Supernetwork System for Real-Time Payment Network Availability
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Solution Overview
Problem
Financial institutions face challenges in making real-time payments across different real-time payment networks due to membership limitations, requiring a solution to determine the availability and payment capabilities of destination financial institutions on disparate networks.
Innovation Solution
A supernetwork system that connects multiple real-time payment networks, utilizing a global transaction router, participant status cache, and transaction ledger to facilitate payments between participants of different RTP networks by determining participant status and routing payment requests across networks.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If financial institutions join multiple real-time payment networks to expand payment options, then payment versatility is improved, but system complexity increases
Solution Approach 1:
The patent introduces an availability status service as an intermediary component that mediates between multiple real-time payment networks and financial institutions. This service consolidates availability information from multiple networks into a unified interface, allowing institutions to access payment capabilities across different networks without directly managing the complexity of each individual network connection.
Solution Approach 2:
The availability status service provides universal access to payment network availability information across multiple different real-time payment networks through a single unified interface. This multi-functional service handles queries for different networks, consolidates responses, and presents standardized availability status information, reducing the need for separate integration logic for each network.
2Reliability
If financial institutions check availability status across multiple payment networks, then payment reliability is improved, but information processing time increases
Solution Approach 1:
The availability status service performs preliminary actions by proactively querying and caching availability information from multiple payment networks in advance. Instead of checking availability only when a payment is initiated, the service maintains updated availability status data, so that when a payment request occurs, the information is already prepared and readily available, reducing processing time.
Solution Approach 2:
The service implements feedback mechanisms by continuously monitoring and updating availability status from multiple payment networks. This real-time feedback loop ensures that availability information remains current and accurate, allowing the system to provide reliable payment capability determination without requiring repeated full checks at the moment of payment initiation.
Data Source
AI summary
Disclosed are various embodiments for determining availability of payment entities existing on various payment networks. In one non-limiting example, a computing device is configured to transmit a query to a first network hub for a status of a participant system. The participant system is connected to the first network hub. The computing device is configured to determine a participant status for the participant system based at least in part on a query response from the first network hub. A participant status cache is updated based at least in part on the participant status. The participant status is propagated to a second network hub connected to the first supernetwork instance. The participant status is propagated to a second supernetwork instance connected to the first supernetwork instance.