Payment Instrument Modification Without Identifier Change
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Solution Overview
Problem
Current systems require customers to apply for new payment instruments, leading to delays, additional credit checks, and difficulties in accessing historical account information, as existing solutions only allow minor changes to card information without proactive recommendations.
Innovation Solution
A system that automatically modifies a payment instrument type without changing the identifier, allowing banks to proactively offer customers better card options based on their demographics and transaction history, allowing immediate use of updated benefits without requiring a new card or credit check.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a new payment instrument is issued to provide better benefits, then the customer receives improved card options and benefits, but the customer experiences delays, additional credit checks, and difficulty accessing historical account information
Solution Approach 1:
The patent combines the benefits of a new payment instrument with the existing account identifier and historical data. Instead of issuing a completely new card with a new identifier, the system merges the improved benefits into the existing account structure, allowing customers to receive better card options while maintaining their established account history and avoiding delays associated with new card issuance
Solution Approach 2:
The system performs preliminary analysis of customer accounts to identify opportunities for providing better benefits before a customer would naturally need to apply for a new card. By proactively modifying existing accounts with improved benefits based on current account information and transaction history, the system eliminates the need for customers to go through the new card application process
2Adaptability or versatility
If a new payment instrument is issued, then the customer obtains better card options, but the customer must update all saved and stored transactions with new credit card information
Solution Approach 1:
The patent creates a universal account identifier that serves multiple functions: it maintains the existing account's historical data while also supporting new benefits and features. This multi-functional identifier eliminates the need for customers to update stored transaction information, as the same identifier continues to work across all existing and new card functionalities
Solution Approach 2:
The system creates a virtual copy of the card benefits structure that maps to the existing account identifier. Rather than requiring customers to physically update all stored card information, the system maintains a digital mapping that allows new benefits to be accessed through the existing account identifier, effectively copying the benefit structure without changing the identifier itself
3Stability of the object's composition
If minor changes are made to card information for retention purposes, then the existing account is maintained, but no proactive change or recommendation is provided to customers
Solution Approach 1:
The system implements feedback mechanisms that continuously monitor customer account activity, transaction patterns, and benefit utilization. Based on this feedback, the system proactively identifies opportunities to provide better benefits and automatically generates recommendations or modifications to enhance customer value while maintaining account continuity, rather than only allowing minor passive changes
Solution Approach 2:
The patent introduces dynamic benefit structures that can be automatically adjusted based on current account conditions and customer behavior patterns. The system dynamically modifies card benefits in real-time based on account activity, providing proactive recommendations and changes that adapt to customer needs while maintaining the stability of the underlying account identifier and historical data
Data Source
AI summary
The present disclosure involves systems, software, and computer implemented methods for automatically modifying a financial product associated with a user, where the modified financial product is associated with an updated benefit at a partner system. One example method comprises receiving an indication of acceptance associated with a particular partner-related product for replacing a current product associated with a first customer. At least one term or condition associated with the particular partner-related product different than terms or conditions associated with the at least one current product are identified, including a change to at least one benefit associated with the partner system. The terms associated with the current product are modified without changing the unique identifier, and an indication of the at least one updated benefit associated with the partner system is transmitted to the partner system for immediate usage by the first customer.