The most recent winner of Accenture’s Invention of the Year represents the state of the art in retail commerce: the ability to transfer funds directly from a customer’s account to a merchant’s without having to use a payment card. Robert Hasson, managing director – Accenture Digital, explains that the winning entry, “Customer Initiated Mobile Payments,” allows customers to transfer funds directly from their accounts to a merchant’s account at the time of checkout without having to use a payment card from which a merchant “pulls” money.
The winning team produced a patented, technological innovation that not only offers convenience but also protects a customer’s privacy and bank details while reducing the risk of fraud for the merchant. The customer doesn’t have to share private/sensitive card details with the merchant, and thus avoids compromising his or her personal financial information.
“We believe that this is a very consumer friendly, convenient and relatively fraud-free and secure payment method,” says Jeremy Light, managing director – Financial Services, one of the core members of the team.
The Invention of the Year competition, established in 2006, recognizes Accenture people who contribute to Accenture’s culture of innovation through our robust patent program. All patents granted during the prior fiscal year are eligible to compete for this global award. In addition, Accenture annually gives cash awards to Accenture inventors in recognition of their patent applications and granted patents. Are you ready to bring your innovative ideas to Accenture? Check out our job listings and find your fit.