WO2022079500A1

WO2022079500A1 - System and method for secured management of a transaction between multiple accounts

Info

Publication number: WO2022079500A1
Application number: PCT/IB2021/053705
Authority: WO
Inventors: Sai Kumar Jamalpur
Original assignee: Sai Kumar Jamalpur
Priority date: 2020-10-13
Filing date: 2021-05-04
Publication date: 2022-04-21

Abstract

A system for secured management of transaction is disclosed. A transaction request receiving subsystem receives an electronic transaction request for initiating the electronic transaction between a primary account holder and one or more secondary account holders. A transaction authentication subsystem determines a requirement of interaction between the primary account holder and the one or more secondary account holders. A transaction authentication subsystem generates an electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction. A transaction rule validation subsystem determines a nature of the electronic transaction and a plurality transaction parameters, validates a plurality of adaptive transaction rules associated with the electronic transaction. A transaction analysis subsystem computes a risk factor score associated with the electronic transaction, analyses severity of the electronic transaction by considering one or more statutory and regulatory actions, enables the primary account holder to securely authorize the electronic transaction.

Description

SYSTEM AND METHOD FOR SECURED MANGEMENT OF A TRANSACTION BETWEEN MULTIPLE ACCOUNTS

EARLIEST PRIORITY DATE:

This Application claims priority from a Complete patent application filed in India having Patent Application No. 202041044572, filed on October 13, 2020 and titled “SYSTEM AND METHOD FOR SECURED MANGEMENT OF A TRANSACTION BETWEEN MULTIPLE ACCOUNTS”.

BACKGROUND

Embodiments of the present disclosure relate to a system for handling digital transactions and more particularly to a system and a method for secured management of an electronic transaction between multiple accounts.

An electronic transaction is any type of operation which is involved with sale or purchase of goods or services, between businesses, households, individuals, governments, and other public or private organisations, conducted over computer- mediated networks. There are various types of the electronic transaction such as financial transaction as well as non-financial transaction which is mediated across various networks in day to day life. The financial transaction among the various types of the electronic transaction have become more and more important in daily life. Examples for such financial transactions are cashless payment at a point-of-sale or on a website, cash withdrawal at an ATM machine by making use of a credit card or a debit card, internet banking, digital payment wallet transaction and the like. Such kind of financial transactions as well as some non-financial transactions provide great flexibility to the owner of the financial account, however, due to the at least partial electronic handling, risks of fraud exist. There is a paramount need to ensure secure transactions, including both the financial and the non-financial, done via online or any other means. Mobile devices have become the means for authentication for most of the electronic transactions, and if stolen/lost/hacked, can post a tremendous amount of threat to personal and financial data loss. As a result, various systems are utilized for secured management of the electronic transactions. Conventionally, the system available for managing the electronic transactions include controlling and managing respective user accounts involved in the electronic transactions. Managing the respective user accounts is of particular relevance as an account of one individual or user is linked with one or more accounts of another individual or entity. However, some existing or conventional systems available for controlling usage of a linked account lacks with respect to security and/or convenience for the primary account holder. Also, such conventional systems authorize each of the electronic transaction based on static and a generic rule set defined which sometimes compromises security concern associated with the transaction.

Hence, there is a need for an improved system and a method for secured management of an electronic transaction between multiple accounts in order to address the aforementioned issues.

BRIEF DESCRIPTION

In accordance with an embodiment of the present disclosure, a system for secured management of an electronic transaction between multiple accounts is disclosed. The system includes a transaction request receiving subsystem configured to receive an electronic transaction request for initiating the electronic transaction between a primary account holder and one or more secondary account holders. The system also includes a transaction authentication subsystem operatively coupled to the transaction request receiving subsystem. The transaction authentication subsystem is configured to determine a requirement of interaction between the primary account holder and the one or more secondary account holders based on the electronic transaction request received. The transaction authentication subsystem is also configured to identify a relationship between the primary account holder and the one or more secondary account holders for processing the electronic transaction when the requirement of the interaction is determined. The transaction authentication subsystem is also configured to generate an electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction initiated by the secondary account holder based on the relationship identified. The system also includes a transaction rule validation subsystem operatively coupled to the transaction authentication subsystem. The transaction rule validation subsystem is configured to determine a nature of the electronic transaction and a plurality transaction parameters associated with the electronic transaction based on the transaction authentication request generated. The transaction rule validation subsystem is also configured to validate a plurality of adaptive transaction rules associated with the electronic transaction upon the nature of the electronic transaction and the plurality of transaction parameters are determined. The system also includes a transaction analysis subsystem operatively coupled to the transaction rule validation subsystem. The transaction analysis subsystem is configured to compute a risk factor score associated with the electronic transaction when compliance of the electronic transaction with the plurality of adaptive transaction rules is determined upon validation. The transaction analysis subsystem is also configured to analyse a severity of the electronic transaction by considering one or more statutory and regulatory actions based on comparison of the risk factor score with a predetermined threshold risk score associated with electronic transaction. The transaction analysis subsystem is also configured to enable the primary account holder to securely authorize the electronic transaction when the severity of the electronic transaction is analysed as low based on a lower risk factor score generated upon comparison with the predetermined threshold risk score.

