RFP Message Analysis for Real-Time Alternative Loan Offers
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Solution Overview
Problem
Existing real-time payment (RTP) technologies do not effectively leverage structured messaging data to provide real-time, targeted alternative product information to customers, limiting the ability to offer personalized financial products during payment transactions.
Innovation Solution
A computing system intercepts and processes ISO 20022-compliant Request for Payment (RFP) messages to determine available alternative loan products and provisions real-time digital content to customer devices, offering these products with customer-specific incentives, and facilitates the issuance of the new loan products contemporaneously with the original payment request.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If real-time payment processing is implemented, then transaction speed is improved, but the ability to provide personalized product information is worsened
Solution Approach 1:
The system pre-provisions alternative financial products and prepares personalized content in advance before the payment transaction is initiated. When an RFP message is received, the alternative product information is already prepared and can be immediately transmitted to the customer device, eliminating the need for time-consuming product analysis during the transaction and enabling both real-time processing and personalization.
2Adaptability or versatility
If alternative product information is provided in real-time, then customer engagement is improved, but system complexity is worsened
Solution Approach 1:
The system employs a multi-functional processing module that handles multiple tasks within a single component: intercepting RFP messages, analyzing customer data, determining alternative products, generating personalized content, and transmitting notifications. This consolidation of functions into a unified module reduces overall system complexity while maintaining the capability to provide real-time alternative product information and enhance customer engagement.
3Measurement precision
If structured messaging data is analyzed, then product targeting precision is improved, but data processing time is worsened
Solution Approach 1:
The system extracts and utilizes only the essential elements from the structured messaging data (ISO 20022 RFP messages) that are directly relevant to alternative product determination. By focusing on key data fields such as customer identification, payment amount, and account information while ignoring extraneous data, the system achieves high product targeting precision without the time penalty of analyzing complete message datasets.
Data Source
AI summary
The disclosed embodiments include computer-implemented systems and processes that provision targeted alternative product information based on structured messaging data. For example, an apparatus may receive a message that characterizes a real-time payment requested by a first counterparty from a second counterparty, and is associated with a first product provisioned to the second counterparty by the first counterparty. The apparatus may determine that a second product is available to the second counterparty based on the message. Further, the apparatus may transmit notification data to a device operable by the second counterparty. The notification data includes product data characterizing the second product, and causes an application program executed at the device to present at least a portion of the product data within a digital interface. The apparatus also receives a response to the notification data from the device and, based on the response, provisions the second product to the second counterparty.