Bulk Money Transfer System With Conditional Participant Rules
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Solution Overview
Problem
Current money transfer systems are inefficient as they require multiple independent transactions for sending money to multiple parties, involving repetitive information provision and lacking the ability to define conditions for participant involvement in transactions.
Innovation Solution
Implementing a system that allows for multiple payors and payees to participate in linked money transfer transactions with established rules, including conditions for participation, maximum/minimum amounts, and payment methods, enabling efficient and controlled transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If multiple independent money transfer transactions are conducted to send money to multiple parties, then each transaction can be completed individually, but the process requires repetitive provision of information and increases transaction complexity
Solution Approach 1:
The patent combines multiple independent money transfer transactions into a single bulk transfer operation. The system allows a sender to specify multiple recipients and their respective amounts in one transaction, merging what would otherwise be separate transfer operations into one unified process, thereby reducing repetitive information provision and simplifying the overall transaction workflow
Solution Approach 2:
The money transfer system is enhanced to perform multiple functions within a single transaction framework. It can handle transfers to multiple recipients simultaneously, support different transfer amounts for each recipient, and manage conditional participation rules, making the system universal enough to replace multiple specialized single-recipient transfer operations
2Productivity
If multiple independent money transfer transactions are conducted, then each transaction can be managed separately, but time is lost due to repetitive information provision
Solution Approach 1:
The system performs preliminary actions by allowing the sender to pre-specify multiple recipients and their corresponding transfer amounts in a single bulk transfer setup. This preliminary configuration eliminates the need to repeatedly provide recipient information for each individual transfer, thereby reducing the time required for information provision and improving overall transaction efficiency
Solution Approach 2:
The bulk transfer mechanism enables continuous processing of multiple transfers within a single operational framework. Instead of completing one transfer at a time with interruptions for information re-entry, the system continuously processes all specified transfers in one unified action, maximizing productivity and minimizing time loss
3Adaptability or versatility
If one-to-one money transfer transactions are used, then transaction control is simple, but the ability to define conditions for participant involvement is limited
Solution Approach 1:
The system introduces dynamic condition rules that can be applied to bulk transfers, allowing participants to be added or removed based on specified conditions. These rules enable the transaction structure to adapt dynamically - for example, allowing transfers only to certain recipients under certain conditions, or requiring approval from specific parties - thereby enhancing adaptability without completely restructuring the basic transfer mechanism
4Productivity
If bulk transfers with multiple payors and payees are implemented, then transaction efficiency improves, but transaction control and rule enforcement become more complex
Solution Approach 1:
The system applies local quality by implementing condition rules at the individual recipient level within the bulk transfer. Each recipient can have their own specific conditions attached (such as minimum balance requirements, approval requirements, or conditional release), allowing the system to manage complexity locally rather than requiring a single complex rule set for the entire bulk transfer, thereby improving efficiency while maintaining controllable rule management
Data Source
AI summary
Various methods, systems, and devices are described for performing money transfers to one or more payees from one or more payors using a money transfer system. A party, such as a payor, a payee, or a third party may create a set of payee rules. The same or a different party may also create a set of payor rules. The payee rules may comprise conditions which, when satisfied, permit a payee to receive funds from a funds pool. The payor rules may comprise conditions which, when satisfied, permit a payor to provide funds to the funds pool. The money transfer system may determine whether requests from a payor and a payee comply with the payor rules and the payee rules, respectively. Based on the determination, the payor and/or payee may be permitted to complete their requested transaction, or their transaction may be denied.