Real-Time Biller Posting via Centralized Provider System
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing systems for consumer-to-business bill payments require multiple separate entities and computing systems, leading to substantial delays, confusion among customers, and inefficiencies in fund usage, as they struggle to execute accurate and timely updates across customer, biller, and provider accounts.
Innovation Solution
A provider computing system that includes a bill pay application circuit to manage requests, a transaction management system for real-time account updates, and a biller posting services circuit to notify biller computing systems, allowing for simultaneous deductions from customer funds accounts and additions to biller funds accounts, thereby eliminating the need for third-party processors and reducing delays.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If multiple separate entities and computing systems are used to process bill payments, then the payment processing can be distributed and robust, but substantial delays occur in executing the payment
Solution Approach 1:
The patent merges multiple separate computing systems into a single centralized payment processing system. The provider computing system consolidates the functions of receiving payment requests, managing transaction posts, and updating account values in one location, eliminating the delays caused by distributed processing across multiple entities while maintaining system reliability through centralized control.
Solution Approach 2:
The system performs preliminary actions by pre-establishing the payment routing information and account details before the actual payment execution. The provider computing system has pre-configured the relationships between customer accounts, biller accounts, and intermediary accounts, allowing the payment to be executed immediately when requested without requiring real-time coordination between multiple separate systems.
2Adaptability or versatility
If multiple separate entities are involved in bill payment processing, then the system can provide distributed processing capabilities, but confusion among customers increases
Solution Approach 1:
The provider computing system serves multiple functions within a single entity: it acts as the payment receiver, the transaction manager, the account updater, and the communication hub. This universal system provides a single point of contact for customers, eliminating confusion that would arise from interacting with multiple separate entities while maintaining the versatility of distributed processing capabilities through its multi-functional design.
3Adaptability or versatility
If traditional multi-entity systems are used, then payment processing can be distributed, but substantial computing resources are required
Solution Approach 1:
The patent consolidates computing resources into a single provider computing system that performs all payment processing functions. By merging the computational tasks of receiving payments, managing transactions, and updating accounts into one system, the patent reduces the total quantity of computing resources required compared to maintaining separate computing infrastructures across multiple distributed entities.
4Measurement precision
If real-time updates to all three accounts are implemented, then payment accuracy is improved, but the system complexity increases
Solution Approach 1:
The patent merges the complexity of updating three separate accounts (customer funds account, biller funds account, and customer bill account) into a single coordinated operation within the provider computing system. The transaction management system generates and manages all necessary posts to maintain accurate balances across all accounts simultaneously, reducing the perceived complexity for users while ensuring precise account updates through centralized control.
Data Source
AI summary
Embodiments include a provider computing system associated with a provider including a processing circuit configured to present, by a graphical user interface while a bill pay application is in an unlaunched state, a notification including a summary of a bill, and automatically launch the bill pay application in response to the customer selecting the summary. The processing circuit further configured to receive, via the bill pay application, a request to pay an amount of funds to a biller, generate a payment request, provide at least one post to a funds account circuit based on the payment request, and generate and provide a payment data object to a biller computing system.