Interest Charge Visualization in Electronic Payment Systems
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Conventional electronic payment systems lack the ability to provide customers with real-time insights into projected interest charges, limiting their ability to make informed decisions and manage their financial obligations effectively.
Innovation Solution
An electronic payment system that visualizes interest charges based on payment options by generating a calendar view displaying aggregated daily balances and interest charges, detecting when projected interest charges exceed a threshold, and alerting users to recommend alternative payment methods, utilizing machine learning to optimize payment schedules and reduce interest payments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If conventional electronic payment systems provide interest charge information only after accrual, then system complexity is reduced, but customers lack real-time insights into projected interest charges
Solution Approach 1:
The system performs preliminary calculations of projected interest charges before transactions are completed. The interest visualization system calculates projected interest charges for pending transactions and displays them to customers in advance, allowing customers to make informed decisions about their payments before the charges are finalized.
Solution Approach 2:
The patent introduces an intermediary interest visualization system that sits between the transaction processing system and the customer. This intermediary system receives transaction data, calculates projected interest charges, and presents the information to customers in a comprehensible format without requiring changes to the core payment processing infrastructure.
2Ease of operation
If the system provides detailed projected interest charge information for every transaction, then customer decision-making is improved, but processing time and computational resources increase
Solution Approach 1:
The system applies local quality by providing detailed projected interest charge information selectively rather than uniformly for all transactions. The interest visualization system identifies transactions that are likely to incur significant interest charges and provides detailed projections for those specific cases, while using summary information for lower-impact transactions.
3Loss of information
If the system calculates projected interest charges for all recurring payment accounts, then financial management insights are improved, but computational complexity increases
Solution Approach 1:
The system extracts and focuses on the most relevant financial information from multiple recurring payment accounts. The interest visualization system identifies and extracts key metrics such as projected interest charges, payment due dates, and account balances, presenting only the essential information needed for financial decision-making rather than processing all raw transaction data.
Data Source
AI summary
Systems as described herein may visualization interest charges based on payment options. Transaction information associated with a plurality of recurring payment accounts may be received. A calendar view displaying an aggregated daily balance and an aggregated interest charge may be generated. Upon receiving a transaction request with a transaction amount, a projected aggregated daily interest charge may be generated in real-time. After detecting that the projected aggregated daily interest charge exceeds a threshold amount, an alert associated with the calendar view may be generated to recommend an alternative payment method to a user device.