Session Identifier Mediator for Real-Time Credit Application
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Solution Overview
Problem
Existing online transaction systems face challenges in providing immediate credit application and decision-making processes that are seamless and integrated within ongoing merchant transactions, often resulting in delayed availability of credit and contingent liability for merchants.
Innovation Solution
The integration of immediate credit application processes and decisions via a financial institution into ongoing merchant transactions, utilizing a session identifier to maintain transaction context and concurrently providing new credit information to the merchant system, allowing real-time credit line opening and transaction completion.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If a traditional credit application process is used, then the credit account can be opened, but the transaction completion is delayed and the user must leave the merchant system
Solution Approach 1:
The system performs preliminary actions by initiating the credit application process during the ongoing transaction before redirection occurs. The session identifier is captured and the credit application is submitted in advance, allowing the account to be opened while the user remains in the transaction flow context.
Solution Approach 2:
The session identifier acts as an intermediary element that links the merchant system and the credit application system. It maintains the connection between the ongoing transaction and the credit application process, enabling seamless integration without requiring the user to manually track or transfer transaction details.
2Reliability
If the user is redirected to the financial system to apply for credit, then the credit application can be processed, but the transaction session context is lost
Solution Approach 1:
The session identifier is captured and attached to the credit application request before the user is redirected to the financial system. This preliminary action ensures that the transaction context is preserved and can be retrieved after credit approval, maintaining continuity of the shopping experience.
3Productivity
If a new credit account is opened during transaction, then immediate payment capability is provided, but the integration with merchant system becomes complex
Solution Approach 1:
The session identifier serves as a mediator that simplifies the integration between the merchant system and the credit application system. It provides a standardized mechanism for passing transaction context, reducing the complexity of system integration while enabling real-time credit account opening and immediate payment capability.
Data Source
AI summary
The present disclosure involves systems, software, and computer-implemented methods for integrating immediate credit application processes and decisions via a financial institution into ongoing transactions performed at a merchant system. One example method includes receiving a request for new credit account associated with an ongoing transaction at a second system, the request associated with a transaction payload including a session ID and a set of transaction information. A digital credit application is presented, and at least some of the set of transaction information is presented concurrently with the digital credit application. In response to approving the credit application, a new account is generated, a user is redirected back to the merchant system using the session ID, and the credit account information is securely transmitted back to the merchant. The state of the ongoing transaction is restored, and the new payment information is used to complete the transaction.