Universal Funding Card Delayed Assignment System

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Solution Overview

Problem

Consumers face inconvenience, confusion, and financial risk when deciding which funding instrument to use for purchases, especially with multiple cards and difficulty in determining available balances, leading to potential overdrafts and lost sales for merchants.

Innovation Solution

A universal funding card system that allows for immediate purchase authorization and delayed assignment of a funding instrument, enabling users to choose and assign funding instruments after purchase, with real-time processing and batched settlement.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If customers carry multiple funding instruments to satisfy various accounting purposes, then payment flexibility is improved, but device complexity and risk of loss increase

Engineering Contradiction:

Improvepayment flexibilityVSAvoidcard management complexity

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The patent merges multiple funding instruments (credit cards, debit cards, checks) into a single universal funding card that can be used for all payment purposes. This consolidation eliminates the need for customers to carry and manage multiple separate cards while maintaining payment flexibility across different merchant types and accounting purposes.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The universal funding card is designed with multi-functionality to serve various accounting purposes including personal purchases, business purchases, and different payment methods. The card can be configured to function as a credit card, debit card, or check, providing universal payment capability across different scenarios.

Inventive Principle:

Principle #6Universality (Multi-functionality)

2Speed

If customers make on-the-spot decisions about which card to use, then payment speed is improved, but decision fatigue and financial risk increase

Engineering Contradiction:

Improvepayment speedVSAvoiddecision-making ease

Core Design Contradiction:

SpeedVSEase of operation

Solution Approach 1:

The system performs preliminary action by pre-configuring the universal funding card with multiple funding instruments and pre-calculating payment amounts. The customer selects a payment method in advance during account setup, and the system automatically determines the appropriate funding instrument and amount, eliminating the need for on-the-spot decisions during actual transactions.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The universal funding card system provides self-service by automatically managing the selection and allocation of funding instruments. The system monitors account balances, selects appropriate payment methods, and processes transactions without requiring active decision-making from the customer, thereby reducing decision fatigue and financial risk.

Inventive Principle:

Principle #25Self-service

3Speed

If immediate funding instrument assignment is required, then transaction speed is improved, but overdraft risk increases

Engineering Contradiction:

Improvetransaction speedVSAvoidoverdraft prevention

Core Design Contradiction:

SpeedVSReliability

Solution Approach 1:

The system performs preliminary verification of account balances and funding availability before authorizing transactions. By pre-checking available funds and configuring multiple funding instruments in advance, the system can authorize transactions quickly while ensuring sufficient funds are available, thereby preventing overdrafts without slowing down the transaction process.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The universal funding card system acts as an intermediary between the customer and the payment processing system. It manages the allocation of funds across multiple accounting purposes and funding instruments, mediating the transaction to ensure proper fund availability while maintaining fast processing speeds.

Inventive Principle:

Principle #24Intermediary (Mediator)

4Adaptability or versatility

If multiple funding instruments are used for different purposes, then payment versatility is improved, but difficulty in tracking balances increases

Engineering Contradiction:

Improvepayment versatilityVSAvoidbalance tracking accuracy

Core Design Contradiction:

Adaptability or versatilityVSLoss of information

Solution Approach 1:

The patent merges the tracking of multiple funding instrument balances into a single unified balance display for the universal funding card. The system consolidates information from different accounting purposes and funding instruments, providing a single source of truth for balance tracking while maintaining the versatility to use different payment methods.

Inventive Principle:

Principle #5Merging (Combining)

Data Source

PatentUS10296899B2Universal funding card and delayed assignment of a funding instrument for a financial transaction

Publication Date: 2019.05.21 PAYPAL INC

AI summary

A universal funding card and the delayed assignment of a funding instrument for a financial transaction are described herein. In one embodiment, a system for facilitating a financial transaction comprises a communications interface; a database storing data regarding a user and a plurality of funding instruments associated with that user; and a payment processing system configured to receive a request for payment authorization from a merchant via the communications interface, to authorize payment to the merchant prior to selection of a funding instrument, and after authorizing payment to the merchant, receive instructions regarding a funding instrument to debit for the payment.