Single Payment Card System for Automated Transaction Routing

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Solution Overview

Problem

Customers face difficulties in selecting the most profitable payment option during transactions, as existing systems lack a unified solution to automatically direct transactions to the best available payment vehicle based on customer preferences and transaction specifics.

Innovation Solution

A single transaction card system that ties multiple payment vehicles to customer rules, allowing automatic or manual selection of the best payment vehicle for a transaction based on predefined criteria such as merchant type, location, and transaction amount, with the option for a temporary line of credit to facilitate post-transaction payment.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Loss of energy

If a customer manually selects a payment option from multiple available options, then the customer can choose a profitable payment vehicle, but the process becomes difficult and time-consuming

Engineering Contradiction:

Improvecustomer effort in selecting payment optionVSAvoidease of selecting payment option

Core Design Contradiction:

Loss of energyVSEase of operation

Solution Approach 1:

The system automatically evaluates multiple payment vehicles and selects the optimal one based on profitability criteria without requiring manual customer intervention. The processor autonomously compares payment options, applies profitability rules, and directs the transaction to the best payment vehicle, making the system serve itself rather than requiring customer effort.

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The manual decision-making process is replaced with an automated electronic system that uses processors, algorithms, and communication networks to evaluate payment options. The mechanical action of a customer reviewing and selecting from multiple cards is substituted with an electronic automated selection system that instantly determines the optimal payment vehicle.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

2Adaptability or versatility

If the system provides multiple payment vehicles for a transaction, then the customer has more options to maximize profitability, but the device complexity increases

Engineering Contradiction:

Improvepayment vehicle optionsVSAvoidsystem complexity for managing multiple payment vehicles

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

A single payment card is designed to perform multiple functions by being associated with different payment vehicles. The card can automatically route transactions to various payment sources (checking account, savings account, credit card, investment account) based on profitability, making one card universally applicable for different payment scenarios rather than requiring separate cards for each payment vehicle.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Solution Approach 2:

The single payment card acts as an intermediary between the customer and multiple payment vehicles. Instead of the customer directly managing multiple payment options, the card serves as a mediator that automatically selects and routes to the appropriate payment vehicle, simplifying the interface while maintaining access to multiple payment sources.

Inventive Principle:

Principle #24Intermediary (Mediator)

3Productivity

If the system automatically applies transactions to payment vehicles based on rules, then the process is convenient and fast, but the extent of automation requires complex rules engine

Engineering Contradiction:

Improvetransaction processing speedVSAvoidrules engine complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

Profitability rules are pre-configured and stored in the system before transactions occur. The rules engine is pre-programmed with criteria for evaluating different payment vehicles and determining profitability. When a transaction is initiated, the pre-established rules are automatically applied without requiring real-time complex decision-making, enabling fast automated processing.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system evaluates different parameters of payment vehicles (interest rates, fees, account balances, investment returns) to determine profitability. By changing and comparing these financial parameters across different payment options, the system automatically identifies the most profitable vehicle without requiring complex structural complexity in the rules engine itself.

Inventive Principle:

Principle #35Parameter changes

Data Source

PatentUS9514456B2Single payment card for flexible payment vehicle options for a transaction

Publication Date: 2016.12.06 BANK OF AMERICA CORP

AI summary

Embodiments of the invention are directed to a system, method, or computer program product for providing a customer with a single transaction card that is tied to the customer's available payment vehicles. As such, the single transaction card may be utilized by the customer to complete a transaction with a merchant. Subsequently, based on customer rules or customer selection, the invention may direct the transaction to the selected payment vehicle. Rules include any preferences that a customer may input that allows the invention to automatically apply a single transaction card transaction to a payment vehicle. As such, rules may be trigged for a specific merchant, a specific transaction amount, a specific location, and/or the like. If a rule is triggered by a transaction made with the single transaction card, the triggered transaction will be automatically applied to the payment vehicle tied to that rule.