Master Account Number Interface for Multi-Bank Transaction Management
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Solution Overview
Problem
Managing multiple bank accounts across different financial institutions is confusing for customers, leading to difficulties in tracking account information and slow money transfer processes.
Innovation Solution
A system and method that allows users to access and manage multiple accounts through a single, interactive user interface, using a master account number, which simplifies account management and facilitates instant transfers between accounts by maintaining account information 'back-end' and providing a visually appealing interface for users to interact with.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users manage multiple bank accounts at multiple financial institutions, then they can access diverse financial services, but they have to remember contact information for all banks and account numbers, increasing complexity and confusion
Solution Approach 1:
The patent introduces a master account number as an intermediary that mediates between the user and multiple individual account numbers. The master account number serves as a single point of access that the user remembers, while the system internally maps it to multiple individual accounts across different financial institutions. This eliminates the need for users to remember multiple account numbers and contact information.
Solution Approach 2:
The master account number performs multiple functions: it serves as a unique identifier for the user, provides access to multiple individual accounts, enables transaction routing to the correct financial institutions, and simplifies the user interface. This single universal identifier replaces the need for multiple separate account management systems.
2Adaptability or versatility
If users manage multiple accounts with one bank, then they can consolidate services, but they can get account numbers confused, reducing ease of operation
Solution Approach 1:
The master account number acts as an intermediary layer between the user and multiple individual account numbers within the same bank. When a user provides the master account number, the system automatically routes transactions to the correct individual accounts based on transaction details, eliminating the need for users to manually identify and differentiate between multiple account numbers.
3Adaptability or versatility
If users have multiple accounts at multiple banks, then they can diversify financial options, but the money transfer process becomes very slow, reducing productivity
Solution Approach 1:
The system performs preliminary actions by pre-establishing relationships and mappings between master account numbers and individual accounts across multiple financial institutions. When a user initiates a transfer using the master account number, the system has already prepared the routing information and account mappings, enabling immediate transaction processing without the need for real-time lookup or manual routing procedures.
Data Source
AI summary
A system and method for performing a financial transaction by determining a master account number associated with one or more accounts that a user may access, providing data to generate a user interface displaying a list of the accounts and an indicator associated with a financial transaction, receiving indicator information associating the indicator with one or more of the accounts, receiving terms for the financial transaction, and performing the financial transaction. The list of accounts may be expanded to view account information.