In accordance with another embodiment of the present disclosure, a method for secured management of a transaction between multiple accounts is disclosed. The method includes receiving, by a transaction request receiving subsystem, an electronic transaction request for initiating the electronic transaction between a primary account holder and one or more secondary account holders. The method also includes determining, by a transaction authentication subsystem, a requirement of interaction between the primary account holder and the one or more secondary account holders via a plurality of interaction mechanism based on the electronic transaction request received. The method also includes identifying, by the transaction authentication subsystem, a relationship between the primary account holder and the one or more secondary account holders for processing the electronic transaction when the requirement of the interaction is determined. The method also includes generating, by the transaction authentication subsystem, an electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction initiated by the secondary account holder based on the relationship identified. The method also includes determining, by a transaction rule validation subsystem, a nature of the electronic transaction and a plurality transaction parameters associated with the electronic transaction based on the transaction authentication request generated. The method also includes validating, by the transaction rule validation subsystem, a plurality of adaptive transaction rules associated with the electronic transaction upon the nature of the electronic transaction and the plurality of transaction parameters are determined. The method also includes computing, by a transaction analysis subsystem, a risk factor score associated with the electronic transaction when compliance of the electronic transaction with the plurality of adaptive transaction rules is determined upon validation. The method also includes analysing, by the transaction analysis subsystem, a severity of the electronic transaction by considering one or more statutory and regulatory actions based on comparison of the risk factor score with a predetermined threshold risk score associated with electronic transaction. The method also includes enabling, by the transaction analysis subsystem, the primary account holder to securely authorize the electronic transaction when the severity of the electronic transaction is analysed as low based on a lower risk factor score generated upon comparison with the predetermined threshold risk score.

To further clarify the advantages and features of the present disclosure, a more particular description of the disclosure will follow by reference to specific embodiments thereof, which are illustrated in the appended figures. It is to be appreciated that these figures depict only typical embodiments of the disclosure and are therefore not to be considered limiting in scope. The disclosure will be described and explained with additional specificity and detail with the appended figures.

BRIEF DESCRIPTION OF THE DRAWINGS

The disclosure will be described and explained with additional specificity and detail with the accompanying figures in which:

FIG. 1 is a block diagram of a system for secured management of a transaction between multiple accounts in accordance with an embodiment of the present disclosure;

FIG. 2 is a block diagram of an embodiment of a system for secured management of a transaction between multiple accounts in accordance with an embodiment of the present disclosure; FIG. 3 is a block diagram of an exemplary system for secured management of a transaction between multiple accounts in accordance with an embodiment of the present disclosure;

FIG. 4 illustrates a block diagram of a computer or a server of FIG. 1 in accordance with an embodiment of the present disclosure; and

FIG. 5(a) and FIG. 5(b) illustrates a flow chart representing the steps involved in a method for secured management of a transaction between multiple accounts of a system of FIG. 1 in accordance with the embodiment of the present disclosure.

Further, those skilled in the art will appreciate that elements in the figures are illustrated for simplicity and may not have necessarily been drawn to scale. Furthermore, in terms of the construction of the device, one or more components of the device may have been represented in the figures by conventional symbols, and the figures may show only those specific details that are pertinent to understanding the embodiments of the present disclosure so as not to obscure the figures with details that will be readily apparent to those skilled in the art having the benefit of the description herein.

DETAILED DESCRIPTION

For the purpose of promoting an understanding of the principles of the disclosure, reference will now be made to the embodiment illustrated in the figures and specific language will be used to describe them. It will nevertheless be understood that no limitation of the scope of the disclosure is thereby intended. Such alterations and further modifications in the illustrated system, and such further applications of the principles of the disclosure as would normally occur to those skilled in the art are to be construed as being within the scope of the present disclosure.

The terms "comprises", "comprising", or any other variations thereof, are intended to cover a non-exclusive inclusion, such that a process or method that comprises a list of steps does not include only those steps but may include other steps not expressly listed or inherent to such a process or method. Similarly, one or more devices or sub-systems or elements or structures or components preceded by "comprises... a" does not, without more constraints, preclude the existence of other devices, sub-systems, elements, structures, components, additional devices, additional sub-systems, additional elements, additional structures or additional components. Appearances of the phrase "in an embodiment", "in another embodiment" and similar language throughout this specification may, but not necessarily do, all refer to the same embodiment.

Unless otherwise defined, all technical and scientific terms used herein have the same meaning as commonly understood by those skilled in the art to which this disclosure belongs. The system, methods, and examples provided herein are only illustrative and not intended to be limiting.

In the following specification and the claims, reference will be made to a number of terms, which shall be defined to have the following meanings. The singular forms “a”, “an”, and “the” include plural references unless the context clearly dictates otherwise.

