Enterprise Payment Database Merging Funding Sources
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Solution Overview
Problem
Users of financial services institutions face inefficiencies and costs due to the need to provide the same information, such as banking account details, to multiple entities within the same institution, which lack integration and communication channels, leading to time-consuming and expensive back-office processing.
Innovation Solution
An enterprise-wide database system allows users to input funding source data once, making it accessible across all entities within the institution, enabling automatic payment plans and reducing the need for duplicate data entry through an aggregation engine and payment processor.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users provide funding source data separately to each business entity, then each entity has complete data for processing, but users experience time-consuming and expensive duplicate data entry
Solution Approach 1:
The patent merges separate data storage systems of multiple business entities into a single shared data storage device. This allows user funding source data to be stored once and accessed by all entities, eliminating duplicate data entry while ensuring data completeness for processing across all business entities.
Solution Approach 2:
The shared data storage device serves multiple business entities simultaneously, providing universal access to user funding source data. This multi-functional approach allows any entity within the institution to access and process payments using the same centralized data repository.
2Adaptability or versatility
If business entities are not integrated into the institution's web presence, then each entity maintains operational independence, but users cannot access self-service and require expensive back office processing
Solution Approach 1:
The web interface provides universal access to multiple business entities through a single integrated portal. Users can access and manage services across all entities without needing separate access points, enabling self-service while maintaining entity operational independence through the shared backend system.
Solution Approach 2:
The shared data storage device and web interface act as intermediaries between users and multiple business entities. This intermediary layer enables users to interact with any entity through a unified interface while the entities maintain their operational independence in the background.
3Reliability
If separate data storage devices are used by each business entity, then data security and entity autonomy are maintained, but data sharing and integration become impossible
Solution Approach 1:
The patent combines separate data storage devices into a single shared data storage device that serves all business entities. This merger enables data sharing and integration across entities while implementing access controls and security measures to maintain data security and entity autonomy.
Solution Approach 2:
The system enables automatic payment processing where the shared data storage device automatically provides necessary funding source data to authorized entities without requiring manual data sharing agreements or interventions, thus maintaining security while enabling seamless data access.
Data Source
AI summary
Funding source data, such as bank account information or credit card information, associated with a user is stored in an enterprise-wide database maintained by an institution, such as a financial services institution. The data in the enterprise-wide database may be accessible to entities associated with the institution upon the user's authorization. The user only has to provide the funding source data once and may then use that funding source to pay for any product, service, bill, etc. associated with any of the entities of the institution. A user may update funding source data once, and this updated funding source data may then be available to all the entities. After providing account details for the user's various funding sources, a user can assign any of the funding sources to a payment plan for any product or service in any entity of the institution.