Bill Payment Data Transfer System for Financial Institutions
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Solution Overview
Problem
Users face the burden of manually entering payee and recurring payment information when switching financial institutions, leading to inertia and preventing them from switching despite potential benefits, as existing online account systems lack efficient data transfer capabilities.
Innovation Solution
A system and method that allows users to transfer bill payment and recurring bill payment data from their current financial institution to a new one without manual re-entry, using authentication data to access the current online account system, scraping relevant data, and transferring it to the new system, with options to edit and select data for transfer.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If users manually enter payee and recurring payment information when switching financial institutions, then data accuracy is improved, but time consumption and user burden increase significantly
Solution Approach 1:
The patent applies the copying principle by automatically replicating payee and recurring payment data from the user's existing financial institution to the new financial institution. The system retrieves data through authentication and screen scraping, then copies it to the new system, eliminating manual re-entry while maintaining data accuracy through automated transfer processes.
Solution Approach 2:
The patent implements preliminary action by pre-fetching and storing payee and recurring payment data from the user's current financial institution before the switch occurs. The system authenticates with the old institution, retrieves the data in advance, and prepares it for transfer, so that when the user switches institutions, the data is already ready and requires no manual input.
2Reliability
If financial institutions require manual data entry for bill payment features, then data security and control are improved, but user convenience and retention decrease
Solution Approach 1:
The patent applies the intermediary principle by introducing a third-party data transfer system that acts as a mediator between the user's current and new financial institutions. This intermediary system handles the sensitive authentication and data transfer processes securely, allowing users to switch institutions conveniently while maintaining data security through controlled, automated interfaces rather than manual handling.
Solution Approach 2:
The patent implements self-service by enabling users to automatically transfer their own bill payment data without requiring manual intervention or complex security procedures. The system allows users to authenticate once and automatically retrieve and transfer their data, making the process convenient while maintaining security through automated authentication protocols.
3Adaptability or versatility
If users are locked into a financial institution due to data entry burden, then the institution maintains customer retention, but user freedom and market competition are reduced
Solution Approach 1:
The patent applies the universality principle by creating a data transfer system that works across multiple financial institutions regardless of the specific institution's internal data structures. The system is designed to authenticate with various institutions, retrieve different types of bill payment data, and transfer them all through a unified interface, making user freedom possible without requiring complex institution-specific transfer mechanisms.
Data Source
AI summary
A system and method for transferring bill payment data whereby a user identifies their current financial institution and provides authentication data associated with their current online account system. The current online account system is then accessed using the user provided current online account system authentication data and data associated with a bill payment feature, and/or recurring bill payment feature, of the current online account system is obtained and/or copied, in one example using screen scraping technology. The data associated with the bill payment feature, and/or recurring bill payment feature, of the current online account system is displayed to the user and the user is provided the opportunity to select what portions of the data are to be transferred to a bill payment feature, and/or recurring bill payment feature, of the a new online account system. The selected data then transferred to the bill payment feature, and/or recurring bill payment feature, of the new online account system.