Automated Recurring Charge Transfer System
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Solution Overview
Problem
Current computer-based systems lack efficient methods for transferring recurring charges from one financial account to another, requiring users to manually manage and update payment information across different financial institutions, which is cumbersome and prone to errors.
Innovation Solution
A computer-implemented method and system that generates user interfaces for users to input account information and merchant credentials, allowing for the automated identification and transfer of recurring charges from a first account to a second account, streamlining the process through processor-driven interfaces and secure credential submission.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users manually manage and update payment information across different financial institutions, then they can transfer recurring charges, but the process is cumbersome and prone to errors
Solution Approach 1:
The system enables self-service by automatically identifying recurring charges and generating the authorization form for transfer. The user simply provides source and destination account information, while the system handles credential collection, charge identification, and form generation without manual intervention in the transfer process.
Solution Approach 2:
The system acts as an intermediary between the user, the first financial institution, and the second financial institution. It collects credentials from both institutions, identifies recurring charges, and generates the authorization form that enables the transfer, mediating the entire process to eliminate manual errors.
2Productivity
If the system automates the identification and transfer of recurring charges, then user effort is reduced, but the system complexity increases
Solution Approach 1:
The system segments the complex automation process into distinct functional modules: credential collection from first and second institutions, recurring charge identification, authorization form generation, and transfer execution. Each module handles a specific task, making the overall complex system manageable and maintainable.
Solution Approach 2:
The system is designed as a universal platform that can handle recurring charge transfers between any two financial institutions. It collects credentials from multiple institutions, identifies various types of recurring charges, and generates standardized authorization forms, making it adaptable to different institutions and charge types without requiring institution-specific customization.
3Reliability
If the system collects and processes merchant credentials securely, then transfer security is enhanced, but the processing time increases
Solution Approach 1:
The system performs preliminary actions by collecting and securely storing credentials from both the first and second financial institutions before the actual recurring charge transfer. The authorization form is generated in advance with all necessary information, so when the transfer is executed, it can be completed quickly without last-minute credential verification delays.
Data Source
AI summary
Systems and methods associated with providing user interfaces and back-end processing features for transferring recurring charges from a first account to a second account are disclosed. In one embodiment, an exemplary method may comprise receiving a request from a user to transfer recurring charges from a first account to a second account, generating a first user interface that enables the user to provide account information comprised of a plurality of statements and/or account credentials associated with the first account, determining at least one recurring charge of the first account using the account information, generating a second user interface to display the at least one recurring charge and prompt the user to submit merchant-related credentials associated with the at least one recurring charge, transferring the merchant-related credentials, the at least one recurring charge from the first account to the second account.