Payment Service Operator Routing Corporate Data
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Solution Overview
Problem
Current electronic payment systems, such as MasterCard e-P3®, while improving convenience and efficiency, still lack the ability to efficiently manage and route payments using existing corporate data and maintain vendor data, leading to inefficiencies in managing vendor networks.
Innovation Solution
The system facilitates obtaining and appending payment files from buyers to multiple billers using different payment forms, allowing for the use of existing corporate data to make decisions and route payments, and includes a payment service operator that assigns biller identifications, enabling efficient payment processing and data management.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If existing corporate data is used to manage and route payments, then payment efficiency is improved, but the ability to maintain vendor data and manage vendor networks deteriorates
Solution Approach 1:
The patent introduces a payment service operator as an intermediary entity that bridges the buyer's corporate data systems and the payment processing infrastructure. This operator receives payment files from buyers, appends necessary stored data, and routes payments to multiple billers, thereby enabling efficient payment processing while maintaining the ability to manage vendor networks through centralized data management.
Solution Approach 2:
The system is designed to handle multiple payment forms (e.g., electronic funds transfer, wire transfer, ACH) and serve multiple billers simultaneously through a single payment file processing mechanism. This multi-functional approach allows the system to maintain vendor data management capabilities while processing diverse payment types efficiently.
2Productivity
If payment files are appended with stored data to effectuate payments, then payment processing capability is improved, but system complexity increases
Solution Approach 1:
The patent divides the payment processing function into distinct segments: (1) receiving payment files from buyers, (2) appending stored data to the payment files, and (3) routing payments to billers. This segmentation allows each component to be optimized independently and simplifies the overall system architecture while maintaining high processing capability.
Solution Approach 2:
The system performs preliminary actions by pre-storing necessary data (such as biller routing information, account details, and payment preferences) before payment processing occurs. This pre-prepared data is then appended to payment files automatically, reducing real-time processing complexity and enabling faster payment execution.
Data Source
AI summary
One inventive step includes facilitating obtaining a payment file associated with a buyer (for example, directly from the buyer, or from a third party partner). The file includes data specifying a first form of payment from the buyer to a first biller and data specifying a second form of payment, different than the first form of payment, from the buyer to a second biller. Other inventive steps include facilitating appending first stored data to the data specifying the first form of payment to the first biller, to effectuate payment to the first biller by the first form of payment; and facilitating appending second stored data to the data specifying the second form of payment to the second biller, to effectuate payment to the second biller by the second form of payment.