Intelligent Advance Funds Transfer System for Mobile Payments
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Users without available funds or traditional payment methods face challenges in participating in mobile and online payments, limiting their ability to engage in mobile transactions.
Innovation Solution
An intelligent advance funds transfer system that utilizes networked payment infrastructure to provide users with access to funds based on their purchase history, payment history, and demographic information, allowing for advance payments with terms and conditions, thereby increasing payment options and usage.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional payment methods (credit cards, debit cards, bank accounts) are required for mobile payments, then payment security and reliability are maintained, but users without these methods cannot participate in mobile payments
Solution Approach 1:
The patent introduces a payment service provider as an intermediary that issues mobile payment credentials (such as virtual cards or tokens) to users. This intermediary layer allows users without traditional payment methods to participate in mobile payments while maintaining security through the provider's verification and monitoring systems. The intermediary bridges the gap between traditional banking infrastructure and mobile payment platforms.
2Productivity
If advance funds transfer is offered to users without funds, then user participation and revenue increase, but risk of default increases
Solution Approach 1:
The system implements feedback mechanisms by analyzing user purchase history, payment behavior, and demographic information to dynamically assess creditworthiness and set appropriate credit limits for advance funds transfers. This continuous monitoring and adjustment of credit terms based on user performance data allows the system to expand access to mobile payments while managing default risk through informed decision-making.
3Ease of operation
If mobile payment applications are made easier and more frictionless, then usage and transactions increase, but complexity of the underlying system increases
Solution Approach 1:
The patent extracts complex system functions (credit assessment, fund management, risk evaluation, transaction monitoring) from the user-facing mobile application and places them on the server side. This allows the mobile application to remain simple and user-friendly while the backend infrastructure handles the necessary complexity. Users interact with a simplified interface that automatically manages the sophisticated underlying systems.
Data Source
AI summary
Payment technology companies are advancing technological solutions to facilitate payments between users and merchants. The complex architecture and software associated with payment technologies can be further improved by offering additional services to users. Some users may find it difficult or overly complicated to use payment technologies. As such, technological improvement are needed to make using payments technology easier, including adding the ability to make payments when funds are not available in an account, or to offer an advance funds transfer if the user would prefer not to use funds stored in a balance.