Real-Time Payment Fund Availability System
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Conventional payment methods do not allow billers to access payment funds in real-time after a customer initiates a payment, leading to delays in fund availability.
Innovation Solution
A system and method that facilitate real-time determination of funds availability by communicating through a network with depository financial institutions, sending inquiries, and receiving responses to assess the likelihood of payment based on current account status and balance, enabling immediate fund availability.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If conventional payment methods are used, then payment processing can be completed, but billers cannot access payment funds in real-time
Solution Approach 1:
The system performs preliminary actions by sending payment likelihood inquiries to the second financial institution before the payment transaction is finalized. This allows the biller to know in advance whether funds will be available, enabling real-time fund availability notification to the customer before the transaction completes.
Solution Approach 2:
The system acts as an intermediary between the first financial institution (customer's bank), second financial institution (biller's bank), and the biller. It receives payment items, determines payment likelihood by querying the second financial institution, and communicates results back, enabling real-time fund availability information flow without disrupting the conventional payment processing chain.
2Loss of time
If real-time payment likelihood determination is implemented, then fund availability can be determined immediately, but additional communication and processing steps are required
Solution Approach 1:
The system is designed to handle multiple functions: receiving payment items from the first financial institution, determining payment likelihood by communicating with the second financial institution, storing payment item information and responses, and communicating results. This multi-functional approach consolidates what would otherwise require separate systems into a single platform.
Solution Approach 2:
The system automatically determines payment likelihood by sending inquiries to the second financial institution and processing responses without requiring manual intervention. The automated workflow includes receiving payment items, querying account status and balances, determining payment likelihood, and communicating results back to the first financial institution and biller.
Data Source
AI summary
A method including receiving a first promise-to-pay message at a transaction system. The method also can include storing the first promise-to-pay message in the transaction system. The method additionally can include sending a second promise-to-pay message from the transaction system to a second financial institution. The method further can include receiving a first response at the transaction system from the second financial institution indicating a successful credit of the second account maintained by the second financial institution. The method additionally can include storing the first response in the transaction system. The method further can include sending a second response from the transaction system indicating the successful credit of the second account maintained by the second financial institution to inform at least the sender in real-time after the payment authorization time of the successful credit of the second account maintained by the second financial institution. Other embodiments are provided.