Automated Transaction Management System for Multi-Vendor Payment Processing
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Solution Overview
Problem
Current systems lack automation in processing payments and recording ledgers among multiple vendors involved in transactions, leading to inefficiencies and manual errors.
Innovation Solution
A transaction management system that includes a billing information memory for storing related billing information, a vendor information memory unit for payment terms, and a computer process to set payment flags and arrange payments, along with a ledger data memory for recording journal entries in accounting ledgers, automating the payment process and ledger recording across multiple vendors.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual processing is used for payments and ledger recording among multiple vendors, then system complexity is reduced, but productivity and accuracy deteriorate
Solution Approach 1:
The system enables automatic self-processing of payments and ledger recordings. The computer automatically identifies billing information, sets payment flags, arranges payments, and records journal entries without manual intervention, allowing the system to serve itself in the payment processing workflow
Solution Approach 2:
The system performs preliminary actions by pre-storing billing information, payment terms, and vendor details in memory units before payment time. This allows the automated system to quickly retrieve and process payment data without manual data collection or preparation during the payment transaction
2Reliability
If manual processing is used for payments and ledger recording, then automation level is reduced, but error rate increases
Solution Approach 1:
The patent replaces manual mechanical processing with automated computer-based processing. The computer automatically retrieves billing information, calculates payment amounts, sets payment flags, executes payments, and records ledgers, eliminating human errors in the process
Solution Approach 2:
The system incorporates feedback mechanisms where the computer automatically verifies payment completion by checking updated billing information and payment flags. This feedback loop ensures accurate processing and provides confirmation that payments and ledger recordings were successfully executed
3Productivity
If automated payment processing is implemented, then productivity improves, but device complexity increases
Solution Approach 1:
The computer system performs multiple functions including retrieving billing information, setting payment flags, arranging payments, and recording journal entries in ledgers. This multi-functional approach consolidates what would otherwise require separate systems into a single integrated platform
Solution Approach 2:
The memory system is segmented into distinct units including billing information memory, vendor information memory with payment terms, and ledger data memory. This segmentation organizes complex data structures into manageable sections, making the system more maintainable and easier to implement
Data Source
AI summary
One or more embodiments may include a computer that performs operations comprising: searching a billing information corresponding to the purchaser identifier and a deposit amount indicated in a deposit notification; extracting a chain identifier in the searched billing information; setting payment flags of billing information including a chain identifier that is common to the extracted chain identifier as payable; reading the billing source identifier, the billing recipient identifier, and the billing amount from the billing information which the payment flags are set to payable; reading the deposit account information associated with the vendor identifier corresponding to the read billing source identifier, and the withdrawal account information associated with the vendor identifier corresponding to the read billing recipient identifier; generating transfer instruction information including the deposit account information, the withdrawal account information and a transfer amount based on the billing amount; and sending the instruction information to a financial institution.