Structured Payment Messaging for Real-Time Financing Offers
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing real-time payment (RTP) technologies often rely on limited and temporally delayed message data transmission, failing to provide real-time financial product offers to customers during transactions, limiting the immediacy and effectiveness of funding options.
Innovation Solution
The implementation of ISO 20022-compliant Request for Payment (RFP) messages allows for the decomposition of structured data to determine appropriate financial products, enabling real-time provisioning of targeted digital content to customers, such as installment loans, through systems like FI computing systems, which generate and present product notifications contemporaneously with transaction initiation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional payment messaging systems are used, then system simplicity is maintained, but real-time product provisioning capability is lost
Solution Approach 1:
The payment message is segmented into distinct functional components: core payment data elements, structured product data elements, and optional marketing content elements. This segmentation allows the system to process only necessary portions for real-time product provisioning while maintaining compatibility with traditional payment processing, thus enabling adaptability without proportionally increasing overall system complexity.
Solution Approach 2:
Product data is embedded within the payment message structure in advance, allowing the receiving system to immediately access and process product information without requiring separate queries or delays. This preliminary inclusion of product data enables real-time provisioning capability while avoiding the complexity of multiple interconnected systems.
2Measurement precision
If comprehensive message data is transmitted, then product provisioning accuracy is improved, but data transmission time increases
Solution Approach 1:
The system extracts only the essential product provisioning elements from the complete message data structure and processes them immediately. Non-essential or optional data elements are separated and processed asynchronously, allowing the core product provisioning function to achieve high accuracy using only the necessary data subset, thereby minimizing transmission and processing time.
Solution Approach 2:
The system implements partial processing where critical product data elements are processed in real-time for immediate provisioning decisions, while less critical elements are processed subsequently. This approach achieves sufficient provisioning accuracy for time-sensitive operations without requiring complete data processing, thus reducing overall transmission and processing delays.
3Productivity
If real-time processing is implemented, then customer experience is enhanced, but system resource consumption increases
Solution Approach 1:
The system dynamically adjusts processing depth and resource allocation based on transaction characteristics, customer profiles, and system load conditions. For routine transactions, streamlined processing paths are used with minimal resource consumption, while complex transactions receive enhanced processing only when necessary. This dynamic approach maintains high productivity for time-sensitive operations while optimizing resource utilization across varying workloads.
Solution Approach 2:
The system employs rule-based automated decisioning for product provisioning, where pre-configured business rules and customer profiles enable real-time processing without requiring extensive computational resources for complex analysis in every case. The system serves itself by making provisioning decisions based on embedded logic and historical data, reducing the need for resource-intensive real-time computations while maintaining high transaction processing speed.
Data Source
AI summary
The disclosed embodiments include computer-implemented systems and processes that provision, in real-time, targeted digital content associated with an initiated data exchange based on structured messaging data. For example, an apparatus may receive a message associated with a real-time payment requested from a first counterparty by a second counterparty. The message may include elements of message data disposed within corresponding message fields, and based on at least the elements of message data, the apparatus may generate product data characterizing a product available to the first counterparty and transmit first notification data including digital content associated with the available product and with the data exchange to a first device operable by the first counterparty. Based on response data generated by the first device, the apparatus may perform operations that provision the available product to the first counterparty in accordance with the product data.