Real-Time Payment System for Future Transaction Reservations
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Solution Overview
Problem
Real-time payment (RTP) technologies face challenges in managing temporal fluctuations in business activity, leading to uncertainties in revenue forecasting and resource allocation for merchants, due to seasonality, weather, or market conditions, which existing payment systems struggle to address effectively.
Innovation Solution
The implementation of a system that allows merchants to request a real-time down payment from customers for future transactions, using structured messaging data in ISO 20022 format, which locks in terms and conditions, enabling merchants to secure revenue streams and customer reservations for future purchases.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If real-time payment processing is implemented to secure future transactions, then revenue certainty for merchants is improved, but system complexity increases due to temporal interval management and structured messaging requirements
Solution Approach 1:
The system performs preliminary actions by processing down payments in advance for future transactions. The payment processing system receives and validates payment requests before the actual goods or services are delivered, securing revenue upfront and eliminating future uncertainty. This preliminary payment processing resolves the contradiction by establishing financial certainty before the main transaction occurs.
Solution Approach 2:
The patent introduces structured messaging data as an intermediary layer between the payment request and the future transaction execution. This messaging framework standardizes the communication protocol, allowing complex temporal and financial arrangements to be represented and processed systematically. The intermediary messaging structure manages the complexity by providing a standardized interface for handling future-dated payments.
2Productivity
If down payments are processed in advance for future transactions, then operational planning for merchants is improved, but cash flow requirements for customers worsen
Solution Approach 1:
The system implements partial action by processing only a portion of the total transaction value in advance. Instead of requiring full payment before delivery, the system handles down payments or partial payments for future transactions. This allows merchants to secure some revenue upfront for operational planning while customers retain cash flow flexibility for the remaining balance.
Solution Approach 2:
The payment system dynamically adjusts payment timing and amounts based on the specific transaction requirements. The structured messaging framework enables flexible arrangement of when and how much is paid in advance versus later, allowing the system to adapt to different business needs and customer circumstances rather than enforcing rigid upfront payment requirements.
3Measurement precision
If structured messaging data is used to characterize future data exchanges, then transaction accuracy is improved, but data processing time increases
Solution Approach 1:
The system changes the parameters of data representation by using structured messaging formats with standardized fields for transaction details. This structured approach organizes transaction data into predefined categories and formats, improving accuracy through systematic data capture while enabling efficient processing through standardized validation rules that reduce manual intervention requirements.
Data Source
AI summary
The disclosed embodiments include computer-implemented systems and processes that generate and provision, in real-time, targeted digital content associated with future data exchanges based on structured messaging data. For example, an apparatus may receive a message associated with a real-time payment requested from a first counterparty by a second counterparty during a first temporal interval. The message includes elements of message data characterizing data exchange involving the first and second counterparties during a second temporal interval disposed subsequent to the first temporal interval, and based on the elements of messaging data, the apparatus may transmit digital content associated with the requested real-time payment and the data exchange to a device operable by the first counterparty. Further, and based on response data generated by the device, the apparatus may transmitting confirmation data associated with the real-time payment to a computing system operable by the second counterparty.