Unified Payment Batching for Online Procurement Systems
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Solution Overview
Problem
In federated electronic spend management systems, buyers face difficulties in making simple and scalable digital payments to suppliers due to segregated systems, which do not allow seamless integration of multiple payment methods from different sources, including domestic and international accounts, and lack flexibility in connecting payment methods to legal entities.
Innovation Solution
A computer-implemented method that stores transactional data, determines unique remittance addresses, generates payment objects, and causes multiple payment transactions, optimizing CPU cycles and memory usage by batching payments across multiple buyer entities and payment methods.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Device complexity
If segregated systems are used for different payment methods, then system modularity and independence are maintained, but payment processing complexity and inefficiency increase
Solution Approach 1:
The patent merges multiple segregated payment systems into a unified payment processing system that can handle multiple payment methods (checks, bank transfers, wires, cards) and multiple funding sources (domestic bank accounts, international bank accounts, credit card accounts) through a single integrated platform. This consolidation eliminates the need for buyers to manually coordinate across disconnected systems while maintaining the ability to process different payment types through standardized interfaces.
Solution Approach 2:
The unified payment system provides universal functionality by supporting multiple payment methods and funding sources through a single system. The system can seamlessly pull funds from various payment accounts including domestic and international accounts, and connect different payment methods to legal entities in the accounting system, making the system adaptable to diverse payment requirements without requiring separate specialized systems.
2Adaptability or versatility
If multiple disconnected systems are used for different payment methods, then flexibility in payment method selection is maintained, but operational simplicity and scalability deteriorate
Solution Approach 1:
The unified payment system provides universal functionality by supporting multiple payment methods and funding sources through a single system. The system can seamlessly pull funds from various payment accounts including domestic and international accounts, and connect different payment methods to legal entities in the accounting system, making the system adaptable to diverse payment requirements without requiring separate specialized systems.
Solution Approach 2:
The system enables automated payment batching and processing without requiring manual intervention to coordinate across multiple systems. The unified platform automatically manages the complexity of selecting appropriate payment methods, routing funds from appropriate funding sources, and connecting payments to the correct legal entities, allowing buyers to initiate payments simply without needing to understand or manage the underlying system complexity.
3Reliability
If manual payment coordination across multiple systems is performed, then payment accuracy can be maintained, but time consumption and resource usage increase
Solution Approach 1:
The system performs preliminary actions by pre-configuring payment methods, funding sources, and legal entity associations in the unified payment system. Payment rules, account mappings, and routing logic are established in advance, allowing the system to automatically and accurately process payments without requiring manual coordination at the time of payment initiation. This preliminary setup enables both accuracy and efficiency in subsequent payment operations.
Solution Approach 2:
The system enables automated payment batching and processing without requiring manual intervention to coordinate across multiple systems. The unified platform automatically manages the complexity of selecting appropriate payment methods, routing funds from appropriate funding sources, and connecting payments to the correct legal entities, allowing buyers to initiate payments simply without needing to understand or manage the underlying system complexity.
Data Source
AI summary
In an embodiment, a computer-implemented method comprises storing invoice data comprising a plurality of invoice objects, each invoice object comprising a digital programmatic object that is maintained in computer memory, each invoice object comprising one or more data fields that are programmatically linked to and storing data for an invoice between a supplier account and a buyer account, the one or more data fields including a remittance address that specifies an address to which a payment is to be sent; determining, based on the plurality of invoice objects, a set of unique remittance addresses, each unique remittance address of the set of unique remittance addresses associated with a distinct supplier account; generating a first set of payment objects based on the set of unique remittance addresses, each payment object of the first set of payment objects associated with a unique remittance address of the set of unique remittance addresses; determining, based on the plurality of invoice objects, that a particular unique remittance address of the set of unique remittance addresses is associated with multiple buyer entities of a particular buyer account; in response to determining that the particular unique remittance address of the set of unique remittance addresses is associated with the multiple buyer entities of the particular buyer account, generating a second set of payment objects, each payment object of the second set of payment objects associated with the particular unique remittance address and a distinct buyer entity of the multiple buyer entities; causing multiple payment transactions based on the first set of payment objects and the second set of payment objects.