Cross-Platform Payment Splitting via Intermediary Bridge
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Solution Overview
Problem
Existing payment systems often require all users to have accounts with the same service to split transactions, which can be cumbersome, especially when individuals do not carry cash or are not present during transactions.
Innovation Solution
A system that allows users to split transactions across multiple payment systems by authorizing transactions, transmitting notifications, and facilitating funds transfers between users with different peer-to-peer payment systems, even if they do not share the same account, using a temporary account and APIs for integration.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users are required to have accounts with the same payment application to split transactions, then transaction security and control are maintained, but user convenience and accessibility deteriorate
Solution Approach 1:
The patent introduces a intermediary payment system that acts as a bridge between different peer-to-peer payment systems. When a requestee uses a different payment system than the requestor, the intermediary system receives funds from the requestee's payment system and transfers them to the requestor's account, enabling cross-system transaction splitting without requiring users to share the same payment application
Solution Approach 2:
The payment system is designed to work with multiple peer-to-peer payment systems simultaneously, making it universal rather than system-specific. The system can detect which payment system a requestee uses and route funds appropriately, allowing the same platform to serve users across different payment ecosystems
2Adaptability or versatility
If multiple bills and cash are used for transaction splitting, then flexibility in payment methods is maintained, but operational complexity and time consumption increase
Solution Approach 1:
The system enables automatic transaction splitting where the requestor initiates the split and the system automatically distributes the charge among requestees. Funds are automatically collected from each requestee's account through their respective payment systems and applied to the requestor's account, eliminating the need for manual cash collection and bill splitting
Solution Approach 2:
The system pre-configures payment arrangements by having requestees link their payment system accounts in advance. When a transaction needs splitting, the system can immediately initiate fund transfers without requiring real-time negotiation or manual payment coordination, as the payment pathways are already established
3Speed
If one or more individuals are not present during transaction completion, then transaction speed is improved, but the ability to collect payment deteriorates
Solution Approach 1:
The patent replaces the mechanical requirement of physical presence and cash exchange with an automated electronic payment system. The system can initiate and complete fund transfers electronically without requiring the requestee to be physically present, using automated notifications and electronic fund transfers through integrated payment systems to ensure reliable payment collection
Data Source
AI summary
A system and a method for splitting a transaction across multiple systems is disclosed. In some examples, a system is configured to receive a notification of a transaction that has occurred with a merchant for a transaction account. The system is configured to initiate a split of the transaction based at least in part on a selection of a user interface element and display a user interface for identifying a selection of a peer-to-peer system for a selected contact of the transaction. A funds request is transmitted and includes an identifier for the selected contact at the peer-to-peer system.