Embodiments of the present disclosure relate to a system and a method for secured management of a transaction between multiple accounts. The system includes a transaction request receiving subsystem configured to receive an electronic transaction request for initiating the electronic transaction between a primary account holder and one or more secondary account holders. The system also includes a transaction authentication subsystem operatively coupled to the transaction request receiving subsystem. The transaction authentication subsystem is configured to determine a requirement of interaction between the primary account holder and the one or more secondary account holders based on the electronic transaction request received. The transaction authentication subsystem is also configured to identify a relationship between the primary account holder and the one or more secondary account holders for processing the electronic transaction when the requirement of the interaction is determined. The transaction authentication subsystem is also configured to generate an electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction initiated by the secondary account holder based on the relationship identified. The system also includes a transaction rule validation subsystem operatively coupled to the transaction authentication subsystem. The transaction rule validation subsystem is configured to determine a nature of the electronic transaction and a plurality transaction parameters associated with the electronic transaction based on the transaction authentication request generated. The transaction rule validation subsystem is also configured to validate a plurality of adaptive transaction rules associated with the electronic transaction upon the nature of the electronic transaction and the plurality of transaction parameters are determined. The system also includes a transaction analysis subsystem operatively coupled to the transaction rule validation subsystem. The transaction analysis subsystem is configured to compute a risk factor score associated with the electronic transaction when compliance of the electronic transaction with the plurality of adaptive transaction rules is determined upon validation. The transaction analysis subsystem is also configured to analyse a severity of the electronic transaction by considering one or more statutory and regulatory actions based on comparison of the risk factor score with a predetermined threshold risk score associated with electronic transaction. The transaction analysis subsystem is also configured to enable the primary account holder to securely authorize the electronic transaction when the severity of the electronic transaction is analysed as low based on a lower risk factor score generated upon comparison with the predetermined threshold risk score.

FIG. 1 is a block diagram of a system (100) for secured management of a transaction between multiple accounts in accordance with an embodiment of the present disclosure. The system (100) includes a transaction request receiving subsystem (110) configured to receive an electronic transaction request for initiating the electronic transaction between a primary account holder and one or more secondary account holders. In one embodiment, the electronic transaction may include a financial transaction or a non-financial transaction. In such embodiment, the financial transaction may include, but not limited to, cashless payment at a point-of-sale or on a website, cash withdrawal at an automated teller machine (ATM) by making use of a credit card or a debit card, internet banking, digital payment wallet transaction and the like. In another embodiment, the non-financial transaction may include, but not limited to transaction for transfer of reward points, transaction for transferring stocks within multiple accounts between one or more account holders or between the multiple accounts owned by a single account holder and the like. In one embodiment, the primary account holder may include at least one of a peer, a buddy, a family member, a partner or a parent. In another embodiment, the one or more secondary account holders may include at least one of a peer, a buddy, a family member, a partner or a child. As used herein, the term ‘parent’ is defined as an account holder who is in a higher hierarchical relationship or having a higher authority based on nature of the electronic transaction to authorise the electronic transaction. Similarly, the term ‘child’ is defined as an account holder who is available at a lower hierarchical level with respect to a parent account holder or having a lesser right for authorisation of the electronic transaction based on the nature of the transaction. Again, the term ‘buddy’ used herein is defined as friends or joint account holders having similar relationship and rights for authorization of the electronic transaction. Again, the term ‘family member’ used herein is defined as either a primary account holder and a secondary account holder having a parent-child relationship or joint account holders having same kind of authority and rights for authorizing the electronic transaction.

The system (100) also includes a transaction authentication subsystem (120) operatively coupled to the transaction request receiving subsystem (110). The transaction authentication subsystem (120) is configured to determine a requirement of interaction between the primary account holder and the one or more secondary account holders based on the electronic transaction request received. The requirement of the interaction includes at least an urgent requirement of the interaction for initiation of the transaction in case of dependency on an authorized account holder, a non-urgent requirement of the interaction for initiation of the electronic transaction by a child and the like. The transaction authentication subsystem is also configured to identify a relationship between the primary account holder and the one or more secondary account holders for processing the electronic transaction when the requirement of the interaction is determined. In one embodiment, the relationship may include a similar relationship corresponding to ownership of a primary account and one or more secondary accounts. In such embodiment, the similar relationship corresponding to the ownership may include having a single account holder or account owner across the primary account and the one or more secondary accounts. For example, the similar relationship identified between the account holder across the multiple accounts helps the account holder in approving the financial transaction between a savings bank account, a non-resident external (NRE) account or a non-resident ordinary rupee (NRO) account and the like. In another embodiment, the relationship may include an unsimilar relationship corresponding to ownership of a primary account and one or more secondary accounts. The transaction authentication subsystem is also configured to generate an electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction initiated by the secondary account holder based on the relationship identified. In one embodiment, the authentication of the electronic transaction may include at least one of a passcode entered by the primary account holder, an acceptance of the authentication request by the one or more secondary account holders or a combination thereof. In such embodiment, the passcode may include at least one of a pre-set code or a onetime password (OTP). In another embodiment, the authentication of the electronic transaction may include a biometric authentication mechanism including at least one of a fingerprint recognition mechanism for authentication, an iris scan recognition mechanism for authentication, a facial recognition mechanism for authentication or a combination thereof. The biometric authentication mechanism is utilized for authentication of the electronic transaction when the electronic transaction is initiated by an employee of a financial organization on behalf of the primary account holder. For example, the electronic transaction may be authenticated by the employee of the financial organization in presence of the primary account holder. In another scenario, the electronic transaction may be authenticated by the employee of the financial organization in absence of the primary account holder. In such a scenario, the employee of the financial organization in compliance with all the statutory and regulatory requirements, govern the rules for the electronic transactions. The employee of the financial organization or service providers operates on transaction authentication within the framework between parent and child accounts for affirmative execution. The primary account holder authenticates the generated electronic transaction authentication request by entering the passcode via an electronic device associated with primary account holder. In some embodiment, the authentication request link may be automatically authenticated by the one or more secondary account holders.

