Automated Embedded Payment Systems

Abstract

Payment industry is largely aligned in their desire to create embedded payment systems ready for the modern digital age. The trend to embed payments into a software platform is often regarded as first step towards a broader trend of embedded finance based on digital representation of fiat currencies. Since it became clear to our research team that there are no technologies and protocols that are protected against attacks of quantum computing, and that enable automatic embedded payments, online or offline with no fear of counterfeit, P2P or device-to-device to be made in real time without intermediaries, in any denomination, even continuous payments per time or service, while preserving the privacy of all parties, without enabling illicit activities, we decided to utilize the Generic Innovation Engine [1] that is based on the Artificial Intelligence Assistance Innovation acceleration methodologies and tools in order to boost the progress of innovation of the necessary solutions. These methodologies accelerate innovation across the board. It proposes a framework for natural and artificial intelligence collaboration in pursuit of an innovative (R&D) objective The outcome of deploying these Artificial Innovation Assistant (AIA) methodologies was tens of patents that yield solutions, that a few of them are described in this paper. We argue that a promising avenue for automated embedded payment systems to fulfil people’s desire for privacy when conducting payments, and national security agencies demand for quantum-safe security, could be based on DeFi and digital currencies platforms that does not suffer from flaws of DLT-based solutions, while introducing real advantages, in all aspects, including being quantum-resilient, enabling users to decide with whom, if at all, to share information, identity, transactions details, etc., all without trade-offs, complying with AML measures, and accommodating the potential for high transaction volumes. It is not legacy bank accounts, and it is not peer-dependent, nor a self-organizing network.