Collective Financial Transaction Card Aggregating Usage for Charitable Funding
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Solution Overview
Problem
Current financial transaction cards only provide bonuses or rebates based on individual card usage, lacking an organized method to fund collective accounts for charitable or other civic contributions, which requires significant time and resources for processing and management.
Innovation Solution
A system and method for funding a collective account by aggregating the usage of multiple linked financial instruments, calculating a bonus based on aggregate usage, and distributing it to the collective account for purposes such as charitable contributions, political campaigns, or educational expenses, using a collective financial transaction card that links individual and collective accounts via conventional card readers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional individual card rebate systems are used, then cardholders receive bonuses based on their personal usage, but the system cannot fund collective accounts for charitable or civic contributions
Solution Approach 1:
The financial transaction card system is enhanced to perform multiple functions: it maintains its original capability for individual card usage and rebate distribution, while simultaneously enabling contributions to collective accounts. The system allows cardholders to designate portions of their rebates to collective accounts, making the same card infrastructure serve both individual and collective funding purposes without requiring separate systems.
2Productivity
If manual processing methods are used for charitable contributions, then contributions can be collected and processed, but significant time and resources are required for solicitation, processing, and management
Solution Approach 1:
The system enables automated contribution processing where cardholders themselves initiate and complete the contribution process through their existing card infrastructure. The rebate calculation and transfer to collective accounts occurs automatically based on card usage data, eliminating the need for manual solicitation, pledge card processing, and fund transfer management that currently require significant volunteer and staff resources.
3Quantity of substance
If individual card usage tracking is implemented, then rebates can be calculated for individual cardholders, but aggregate usage data for collective account funding cannot be collected
Solution Approach 1:
The system merges individual card usage data tracking with aggregate data collection for collective account funding. The same infrastructure that tracks individual transactions for calculating personal rebates also consolidates this data to determine the collective account contribution amount. This integration occurs through the card issuer's existing data processing systems, which naturally aggregate transaction data across all cardholders, thereby capturing both individual and collective usage information simultaneously without requiring separate tracking systems.
Data Source
AI summary
A system and method for funding a collective account such as a charitable account includes issuing a plurality of financial instruments, linking the financial instruments to the collective account, aggregating individual financial instrument usage, calculating a bonus or other reward based on the aggregate financial instrument usage and funding or distributing the reward to the collective account. According to the invention, members of a civic, charitable, political or other entity may generate collective rewards or other benefits which may be attributed to the designated organization.