Unified Account Sub-Structure for Real-Time Fund Segmentation
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Solution Overview
Problem
Current banking systems lack flexibility and analytics, making it difficult for users to manage multiple accounts as they are maintained as separate records, which complicates tracking and predicting account balances and transactions.
Innovation Solution
The system integrates sub-accounts within a single account record, allowing for real-time updates and automated notifications, and presents financial transactions in a conversational view on user interfaces, enabling better tracking and control over account activities.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If multiple separate account records are maintained for different banking accounts, then account separation and security are improved, but account management complexity and difficulty of tracking funds increase
Solution Approach 1:
The patent segments a single account record into multiple sub-accounts, each representing different banking accounts (checking, savings, business). This allows logical separation of funds while maintaining a unified record structure, reducing management complexity while preserving account separation through virtual segmentation within the single record.
Solution Approach 2:
The patent combines multiple separate account records into a single integrated account record that contains sub-accounts. This merging approach maintains the security and separation of individual accounts while simplifying management through a unified interface for tracking and controlling all funds across different account types.
2Reliability
If separate ledger records are created for each new account, then account security and independence are improved, but real-time tracking and visibility across accounts deteriorate
Solution Approach 1:
The patent adds a hierarchical dimension to the account structure by introducing sub-accounts within a parent account record. This dimensional change allows simultaneous maintenance of independent ledgers for each sub-account while providing real-time consolidated visibility through the parent record, which aggregates balances and transaction data from all sub-accounts.
Solution Approach 2:
The system implements feedback mechanisms where sub-account transactions automatically update the parent account record in real-time. This ensures that account independence is maintained through separate ledgers while providing continuous visibility of aggregate balances and transaction status across all accounts through the integrated parent record.
3Adaptability or versatility
If multiple independent accounts are opened for different purposes, then fund separation for different purposes is improved, but the complexity of opening and managing accounts increases
Solution Approach 1:
The patent enables segmentation of a single account into multiple purpose-specific sub-accounts (business, personal, savings, checking). This allows users to separate funds for different purposes within one account record, maintaining the versatility of fund separation while simplifying account opening and management through a unified interface.
Solution Approach 2:
The integrated account record serves multiple functions simultaneously: it acts as a parent container for multiple sub-accounts, provides consolidated balance tracking, enables unified access control, and maintains separate ledgers for each sub-account. This multi-functionality allows users to manage purpose-separated funds through a single versatile account structure.
Data Source
AI summary
In particular embodiments, techniques include receiving, from a computing device of a user of a financial service, a request to allocate deposits of funds from a payor between financial accounts of a user, wherein the user, payor, and financial accounts are associated with respective identifiers, and each financial account is associated with a ledger maintained by the financial service. A deposit is received that indicates the user, payor, and amount. It is determined that the deposit is one of the deposits of funds associated with the request to allocate. The particular allocation between the financial accounts is determined, and each portion is caused to be deposited in the respective account. The ledgers are then updated to reflect the deposits.