Multirail Payment Account Routing via Supernetwork Hub
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Solution Overview
Problem
Financial institutions face challenges in making payments across different payment networks, especially when they are not members of the same network, and individuals often have multiple accounts with varying funding sources, making it difficult to facilitate transactions across disparate payment rails.
Innovation Solution
A supernetwork system that connects and facilitates payments between different payment networks by using a network hub to route payments and manage participant accounts, allowing funds to be drawn from multiple linked accounts based on predefined payment policies, enabling payments across different payment rails and networks.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If financial institutions join multiple payment networks to offer multiple payment options, then payment versatility is improved, but system complexity increases
Solution Approach 1:
The patent introduces a payment account link service as an intermediary system that connects payor accounts across different payment networks. This mediator manages the complexity of multiple network connections by providing a unified interface for routing payments through appropriate payment rails, thereby improving payment versatility without directly increasing the complexity faced by financial institutions.
Solution Approach 2:
The payment account link service performs multiple functions: it identifies available payment networks, selects appropriate payment rails, routes payments, and manages account linking. By consolidating these diverse functions into a single universal service, the system achieves high adaptability while managing complexity centrally rather than distributing it across multiple institutions.
2Adaptability or versatility
If payments are routed across different payment networks, then payment flexibility is improved, but transaction time increases
Solution Approach 1:
The system performs preliminary actions by pre-identifying available payment networks and pre-selecting appropriate payment rails before the actual payment transaction. By preparing the routing path in advance and caching network information, the system reduces the time required for cross-network payments while maintaining the flexibility to choose from multiple payment options.
Solution Approach 2:
The payment account link service implements feedback mechanisms to monitor payment network performance and adjust routing decisions. By receiving feedback on transaction success rates and processing times from different payment networks, the system can optimize payment rail selection to minimize transaction time while maintaining payment flexibility.
Data Source
AI summary
Disclosed are various embodiments for providing multirail payment accounts. First, a payment instruction specifying at least a recipient of the payment and an amount of the payment can be received. Then, one or more payment policies applicable to the payment instruction can be identified. Next, the payment instruction can be funded according to the one or more payment policies. Subsequently, a payment request can be generated based at least in part on the payment instruction. Then, the payment request can be sent to a network hub.