Account Synchronization Platform for Multi-Bank Payment Management
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Solution Overview
Problem
Customers face inconvenience and inefficiency when managing multiple financial accounts across different banks for payments, as they need to manually re-enter payment and payee information, especially when closing or opening accounts, leading to a burden of duplicative data entry.
Innovation Solution
A method and system for electronically receiving and storing data from external sources regarding financial account creation or updates, allowing for seamless transfer and display of account information for payment purposes, enabling users to select accounts for payments and transfers across different financial institutions through a centralized platform.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If customers manually manage payments across multiple banks, then they can maintain accounts at different financial institutions, but they face duplicative data entry burden and time consumption
Solution Approach 1:
The patent merges multiple account management functions into a single centralized platform. The system consolidates payment information, account details, and payee data across different banks into one unified interface, allowing customers to manage diverse accounts without duplicative data entry.
Solution Approach 2:
The system provides universal account management capabilities that work across multiple financial institutions. It creates a multi-functional platform that can handle payments, transfers, and account management for various account types from different banks through a single interface.
2Ease of operation
If customers close bank accounts, then they can eliminate undesirable situations, but they must manually re-enter all payment information
Solution Approach 1:
The system performs preliminary actions by automatically transferring and storing payment information before account closure occurs. When an account is closed, the system has already preserved the payment and payee data in its database, enabling automatic restoration without requiring customer re-entry.
Solution Approach 2:
The system creates digital copies of payment information and stores them in its centralized database. These copies serve as backups that can be automatically restored when accounts are reopened, eliminating the need for customers to manually recreate payment data.
3Ease of operation
If banks offer electronic payment services to third parties, then they can provide convenient payment capabilities, but they are limited to payments to liabilities of that service owner
Solution Approach 1:
The system transforms limited electronic payment services into a universal payment platform. It enables customers to make payments to any payee across multiple banks and account types, not just restricted to liabilities of a single service owner, by consolidating access to diverse accounts in one interface.
Data Source
AI summary
Aspects of this disclosure relate to a method of electronically receiving data from a first external source regarding the creation a first financial account or an update to the first financial account and storing the data from the first external source in a database. Further, the method includes determining whether the data from the first external source represents the creation of the first financial account or an update to the first financial account and if the data from the first external source represents the creation of the first financial account, then electronically transferring to a second external source the data from the first external source. Additionally, the method includes retrieving the stored data from the database and causing an indication to be displayed on a computer display through which a user can select the first financial account as an account from which a payment will be made directly to a payee and retrieving the stored data from the database and causing an indication to be displayed on the computer display through which a user can select the first financial account as an account from which funds will be transferred to or from a second financial account.