The system (100) also includes a transaction rule validation subsystem (130) operatively coupled to the transaction authentication subsystem (120). The transaction rule validation subsystem (130) is configured to determine a nature of the electronic transaction and a plurality transaction parameters associated with the electronic transaction based on the transaction authentication request generated. In one embodiment, the nature of the transaction may include a lawful electronic transaction or an unlawful electronic transaction. As used herein, the term ‘lawful electronic transaction’ is defined as a permissible financial or a non-financial transaction between multiple accounts. Similarly, the term ‘unlawful electronic transaction’ is defined as non-permissible or illegal process of conducting the electronic transaction for making large amounts of money. In one embodiment, the unlawful transaction may include a money laundering activity. In a particular embodiment, the plurality of transaction parameters may include at least one of a value of the electronic transaction, a type of account holder involved with the electronic transaction, a time of the electronic transaction, a mode of the electronic transaction or a combination thereof. In such embodiment, the type of the account holder may include one or more known secondary account holders, or one or more unknown secondary account holders.

The transaction rule validation subsystem is also configured to validate a plurality of adaptive transaction rules associated with the electronic transaction upon the nature of the electronic transaction and the plurality of transaction parameters are determined. In a specific embodiment, the transaction rule validation subsystem invalidates the plurality of adaptive transaction rules aborts the electronic transaction upon determination of the unlawful nature of the electronic transaction. In one embodiment, the plurality of adaptive transaction rules may include at least one of a type of a permission for transaction of one or more items, an age validation of the one or more secondary account holders, a location verification of the one or more secondary holders, a limitation of list of websites associated with the electronic transaction, determination of the value of transaction deviating from a pre-set transaction limit, verification of identities of the one or more secondary holders for permitting the electronic transaction, a validation of an electronic transaction for shortage of funds between multiple accounts owned by a similar primary account holder or a combination thereof. The plurality of adaptive rules associated with the electronic transaction are defined and governed by either the primary account holder, a service provider or a statutory and a regulatory authority. The plurality of adaptive rules is dynamic in nature which varies based on a type of the electronic transaction. In one embodiment, the plurality of adaptive rules is automatically validated using a machine learning technology. In such embodiment, the machine learning technology decides the validation of one or more rules from the set of adaptive rules based on a predefined requirement of the electronic transaction. The system (100) also includes a transaction analysis subsystem (140) operatively coupled to the transaction rule validation subsystem (130). The transaction analysis subsystem (140) is configured to compute a risk factor score associated with the electronic transaction when compliance of the electronic transaction with the plurality of adaptive transaction rules is determined upon validation. As used herein, the term ‘risk factor score’ is defined as a value which is evaluated in real-time for estimation of risk associated with the electronic transaction. The transaction analysis subsystem is also configured to analyse a severity of the electronic transaction by considering one or more statutory and regulatory actions based on comparison of the risk factor score with a predetermined threshold risk score associated with electronic transaction. In one embodiment, the severity of the electronic transaction is high when the risk factor score is higher than the predetermined threshold risk score. In another embodiment, the severity of the electronic transaction is less when the risk factor score is lower than the predetermined threshold risk score. The transaction analysis subsystem is also configured to enable the primary account holder to securely authorize the electronic transaction when the severity of the electronic transaction is analysed as low based on a lower risk factor score generated upon comparison with the predetermined threshold risk score.

