Payment Computer for Real-Time Mixed-Mode Financial Transactions
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current payment networks face challenges in facilitating real-time access and processing of financial transactions across different financial accounts, particularly in ensuring immediate availability of funds and handling mixed-mode transactions where one account is debited in real-time while another is credited in real-time or vice versa.
Innovation Solution
The proposed system includes a networked architecture with payment computers and client applications that utilize payment processing modules at each financial institution, enabling real-time access to financial accounts through multiple payment networks, and facilitating mixed-mode transactions by generating debit and credit instructions that can be processed in real-time across various payment networks.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If real-time access to financial accounts is implemented across multiple payment networks, then transaction processing speed is improved, but system complexity increases
Solution Approach 1:
The patent introduces a payment computer as an intermediary component that mediates between client applications and multiple payment networks. This payment computer receives transaction requests, determines the appropriate payment network(s) for processing, and coordinates the transaction flow across different networks, thereby managing the complexity of real-time multi-network access while maintaining high processing speed
2Adaptability or versatility
If mixed-mode transactions are supported where one account is debited in real-time and another is credited in real-time, then transaction versatility is improved, but processing reliability challenges arise
Solution Approach 1:
The patent implements preliminary actions by first determining the transaction mode (real-time debit, real-time credit, or mixed-mode) and identifying the appropriate payment networks before executing the transaction. The system performs preliminary validation and routing decisions, ensuring that both debit and credit sides are properly configured and assigned to suitable networks before funds are actually transferred, thereby maintaining reliability while supporting versatile transaction types
3Loss of time
If immediate availability of funds is ensured across different financial accounts, then customer service quality is improved, but infrastructure complexity increases
Solution Approach 1:
The patent creates a universal payment processing system where the payment computer can handle multiple transaction types and communicate with various payment networks through standardized interfaces. This multi-functional architecture enables immediate funds availability across different accounts and networks without requiring separate specialized infrastructure for each transaction type, thereby reducing overall infrastructure complexity while maintaining fast fund availability
Data Source
AI summary
Systems, methods and computer-readable media for initiating, facilitating and/or performing financial transactions are disclosed. A request associated with a financial transaction may be received on behalf of a requestor. At least one financial account to be debited and at least one financial account to be credited in connection with the financial transaction may be identified based on information included or provided in association with the request. Respective payment networks that provide access to the financial accounts may be identified. One or more of the financial accounts may be accessible in real-time via a respective payment network. A respective debit or credit instruction may be transmitted to each of the identified payment networks to post a debit or credit to a corresponding financial account. Corresponding debit and/or credit status information may be received, and various status indications may be generated and transmitted, potentially for presentation to the requestor.