Automated Payment Data Transfer System
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
When a bank account holder transfers their account from one financial institution to another, they often face the cumbersome task of re-entering payment information for multiple merchant or consumer accounts, leading to inconvenience and potentially negative associations with the original bank.
Innovation Solution
An automated method and system for transferring payment account information from one financial institution to another, involving a user interface device that facilitates the transfer by receiving a payment information transfer request, assembling a list of payees, and creating a standardized payment account information data file for secure transmission to the new financial institution.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If account information is stored in a database by the financial institution to simplify transactions, then transaction convenience is improved, but the complexity of transferring account information increases
Solution Approach 1:
The system creates a standardized data file containing copies of payment account information from the original financial institution's database. This file can be transferred to the new financial institution, allowing the account holder to reuse their payment information without manually re-entering it, thus resolving the transfer complexity issue while maintaining the convenience of stored account information
Solution Approach 2:
The system introduces an intermediary standardized data file format that bridges between different financial institution systems. This intermediary format enables seamless transfer of payment account information between institutions, reducing the complexity of the transfer process while preserving the benefits of stored account information
2Measurement precision
If manual re-entry of payment information is required during account transfer, then data accuracy can be verified, but time consumption and user inconvenience increase
Solution Approach 1:
The system performs preliminary extraction and validation of payment account information from the original financial institution's database before transfer. By pre-processing and verifying the data in advance, the system ensures data accuracy is maintained while eliminating the need for time-consuming manual re-entry during the actual transfer process
Solution Approach 2:
Instead of requiring manual re-entry, the system copies verified payment account information from the original institution's database into a standardized transfer file. This copying process preserves data accuracy while dramatically reducing the time required for account transfer
Data Source
AI summary
In a method for transferring payment account information, a payment information transfer request is received from an account holder device associated with a first provider account. A list of payees to which electronic payments have been made from the first provider account is transmitted to the account holder device for display to the account holder and a user selection of at least one selected payee from the list of one or more payees is received from the account holder device. A payment account information data file is assembled in a predetermined data format, the file including payment account information for each selected payee. The payment account information data file is then transmitted to at least one of the set consisting of the account holder device and an information processing system of a second account provider.