Universal Payment Integrator for Multi-Bank Transaction Routing
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Solution Overview
Problem
Current payment facilitation methods, such as wire transfers and direct deposits, are inefficient and lack scalability in handling transactions across different banking systems with varying informational requirements, especially in international contexts.
Innovation Solution
The Universal Payment Integrator (UPI) system provides integrated facilities for efficient monitoring, regulation, and allocation of resources, facilitating transactions by generating and maintaining a universal business data library, descriptive business grammar, global data exchange, and automated data extraction, among other functionalities, to tailor information provision for diverse banking needs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If traditional wire transfer and direct deposit methods are used for payment facilitation, then payments can be processed through existing banking channels, but the system lacks scalability and efficiency when handling transactions across different banking systems with varying informational requirements
Solution Approach 1:
The patent creates a universal payment integrator system that serves multiple banking systems with different requirements through a single platform. The system maintains a library of payment information templates that can be adapted to various banking institutions' specific informational needs, allowing one system to handle diverse payment facilitation requirements across international and domestic transactions.
Solution Approach 2:
The payment integrator acts as an intermediary between the payment initiation system and various banking systems. It translates and adapts payment information to match the specific requirements of different banks, eliminating the need for direct integration with each banking system while maintaining compatibility and efficiency.
2Reliability
If custom information provision is tailored for each bank's specific requirements, then payment processing accuracy improves, but system complexity and implementation time increase
Solution Approach 1:
The system pre-configures payment information templates with the specific informational requirements of different banking systems. By preparing these templates in advance and storing them in a library, the system eliminates the need for complex real-time customization while ensuring accurate compliance with each bank's requirements during payment processing.
Solution Approach 2:
The system manages complexity by parameterizing payment information requirements. Each banking system's specific needs are defined as configurable parameters within standardized templates, allowing the system to adapt to different banks by changing parameters rather than restructuring the entire system architecture.
3Reliability
If manual cash reconciliation processes are used for international payments, then transaction verification can be performed, but time consumption and operational costs increase significantly
Solution Approach 1:
The payment integrator system automates the reconciliation process by self-configuring and self-validating payment information against the pre-stored templates and banking system requirements. The system automatically verifies transaction details, matches them against the appropriate payment information, and completes reconciliation without manual intervention, significantly reducing time and operational costs while maintaining verification reliability.
Data Source
AI summary
The APPARATUSES, METHODS AND SYSTEMS FOR A UNIVERSAL PAYMENT INTEGRATOR (hereinafter “UPI”) implement efficient and scalable monitoring, regulation, and allocation of computational processing, data, labor, and/or the like resources within an enterprise. The UPI may facilitate transactions by providing information for payments, money transfers, and/or the like to a wide variety of different banks and/or other financial institutions. Different banking institutions may have different informational needs and/or requirements in order to effectuate a payment. The UPI provides facilities that are integrated with enterprise data resources to allow quick, efficient, and tailored provision of the specific information needed to complete payments and clear transactions by different banks having different informational needs.