Payment UI Routing for Real-Time Account-to-Account Transactions
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Solution Overview
Problem
Existing electronic transaction systems face inefficiencies due to fragmented payment networks, complex legacy systems, and security risks, leading to poor user experiences and increased costs, and inconveniences in executing payments across various payment networks.
Innovation Solution
A unified platform with a singular user interface (UI) for account-to-account payments, utilizing machine learning to predict user preferences, and payment optimization logic to streamline transactions, ensuring security and privacy compliance.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of manufacture
If a unified platform is implemented to consolidate multiple payment networks, then transaction costs are reduced and user experience is improved, but system complexity increases due to integrating multiple networks into a single interface
Solution Approach 1:
The patent consolidates multiple payment networks (ACH, wire, card, etc.) into a single unified platform interface. The system merges various payment processing functions into one cohesive system that handles different transaction types through a common architecture, reducing the need for separate systems and lowering overall transaction costs while presenting a simplified interface to users.
Solution Approach 2:
The unified platform is designed to perform multiple payment functions through a single system. It can process ACH transfers, wire transfers, card payments, and other transaction types through the same interface and infrastructure, making the system versatile and reducing the complexity of maintaining multiple separate payment systems.
2Loss of time
If machine learning models are used to pre-fill accounts and arrange receiving accounts, then user experience is improved and transaction time is reduced, but computational resources and processing time increase
Solution Approach 1:
The system uses machine learning models to pre-fill originating accounts and pre-arrange receiving accounts based on historical transaction data and user behavior patterns. This preliminary action occurs in the background before the user initiates a transaction, so when the user needs to make a payment, the most likely accounts are already populated, significantly reducing transaction time without requiring heavy computational resources during the actual payment process.
3Productivity
If payment optimization logic is implemented to determine default settings, then transaction efficiency is improved and costs are reduced, but system complexity and development effort increase
Solution Approach 1:
The payment optimization logic automatically determines default payment settings, routing options, and cost-effective transaction methods without requiring manual user configuration. The system self-adjusts based on transaction parameters, account information, and historical data to select optimal payment paths, improving efficiency while the complexity is contained within the automated system rather than requiring complex user-side configurations.
Data Source
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AI summary
Systems and methods of executing a real-time electronic transaction by a UI platform are disclosed. One method includes receiving an input selection by a user to indicate an originating account, receiving account, and payment amount. The system may transmit an option for the user to carry out the transaction by using a default payment setting, and upon the user selecting this option, determining the default payment setting, payment time or date, and a transaction cost, and displaying these to user. Alternatively, the system may transmit an option for the user to carry out the electronic transaction by the user defining the payment setting, and upon selection of this choice, performing payment optimization logic to display available payment settings, receiving a selection from the user of the chosen payment setting, and displaying the payment setting including the originating account, receiving account, payment amount, delivery time or date, and transaction cost.