Payment Advice Data Transmission via Unique Identifier Hub
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Solution Overview
Problem
Conventional methods for transmitting payment advice data require manual re-entry and are inefficient, as they rely on manual address and format knowledge, especially when using electronic messages like EDIFACT, which complicates automatic processing between payer and payee financial systems.
Innovation Solution
A method and system that utilize a unique identifier to transmit payment advice data through a central computer system, allowing automatic processing and storage, enabling the payee system to access and match data without knowing the payee's system specifics, using a globally unique identifier and web services architecture for secure and efficient data transmission.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If payment advice data is transmitted using conventional methods (mail, e-mail, fax), then the data can be transmitted between payer and payee, but manual re-entry is required which reduces productivity and increases loss of time
Solution Approach 1:
The patent introduces an intermediary system (payment advice service provider) that mediates between the payer and payee systems. This intermediary receives payment advice data from the payer, stores it in a database, and provides it to the payee upon request using a unique identifier. This eliminates the need for manual re-entry and enables automatic processing while reducing time loss.
Solution Approach 2:
The patent creates a digital copy of the payment advice data that can be stored, retrieved, and transmitted electronically. Instead of transmitting physical documents or requiring manual re-entry, the system creates and manages digital copies of payment advice information that can be automatically accessed and processed by the payee system.
2Extent of automation
If EDIFACT electronic messages are used for transmission, then automatic processing is enabled, but the payer must know the exact address and format specifics of the payee's processing entity which increases device complexity
Solution Approach 1:
The patent creates a universal interface through the intermediary system that can handle multiple formats and communication protocols. The intermediary system accepts payment advice data in various formats from the payer and provides standardized responses to the payee, eliminating the need for the payer to know the specific address and format requirements of the payee's processing entity. This universal approach simplifies the system configuration while maintaining automatic processing capability.
3Productivity
If a central computer system is used as intermediary, then automatic processing and data storage are enabled, but additional system infrastructure is required which increases device complexity
Solution Approach 1:
The patent employs a central computer system as an intermediary that provides database storage and data management services. This intermediary infrastructure enables efficient automatic processing by storing payment advice data centrally and providing it to payees upon request using unique identifiers, thereby improving productivity while managing the complexity through a dedicated intermediary service.
Data Source
AI summary
Systems and methods for transmitting payment advice data from a payment computer system to a payee computer system are provided. An exemplary method may include generating a payment order and payment advice data. The method may further include generating a unique identifier for the payment order, transmitting the payment order and the unique identifier to a banking computer system, and transmitting the payment advice data and the unique identifier to a central computer system. The method may further include sending bank statement data indicative of an execution of the payment order to the payee computer system, where the bank statement data includes the unique identifier of the payment order. The method may further include storing the payment advice data and the unique identifier in the central computer system, in response to a receipt of the bank statement data by the payee computer system, and requesting the payment advice data from the central computer system using the unique identifier as a key.