Dynamic Financial Management System with Rule-Based Transfer Logic
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Solution Overview
Problem
Current automatic savings and bill payment systems are limited to fixed amounts and cannot adjust dynamically based on fluctuating financial conditions, such as balances and income, making it difficult for users to set up intricate financial management that meets their evolving needs.
Innovation Solution
A dynamic personalizable automated finance management system that allows users to create customized rules for transferring money between accounts based on user-defined criteria, including triggers, conditions, and exceptions, enabling flexible and adaptive financial management.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If fixed amount automatic savings or bill payment systems are used, then the system is simple to operate, but the system cannot adjust dynamically based on fluctuating financial conditions
Solution Approach 1:
The patent implements dynamic financial management by allowing transfer amounts to be determined by evaluation triggers (e.g., account balances, income levels, bill amounts) rather than fixed predetermined values. The system dynamically adjusts transfer amounts based on current financial conditions, enabling adaptation to fluctuating variables while maintaining automated operation.
Solution Approach 2:
The system changes the parameter of transfer amount from a static fixed value to a dynamic value determined by evaluation triggers. Users can specify different transfer amounts based on various financial parameters such as account balance thresholds, income levels, or bill amounts, allowing the system to adapt to changing financial conditions.
2Ease of operation
If fixed amount automatic payments are implemented, then the system is easy to set up, but users cannot exercise intricate control over financial management
Solution Approach 1:
The patent segments the automatic payment system into multiple controllable components: evaluation triggers (what conditions to monitor), transfer amounts (how much to transfer), frequencies (how often to transfer), and destinations (where to transfer). This segmentation allows users to configure each aspect independently, providing intricate control while maintaining ease of setup through a structured configuration process.
Solution Approach 2:
The system transitions from static fixed-amount payments to dynamic rule-based payments where transfer amounts and frequencies can be adjusted based on evaluation triggers. Users can set up rules that automatically adapt to changing financial conditions, providing both ease of setup through automated rule execution and control flexibility through customizable rule parameters.
3Adaptability or versatility
If dynamic rule-based payments are enabled, then the system provides intricate control over finances, but the system complexity increases
Solution Approach 1:
The patent creates a universal rule-based payment system that can handle multiple payment scenarios through a single configurable framework. The same system infrastructure supports different evaluation triggers (balances, income, bills), different transfer amounts (fixed, variable, percentage-based), and different frequencies, eliminating the need for separate systems for each payment type and reducing overall complexity.
Solution Approach 2:
The system implements self-service through automated evaluation and execution of payment rules. Once users configure their rules with evaluation triggers and transfer parameters, the system autonomously monitors financial conditions, evaluates triggers, and executes transfers without requiring continuous user intervention or complex manual management, reducing the operational complexity despite increased rule-based functionality.
Data Source
AI summary
A dynamic personalizable automated finance management system that provides a financial management platform that enables users to easily generate a plurality of customized rules or conditions associated with one or more accounts thereby creating account plans that intelligently and passively execute the transfer of funds among accounts. The rules with a plan are able to define if, how much, when and where to transfer money to and from the accounts based on user entered criteria or triggers upon which the rules/conditions are based.