Proxy Card Account Selection for Automatic Fund Routing
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Solution Overview
Problem
Consumers face inconvenience and inefficiency in managing multiple payment cards, often leading to suboptimal card selection and potential overdrafts due to carrying multiple cards, which can result in burdensome wallet management and incorrect card usage.
Innovation Solution
A proxy card system that links multiple financial accounts, allowing automatic selection of the best account for a transaction based on fund availability, enabling seamless payment processing through a single card.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers carry multiple payment cards to manage different financial accounts, then account selection flexibility is improved, but wallet management complexity increases
Solution Approach 1:
The patent combines multiple payment cards into a single proxy card that can represent multiple financial accounts. The proxy card merges the functionality of multiple cards (credit cards, debit cards, gift cards, loyalty cards) into one physical object, eliminating the need to carry and manage multiple separate cards while maintaining the ability to access different accounts.
Solution Approach 2:
The proxy card is designed as a universal payment object that can perform multiple functions: it can represent different types of financial accounts (credit, debit, gift, loyalty), work at various merchants, and provide multiple benefits (rewards, points, cash back). This multi-functionality replaces the need for specialized cards for each account type.
2Productivity
If consumers use the first found card for payment, then transaction speed is improved, but fund management accuracy deteriorates
Solution Approach 1:
The system provides automatic account selection that operates without consumer intervention. When a transaction is initiated using the proxy card, the system automatically determines which linked account should be used based on predefined rules, account balances, and transaction characteristics. This self-service approach maintains fast transaction processing while ensuring accurate fund management.
Solution Approach 2:
The system incorporates feedback mechanisms that monitor account balances, transaction history, and spending patterns. This feedback information is used to dynamically adjust account selection decisions, ensuring that transactions are routed to appropriate accounts (e.g., using gift cards first, then debit, then credit) while providing consumers with visibility into their spending across accounts.
3Measurement precision
If consumers manually select accounts for each transaction, then fund management accuracy is improved, but operation complexity increases
Solution Approach 1:
The system automatically performs account selection without requiring consumer intervention. The proxy card and associated system handle the complexity of deciding which account to use based on account balances, transaction types, and consumer preferences, eliminating the need for manual selection while maintaining accurate fund management.
Solution Approach 2:
The proxy card acts as an intermediary between the consumer and multiple financial accounts. It simplifies the interaction by providing a single card interface while the system behind the scenes manages the complexity of selecting among multiple accounts, translating consumer intent into specific account selections automatically.
4Adaptability or versatility
If consumers carry multiple cards for different account types, then account versatility is improved, but loss of time in finding cards increases
Solution Approach 1:
The proxy card combines multiple account types into a single physical object, eliminating the time required to search through a wallet or purse to find the appropriate card. The merged card provides instant access to multiple accounts without the need to physically locate specific cards.
Solution Approach 2:
The proxy card serves as a universal access point for multiple account types (credit, debit, gift, loyalty). This multi-functional design eliminates the need to carry and search for different specialized cards, providing immediate access to versatile account options through a single card.
Data Source
AI summary
Techniques for using a stored balance associated with a payment instrument are described. Transaction data associated with a transaction is received, wherein a payment instrument linked to a stored balance of a user is provided for payment of the transaction. In one example, a computer system determines that the stored balance is insufficient to satisfy the total amount of the purchase. The computer system further determines, based on a policy and without user input, to access funds from a bank account linked to the stored balance. The funds from the bank account are deposited to the stored balance, and the payment is processed for the total amount using the updated stored balance.