Preferred Payment Prediction With Decodable Transfer Tokens
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Solution Overview
Problem
Business organizations face challenges in efficiently paying contractors and subcontractors, especially when cash flow issues arise, and individuals often find default payment methods like paper checks inconvenient.
Innovation Solution
A computer-implemented method that predicts a preferred funds transfer method for payees by analyzing data sources such as smart digital wallets, social networks, and financial accounts, providing notifications, and initiating electronic funds transfers upon user agreement.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If default payment methods like paper checks are used, then the payment process is simple, but the convenience and efficiency for individuals is poor
Solution Approach 1:
The patent creates a digital copy of the check in the form of a token that can be stored in a digital wallet. This digital token represents the same payment obligation as the physical check but enables electronic transfer, improving convenience while maintaining the simplicity of the payment mechanism through a direct digital representation of the check functionality.
Solution Approach 2:
The patent replaces the mechanical paper check system with an electronic token-based system. Instead of physical checks requiring manual handling, mailing, and cashing, the system uses digital tokens that can be automatically transferred and processed electronically, eliminating the mechanical aspects of traditional check processing while improving efficiency and convenience.
2Measurement precision
If predictive algorithms analyze multiple data sources, then payment accuracy improves, but system complexity increases
Solution Approach 1:
The patent employs a multi-functional data processing system that analyzes various data sources (financial accounts, social networks, digital wallets) using a unified predictive algorithm. This universal approach allows the same system to process different data types and sources to determine preferred payment methods, improving accuracy without requiring separate specialized systems for each data source.
Solution Approach 2:
The system automatically analyzes data sources and determines payment methods without requiring manual input or intervention. The predictive algorithm self-adjusts and learns from the data to improve its accuracy over time, reducing the need for complex manual configuration and maintenance while achieving high measurement precision in predicting preferred payment methods.
3Loss of time
If electronic funds transfer is initiated automatically, then payment timeliness improves, but user control and agreement verification is reduced
Solution Approach 1:
The patent performs preliminary actions by pre-analyzing data sources and predicting preferred payment methods before the actual payment occurs. The system prepares the payment structure, token generation, and transfer parameters in advance, so when payment is needed, the process can be initiated quickly without requiring complex real-time decisions, thus reducing payment processing time while maintaining user control through pre-established parameters.
Solution Approach 2:
The system incorporates feedback mechanisms where users can review the predicted payment methods and provide confirmation or modifications. This feedback loop ensures user agreement is verified while the automated system processes the payment efficiently once confirmed, balancing timeliness with user control by using feedback to validate pre-computed payment parameters before execution.
Data Source
AI summary
A method comprises predicting a preferred funds transfer method of a payee based on payee data, generating a token based on the predicted preferred funds transfer method where the token is decodable to identify the predicted preferred funds transfer method and the payee, and initiating, in response to an input from the payee, an electronic funds transfer from a payer to the payee.