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Method/System to protect an individual's financial assets spread across various financial organizations

IP.com Disclosure Number: IPCOM000243796D
Publication Date: 2015-Oct-17
Document File: 2 page(s) / 38K

Publishing Venue

The IP.com Prior Art Database

Abstract

To provide single point of control mechanism to manage individual's different financial assets owned in various organization, without disclosing the asset details.

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Method/System to protect an individual's financial assets spread across various financial organizations

This provides single point of control mechanism to manage individual's different financial assets owned in various organization, without disclosing the personal details of these assets to the controlling system. In this system/method, an user has all his/her financial assets tagged to a single ID [ For example, PAN number (in INDIA) & SSN ( in US ) can be used as ID to configure individuals asset information ] in a centralized server which is linked with various financial organizations. The user can login to this centralized system and can manage all assets from this system.

In the event of loss/theft of individual's information related to the financial assets , there is no automatic way to block the access to all of his/her assets all at once, unless the assets have been registered with a controlling authority . This method provides a mechanism for the user to control further access to all his/her financial assets using a common identifier, tagged to all the related assets and block them all at once. The same system can be additionally used for other use cases like, an user can fetch all his/her tax related details at once.

Implementation:


This method involves a centralized server which is linked with all the financial institution/organization. This centralized server and all the financial organizations should be connected and able to communicate with the server, based on agreed upon protocol.

The flow of this solution :

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a) User registers using his/her identifier with the centralized server.

b) Then, user can login and submits serv...