Consolidated Payment Platform Using Proxy Account Numbers
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Solution Overview
Problem
The proliferation of multiple bank cards, stored value cards, loyalty cards, membership cards, and identification cards complicates consumers' financial lives by increasing wallet size and transaction complexity.
Innovation Solution
A method and system that consolidates these accounts onto a single platform, accessible via devices like 'plastic' cards, phones, or PDAs, using customer IDs or proxy account numbers for easy management and transaction processing across various institutions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If multiple separate cards are used for different accounts, then each account can be managed independently, but wallet size increases and transaction complexity increases
Solution Approach 1:
The patent combines multiple separate account cards (credit cards, debit cards, stored value cards, loyalty cards, membership cards, and identification cards) into a single consolidated access device. This consolidation eliminates the need for consumers to carry multiple physical cards, directly reducing wallet size while maintaining access to all underlying source accounts through one unified platform.
Solution Approach 2:
The consolidated access device is designed to perform multiple functions by providing access to various types of accounts (payment accounts, non-payment accounts, loyalty accounts, membership accounts, and identification accounts) through a single device. This multi-functionality allows the device to replace multiple specialized cards while maintaining the specific functionality of each underlying account type.
2Adaptability or versatility
If multiple separate cards are used for different accounts, then each account can be accessed separately, but transaction complexity increases
Solution Approach 1:
The consolidated access device acts as an intermediary between the consumer and multiple underlying source accounts. It provides a unified interface and platform that simplifies account selection and transaction processing, eliminating the need for consumers to manually manage multiple separate cards and their associated access procedures. The device automatically handles account routing and selection based on transaction requirements.
3Ease of operation
If accounts are consolidated onto a single platform, then wallet size decreases and access is simplified, but system complexity increases
Solution Approach 1:
The system is segmented into distinct functional components: the consolidated access device, the platform that manages account relationships, and the underlying source accounts. This segmentation allows the complex account management functionality to be isolated in the platform layer, while the access device remains simple for the consumer. Each component has a specific role, making the overall system manageable despite its complexity.
Solution Approach 2:
The platform serves as an intermediary layer between the simple access device and the complex underlying account infrastructure. It handles the complexity of account management, routing, and coordination internally, while presenting a simplified interface to the consumer through the access device. This intermediary layer shields the consumer from system complexity.
Data Source
AI summary
The present invention relates particularly to a method and system for consolidating a plurality of a consumer's payment and non-payment source accounts into a consolidated platform with a customer identification or available proxy account numbers that can be assigned to source accounts. The source accounts can be, for example, credit card accounts, ATM accounts, debit card accounts, demand deposit accounts, stored-value accounts, merchant-loyalty card accounts, membership accounts, and identification card numbers. The consumer can access and modify any of the source accounts and manage funds across the source accounts by accessing the consolidated platform with a single access device or mode.