Aggregating Discrete Invoices into Single Payment Items
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Solution Overview
Problem
Current personal financial management and bill payment systems fail to automatically identify and integrate invoice-related financial transaction data, leading to invoices being overlooked and processed separately, resulting in increased costs and inefficiencies for users.
Innovation Solution
A method and system that collect and aggregate invoice-related financial transaction data from multiple sources within a personal financial management and bill payment system, processing it as a single payment due item, thereby integrating invoices seamlessly and reducing costs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If discrete invoices are processed separately in current personal financial management systems, then each invoice can be tracked individually, but processing costs increase and efficiency decreases due to redundant operations
Solution Approach 1:
The patent merges multiple discrete invoices into a single aggregated payment due item when they share the same payor user and payee business. This consolidation reduces the number of separate processing operations, eliminates redundant data entry and reminders, and decreases processing costs while maintaining the ability to track individual invoices through the aggregation structure.
2Ease of operation
If invoices are manually entered into personal financial management systems, then invoice data can be captured, but user effort and time increase due to redundant data entry
Solution Approach 1:
The system automatically identifies, aggregates, and processes invoices by matching payor user and payee business information without requiring manual user intervention. The automated aggregation process eliminates redundant data entry operations while maintaining accurate tracking of invoice details, significantly reducing both user effort and time consumption.
3Reliability
If multiple discrete invoices are processed individually, then each invoice receives separate attention, but system complexity and resource utilization increase
Solution Approach 1:
The patent segments invoice processing into two distinct layers: aggregation layer that groups invoices by payor user and payee business to reduce processing complexity, and tracking layer that maintains individual invoice identifiers and details within each aggregated item. This segmentation allows the system to process fewer items while preserving complete tracking capability for each individual invoice.
Data Source
AI summary
Invoice related financial transaction data is obtained and integrated into a personal financial management and bill payment system. All invoices represented in the invoice related financial transaction data having the same payor user of the personal financial management and bill payment system and the same payee business are then identified and collected into aggregated same payor/same payee invoice related financial transaction data. The aggregated same payor/same payee invoice related financial transaction data is then analyzed to determine the aggregated total amount owed to the payee business by the payor user and this aggregated total amount is processed as a single payment due item by the personal financial management and bill payment system.