Subaccount Segmentation for Unified Financial Transaction Management
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Solution Overview
Problem
Current financial card systems are limited to managing a single financial account and require multiple cards or accounts for different transactions, making personal financial management cumbersome and inconvenient for users.
Innovation Solution
A financial account management system that allows a primary account with multiple subaccounts, enabling users to select a specific subaccount for each transaction using a single financial card, with prefunding and real-time budgeting capabilities, facilitating efficient personal financial management.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Device complexity
If a single financial account and card are used, then device complexity is reduced, but adaptability for different transaction types deteriorates
Solution Approach 1:
The patent divides a single financial account into multiple subaccounts, each capable of storing different currencies and being managed independently. This segmentation allows the system to handle diverse transaction types within one account structure, resolving the contradiction between simplicity and versatility.
Solution Approach 2:
The financial card is designed to access multiple subaccounts with different currencies and transaction types through a single interface. The card enables universal access to various account functions without requiring separate cards for each currency or transaction type.
2Adaptability or versatility
If multiple financial accounts and cards are used for different transactions, then adaptability improves, but device complexity increases
Solution Approach 1:
The patent combines multiple subaccounts with different currencies into a single financial account structure. Users can manage multiple currencies and transaction types through one account and one card, eliminating the need for separate accounts and cards while maintaining full functionality.
3Ease of operation
If per-transaction subaccount selection is enabled, then ease of operation for budgeting improves, but device complexity increases
Solution Approach 1:
The account is segmented into multiple subaccounts that can be individually prefunded and budgeted. Each subaccount can be assigned specific purposes (e.g., different currencies or expense categories), making budgeting easier while maintaining a unified account structure.
Solution Approach 2:
The system allows prefunding of subaccounts in advance, enabling users to allocate funds to specific subaccounts before transactions occur. This preliminary action simplifies budgeting and transaction management by pre-organizing funds according to user needs.
Data Source
AI summary
An improved point of sale terminal and method of operation thereof providing new personal financial management support features thereto including receiving payment for a transaction amount from a user includes means for receiving from the user a primary account number associated with a primary account having a plurality of subaccounts each having a subaccount indicator and means for receiving from the user a user selected subaccount indicator from among the plurality of subaccount indicators for processing of the transaction amount. The system also includes means for transmitting the primary account number and the subaccount indicator as received from the user to a financial institution for payment authorization of the transaction amount and means for receiving authorization from the financial institution responsive to the transmitting.