor 201 via the I/O pins 202.
In one embodiment, the first server 101 may comprise at least one processor 201, an input/output (I/O) interface 202, a memory 203, modules 204 and data 213. In one embodiment, the at least one processor 201 may be configured to fetch and execute computer-readable instructions stored in the memory 203.
In one embodiment, the I/O interface 202 may include a variety of software and hardware interfaces, for example, a web interface, a graphical user interface, and the like. The I/O interface 202 can facilitate multiple communications within a wide variety of networks and protocol types, including wired networks, for example, LAN, cable, etc., and wireless networks, such as WLAN, cellular, or satellite. The I/O interface may include one or more ports for connecting to another server.
In an implementation, the memory 203 may include any computer-readable medium known in the art including, for example, volatile memory, such as static random access memory (SRAM) and dynamic random access memory (DRAM), and/or non-volatile memory, such as read only memory (ROM), erasable programmable ROM, flash memories, hard disks, optical disks, and memory cards. The memory 203 may include modules 204 and data 213.
The modules 204 include routines, programs, objects, components, data structures, etc., which perform particular tasks, functions or implement particular abstract data types. In one implementation, the modules 204 may program instructions and other modules. The modules 204 may further comprise modules such as registration module 205, authentication module 206, lien requesting module 207, issuing module 208, transaction module 209, notification module 210, reconciliation module 211, code generation module 212.
In one embodiment, the data 213 may comprise all the necessary data of one or more users. In an exemplary embodiment, the necessary data 213 may comprise data and information of a unique identification means of one or more users, geolocation of the users, authentication information of the users, and like data.
In one embodiment, the registration module 205 may be configured to register one or more users 104 by receiving and verifying user credentials. Further, the authentication module 206 may be configured to authenticate the user account in the first server 101. In one embodiment, the authentication and registration may be performed by providing an option to the customer to register and authenticate online through the mobile banking or internet banking of his bank or the CBS Branch application, wherein said registration and authentication data will be captured at the bank system and transmitted to first server and additionally by using a passcode or the like. In another embodiment, said registration and authentication may also be performed when the customer opts to open an account with the bank or while issuing a debit card or the like. The customer may only choose an option of getting registered with the first server while getting registered and authenticated for issuance of a debit or credit card or the like. The customer doesn’t require to perform separate registration and authentication process if such said options are chosen. The lien requesting module 207 may be configured to send a lien marking request from the first server 101 to the second server 102. The issuing module 208 may be configured to issue a Unique Digital Code (with value and validity) to the user 104-1, on successful lien marking. The transacting module 209 may be configured to enable transaction between the users 104-1 and 104-2 by transfer of the Unique Digital Code (with value and validity) from the account of the user 104-1 to the account of the user 104-2, wherein the accounts are stored in first server 101. The reconciliation module 211 may be configured to perform post reconciliation operations comprising aggregation of the bills of successful transactions and communicating them to the second server 102 on T+1day basis. The code generation module 212 may be configured to generate a new code for the next transacting credits after every transaction.
Referring now to figure 3, a second server 102 and its components are illustrated in accordance with the present subject matter. In one embodiment, the second server 102 may comprise a processing unit 301, an input/output interface 302, a memory unit 303, modules 304, registration module 305, authentication module 306, lien marking module 307, a transaction settling module 308 and data and a central repository 309. In one embodiment, the processing unit 301 may be configured to fetch and execute computer-readable instructions stored in the memory unit 303. The input/output interface 302, the modules 304, data and central repository 309 may work in the second server 102 in the similar way as that in the first server 101. The data and central repository 309 may store information of the consumer/user, payment patterns, account balances, interest rates, and/or earnings potential, lien terms that are acceptable. In one embodiment, identification information, may comprise, mobile telephone number, mobile device IMEI number, legal name, social security number, address, birthdate, and/or account number. The optional additional information comprises employment history, banking history and balances, credit history and balances, monetary assets and liabilities, earnings history, tax returns history, telecommunications services history, mobile financial transactions history, and/or utilities history and like data. In one embodiment, said necessary data 309 may be fetched by the processor unit 301 via internet and stored in the memory unit 303. The other data may include data generated as a result of the execution of one or more modules.
In one embodiment, the registration module 305 may be configured to register one or more users 104 by receiving and verifying user credentials. Further, the authentication module 306 may be configured to authenticate the user account in the second server 102. The lien marking module 307 may be configured to make a lien marking on the user’s 104-1 account stored in the second server 102. The transaction settling module 308 may be configured to receive the aggregation of the bills of successful transactions and debit the corresponding amount from the account of the user 104-1 stored in the second server 102, in order to settle the transaction on T+1day basis.
Referring now to figure 5, a method 500 for data transaction with minimum computation hops is illustrated in accordance with the present subject matter. At step 501, registration of the users 104 to the first server 101 and second server 102 may be performed. The registration process may be enabled by verifying the user credentials, which are provided by the user 104.
At step 502, authentication of users 104 may be performed. The first server 101 and the second server 102 may be configured to authenticate the registered users 104.
At step 503, the user 104-1 may request the first server 101 to issue a Unique Digital Code in its account associated with the first server 101. The request may be performed with the help of user device 104-1. In one embodiment, the Unique Digital Code may have an associated value and validity.
At step 504, a lien marking may be requested by the first server 101. The first server 101 may request for making a lien marking on the user’s 104-1 account stored in the second server 102.
