Account-on-file Tracking System for Centralized Transaction Control
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Solution Overview
Problem
Consumers face challenges in tracking and controlling their accounts stored with various merchants and mobile wallet providers, as existing systems do not effectively manage account details and spending regulations across multiple platforms.
Innovation Solution
A computer-implemented account-on-file tracking system that detects add-account events, determines enrollment in the tracking system, and displays transaction details to consumers, allowing them to manage and control their accounts through a centralized platform.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If consumers store account details with multiple merchants and mobile wallet providers, then convenience of electronic transactions is improved, but ability to track and control account details deteriorates
Solution Approach 1:
The patent introduces a centralized account tracking system that acts as an intermediary between consumers and multiple resource providers. This system receives notifications from resource providers about account storage events and provides consumers with a unified interface to view and control their account details across all merchants and mobile wallet providers, solving the tracking difficulty without affecting transaction convenience
Solution Approach 2:
The system implements feedback mechanisms where resource providers notify the tracking system when account details are stored or updated. This feedback loop enables real-time monitoring and control of account information, allowing consumers to regulate their account details across multiple platforms while maintaining the convenience of electronic transactions
2Ease of operation
If consumers store account details with multiple merchants and mobile wallet providers, then convenience of electronic transactions is improved, but ability to regulate spending deteriorates
Solution Approach 1:
The patent merges multiple spending control functions into a single centralized platform. Consumers can view and regulate spending across all merchants and mobile wallet providers through one unified interface, eliminating the need to manage spending controls separately at each platform and reducing the complexity of spending management while preserving transaction convenience
Solution Approach 2:
The tracking system provides universal spending control capabilities that work across all resource providers through a single platform. The system can apply spending limits, monitor transactions, and regulate account usage uniformly across different merchants and mobile wallet providers, simplifying spending management while maintaining ease of electronic transactions
Data Source
AI summary
A computer-implemented method includes receiving an indicator that a consumer stored account details associated with an account with a resource provider computer of a resource provider in an add-account event. The transaction details associated with the add-account event are displayed to the consumer at a display interface of a computer device if the consumer is enrolled in an account-on-file tracking system configured to track add-account events for the account. The method may further include providing the consumer with one or more transaction control selections at the display interface that allow the consumer to place transaction controls on the account stored with the resource provider computer.