Transaction Account Charge Splitting Across Payment Providers

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Solution Overview

Problem

Existing transaction processing systems are cumbersome for consumers who want to split the cost of an item among multiple individuals, especially when not all parties have accounts with the same payment application provider, and lack efficient methods for requesting funds from individuals with different payment providers.

Innovation Solution

A system that allows users to authorize and split transactions across multiple accounts by sending notifications and funds transfer requests to requestees, enabling payment through either currency or loyalty points, and providing options for account creation for those without a transaction account.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Ease of operation

If consumers use traditional payment methods to split transaction costs, then the transaction can be completed, but the process becomes cumbersome requiring multiple bills and cash exchanges

Engineering Contradiction:

Improveease of transaction splittingVSAvoidtime required for transaction splitting

Core Design Contradiction:

Ease of operationVSLoss of time

Solution Approach 1:

The patent introduces a digital payment platform as an intermediary that enables seamless charge splitting between multiple parties. The system generates digital payment requests that can be sent to multiple requestees, who can then pay their portions through the platform without requiring physical cash or multiple bills. This intermediary system eliminates the cumbersome traditional method of splitting bills while reducing the time required for transaction completion.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Adaptability or versatility

If payment applications require all users to have accounts with the same provider, then transaction security is maintained, but the system becomes inaccessible to users with different payment providers

Engineering Contradiction:

Improvecompatibility with different payment providersVSAvoidsystem architecture complexity

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The patent implements a universal payment platform that can handle transactions across multiple payment providers and account types. The system is designed to work with both the provider's own transaction accounts and external payment accounts from different providers. This multi-functionality allows users with different payment providers to participate in charge splitting without requiring everyone to use the same payment application, thereby increasing system adaptability while managing complexity through standardized integration protocols.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS20230385801A1Transaction account charge splitting

Publication Date: 2023.11.30 AMERICAN EXPRESS TRAVEL RELATED SERVICES CO INC

AI summary

A consumer may initiate a transaction using a transaction account. The transaction account issuer may transmit a notification to the consumer that the transaction has been authorized. The consumer may select requestees with whom to split the transaction. The transaction account issuer may transmit notifications to requestees to request payment from the requestees. The transaction account issuer may transfer the payment from a transaction account of the requestee to the consumer's transaction account.