Financial Product Control Parameter Segmentation
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Solution Overview
Problem
Existing payment processing systems, particularly those based on legacy infrastructure, struggle to keep pace with technological advancements and customer demands due to their rigidity and high maintenance costs, limiting the ability of financial institutions to offer sophisticated payment processing approaches.
Innovation Solution
A computer-implemented method for modifying and adding control parameters to financial products and accounts, allowing for secure and flexible payment transactions through the generation of 'child products' linked to core accounts, which can be managed and modified via various channels such as the internet, SMS, email, or telephone, and include additional security screenings to prevent malicious use.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If legacy payment processing systems are used, then system stability is maintained, but adaptability to new payment technologies and customer demands deteriorates
Solution Approach 1:
The system segments payment processing into two independent layers: a stable legacy core system and a flexible control parameter layer. Control parameters are separated from the legacy system logic, allowing them to be modified independently without changing the underlying legacy infrastructure. This enables adaptability to new payment technologies while maintaining legacy system stability.
Solution Approach 2:
Control parameters act as an intermediary layer between the legacy payment processing system and new payment requirements. This intermediary layer allows the system to accommodate sophisticated payment processing approaches and new technologies without directly modifying the rigid legacy infrastructure, thus resolving the contradiction between adaptability and system rigidity.
2Reliability
If control parameters are added to financial products, then security is improved, but system complexity increases
Solution Approach 1:
The system uses parameter changes to enhance security by introducing control parameters that define use restrictions for financial products. These parameters (such as spending limits, geographic restrictions, time-based controls) are applied to existing financial products without fundamentally changing the product structure or requiring complex system redesign, thus improving security with minimal complexity increase.
3Reliability
If security screening is performed on product recipients, then reliability is improved, but processing time increases
Solution Approach 1:
Security screening is performed as a preliminary action during product generation, before the financial product is fully created and activated. By conducting security checks upfront on prospective product recipients, the system prevents fraudulent product creation while allowing legitimate product generation to proceed efficiently. This preliminary security measure avoids delays during actual transaction processing.
Data Source
AI summary
A computer-implemented method for modifying control parameters associated with a financial product that is linked to an account. The method includes receiving updated control parameters for the financial product, where the account provides financial backing for the financial product, and the updated control parameters define updated use restrictions for the financial product; and modifying the control parameters associated with the financial product to reflect the updated control parameters, where the financial product is configured to be used for one or more payment transactions in accordance with the updated use restrictions.