Shared Expense Management System Automation
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Solution Overview
Problem
Individuals face challenges in managing shared expenses, including manual calculations, errors, and cumbersome reimbursement processes, especially when dealing with shared experiences or monthly expenses like rent and utilities, as existing methods lack efficiency and convenience.
Innovation Solution
A system and method for managing shared expenses using a computer-executed software application that identifies shared expenses through transaction history analysis, generates reimbursement requests, and tracks payments, providing automatic calculations and reminders, and enabling efficient reimbursement management.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If manual calculation and tracking methods are used to manage shared expenses, then individuals can track their expenses, but the process requires significant manual effort, time, and is prone to errors
Solution Approach 1:
The system enables automatic detection of shared expenses by analyzing transaction data, automatically identifying participants, and computing reimbursement amounts without requiring manual intervention. The system serves itself by autonomously performing calculations and generating reimbursement requests, eliminating the need for individuals to manually track and calculate shared expenses.
Solution Approach 2:
The patent replaces manual mechanical processes (hand calculation, spreadsheet management, physical check handling) with automated electronic systems. The system uses computer algorithms to detect expenses, identify participants, calculate shares, and manage reimbursements, substituting human manual work with automated computational processes.
2Ease of operation
If electronic P2P payment services are used for reimbursement, then money can be transmitted electronically, but users still need to manually manage shared expenses and transfer money from P2P accounts to bank accounts
Solution Approach 1:
The system combines shared expense management functionality with P2P payment capabilities into a single integrated platform. Users can detect shared expenses, calculate reimbursement amounts, send reimbursement requests, and receive payments all within the same system, eliminating the need to separately manage P2P accounts and transfer funds to bank accounts.
Solution Approach 2:
The system performs multiple functions within a single application: detecting shared expenses from transaction data, identifying participants, calculating reimbursement shares, generating and sending reimbursement requests, tracking payment status, and facilitating actual payments. This multi-functional approach eliminates the need for separate tools for each task.
3Reliability
If cash or check reimbursement is used, then direct payment can be provided, but the process is cumbersome requiring in-person meetings or mail delivery
Solution Approach 1:
The system replaces physical cash and check-based reimbursement mechanisms with electronic digital payment transactions. Payments are transferred electronically between accounts within the system, eliminating the need for physical handoff of cash or mailing of checks, while maintaining secure and verifiable payment delivery.
4Loss of information
If individuals use spreadsheets to track shared expenses, then they can organize expense data, but manual data entry and organization lead to errors from miscalculation and forgetfulness
Solution Approach 1:
The system automatically detects shared expenses by analyzing transaction data, automatically identifies participants based on the transaction context, and computes reimbursement amounts without requiring users to manually enter or organize data. The system performs these tasks autonomously, eliminating manual data entry and reducing errors.
Solution Approach 2:
The patent replaces manual spreadsheet data entry and organization with automated electronic detection and processing systems. The system uses algorithmic analysis of transaction data to identify shared expenses and participants, substituting human manual work with automated computational processes that are more accurate and efficient.
Data Source
AI summary
Systems and methods are provided for managing shared expenses. The systems and methods may include a financial service provider identifying shared expenses in a customer's transaction history with software application executed on a server or personal computing device. The financial service provider may identify other individuals with whom the customer shares the expense, and send requests for reimbursement on the customer's behalf. The financial service provider may monitor the status of reimbursement payments, and send reminders as necessary until the shared expense has been reimbursed.