Real-time Targeted Product Data Provisioning in Payment Messaging
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Solution Overview
Problem
Current real-time payment (RTP) technologies face challenges in providing immediate access to funds and data interoperability, as they often rely on batch processing and limited data transmission, which hinders the ability to offer tailored financial products in real-time, especially with the increasing adoption of digital payments and mobile technologies.
Innovation Solution
A system that includes a communications interface, processor, and memory to receive and analyze structured messaging data, determining the availability of financial products and transmitting product data to a user's device for real-time presentation, allowing for immediate acceptance or rejection of funding options, thereby facilitating real-time payments and product offerings.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If batch processing is used for payment data processing, then system complexity is reduced and processing is simpler, but real-time product availability and funding access are delayed
Solution Approach 1:
The system performs preliminary actions by pre-calculating and pre-approving product availability and funding options before the actual payment transaction occurs. Product data is generated and provisioned in advance based on structured messaging data, so when a payment transaction is initiated, the product information is already ready for immediate presentation to the user, eliminating delays associated with batch processing.
2Adaptability or versatility
If limited data transmission is used in RTP technologies, then messaging complexity is reduced, but the ability to offer tailored financial products in real-time is hindered
Solution Approach 1:
The system segments the messaging data into structured fields that can be processed in real-time. By dividing the data transmission into organized, manageable segments with specific fields for product data, transaction details, and user information, the system maintains messaging simplicity while enabling complex tailored product offerings through real-time analysis of these segmented data elements.
Solution Approach 2:
The system changes parameters by dynamically adjusting product data based on real-time analysis of structured messaging data. Product parameters such as availability, terms, and conditions are modified and updated in real-time according to the transaction context, user profile, and market conditions, allowing tailored product offerings without increasing messaging complexity.
3Speed
If real-time payment processing is implemented, then funding access speed is improved, but system complexity and processing requirements increase
Solution Approach 1:
The system introduces an intermediary processing layer that sits between the payment initiation and the actual funding execution. This intermediary layer handles the real-time product data generation, validation, and provisioning based on structured messaging data, thereby enabling fast funding access while containing system complexity in a dedicated processing layer that can be independently optimized and managed.
Data Source
AI summary
The disclosed embodiments include computer-implemented systems and processes that generate and provision, in real time, targeted product data based on structured messaging data. For example, an apparatus receives message associated with an exchange of data involving a first counterparty and a second counterparty. The message may include elements of message data disposed within corresponding message fields, and characterizing a real-time payment requested from the second counterparty by the first counterparty. The apparatus may determine that a product is available to the second counterparty based on one or more of the elements of the message data, and may transmit notification data to a device operable by the second counterparty. The notification data comprising product data characterizing the product, and the first notification data causing an application program executed at the device to present at least a portion of the product data within a digital interface.