Reward Point Aggregation System for Multi-Issuer Tracking
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Solution Overview
Problem
Consumers often struggle to track and utilize reward points from multiple accounts, leading to stagnation and waste, as they may lose track of points or not have enough to make meaningful purchases.
Innovation Solution
A reward point aggregator system that allows consumers to register multiple accounts, convert points into reward money, and combine them for purchases, charity donations, or exchanges with other consumers, using a platform that interfaces with issuer and merchant systems to facilitate tracking and spending.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Quantity of substance
If consumers participate in numerous reward point programs, then they can earn more reward points, but they may lose track of their reward points
Solution Approach 1:
The patent combines multiple reward point accounts from different issuers into a single aggregated view. The system merges the balance information, transaction history, and redemption options across multiple accounts, allowing consumers to track all their reward points in one centralized location rather than managing separate accounts individually.
Solution Approach 2:
The patent introduces a digital wallet as an intermediary layer between the consumer and multiple issuer systems. This digital wallet acts as a mediator that automatically retrieves, aggregates, and manages reward point balances from various issuers, providing a unified interface for tracking and redeeming points without requiring the consumer to directly interact with each issuer's system.
2Quantity of substance
If consumers accumulate reward points in multiple accounts, then they have more total points, but the reward money may be left stagnant and unused
Solution Approach 1:
The patent merges multiple reward point accounts into a single aggregated balance that can be used across multiple merchants and redemption channels. By combining points from different issuers and converting them to a unified reward money format, the system enables consumers to redeem their accumulated points more easily at any participating merchant without being restricted to individual account limitations.
Solution Approach 2:
The patent creates a universal reward money system that can be redeemed at multiple merchants, for various purposes including purchases, charity donations, and cash back. This multi-functional approach allows consumers to use their aggregated reward points across different contexts and channels, increasing the utility and ease of redemption compared to issuer-specific points.
3Ease of operation
If consumers need enough reward points to make a meaningful purchase, then they can redeem points effectively, but they may neglect points when not enough have been accumulated
Solution Approach 1:
The patent combines reward points from multiple accounts into a single aggregated balance, allowing consumers to accumulate points from various sources toward meaningful purchases. This aggregation enables consumers to reach redemption thresholds faster by pooling points from multiple issuers rather than waiting for each individual account to accumulate sufficient points separately.
Solution Approach 2:
The system performs preliminary conversion of reward points to reward money and aggregates them in advance, preparing the funds for future redemption. By pre-converting and pre-aggregating points across multiple accounts, the system ensures that consumers have immediately available reward money ready for meaningful purchases without needing to manually track or transfer points at the time of purchase.
Data Source
AI summary
A computer-implemented method includes receiving reward points associated with a first account and a second account held by a consumer from a first issuer computer system and a second issuer computer system. A first conversion factor is applied to convert the reward points for the first account into reward money, and a second conversion factor is applied to converted the reward points for the second account into reward money. The first conversion factor is received from the first issuer computer system, and the second conversion factor is received from the second issuer computer system. The reward money from the first account and the second account are combined to provide aggregated reward money. The consumer is presented with options for using the combined reward points of the first and second accounts for making purchases, donating to charities, or sharing with other consumers from a single, integrated platform.