Electronic Fund Distribution System with Biometric Thresholds
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Solution Overview
Problem
Existing systems for managing funds distribution in programs lack effective monitoring and implementation, failing to incentivize participants and sponsors adequately.
Innovation Solution
A computer-implemented method and system that receives participation metrics from multiple parties, determines electronic fund distribution based on predetermined thresholds, and transfers funds to participant and sponsor accounts, incorporating biometric data for security and enrollment verification.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If manual fund distribution methods are used, then system simplicity is maintained, but monitoring effectiveness and participation incentivization are insufficient
Solution Approach 1:
The patent replaces manual mechanical fund distribution processes with an automated electronic system that uses biometric authentication and digital fund transfer mechanisms. This substitution enables effective monitoring of participant engagement and automated incentivization while maintaining operational simplicity through technology-driven automation.
Solution Approach 2:
The system introduces an intermediary platform that acts as a mediator between participants, sponsors, and fund distribution. This intermediary handles biometric verification, monitors engagement metrics, and automatically executes fund transfers based on predetermined thresholds, thereby improving monitoring effectiveness without requiring direct complex interactions between all parties.
2Productivity
If automated fund distribution based on metrics is implemented, then participation incentivization is improved, but system complexity increases
Solution Approach 1:
The system performs preliminary actions by pre-configuring engagement metrics, thresholds, and fund distribution rules before participants begin their programs. Biometric authentication is established in advance, and automated transfer instructions are prepared beforehand. This preliminary setup enables immediate incentivization upon metric achievement without requiring complex real-time decision-making processes.
Solution Approach 2:
The system implements continuous feedback loops that monitor participant engagement metrics and automatically compare them against predetermined thresholds. When thresholds are met, the system provides immediate feedback through automated fund transfers to both participants and sponsors, creating a responsive incentivization mechanism that drives continued participation without manual intervention.
3Reliability
If biometric data verification is integrated, then security is enhanced, but processing time and system complexity increase
Solution Approach 1:
Biometric authentication data is collected and verified in advance during the program enrollment process. Once authenticated, the biometric information is stored securely and linked to the participant's account. This preliminary verification eliminates the need for repeated biometric processing during fund distribution, thereby enhancing security while minimizing additional processing time for subsequent transactions.
Data Source
AI summary
Embodiments of the disclosure enable electronic funds to be managed for a program that includes a plurality of parties including a participant and a sponsor. One or more metrics corresponding to a participation of the participant in the program are received. If the received metrics satisfy one or more predetermined thresholds, a quantity of the electronic funds is determined for distribution to the plurality of parties. A first instruction to transfer a first portion of the determined quantity of the electronic funds to a first financial account associated with the participant is generated, and a second instruction to transfer a second portion of the determined quantity of the electronic funds to a second financial account associated with the sponsor is generated. Aspects of the disclosure provide for a computing system for managing electronic funds for a program.