FIG. 2 is a block diagram of an embodiment of a system (100) for secured management of a transaction between multiple accounts in accordance with an embodiment of the present disclosure. As already described in aforementioned FIG.l, the system includes a transaction request receiving subsystem (110), a transaction authentication subsystem (120), a transaction rule validation subsystem (130) and a transaction analysis subsystem (140). In addition, the system (100) also includes a transaction alert generation subsystem (150) operatively coupled to the transaction analysis subsystem (140). The transaction alert generation subsystem (150) is configured to generate an alert for notifying a rejection of the electronic transaction by the primary account holder when the severity of the electronic transaction is high. In one embodiment, the alert may include, but not limited to a push notification, a pop notification, an alarming call and the like. The transaction alert generation subsystem is also configured to generate a fund shortage notification for the child account holder belonging to the parent account holder. The transaction alert generation subsystem notifies the parent account holder about shortage of funds and additional fund request is raised to the parent account holder and the transaction is authorized by the parent account holder.

FIG. 3 is a block diagram of an exemplary system for secured management of a transaction between multiple accounts in accordance with an embodiment of the present disclosure. The system (100) is utilized to manage electronic transactions such as financial or non-financial transactions within multiple family /buddy accounts. Considering an example where there is a dependency on the financial transaction in a group, such as, when a parent/guardian is managing all the financial transaction of the child. In such an example, let’s assume that a child account holder has a certain limit of the transaction, and a parent account holder needs to control on the nature of transaction associated with the child account holder. Suppose if the child account holder requires transfer of funds from the parent account holder for making a payment for an item purchased from a website. Then, in such a scenario, the system (100) helps in handling the financial transaction securely within the group and also complicates life of a hacker.

Once, an electronic transaction request is initiated by the child account holder, a transaction request receiving subsystem (110) receives the electronic transaction request from an electronic device associated with the child account holder. Such electronic transaction request received enables initiating the electronic transaction between a primary account holder such as the parent account holder and a secondary account holder such as the child account holder. Based on the electronic transaction request, a transaction authentication subsystem (120) determines a requirement of interaction between the primary account holder and the secondary account holder. For example, the requirement may include at least an urgent requirement of the interaction for initiation of the transaction in case of dependency on an authorized account holder, a non-urgent requirement of the interaction for initiation of the electronic transaction by a child and the like. Here, if the requirement of payment for purchasing the item by the child is found as unessential, then the transaction is declined. Else if it is found as essential requirement or urgent, then further a transaction authentication subsystem identifies a relationship between the primary account holder and the secondary account holder for processing the electronic transaction. If the ownership of a primary account and the secondary account is identified as same, then the transaction authentication subsystem (120) generates an electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction initiated by the secondary account holder. For example, the authentication of the electronic transaction may include at least one of a passcode entered by the primary account holder, an acceptance of the authentication request by the one or more secondary account holders or a combination thereof, in the example used herein, the parent account holder may authenticate the electronic transaction by entering a onetime password (OTP) via a parent account device associated with the parent account holder.

Upon authentication of the transaction authentication request, a transaction rule validation subsystem (130) determines a nature of the electronic transaction and a plurality transaction parameters associated with the electronic transaction. For example, the nature of the transaction in the above-mentioned example is lawful electronic transaction as the payment requested by the secondary account holder is for a general knowledge book purchased from the website. Also, the transaction rule validation subsystem validates a plurality of adaptive transaction rules associated with the electronic transaction upon the nature of the electronic transaction and the plurality of transaction parameters are determined. Again, the transaction rule validation subsystem (130) invalidates the plurality of adaptive transaction rules or aborts the electronic transaction in case if an unlawful nature of the electronic transaction is determined. In the example used herein, the plurality of adaptive transaction rules may include at least one of a type of a permission for transaction of one or more items, an age validation of the one or more secondary account holders, a location verification of the one or more secondary holders, a limitation of list of websites associated with the electronic transaction, determination of the value of transaction deviating from a preset transaction limit, verification of identities of the one or more secondary holders for permitting the electronic transaction or a combination thereof. The plurality of adaptive rules associated with the electronic transaction are defined and governed by either the primary account holder, a service provider or a statutory and a regulatory authority. The plurality of adaptive rules is dynamic in nature which varies based on a type of the electronic transaction. Also, the plurality of adaptive rules is automatically validated using a machine learning technology. Further, upon validation, a transaction analysis subsystem (140) computes a risk factor score associated with the electronic transaction when compliance of the electronic transaction with the plurality of adaptive transaction rules is determined. The transaction analysis subsystem is also configured to analyse a severity of the electronic transaction by considering one or more statutory and regulatory actions based on comparison of the risk factor score with a predetermined threshold risk score associated with electronic transaction. For example, the severity of the electronic transaction is high when the risk factor score is higher than the predetermined threshold risk score. Similarly, the severity of the electronic transaction is less when the risk factor score is lower than the predetermined threshold risk score. In the example used herein, as the risk factor score is less for the financial transaction, so the transaction analysis subsystem enables the primary account holder to securely authorize the electronic transaction.

Further, in case if the severity is high, then a transaction alert generation subsystem (150) generates an alert for notifying a rejection of the electronic transaction by the primary account holder. For example, the alert may include, but not limited to a push notification, a pop notification, an alarming call and the like. Thus, the risk factor analysis of the financial transaction helps in managing the financial transaction such as transfer of funds from one account to another account under one or more service providers securely and effectively.

