Money Transfer Parameter Control System
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Solution Overview
Problem
Current money transfer systems limit the ability of senders and receivers to control and modify parameters such as location and fees, failing to provide personalized and cost-effective solutions for money transfer transactions.
Innovation Solution
A computer system that allows senders to select and modify money transfer parameters, including receiver location, to find the lowest fee option and store information for processing, enabling tailored transactions and fee adjustments based on user preferences and promotions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If the sender sets all money transfer parameters including receiver location, then the sender has full control over the transaction, but the receiver has limited ability to modify parameters to meet personal requirements
Solution Approach 1:
The system allows dynamic modification of money transfer parameters by the receiver after the sender initiates the transfer. The receiver can change parameters such as receive location and other settings before the transfer is completed, making the system adaptable to the receiver's needs while maintaining sender-initiated control
Solution Approach 2:
The system pre-establishes the money transfer with sender-selected parameters, then allows the receiver to modify certain parameters before final execution. This preliminary setup followed by controlled modification resolves the contradiction between sender control and receiver flexibility
2Ease of operation
If the system offers multiple receive locations, then the receiver can find a more convenient location, but the system complexity increases
Solution Approach 1:
The system segments the receive location selection into multiple independent locations with different characteristics. The receiver can choose from several predefined locations rather than configuring a single complex location parameter, simplifying the user interface while providing flexibility
Solution Approach 2:
The system changes the approach from a single receive location parameter to multiple discrete location options. This transforms a complex location configuration into a simple selection process, reducing perceived complexity while improving convenience
3Loss of energy
If the system analyzes fees for multiple receive locations, then the sender can find the lowest fee option, but the processing time increases
Solution Approach 1:
The system pre-calculates and stores fee information for multiple receive locations before the sender makes a selection. This preliminary preparation allows the sender to quickly compare fees and select the lowest fee option without experiencing time-consuming calculations during the actual transfer process
Solution Approach 2:
The system dynamically presents fee information for multiple locations based on the receiver location parameter. When the receiver location changes, the system automatically updates the fee display, allowing real-time optimization without manual recalculation
Data Source
AI summary
A computer system in a money transfer transaction. A request is received from a sender on a send computer to send a money transfer having a send amount. The sender is prompted on the send computer to select one or more parameters associated with the money transfer, the one or more parameters comprising money transfer receiver information including a receiver location. Money transfer fees associated with the money transfer are analyzed for a plurality of receive locations proximate the receiver location based on the selected one or more parameters. A receive location offering a lowest money transfer fee is selected from the plurality of receive locations. The send amount and fee for the selected receive location are collected from the sender. Information related to the money transfer is then stored, including the selected one or more parameters and the receive location, in a money transfer server.