Payment Instrument Modification Without New Card Issuance

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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 new cards differ from original cards and necessitate updating transactions and credit card information.

Innovation Solution

A system that automatically modifies a payment instrument type without changing the identifier, allowing banks to proactively offer customers more suitable financial products based on their demographics and transaction history, allowing for immediate application of new benefits to existing accounts without requiring a new card or credit check.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If a new payment instrument is issued to customers, then the customer receives benefits suited to their current situation, but the customer must undergo additional credit checks and experience delays in obtaining benefits

Engineering Contradiction:

Improvesuitability of financial product to customer needsVSAvoidtime to obtain new card and benefits

Core Design Contradiction:

Adaptability or versatilityVSLoss of time

Solution Approach 1:

The patent merges the functions of the original payment instrument with the new payment instrument by maintaining the same account identifier. This allows the customer to retain the original card while having new benefits and terms applied, eliminating the need to wait for a new card to be issued and received.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The system performs preliminary actions by proactively identifying customers who would benefit from different financial products and preparing the modification in advance. The modification is implemented system-wide before the customer receives physical notification, allowing immediate application of new benefits.

Inventive Principle:

Principle #10Preliminary action

2Adaptability or versatility

If a new payment instrument is issued to customers, then the customer receives updated benefits, but the customer must update all saved and stored transactions with new credit card information

Engineering Contradiction:

Improveupdated benefits and termsVSAvoidconvenience of maintaining transactions

Core Design Contradiction:

Adaptability or versatilityVSEase of operation

Solution Approach 1:

The patent combines the original payment instrument identifier with the new payment instrument terms by modifying the account profile in the system rather than issuing a completely new instrument. This ensures that all stored transactions and automatic payments continue to work with the same card number while benefiting from updated terms.

Inventive Principle:

Principle #5Merging (Combining)

3Adaptability or versatility

If a new payment instrument is issued to customers, then the customer receives benefits for their current situation, but the customer has difficulty obtaining historical account information

Engineering Contradiction:

Improvecurrent benefitsVSAvoidhistorical account information

Core Design Contradiction:

Adaptability or versatilityVSLoss of information

Solution Approach 1:

The patent merges the historical account data with the new payment instrument terms by maintaining the same account identifier throughout the modification process. This allows customers to access their complete transaction history while enjoying updated benefits, as the account continuity is preserved in the system.

Inventive Principle:

Principle #5Merging (Combining)

4Stability of the object's composition

If minor changes are made to card information for retention purposes, then the customer keeps their current card, but the customer does not receive proactive improvements or recommendations

Engineering Contradiction:

Improvecard retentionVSAvoidproactive improvement

Core Design Contradiction:

Stability of the object's compositionVSAdaptability or versatility

Solution Approach 1:

The system implements feedback mechanisms by continuously monitoring customer behavior, transaction patterns, and account characteristics. This enables the system to proactively identify when a customer would benefit from different financial product terms and initiate modifications without requiring customer action.

Inventive Principle:

Principle #23Feedback

Solution Approach 2:

The system performs self-service by automatically identifying improvement opportunities and implementing modifications to payment instrument terms based on customer needs and institutional offerings, eliminating the need for customers to manually request changes or apply for new products.

Inventive Principle:

Principle #25Self-service

Data Source

PatentUS11295288B2Modifying existing instruments without issuance of new physical card

Publication Date: 2022.04.05 THE TORONTO DOMINION BANK

AI summary

The present disclosure involves systems, software, and computer implemented methods for automatically modifying a payment instrument type of a user. One example method comprises receiving, via a communications module, a first signal including an indication of acceptance associated with a particular product selected from a set of potential products for replacing a current product associated with a first customer. At least one term or condition associated with the selected product is identified that is different than the terms or conditions associated with the at least one current product. The terms and conditions associated with the at least one current product associated with the first customer are automatically modified to correspond with the at least one different identified term or condition associated with the selected product, wherein modifying the terms or conditions does not change a unique identifier associated with the at least one current product being modified.