FIG. 4 illustrates a block diagram of a computer or a server of FIG. 1 in accordance with an embodiment of the present disclosure. The server (200) includes processor(s) (230), and memory (210) operatively coupled to the bus (220). The processor(s) (230), as used herein, means any type of computational circuit, such as, but not limited to, a microprocessor, a microcontroller, a complex instruction set computing microprocessor, a reduced instruction set computing microprocessor, a very long instruction word microprocessor, an explicitly parallel instruction computing microprocessor, a digital signal processor, or any other type of processing circuit, or a combination thereof.

The memory (210) includes several subsystems stored in the form of executable program which instructs the processor (230) to perform the method steps illustrated in FIG. 1. The memory (210) is substantially similar to a system (100) of FIG.l. The memory (210) has following subsystem: a transaction request receiving subsystem (110), a transaction authentication subsystem (120), a transaction rule validation subsystem (130), and a transaction analysis subsystem (140).

The transaction request receiving subsystem (110) configured to receive an electronic transaction request for initiating the electronic transaction between a primary account holder and one or more secondary account holders. The transaction authentication subsystem (120) is configured to determine a requirement of interaction between the primary account holder and the one or more secondary account holders based on the electronic transaction request received. The transaction authentication subsystem (120) is also configured to identify a relationship between the primary account holder and the one or more secondary account holders for processing the electronic transaction when the requirement of the interaction is determined. The transaction authentication subsystem (120) is also configured to generate an electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction initiated by the secondary account holder based on the relationship identified. The transaction rule validation subsystem (130) to determine a nature of the electronic transaction and a plurality transaction parameters associated with the electronic transaction based on the transaction authentication request generated. The transaction rule validation subsystem (130) is also configured to validate a plurality of adaptive transaction rules associated with the electronic transaction upon the nature of the electronic transaction and the plurality of transaction parameters are determined. The transaction analysis subsystem (140) is configured to compute a risk factor score associated with the electronic transaction when compliance of the electronic transaction with the plurality of adaptive transaction rules is determined upon validation. The transaction analysis subsystem (140) is also configured to analyse a severity of the electronic transaction by considering one or more statutory and regulatory actions based on comparison of the risk factor score with a predetermined threshold risk score associated with electronic transaction. The transaction analysis subsystem (140) is also configured to enable the primary account holder to securely authorize the electronic transaction when the severity of the electronic transaction is analysed as low based on a lower risk factor score generated upon comparison with the predetermined threshold risk score. The bus (220) as used herein refers to be internal memory channels or computer network that is used to connect computer components and transfer data between them. The bus (220) includes a serial bus or a parallel bus, wherein the serial bus transmits data in bit-serial format and the parallel bus transmits data across multiple wires. The bus (220) as used herein, may include but not limited to, a system bus, an internal bus, an external bus, an expansion bus, a frontside bus, a backside bus and the like.

FIG. 5 (a) and FIG. 5(b) illustrates a flow chart representing the steps involved in a method (300) for secured management of a transaction between multiple accounts of a system of FIG. 1 in accordance with the embodiment of the present disclosure. The method (300) includes receiving, by a transaction request receiving subsystem, an electronic transaction request for initiating the electronic transaction between a primary account holder and one or more secondary account holders in step 310. In one embodiment, receiving the electronic transaction request for initiating the electronic transaction between the primary account holder and the one or more secondary account holders may include receiving the electronic transaction request for initiating a financial transaction or a non-financial transaction. In such embodiment, the financial transaction may include, but not limited to, cashless payment at a point-of- sale or on a website, cash withdrawal at an automated teller machine (ATM) by making use of a credit card or a debit card, internet banking, digital payment wallet transaction and the like. In another embodiment, the non-financial transaction may include, but not limited to transaction for transfer of reward points, transaction for transferring stocks within multiple accounts and the like.

The method (300) also includes determining, by a transaction authentication subsystem, a requirement of interaction between the primary account holder and the one or more secondary account holders via a plurality of interaction mechanism based on the electronic transaction request received in step 320. In one embodiment, determining the requirement of the interaction between the primary account holder and the one or more secondary holders may include determining the at least an urgent requirement of the interaction for initiation of the transaction in case of dependency on an authorized account holder, a non-urgent requirement of the interaction for initiation of the electronic transaction by a child and the like. The method (300) also includes identifying, by the transaction authentication subsystem, a relationship between the primary account holder and the one or more secondary account holders for processing the electronic transaction when the requirement of the interaction is determined in step 330. In one embodiment, identifying the relationship between the primary account holder and the one or more secondary account holders may include identifying a similar relationship corresponding to ownership of a primary account and one or more secondary accounts. In another embodiment, identifying the relationship may include identifying an unsimilar relationship corresponding to ownership of a primary account and one or more secondary accounts.

