Real-Time Payment Recommendation Engine Using Location Data

Resolve Bottlenecks,
Find Innovative SolutionsGenerate Solutions

Solution Overview

Problem

Users face difficulties in quickly and efficiently selecting the most beneficial payment account for transactions due to insufficient real-time information, often missing out on better offers or rewards until after the payment is made.

Innovation Solution

A computer-implemented method and system that uses location information from a mobile device to recommend a payment account based on the user's proximity to merchants, considering financial impact and generating incentive offers to promote the use of specific payment accounts.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Measurement precision

If the user manually evaluates multiple payment account factors, then the user can make an informed decision, but the user cannot quickly and efficiently weigh each factor in real-time

Engineering Contradiction:

Improvedecision accuracyVSAvoidtime to evaluate payment options

Core Design Contradiction:

Measurement precisionVSLoss of time

Solution Approach 1:

The system automatically evaluates multiple payment accounts and generates recommendations without requiring manual user analysis. The processor autonomously compares accounts based on rewards, fees, balances, and transaction patterns, then presents the optimal choice to the user, eliminating time-consuming manual evaluation while maintaining decision accuracy

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The system continuously monitors user spending patterns, account balances, and reward accumulation, then provides real-time feedback through recommendations and notifications. This feedback loop enables the user to make informed decisions without manually analyzing all factors, as the system processes and presents the relevant information efficiently

Inventive Principle:

Principle #23Feedback

2Loss of information

If the system provides comprehensive payment account information, then the user can make better decisions, but the information provided may not be sufficient to enable real-time selection

Engineering Contradiction:

Improvecompleteness of payment informationVSAvoidspeed of payment decision

Core Design Contradiction:

Loss of informationVSProductivity

Solution Approach 1:

The system provides different levels of information detail based on user needs and context. Rather than overwhelming the user with all possible data, it highlights the most relevant factors for each specific payment scenario, such as reward rates for particular merchants or fee structures for specific transaction types, enabling quick informed decisions

Inventive Principle:

Principle #3Local quality

Solution Approach 2:

The system pre-calculates and stores payment account comparisons, reward projections, and optimal account recommendations before the user needs to make a decision. When a payment is initiated, the recommendation is already prepared and instantly presented, eliminating the need for real-time analysis while providing comprehensive information

Inventive Principle:

Principle #10Preliminary action

3Productivity

If the user selects a payment account without real-time recommendations, then the transaction can be completed quickly, but the user may miss out on better offers or rewards

Engineering Contradiction:

Improvetransaction speedVSAvoidmissed rewards or benefits

Core Design Contradiction:

ProductivityVSLoss of energy

Solution Approach 1:

The system prepares payment account recommendations in advance based on the user's spending patterns, account balances, and available offers. When the user initiates a payment, the optimal account is already identified and presented for immediate selection, allowing the user to maintain quick transaction speed while ensuring access to the best available rewards and benefits

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system acts as an intermediary between the user's multiple payment accounts and the merchant, automatically analyzing which account provides the best value for the specific transaction. This intermediary function processes the comparison and selection logic, allowing the user to simply follow the recommendation without manually evaluating trade-offs between transaction speed and reward optimization

Inventive Principle:

Principle #24Intermediary (Mediator)

Data Source

PatentUS12106322B1Systems and methods for providing real-time payment recommendations and offers

Publication Date: 2024.10.01 WELLS FARGO BANK NA

AI summary

A computer-implemented method for providing a recommended payment account includes receiving location information from a mobile device of a user having one or more payment accounts provided by a financial institution computer system, and determining a location of the user relative to a merchant based on the location information. The method also includes, based on the location of the user relative to the merchant, determining that a payment account recommendation should be sent to the user, including a recommended payment account for use in a payment transaction with the merchant and an incentive offer for using the recommended payment account in the payment transaction, determining the recommended payment account based on an expected financial impact to the user, generating the incentive offer, and sending the incentive offer and the recommended payment account to the mobile device of the user.