Bill Aggregation GUI for Single Payment Date
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Solution Overview
Problem
Current online bill pay services are inefficient, requiring users to manage multiple payments individually, leading to potential missed payments, inconvenience, and late fees, and are often unavailable to those without a bank account.
Innovation Solution
A graphical user interface (GUI) that aggregates bills over a given period, allowing users to make a single payment on a chosen date, with the service provider tracking and paying bills on behalf of the user, reducing the need for frequent payments and minimizing late fees.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users manage multiple bill payments individually through traditional online bill pay services, then they can pay each bill on its specific due date, but they spend excessive time tracking and managing each payment separately and risk missing payments or incurring late fees
Solution Approach 1:
The patent combines multiple individual bill payments into a single aggregated payment transaction. The system collects multiple bills with different due dates and consolidates them into one payment that settles all obligations simultaneously, eliminating the need for users to manage each payment separately while ensuring all bills are paid on time.
Solution Approach 2:
The system performs preliminary aggregation of multiple bills before the payment date, pre-calculating the total amount due and consolidating payment instructions. This preliminary action allows the system to execute a single comprehensive payment that covers all bills, saving users the time and effort of managing multiple individual payments.
2Reliability
If users make frequent individual payments to cover multiple bills, then they can ensure each bill is paid on time, but they face a higher risk of insufficient funds and incur borrowing costs
Solution Approach 1:
The patent merges multiple bill payments into a single aggregated transaction, allowing users to manage their cash flow more effectively. By consolidating payments, users can ensure sufficient funds are available for the total amount due without facing the fragmented cash flow management issues that lead to insufficient funds and borrowing costs.
Solution Approach 2:
The system acts as an intermediary that aggregates bills and manages the consolidated payment process. This intermediary function allows users to pay bills through a single transaction while the system handles the distribution of funds to multiple billers, reducing the risk of insufficient funds and associated borrowing costs.
3Ease of operation
If traditional online bill pay services are used, then users can make scheduled payments, but these services are generally unavailable to those who do not hold an account at a bank offering such services
Solution Approach 1:
The patent creates a universal bill aggregation system that can serve users regardless of their bank account status. The system aggregates bills from multiple sources and provides a unified payment interface that is accessible to a broader audience, not limited to customers of specific banks, thereby enhancing service accessibility while maintaining scheduled payment capabilities.
4Loss of information
If payments are scheduled individually for each bill, then users can track specific due dates, but this approach increases the complexity of managing multiple payment schedules and frequencies
Solution Approach 1:
The patent combines multiple payment schedules into a single aggregated payment date. The system consolidates multiple bills with different due dates and frequencies into one comprehensive payment transaction, simplifying the user interface and reducing the complexity of managing multiple payment schedules while maintaining accurate tracking of all payment details through the aggregation process.
Data Source
AI summary
Systems and methods that help ensure that assist a user with bill payment on a graphical user interface (GUI) are described. After receiving bill payment information from the user through the GUI, bill payments are aggregated over a given period of time, allowing a user to make a single payment to ensure that all appropriate bills and/or invoices are paid in a timely fashion. Through use of the GUI, a user can avoid the traditional hassle and stress of tracking and paying bills.