Digital Wallet Bill Management System Using Code Snippet Activators
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Solution Overview
Problem
Current electronic bill payment systems and digital wallets do not allow customers to easily connect their existing electronic relationships with billers to their financial institutions for bill management and payment within digital wallet applications, requiring customers to set up separate connections and lacking integration between billers and financial institutions.
Innovation Solution
A digital wallet bill management system that uses a code snippet activator to link billers with customers' existing digital wallet applications, enabling bill presentment, payment, and message delivery through existing financial e-cards, eliminating the need for separate applications and facilitating seamless integration between billers and customers' funding accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If customers use existing electronic bill payment systems, then bill payment functionality is provided, but customers must set up separate connections between billers and financial institutions, increasing system complexity and user burden
Solution Approach 1:
The patent introduces a digital wallet as an intermediary system that mediates between billers and financial institutions. The digital wallet contains both the customer's financial account information and the biller's billing information, automatically matching and connecting them without requiring the customer to manually establish separate connections. This intermediary approach resolves the contradiction by simplifying user operations while managing system complexity internally within the digital wallet infrastructure.
Solution Approach 2:
The patent merges multiple separate systems (customer financial accounts, biller billing systems, and connection management) into a single integrated digital wallet. By combining these elements, the system eliminates the need for separate connection setups, as all relationships are managed within one unified digital wallet environment, thereby reducing both operational complexity and user burden.
2Ease of operation
If separate applications are used for bill management, then bill payment functionality is provided, but additional software installations are required, increasing user burden and reducing ease of use
Solution Approach 1:
The digital wallet is designed as a universal platform that performs multiple functions: storing financial account information, managing biller relationships, processing bill payments, and facilitating communication between customers and billers. This multi-functional approach eliminates the need for separate specialized applications, as the digital wallet handles all bill management tasks within a single versatile system.
3Productivity
If manual connection setup is required between billers and financial institutions, then billing relationships can be established, but time and effort are wasted, reducing productivity
Solution Approach 1:
The system performs preliminary actions by pre-establishing the digital wallet infrastructure with both financial account information and biller billing data already in place. When a customer adds a biller to their digital wallet, the connection is automatically established through pre-configured relationships and automated matching processes, eliminating the need for manual setup and significantly reducing the time and effort required to establish billing relationships.
Data Source
AI summary
A method for processing an electronic bill payment with a user-specific electronic device in operative communication with a digital wallet bill management system running on centralized processors in operative communication with databases and in networked communication with digital wallet applications, computerized billing systems and payment gateways. The user-specific electronic device has a digital wallet application that stores funding and biller e-cards associated with funding and billing accounts for a customer's financial institutions and billers, respectively. The user-specific electronic device includes a web browser application connecting the e-cards to the digital wallet bill management system depending on a selected payment option for a biller's digital bill received in the digital wallet. Code snippet activators including biller codes, customer codes and URL addresses may also be received in the user-specific electronic device which sends an electronic communication with the biller and customer code from the user-specific electronic device to the network address.