Batch Bill Payment Scheduling With Automatic Network Routing
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Solution Overview
Problem
Customers of financial institutions face difficulties in making payments due to the need to know the payment network, payee routing information, and payee account information, as different networks have varying timing limitations and eligibility criteria, complicating the process of ensuring timely payments.
Innovation Solution
A payment server system that automatically determines the earliest possible payment date and selects the appropriate payment network based on customer-provided payee information, allowing bulk payments without requiring input of network details.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If customers manually determine payment networks and routing information, then payment processing can be customized, but the complexity and time required for payment scheduling increases
Solution Approach 1:
The system performs self-service by automatically determining payment networks, routing information, and scheduling dates without requiring customer expertise. The payment server system autonomously queries payee information, selects appropriate networks (ACH, wire, check), and determines optimal payment dates based on account balances and transaction history.
Solution Approach 2:
The payment server system acts as an intermediary between the customer and the complex payment network infrastructure. It absorbs the complexity of routing decisions, network selection, and scheduling logic, presenting a simplified interface to customers while managing multiple payment networks in the background.
2Reliability
If customers provide detailed payee information including routing numbers, then payment accuracy improves, but the burden on customers increases
Solution Approach 1:
The system performs preliminary actions by pre-querying payee information from databases, pre-determining routing numbers and account numbers, and pre-validating payment details before the customer initiates the payment. This ensures accuracy is established in advance rather than requiring the customer to manually verify each detail.
Solution Approach 2:
The system uses copied or cached payee information from existing databases and previous transactions. Instead of requiring customers to enter routing numbers and account numbers from scratch, the system retrieves pre-stored copies of this information, reducing errors and customer effort.
3Productivity
If the system automatically determines payment schedules, then productivity increases, but the need for sophisticated routing logic increases
Solution Approach 1:
The payment scheduling function is segmented into distinct modular components: payee information querying, payment network selection, routing number determination, account balance checking, and payment date calculation. Each module handles a specific aspect of the scheduling logic, making the complex overall process manageable and maintainable.
Solution Approach 2:
The payment server system is designed as a universal platform that handles multiple payment networks (ACH, wire transfers, checks) through a single unified interface. The system accommodates different payment types, account types, and payee scenarios through configurable rules and databases, reducing the need for separate specialized systems.
4Adaptability or versatility
If the system supports multiple payment networks, then adaptability improves, but the difficulty of managing varying timing limitations increases
Solution Approach 1:
The system manages different payment networks by adjusting parameters such as processing time, speed of funds transfer, and timing limitations based on the selected network type. ACH payments may be scheduled with longer lead times, while wire transfers can be processed more urgently, with the system automatically configuring appropriate parameters for each network.
Data Source
AI summary
Disclosed is a system and method to perform payments from a customer to a payee. The system includes a computer-implemented payment server system including a payment scheduling system including a web-based interface to receive payment data, an intelligent routing module to schedule a payment based on the payment data, and a payment staging engine to perform the scheduled payment. The payment server system is to receive, by the web-based interface, payment data for one or more payments. The payment server system is further to determine payment scheduling data for each of the one or more payments. The payment scheduling data includes a determination whether the payment can be made by a requested payment date and a preferred payment network. The payment server system is to transmit payment for each actionable payment via a preferred payment network for each actionable payment.