Single Card Subaccount Financial Management System
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Solution Overview
Problem
Current financial card systems are limited to managing multiple accounts and transactions on a total account basis, requiring separate accounts and cards, which is inconvenient for users.
Innovation Solution
A financial system and method that enables personal financial management using a single financial card with a primary account and multiple subaccounts, allowing users to prefund and manage funds for specific categories, with the ability to select a subaccount for each transaction through a network interface and database system.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Device complexity
If a single financial card system is used, then device complexity is reduced, but the ability to manage multiple accounts and transactions is limited
Solution Approach 1:
The patent divides a single financial account into multiple subaccounts, each capable of independent transaction management. The system segments the account structure hierarchically, allowing users to create parent accounts and child subaccounts with distinct identifiers. This segmentation enables multi-account functionality within a single card system, resolving the contradiction between system simplicity and management versatility.
Solution Approach 2:
The financial card system is designed to perform multiple functions: it can access a single account, multiple subaccounts, or both simultaneously. The system provides universal access through a unified interface that adapts to different transaction types and account structures, eliminating the need for separate cards while maintaining comprehensive account management capabilities.
2Ease of operation
If multiple separate accounts are used for different purposes, then transaction management for specific categories is improved, but the number of financial cards and accounts increases
Solution Approach 1:
The system segments the financial account structure into parent accounts and subaccounts, where each subaccount can be dedicated to specific transaction categories (e.g., groceries, utilities, entertainment). This hierarchical segmentation allows users to manage different spending categories independently while maintaining a unified card system, reducing the need for multiple separate accounts and cards.
Solution Approach 2:
The patent merges multiple account management functions into a single financial card system. Users can access and manage multiple subaccounts through one card, combining what would traditionally require separate cards into a unified platform. This merging reduces the quantity of physical cards while maintaining the ability to manage transactions for specific categories effectively.
3Adaptability or versatility
If users open multiple accounts with the same financial institution, then personal financial management is improved, but the complexity of managing multiple cards increases
Solution Approach 1:
The system implements hierarchical account segmentation where a single parent account can contain multiple subaccounts, each tailored for different financial management purposes. This segmentation provides the adaptability of multiple specialized accounts while maintaining the simplicity of a single card, as all subaccounts are accessed through the parent account's card rather than requiring separate cards for each subaccount.
Solution Approach 2:
The financial card system provides universal access to both parent and subaccounts through a single interface. The system can adapt to different transaction scenarios, automatically or manually selecting which account to use based on the transaction type or user preference. This multi-functionality eliminates the need to manage multiple separate cards while maintaining comprehensive personal financial management capabilities.
Data Source
AI summary
A computer system for processing purchase transaction payments with user oriented personal financial management support having a database with primary accounts each with a plurality of subaccounts each having a subaccount indicator and a user defined funding level, receiving a financial purchase transactions payment request for payment authorization of a financial purchase transaction payment associated with an activity of the user including a financial purchase transaction amount, the primary account number, and a user selected subaccount indicator, verifying the received financial purchase transaction amount is within the received funding level for the subaccount associated with the received user selected subaccount indicator contained within the received payment request in near real time; and transmitting a financial purchase transaction authorization in response in near real time to a positive verification that the received financial purchase transaction amount is within the funding level of the subaccount associated with the received subaccount indicator.