Unified Payment Interface Routing Transactions
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Solution Overview
Problem
Conventional systems require users to manage multiple payment service provider accounts separately, leading to inefficiencies when selecting the best payment service provider for transactions due to factors like network health, transaction fees, and latency, which can result in delayed or abandoned transactions.
Innovation Solution
A unified payment interface that allows users to register multiple payment service provider accounts with a single user ID, enabling the interface to select the most suitable PSP based on factors such as routing mechanism health, transaction fees, and latency, thereby optimizing transaction efficiency and reducing congestion in the payment system.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users manage multiple PSP accounts separately with different user IDs, then each PSP can be accessed independently, but the complexity of account management increases and transaction selection becomes inefficient
Solution Approach 1:
The patent combines multiple PSP accounts under a single user ID within one interface, allowing users to manage all accounts centrally rather than switching between separate interfaces for each PSP. This merging approach reduces the number of interfaces users must navigate while maintaining access to multiple providers.
Solution Approach 2:
The unified interface serves multiple functions by supporting transactions with multiple PSPs through a single user ID. The interface can select different PSPs based on transaction requirements, making it a universal platform that handles various payment providers without requiring separate configurations for each.
2Productivity
If users manually select PSP for each transaction, then control over which PSP is used is maintained, but transaction time increases and user burden increases
Solution Approach 1:
The system enables automatic PSP selection based on pre-configured user preferences and real-time routing mechanism health assessments. The interface autonomously evaluates available PSPs and selects the most suitable one without requiring manual user intervention, thereby reducing transaction time while maintaining user-defined control parameters.
Solution Approach 2:
Users pre-configure their preferences and criteria for PSP selection in advance. The system stores these preferences and automatically applies them during transactions, eliminating the need for users to make selection decisions at the time of each transaction while ensuring their preferences are respected.
3Reliability
If the system monitors routing mechanism health for multiple PSPs, then transaction routing reliability improves, but system complexity and computational resources increase
Solution Approach 1:
The system continuously monitors routing mechanism health and uses this feedback to dynamically adjust PSP selection. Health metrics from multiple PSPs are assessed in real-time, and the interface selects PSPs based on current routing conditions, ensuring reliable transaction routing while adapting to changing system states.
4Ease of operation
If a single token is made usable across multiple PSPs, then user convenience improves and account management simplifies, but security risks and system vulnerability increase
Solution Approach 1:
The system generates tokens with specific properties tailored to each PSP while maintaining a unified user ID. Each token is configured with local quality characteristics appropriate for the target PSP, allowing cross-PSP usability while maintaining security specificities for each provider through differentiated token properties.
Data Source
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AI summary
The examples described herein provide a unified payment interface that enables multiple payment service providers to conduct transactions. A user configures on a payment interface of a user computing device, a plurality of user payment service provider ("PSP") accounts associated with a plurality of PSPs. The system monitors a health of each routing mechanism for each of the plurality of PSPs. The system receives, from the payment interface, a request to transfer funds to a particular third party account. The system selects a particular PSP based on a routing mechanism for the particular PSP having a more desirable performance than a routing mechanism for each of the other PSPs the user PSP accounts. The system conducts the transfer of funds using the selected PSP.