Multi-layered Payment Card with Automated Account Selection

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Solution Overview

Problem

Consumers face inconvenience and inefficiency in choosing the optimal payment card for transactions due to multiple cards with varying rewards and interest rates, often leading to suboptimal usage and missed benefits.

Innovation Solution

A transaction-dependent financial account selection system (TDFAS) that links multiple financial accounts to a multi-account payment card, using financial and transaction information to automatically select the best account for each transaction to maximize rewards and minimize interest payments, incorporating machine learning and feedback mechanisms.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Loss of energy

If consumers use multiple payment cards to optimize rewards and interest rates, then financial benefits are improved, but ease of operation deteriorates due to the burden of carrying and selecting among multiple cards

Engineering Contradiction:

Improvefinancial benefits (rewards and interest rates)VSAvoidconvenience of using payment cards

Core Design Contradiction:

Loss of energyVSEase of operation

Solution Approach 1:

The patent combines multiple payment cards into a single multi-layered card structure. Each layer represents a different payment card account, and the card reader can read information from different layers to determine which account to use for a given transaction, thereby consolidating multiple cards into one physical object while maintaining the ability to optimize rewards and interest rates

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The patent introduces an automated card selection system that acts as an intermediary between the consumer and multiple payment cards. The system automatically analyzes transaction information and selects the optimal card to use, eliminating the need for consumers to manually evaluate and choose among multiple cards for each transaction

Inventive Principle:

Principle #24Intermediary (Mediator)

2Loss of energy

If consumers manually track and select the optimal card for each transaction, then financial optimization is improved, but loss of time increases due to the effort required to remember and evaluate card benefits

Engineering Contradiction:

Improvefinancial optimization (maximizing rewards)VSAvoidtime spent selecting cards

Core Design Contradiction:

Loss of energyVSLoss of time

Solution Approach 1:

The patent implements an automated system that performs card selection without requiring consumer intervention. The system automatically retrieves account information, analyzes transaction details, and determines the optimal card to use, allowing the selection process to serve itself without consuming the consumer's time or cognitive resources

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The patent pre-stores account information and reward structures for multiple payment cards in an accessible format. This preliminary organization of data allows the system to quickly retrieve and compare card benefits during transaction processing, eliminating the need for consumers to remember or research card details at the point of purchase

Inventive Principle:

Principle #10Preliminary action

3Ease of operation

If consumers use a single multi-layered payment card, then ease of operation is improved, but device complexity increases due to the multi-layered structure and automated selection system

Engineering Contradiction:

Improveconvenience of carrying and using cardsVSAvoidcomplexity of card structure and selection system

Core Design Contradiction:

Ease of operationVSDevice complexity

Solution Approach 1:

The patent divides the multi-layered card into distinct layers, with each layer containing information for a different payment card account. This segmentation allows the complex information to be organized into manageable, separate units that can be independently read and processed by the card reader, making the complexity internal to the card rather than apparent to the user

Inventive Principle:

Principle #1Segmentation

Data Source

PatentUS20230169514A1Multi-layered credit card with transaction-dependent source selection

Publication Date: 2023.06.01 LENDINGCLUB BANK NAT ASSOC

AI summary

Techniques are described herein for selecting an optimal financial account for a financial transaction. In an embodiment, a multi-account payment card is used to initiate a financial transaction. Transaction information of the financial transaction including a multi-account payment card ID is transmitted to a server for processing. The server determines that the multi-account payment card ID is associated with a plurality of financial accounts, wherein each of the plurality of financial accounts is associated with any one of a credit card, a debit card, an automatic teller machine (ATM) card, a gift card, or a credit line. A financial account of the plurality of financial accounts is selected by the server based on financial account information, such as anomalous transactions, associated with the plurality of financial accounts and the transaction information of the financial transaction. The financial transaction is then charged to the selected financial account.