Supplemental Data Layer for Real-Time Payment Transactions
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Solution Overview
Problem
Current settlement systems, such as ACH and SWIFT, lack an efficient mechanism for communicating supplemental data in real-time alongside transaction data, leading to inefficiencies in bandwidth usage and data relevance, particularly in automating dependent non-monetary transactions.
Innovation Solution
Implementing a supplemental data layer within a real-time payments channel to transmit additional data in real-time alongside transaction data, enabling the automation of secondary transactions and enhancing user experience through timely and relevant communication.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If a separate channel is used to communicate supplemental data, then data communication is possible, but network bandwidth efficiency deteriorates
Solution Approach 1:
The patent combines supplemental data communication with the existing real-time payments channel by adding a supplemental data layer. This merging approach allows both transaction data and supplemental data to be transmitted through the same communication infrastructure, eliminating the need for separate channels and improving network bandwidth efficiency.
Solution Approach 2:
The real-time payments channel is enhanced to serve multiple functions: it simultaneously handles transaction data settlement and supplemental data communication. The supplemental data layer enables the channel to carry both monetary transaction information and additional contextual data (such as offer data, policy data, or account information) through the same infrastructure.
2Loss of information
If supplemental data is sent asynchronously with transaction data, then data transmission is possible, but data relevance deteriorates
Solution Approach 1:
The supplemental data layer enables continuous, real-time transmission of supplemental data alongside transaction data. Both data types are communicated simultaneously through the same channel, ensuring that supplemental information (such as offers or policy details) is delivered at the moment of transaction execution, maintaining maximum relevance and timeliness.
3Extent of automation
If manual or separate processing is used for dependent transactions, then transaction completion is possible, but productivity deteriorates
Solution Approach 1:
The supplemental data layer provides real-time feedback information that enables automated decision-making for dependent transactions. By transmitting relevant data (such as account information, policy details, or offer data) simultaneously with the primary transaction, the system can automatically execute secondary transactions without requiring manual intervention or separate processing steps.
Solution Approach 2:
The supplemental data is prepared and transmitted in advance as part of the real-time payments channel communication. This preliminary action ensures that all necessary information for dependent transactions is available before the primary transaction completes, enabling immediate automated execution of secondary transactions such as title transfers or insurance policy activations.
Data Source
AI summary
Techniques are described for using a supplemental data layer of a real time payments channel to send data. For example, an entity may request a transaction with another entity, and the transaction may be performed using a channel that includes a supplemental data layer. Supplemental data, in addition to the data for the transaction itself, may be communicated using the supplemental data layer to entities involved in the transaction, and/or to third parties. The supplemental data may be sent in real time with respect to the sending of the data for the transaction. In some instances, supplemental data layer is present in one or both directions in the two-way communications between the entities involved in the transaction. The supplemental data layer can be leveraged to provide additional information and/or services to a user involved in the transaction.