Automated Bill Payee Data Transfer Between Financial Institutions
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Solution Overview
Problem
Customers face the inconvenience of having to manually reenter bill payee information when switching between financial institutions or accounts, as existing online banking systems lack the ability to securely and automatically transfer this information between different banks or accounts.
Innovation Solution
A system comprising a data transfer module and a web module that interfaces with online banking websites to securely export bill payee information from a source bank and import it into a target bank, without requiring knowledge of customer credentials, using JavaScript, ActiveX/COM, or Java programs to navigate and scrape data from web pages.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If manual reentry of bill payee information is used when switching banks, then data security is maintained, but customer convenience and time efficiency deteriorate
Solution Approach 1:
The patent introduces a data transfer module as an intermediary component that automatically extracts bill payee information from the source bank's online banking system and imports it into the target bank's system. This intermediary handles the data transfer process without requiring customer credentials or manual intervention, thus maintaining security while improving convenience and reducing time loss.
Solution Approach 2:
The system enables self-service by allowing the data transfer module to autonomously navigate the source bank's website, extract payee information, and import it to the target bank without human intervention. The module independently performs authentication, data extraction, and data import operations, eliminating the need for customers to manually reenter information.
2Productivity
If automated data transfer between banks is implemented, then customer convenience improves, but system complexity and security risks increase
Solution Approach 1:
The patent divides the data transfer system into distinct functional modules: a data transfer module for orchestrating the transfer process, a web module for interacting with online banking systems, and a data extraction component for capturing payee information. This segmentation reduces overall system complexity by creating modular, independently manageable components while maintaining high transfer efficiency.
3Reliability
If customer credentials are used for automated transfer, then data transfer accuracy improves, but security risks increase
Solution Approach 1:
The data transfer module acts as a security intermediary that performs all data extraction and transfer operations without ever requiring or storing customer credentials. The module independently navigates the source bank's website and extracts payee information without accessing usernames, passwords, or other sensitive authentication data, thus eliminating security risks while maintaining transfer accuracy.
Solution Approach 2:
The patent extracts only the necessary bill payee information (payee names, account numbers, payment amounts) from the source bank system without extracting or requiring customer credentials. This selective extraction approach ensures data transfer accuracy while eliminating security vulnerabilities associated with credential handling.
Data Source
AI summary
Methods and Systems comprise accessing user account information in a source user account for a first financial institution. Payee data is scraped from the source user account. The payee data is temporarily stored. It is determined whether the user entering the user credential information has logged off the source website. The temporarily stored payee data is inserted into a target user account for a second financial institution.