Cloud Vault Automating Electronic Bill Management
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Solution Overview
Problem
Current systems for managing electronic bills are inefficient and burdensome, as users face challenges in timely payment due to the manual process of receiving, processing, and paying physical bills, with limited adoption of paperless billing methods despite their cost and time-saving potential.
Innovation Solution
A cloud-based 'Vault' system that securely stores and manages personal and business information, allowing users to consolidate and access documents from a central online location, using encryption and AI to facilitate secure storage and automated processing of electronic bills, enabling convenient and timely payments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If manual processes are used for receiving and processing physical bills, then users can handle traditional paper-based obligations, but the process becomes time-consuming and burdensome
Solution Approach 1:
The patent replaces manual mechanical processes of receiving, sorting, and processing physical bills with an automated electronic system. The vault receives electronic bills directly from service providers, automatically parses and extracts payment information, and integrates with payment processing systems, eliminating the need for users to manually handle physical mail and paperwork.
Solution Approach 2:
The vault system performs self-service functions by automatically receiving bills from service providers, parsing bill information, organizing documents, and facilitating payments without requiring user intervention. The system autonomously manages the entire bill lifecycle from receipt to payment, reducing user burden and time investment.
2Productivity
If paperless billing methods are adopted, then cost and time savings can be achieved, but adoption remains limited due to system complexity
Solution Approach 1:
The vault acts as an intermediary layer between service providers and users. It receives electronic bills from service providers using standardized protocols, processes and organizes the information, then presents it to users in a simplified interface. This intermediary role shields users from system complexity while enabling efficient paperless billing processing.
Solution Approach 2:
The vault system performs multiple functions within a single platform: receiving bills from various service providers, parsing different bill formats, storing documents securely, extracting payment information, and integrating with multiple payment processing systems. This multi-functionality consolidates complex operations into a unified system that users can access through a simple interface.
3Reliability
If electronic bills are stored and processed manually, then users can access documents, but secure consolidation and centralized access are difficult to achieve
Solution Approach 1:
The vault consolidates multiple bill documents from different service providers into a single centralized secure storage location. All electronic bills, payment confirmations, and related documents are merged into one organized repository that users can access from any device, providing both security through centralized control and convenience through unified access.
Solution Approach 2:
The system replaces manual document storage and retrieval processes with automated electronic management. The vault securely stores encrypted bill information in a centralized database and provides automated retrieval through web-based interfaces and mobile applications, eliminating the need for users to physically organize and locate documents while maintaining high security standards.
Data Source
AI summary
Disclosed is a system and method for securely, conveniently and effectively storing information in a secure data repository or database, and securely delivering such information to a respective user. The secure repository and database, referred to as a Vault, is a secure storage utility used for storing and safekeeping valuable personal information and documents associated with a user. The Vault can store and provide access to personal documents for a user, such as but not limited to, wills, irreplaceable pictures or video, financial documents/bills, contracts, account numbers and credit card numbers. The Vault can be provided as a service within a smart, cloud-based system, which intelligently gathers, stores and initiates actions for a variety of user documents.