Customizable Transaction Round-Up Platform
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current systems do not offer incentives for credit card users to round up transactions for savings-related purposes, and existing processes are not customizable, requiring consumers to maintain both checking and savings accounts.
Innovation Solution
A system that allows users to enroll in a round-up service, where transactions can be adjusted based on user-defined criteria, with an event listener filtering and adjusting transactions to deposit the difference into a specified destination account, improving computational efficiency and network performance.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If banks require consumers to maintain both checking and savings accounts to round up transactions, then the savings function can be implemented, but the device complexity and ease of operation deteriorate due to requiring multiple accounts
Solution Approach 1:
The patent combines the checking account and savings account functionalities into a single account structure. The system allows users to designate portions of their transaction funds to be automatically transferred to a savings goal within the same account, eliminating the need for separate checking and savings accounts while maintaining the round-up savings functionality.
Solution Approach 2:
The single account is designed to serve multiple functions: it acts as both a checking account for daily transactions and a savings account for accumulated funds. Users can set different savings goals with different target amounts and timeframes, allowing the same account to handle various savings objectives simultaneously.
2Productivity
If existing round-up processes are used, then transactions can be rounded up, but the process lacks customization and incentives for credit card users
Solution Approach 1:
The system allows users to dynamically configure their round-up preferences by transaction category. Users can specify different round-up behaviors for different types of transactions (e.g., groceries, gas, entertainment), enabling customization without requiring separate processes for each category. The event listener adapts its filtering and rounding behavior based on user-defined criteria.
Solution Approach 2:
The patent introduces multiple configurable parameters including savings goal amounts, timeframes, transaction category filters, and round-up thresholds. Users can modify these parameters at any time to adjust their savings strategy, transforming a static round-up process into a flexible, parameter-driven system that adapts to user needs.
3Productivity
If event listeners monitor all events, then all transactions can be processed, but network latency and computational resources increase
Solution Approach 1:
The event listener is segmented to monitor only specific event types and user profiles that match the configured criteria. Instead of processing all transactions universally, the system divides the monitoring scope into targeted segments based on user preferences, transaction categories, and savings goals, reducing the volume of events that require detailed processing.
Solution Approach 2:
The system performs preliminary filtering of events before full processing occurs. The event listener pre-identifies and flags only those transactions that match user-defined criteria, allowing the main processing logic to focus exclusively on relevant transactions. This preliminary action reduces computational overhead and network traffic for unrelated events.
Data Source
AI summary
Disclosed are various embodiments for predicting and customizing round-ups for various types of transaction. First, a computing device can access adjustment criteria for a user profile. The computing device can then generate an event listener configured to monitor events made in association with the user profile. When events are accessible by the event listener, the events are filtered or otherwise analyzed to identify a subset of the events that comply with the adjustment criteria. Individual ones of the events in the subset are adjusted by performing a round-up operation. The round-up operation can include adjusting a transaction amount by a predetermined amount and depositing the predetermined amount into the destination account.