At step 505, on successful lien marking, a Unique Digital Code (with value and validity) may be issued to the user 104-1 on the user’s account on the first server 101. The Unique Digital Code (with value and validity) may be generated on issuance of the required value requested and said Unique Digital Code (with value and validity) may be communicated to the user 104-1 via its user device.
At step 506, transaction of the issued Unique Digital Code (with value and validity) may be performed. In one embodiment, the user 104-1 may transfer the necessary value from the issued Unique Digital Code to the user 104-2 via respective user devices. In one embodiment, a part or whole unique digital code may be transacted. The transaction may be performed from the accounts of the users 104-1 and 104-2 stored in the first server 101. Further, the transaction may take place by communicating the unique identification code received by the user 104-1 on user device to the user device 104-2.
At step 507, notification of successful transaction may be communicated on the user device 104-2.
At step 508, the transactions performed by the user 104-1 in a whole day may be settled on T+1day basis regularly by reconciliation operations by the first server 101. In one embodiment, at the end of the day, all successful transactions may be aggregated by the first server 101 and communicated to the second server 102. The second server 102 further debits the actual amount of the transaction from the user’s 104-1 account stored in the second server 102 and credits said debited amount to the account of the user 104-2. Said settling of transactions on T+1 day basis enables in eliminating the unsuccessful transactions occurred during the T+1 day.
At step 509, a Unique Digital Code is generated for unused value of the Unique Digital Code. In one embodiment, a new Unique Digital Code (with value and validity) may be generated for the unused value from the issued Unique Digital Code to the user 104-1. Therefore, further for every new transaction, a new Unique Digital Code (with value and validity) may be generated by the first server 101. This enhances security of the transactions.
In one embodiment, the disclosed system and method may offer features such as Child card, Meal Card, Multi-modal transit card, Travel Card, Personal Finance Manager (PFM), Expense Analyzer, ATM Card-less Cash withdrawal etc. without any physical card. It can translate into a single solution for all banking needs (off-line and on-line) and ensuring security of customer and transaction information.
The system 100 and method 500 configured for secure data transmission for transaction with minimum computation hops has various advantages such as no bank or credit card data is required to be stored in the first server 101. The system 100 works with an alias created by server 102 while linking the bank account on request from the first server 101. In the system 100 of the present disclosure, the payment process is split in to two (de-coupled architecture). The system 100 and method 500 provides a pre-approved credit, against the lien and actual spending. Due to this, the transaction at the merchant/user 104-2 is a single hop transaction. The system 100 and method 500 helps in avoiding fraud through card skimming at device level (at POS terminals and ATMs). Further, the system 100 enables the credits generated using a single use dynamic number which ensures that the same cannot be mis-used. In case of partial usage, the system 100 triggers issuance of a new number for unspent amount. In the existing payment systems, the accounts of the customer are debited on-line (while transacting) and credit to the merchants are rendered on T+2 day basis or later. Thus, the reconciliation is further done post this settlement on T+3 of later. The system 100 and method 500 firstly facilitates reconciliation and only successful transactions are considered for debit to the customer account. This also avoids frauds and complaints. Anonymity of the source of payment at the merchant end, is rendered due to the system 100 and method 500. Various systems available today for payments namely credit cards, debit cards, wallets, prepaid cards, bank accounts, do not work with each other. In other words, there are multiple systems to use these instruments. Whereas the system 100 allows all the above instruments/channels to co-exist. In the existing systems, there are different processes for on-line and off-line purchases. In the present system 100, the user 104 can have a single process for handling both. The system 100 is capable of handling QR code, tap and pay, NFC, ultra-sound, low frequency Bluetooth, biometric et.al. The system 100 is also capable of card-less withdrawals at ATMs if the ATM is registered with the first server 101. The system 100 obviates the need for card processors, further acquirers resulting in reducing hops and transaction costs by making all transactions as ON-US. The system 100 facilitates in reduction/elimination of frauds as reconciliation and settlement is done first and then debit to account as else done in all other systems across the world. The system 100 facilitates in guarantee of payments by reducing the cost as well as converts every payment of transaction into an ONUS transaction.
In embodiment, the encryption methods used may be DES, 3DES, RSA, SHA 512, Salting methods and the like, in order to provide security/safety of specific data being transmitted over internet/as well as stored in data base.
In one embodiment, considering the ATM machine instead of a merchant/ user 104-2. The ATM machine may be registered with the first server 101. The customer/ user 104-1 on successful lien marking may be issued the unique digital code. The scanning of a QR code associated with the unique digital code may be performed between the customer/user 104-1 and the ATM machine 104-2. After, such a successful scanning, the ATM machine 104-2 may deliver hard cash to the customer/user 104-1.
In one embodiment, the customer/ user 104-1 on successful lien marking may be issued with the unique digital code. Said unique digital code may be used at that time when the transaction is completed with the merchant, ensuring guarantee of delivery and payment when the merchant delivers the goods or provides service. The transaction of the value associated with the unique digital code is settled only if the goods or services are delivered.
Although implementations of a system 100 and method 500 for enabling secure data transmission for transaction with minimum computation hops have been described in language specific to structural features and/or methods, it is to be understood that the appended claims are not necessarily to the specific features or methods described. Rather, the specific features are disclosed as examples of a system 100 and method 500 for enabling secure data transmission for transaction with minimum computation hops.