Message-Enabled Payment Transfer System With Dynamic Rail Selection
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Solution Overview
Problem
Traditional payment request systems face challenges with younger generations preferring biller-direct solutions and higher costs and exception processes associated with card-based transactions, while traditional bill pay options are less preferred by both billers and customers.
Innovation Solution
A method and system that allows a provider computing system to receive customer information from a biller computing system, transmit a transfer request message to a customer device, generate a transfer user interface with preference options, and initiate transfers based on selected preferences, enabling various payment methods and rails within a single system for efficient and secure transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional bill pay options are used, then billers can process payments through established channels, but younger generations prefer biller-direct solutions for strategic payment timing
Solution Approach 1:
The system provides a universal payment platform that supports multiple payment methods (ACH, card-based, real-time payments) and delivery channels (SMS, email, in-app notifications) within a single biller-direct solution, accommodating both traditional biller requirements and modern customer preferences for strategic payment timing
2Ease of operation
If card-based transactions are used, then customers can make payments conveniently, but interchange fees and exception processes increase costs
Solution Approach 1:
The system dynamically selects payment methods and processing routes based on real-time conditions, customer preferences, and cost considerations. It can switch between ACH, real-time payments, and card-based transactions while providing customers with options to choose lower-cost methods, thereby reducing interchange fees and exception handling costs while maintaining convenience
Solution Approach 2:
The system changes processing parameters such as payment method, timing, and route based on varying conditions including cost, customer preference, and transaction characteristics. This allows optimization of cost parameters by selecting ACH or real-time payments over card-based transactions when appropriate, while still offering card options when convenience is prioritized
3Loss of information
If multiple payment methods are tracked across different systems, then comprehensive payment tracking is achieved, but bandwidth and power consumption increase
Solution Approach 1:
The system merges multiple payment tracking functions into a single centralized platform that consolidates data from ACH, real-time payment networks, and card-based transactions. This unified approach maintains comprehensive payment tracking capabilities while reducing redundant data transmission and processing, thereby minimizing bandwidth and power consumption compared to multiple separate systems
Data Source
AI summary
A method includes: receiving, by a provider computing system, customer information associated with a customer from a biller computing system; transmitting, by the provider computing system, a transfer request message to a customer device; generating, by the provider computing system, a transfer user interface accessible by the customer device via an embedded link within the transfer request message, the transfer user interface including a plurality of transfer preference options based on the customer information; receiving, by the provider computing system, a selected transfer preference option from the customer device; and initiating, by the provider computing system, a transfer from a customer account associated with the customer to a biller account associated with a biller based on the selected transfer preference option.