Supernetwork Payment Tracking via Global Transaction Router
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Solution Overview
Problem
Financial institutions face challenges in tracking payments across multiple payment networks, as transactions often require unique tracking numbers for each network, leading to coordination and routing complexities when transferring funds between institutions that are not members of the same network.
Innovation Solution
A supernetwork system is implemented, which includes a global transaction router, transaction tracker service, tracking module, participant status cache, participant registry, and transaction ledger, allowing payments to be routed and tracked across various payment networks by assigning unique identifiers and providing status updates, enabling transactions between participants of different payment networks.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If unique tracking numbers are assigned for each payment network, then payment tracking accuracy is improved, but system complexity increases due to coordination and routing requirements across multiple networks
Solution Approach 1:
The patent introduces a supernetwork as an intermediary layer that sits between multiple payment networks and financial institutions. This supernetwork receives payment requests, assigns unique tracking numbers, and coordinates routing across different networks, thereby maintaining tracking accuracy while abstracting away the complexity from individual institutions.
Solution Approach 2:
The supernetwork serves multiple functions simultaneously: it acts as a routing gateway, a tracking number assignment authority, a transaction coordinator, and a status update distributor. This multi-functionality consolidates what would otherwise require separate systems at each financial institution into a single universal platform.
2Adaptability or versatility
If multiple payment networks are used to offer diverse payment options, then service versatility is improved, but coordination and routing complexity increases
Solution Approach 1:
The system segments the payment network ecosystem into distinct layers: the supernetwork layer handles high-level coordination, routing decisions, and tracking number assignment, while individual payment networks handle their own transaction processing. This segmentation allows each layer to specialize without creating bottlenecks.
Solution Approach 2:
The supernetwork acts as a mediator between financial institutions and multiple payment networks, translating between different network protocols and standards. This mediation enables institutions to access diverse payment options without directly managing the complexity of each network's coordination requirements.
3Loss of information
If real-time status updates are provided across multiple networks, then information availability is improved, but data coordination difficulty increases
Solution Approach 1:
The supernetwork implements a feedback mechanism where transaction status updates from any connected payment network are automatically captured, standardized, and redistributed to all relevant parties. This continuous feedback loop ensures real-time information availability without requiring each institution to independently query multiple networks.
Solution Approach 2:
The system merges status update streams from multiple independent payment networks into a single unified tracking interface through the supernetwork. This consolidation presents a unified view of transaction status to users, hiding the underlying complexity of coordinating data across different networks.
Data Source
AI summary
Disclosed are various embodiments for facilitating payments between members of separate payment networks. At least one embodiment can send a payment request to a network hub connected to a supernetwork instance and linked to a first payment network, the payment request specifying an identifier for a recipient institution and an amount of the payment request. Then the embodiment can receive a payment response to the payment request indicating that the payment request is being forwarded to a global transaction router of the supernetwork instance, wherein the response to the payment request comprises at least a supernetwork tracking identifier. The embodiment can then send a tracking request to a transaction tracker service of the supernetwork instance, the tracking request comprising the supernetwork tracking identifier. Then the embodiment can receive a tracking response to the tracking request, the tracking response comprising various tracking information.