SaaS Basket Analysis Service for Open-Loop Payment Networks
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Conventional payment processing systems rely on proprietary networks and formats, leading to market inefficiencies such as restricted payment processing pathways and failure to meet regulatory requirements like the Dodd-Frank Act.
Innovation Solution
The implementation of a SaaS Basket Analysis Service (BAS) module that utilizes non-proprietary payment networks and components, allowing for directed spend adjudication rules and financial system of record functions separate from the payment network.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If proprietary payment networks and formats are used, then secure and efficient transaction processing is achieved, but market inefficiencies occur and regulatory requirements are not met
Solution Approach 1:
The patent segments the payment processing system into distinct functional components: proprietary security protocols are separated from network infrastructure, allowing the system to maintain secure transaction processing while interfacing with multiple open-loop networks. This segmentation enables compliance with regulatory requirements that mandate open network access.
Solution Approach 2:
The patent introduces an intermediary layer that translates between proprietary payment formats and standard open-loop network protocols. This intermediary enables the system to maintain secure efficient processing using proprietary methods while communicating through compliant open networks, thus satisfying both security and regulatory requirements.
2Reliability
If proprietary payment networks are used, then secure transaction processing is maintained, but integration flexibility with different payment networks is reduced
Solution Approach 1:
The patent implements a universal interface layer that enables the proprietary payment processing system to communicate with multiple different open-loop networks using standard protocols. This multi-functionality allows the system to maintain its secure proprietary processing while gaining the flexibility to integrate with various payment networks as needed.
Solution Approach 2:
An intermediary translation layer is introduced that converts between proprietary internal formats and various external network protocols. This intermediary maintains secure processing internally while providing ease of integration externally with different payment networks.
3Productivity
If proprietary formats are used, then efficient processing is achieved, but adaptability to open-loop networks is limited
Solution Approach 1:
The patent segments processing efficiency functions from network communication functions, allowing proprietary efficient processing formats to be used internally while translating to standard formats for open-loop network communication. This segmentation maintains productivity while improving adaptability.
Solution Approach 2:
A format translation intermediary is introduced that converts proprietary efficient processing formats to standard open-loop network formats. This intermediary preserves transaction processing efficiency internally while enabling compatibility with open-loop networks externally.
Data Source
AI summary
Methods, systems, and storage media for processing transaction data are disclosed. Exemplary implementations may: receive transaction data wherein the transaction data is associated with the product purchased; analyze the transaction data; determine product eligibility for payment based on the program rules associated with the product purchased; and generate a transaction message indicating that the product or service was purchased.