The method (300) also includes generating, by the transaction authentication subsystem, an electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction initiated by the secondary account holder based on the relationship identified in step 340. In one embodiment, generating the electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction initiated by the secondary account holder may include generating at least one of a passcode entered by the primary account holder, an acceptance of the authentication request by the one or more secondary account holders or a combination thereof. In such embodiment, the passcode may include at least one of a pre-set code or a onetime password (OTP).

The method (300) also includes determining, by a transaction rule validation subsystem, a nature of the electronic transaction and a plurality transaction parameters associated with the electronic transaction based on the transaction authentication request generated in step 350. In one embodiment, determining the nature of electronic transaction and the plurality of transaction parameters may include determining the nature of the electronic transaction may include determining a lawful electronic transaction or an unlawful electronic transaction. In such embodiment, determining the unlawful transaction may include determining a money laundering activity. In a specific embodiment, determining the plurality of transaction parameters may include determining the at least one of a value of the electronic transaction, a type of account holder involved with the electronic transaction, a time of the electronic transaction, a mode of the electronic transaction or a combination thereof. In such embodiment, the type of the account holder may include one or more known secondary account holders, or one or more unknown secondary account holders.

The method (300) also includes validating, by the transaction rule validation subsystem, a plurality of adaptive transaction rules associated with the electronic transaction upon the nature of the electronic transaction and the plurality of transaction parameters are determined in step 360. In one embodiment, validating the plurality of adaptive transaction rules associated with the electronic transaction may include validating at least one of a type of a permission for transaction of one or more items, an age validation of the one or more secondary account holders, a location verification of the one or more secondary holders, a limitation of list of websites associated with the electronic transaction, determination of the value of transaction deviating from a pre-set transaction limit, verification of identities of the one or more secondary holders for permitting the electronic transaction or a combination thereof.

The method (300) also includes computing, by a transaction analysis subsystem, a risk factor score associated with the electronic transaction when compliance of the electronic transaction with the plurality of adaptive transaction rules is determined upon validation in step 370. In one embodiment, computing the risk factor score associated with the electronic transaction when compliance of the electronic transaction with the plurality of adaptive transaction rules is determined may include computing a value in real-time for estimation of risk associated with the electronic transaction.

The method (300) also includes analysing, by the transaction analysis subsystem, a severity of the electronic transaction by considering one or more statutory and regulatory actions based on comparison of the risk factor score with a predetermined threshold risk score associated with electronic transaction in step 380. In one embodiment, analysing the severity of the electronic transaction by considering the one or more statutory and regulatory actions may include analysing the severity of the electronic transaction is high when the risk factor score is higher than the predetermined threshold risk score. In another embodiment, analysing severity of the electronic transaction may include analysing the severity of the electronic transaction is less when the risk factor score is lower than the predetermined threshold risk score. The method (300) also includes enabling, by the transaction analysis subsystem, the primary account holder to securely authorize the electronic transaction when the severity of the electronic transaction is analysed as low based on a lower risk factor score generated upon comparison with the predetermined threshold risk score in step 390. In a particular embodiment, the method (300) further includes generating, by a transaction alert generation subsystem, an alert for notifying a rejection of the electronic transaction by the primary account holder when the severity of the electronic transaction is high. In such embodiment, generating the transaction alert for notifying the rejection of the electronic transaction may include notifying the alert including, but not limited to a push notification, a pop notification, an alarming call and the like. In some embodiment, the method also includes generating a fund shortage notification for the child account holder belonging to the parent account holder.

Various embodiment of the present disclosure relates to a system which authenticates the parent and the child relationship for automatic validation rule set up based on nature of transaction or value of transaction through their mobile device or any other mechanism.

Moreover, the present disclosed system provides a setup for one or more authentication types between the parent account and child account via a device or a soft token or any other mechanism which further helps in creating awareness or consciousness of the parent account holder related to initiation of the electronic transaction.

It will be understood by those skilled in the art that the foregoing general description and the following detailed description are exemplary and explanatory of the disclosure and are not intended to be restrictive thereof.

While specific language has been used to describe the disclosure, any limitations arising on account of the same are not intended. As would be apparent to a person skilled in the art, various working modifications may be made to the method in order to implement the inventive concept as taught herein.

The figures and the foregoing description give examples of embodiments. Those skilled in the art will appreciate that one or more of the described elements may well be combined into a single functional element. Alternatively, certain elements may be split into multiple functional elements. Elements from one embodiment may be added to another embodiment. For example, the order of processes described herein may be changed and are not limited to the manner described herein. Moreover, the actions of any flow diagram need not be implemented in the order shown; nor do all of the acts need to be necessarily performed. Also, those acts that are not dependent on other acts may be performed in parallel with the other acts. The scope of embodiments is by no means limited by these specific examples.

