Automated Financial Account Transfer via Aggregation Tool

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Solution Overview

Problem

The process of transferring financial accounts from one financial institution to another is often complicated and time-consuming, requiring physical submission of documents and manual entry of electronic bill payment information.

Innovation Solution

A system and method that allows for the automated transfer of financial accounts by receiving a customer request, determining information about the existing financial institution, using an aggregation tool to gather account information, and populating a database at the new financial institution to reflect the financial obligations, enabling electronic transfers via a central banking system.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Productivity

If automated transfer process is implemented, then productivity and convenience are improved, but system complexity increases

Engineering Contradiction:

Improveaccount transfer efficiencyVSAvoidsystem complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The patent introduces an aggregation tool as an intermediary component that automatically gathers account information from multiple sources and populates the new account database. This mediator handles the complex data collection and transfer processes, shielding customers from system complexity while maintaining high productivity through automation.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Loss of time

If manual data entry is eliminated, then time consumption is reduced, but automation extent increases

Engineering Contradiction:

Improvetransfer process timeVSAvoidautomation level

Core Design Contradiction:

Loss of timeVSExtent of automation

Solution Approach 1:

The system enables self-service automation where the aggregation tool automatically retrieves account information, determines financial obligations, and populates the new account database without requiring customer intervention. This eliminates manual data entry entirely, reducing transfer time while the automation handles all data processing tasks.

Inventive Principle:

Principle #25Self-service

3Ease of operation

If physical documentation is eliminated, then ease of operation is improved, but information security requirements increase

Engineering Contradiction:

Improvetransfer process convenienceVSAvoidinformation security

Core Design Contradiction:

Ease of operationVSReliability

Solution Approach 1:

The patent replaces the mechanical process of physical document submission with an electronic automated information gathering and transfer system. The aggregation tool electronically collects account data and financial obligation information, eliminating the need for physical documentation while implementing security measures to protect the electronic information transfer process.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Data Source

PatentUS8121947B1Methods and systems for electronic transfer of financial accounts between financial institutions

Publication Date: 2012.02.21 CLICKSWITCH HOLDINGS INC

AI summary

A method of transferring a financial account from an existing financial institution to a new financial institution includes receiving a customer request for financial account transfer, determining information regarding the existing financial institution using information stored at the new financial institution, receiving, via an aggregation tool, information regarding the financial account, determining financial obligations associated with the financial account using the received information, and populating a database of the new financial institution to reflect the determined financial obligations.