Industrial Consultancy & Sponsored Research (IC&SR) , IIT Madras
Technology Category/ Market
Technology: Intent-based method and system for providing transactional security
Industry & Applications: Banking Sector, Ecommerce, Fintech , ICT & etc.;
Market: The global payment security market is projected to grow at a CAGR of 16%Â during 2023-2027.
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Problem Statement
- Generally, in conventional method, the financial institutions send a notification to the user via SMS or email, etc. on completion of a transaction related to the account of the user. However, in case any fraudulent transactions happen, there may be financial loss suffered by the user.
- Further, there are many other solutions discussed, but failed to address the issues related to said one issue like fraudulent transaction happening as long as the upper limit is not crossed.
- Hence, there is a need to mitigate above challenges, and present invention provides the solution in efficient manner.
Technology
- The present invention describes a method for controlling a transaction associated with an object.
- The transaction comprises at least one of a credit card transaction, a debit card transaction, direct transaction, indirect transaction, & object access transaction.
- The object comprises at least one of a document, credit card, debit card, custodian entity, & consumer electronic device.
- Further, the function is initiated after receiving an intent or electronic message.
- Further the present invention explains about a system for controlling at least one transaction associated with at least one object. The system comprises a user controlled configurable Authorization (UCCA) engine, and a custodian entity.
- The operation of the present invention is depicted in the smart chart:
- Herein, the intent means an electronic message through which said operation starts.
Key Features/ Value Proposition
Technical Perspective:
- Desired Transaction: The claimed invention discloses that the intent indicates that the user wants to perform the desired transaction. Thus, as long as the proposed transactions are in conformity with the rules/instructions, they will be carried out.
- Facilitate Dynamic operation based on user intent: There is no specific rules/instructions provided or followed in the present invention, rather it completely depends on the intent of the user and it changes dynamically based on instruction given by the user through e-message,
Industrial Perspective:
- Applicable in Financial Institution, an online storage location , ATMS and etc.
Questions about this Technology?
Contact For Licensing
sm-marketing@imail.iitm.ac.in
ipoffice2@iitm.ac.in
Research Lab
Inventor: Mr. B. Viswanathan
Department of Management Studies
Intellectual Property
- IITM IDF Ref. 1131
- Patent Application No: 809/CHE/2014
Technology Readiness Level
TRL-2/3
 Proof of Concept ready, & tested