Claims

WE CLAIM:

1. A system (100) for secured management of a transaction between multiple accounts comprising: a transaction request receiving subsystem (110) configured to receive an electronic transaction request for initiating the electronic transaction between a primary account holder and one or more secondary account holders; a transaction authentication subsystem (120) operatively coupled to the transaction request receiving subsystem (110), wherein the transaction authentication subsystem (120) is configured to: determine a requirement of interaction between the primary account holder and the one or more secondary account holders based on the electronic transaction request received; identify a relationship between the primary account holder and the one or more secondary account holders for processing the electronic transaction when the requirement of the interaction is determined; and generate an electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction initiated by the secondary account holder based on the relationship identified; a transaction rule validation subsystem (130) operatively coupled to the transaction authentication subsystem (120), wherein the transaction rule validation subsystem (130) is configured to: determine a nature of the electronic transaction and a plurality transaction parameters associated with the electronic transaction based on the transaction authentication request generated; and validate a plurality of adaptive transaction rules associated with the electronic transaction upon the nature of the electronic transaction and the plurality of transaction parameters are determined; and a transaction analysis subsystem (140) operatively coupled to the transaction rule validation subsystem (130), wherein the transaction analysis subsystem (140) is configured to: compute a risk factor score associated with the electronic transaction when compliance of the electronic transaction with the plurality of adaptive transaction rules is determined upon validation; analyze a severity of the electronic transaction by considering one or more statutory and regulatory actions based on comparison of the risk factor score with a predetermined threshold risk score associated with electronic transaction; and enable the primary account holder to securely authorize the electronic transaction when the severity of the electronic transaction is analysed as low based on a lower risk factor score generated upon comparison with the predetermined threshold risk score.

2. The system (100) as claimed in claim 1, wherein the electronic transaction comprises a financial transaction or a non-financial transaction.

3. The system (100) as claimed in claim 1, wherein the primary account holder comprises at least one of a peer, a buddy, a family member, a partner or a parent.

4. The system (100) as claimed in claim 1, wherein the one or more secondary account holders comprises at least one of a peer, a buddy, a family member, a partner or a child.

5. The system (100) as claimed in claim 1, wherein the authentication of the electronic transaction comprises at least one of a passcode entered by the primary account holder, an acceptance of the authentication request by the one or more secondary account holders or a combination thereof.

6. The system (100) as claimed in claim 1, wherein the plurality of transaction parameters comprises at least one of a value of the electronic transaction, a type of account holder involved with the electronic transaction, a time of the electronic transaction, a mode of the electronic transaction or a combination thereof.

7. The system (100) as claimed in claim 1, wherein the plurality of adaptive transaction rules comprises at least one of a type of a permission for transaction of one or more items, an age validation of the one or more secondary account holders, a location verification of the one or more secondary holders, a limitation of list of websites associated with the electronic transaction, determination of the value of transaction deviating from a pre-set transaction limit, verification of identities of the one or more secondary holders for permitting the electronic transaction, a validation of an electronic transaction for shortage of funds between multiple accounts owned by a similar primary account holder or a combination thereof.

8. The system (100) as claimed in claim 1, wherein the severity of the electronic transaction is high when the risk factor score is higher than the predetermined threshold risk score.

9. The system (100) as claimed in claim 1, further comprising a transaction alert generation subsystem (150) configured to generate an alert for notifying a rejection of the electronic transaction by the primary account holder when the severity of the electronic transaction is high.

10. A method (300) comprising: receiving, by a transaction request receiving subsystem, an electronic transaction request for initiating the electronic transaction between a primary account holder and one or more secondary account holders (310); determining, by a transaction authentication subsystem, a requirement of interaction between the primary account holder and the one or more secondary account holders via a plurality of interaction mechanism based on the electronic transaction request received (320); identifying, by the transaction authentication subsystem, a relationship between the primary account holder and the one or more secondary account holders for processing the electronic transaction when the requirement of the interaction is determined (330); generating, by the transaction authentication subsystem, an electronic transaction authentication request for the primary account holder to proceed with authentication of the electronic transaction initiated by the secondary account holder based on the relationship identified (340); determining, by a transaction rule validation subsystem, a nature of the electronic transaction and a plurality transaction parameters associated with the electronic transaction based on the transaction authentication request generated (350); validating, by the transaction rule validation subsystem, a plurality of adaptive transaction rules associated with the electronic transaction upon the nature of the electronic transaction and the plurality of transaction parameters are determined (360); computing, by a transaction analysis subsystem, a risk factor score associated with the electronic transaction when compliance of the electronic transaction with the plurality of adaptive transaction rules is determined upon validation (370); analysing, by the transaction analysis subsystem, a severity of the electronic transaction by considering one or more statutory and regulatory actions based on comparison of the risk factor score with a predetermined threshold risk score associated with electronic transaction (380); and enabling, by the transaction analysis subsystem, the primary account holder to securely authorize the electronic transaction when the severity of the electronic transaction is analysed as low based on a lower risk factor score generated upon comparison with the predetermined threshold risk score (390).