Virtual Account Segmentation for B2B Payment Crediting
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Solution Overview
Problem
Current B2B bill management systems are inefficient and prone to delays due to manual processes and human errors, leading to potential service suspensions for customers despite timely payments, especially when dealing with multiple customers and large volumes of bills.
Innovation Solution
Implementing a system that utilizes dedicated virtual bank accounts linked to billing accounts, allowing for automated payment processing and real-time credit updates, eliminating the need for manual audits and reducing errors.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Device complexity
If a single bank account is designated for all B2B customer payments, then the service provider can consolidate payment processing, but the complexity of managing billing and auditing increases significantly
Solution Approach 1:
The patent divides a single bank account into multiple virtual accounts, each dedicated to a specific B2B customer. This segmentation allows the service provider to maintain consolidated payment processing while reducing management complexity and improving crediting reliability through automated, customer-specific tracking.
Solution Approach 2:
The patent introduces virtual accounts as intermediary entities between the bank account and individual customer billing accounts. These virtual accounts serve as mediators that automatically match payments to the correct customers, reducing manual auditing complexity while improving crediting accuracy.
2Loss of time
If manual payment processing steps are used, then the service provider can review and audit payments, but the processing time increases and delays occur
Solution Approach 1:
The patent implements automated systems where virtual accounts automatically receive payment notifications from the bank and crediting systems automatically match payments to customer billing accounts. This self-service automation dramatically reduces processing time while maintaining auditing reliability through systematic, error-reducing processes.
Solution Approach 2:
The patent establishes automated feedback loops where payment notifications from the bank trigger automatic crediting actions. This real-time feedback mechanism eliminates manual review delays while maintaining reliability through automated verification and matching processes.
3Measurement precision
If human operators manually review payment reports, then errors can be detected and corrected, but human errors and operational delays still occur
Solution Approach 1:
The patent replaces manual human review processes with automated computer-based systems that receive payment notifications, verify payments, and credit customer accounts. This substitution eliminates human errors while dramatically improving processing efficiency through automated, high-speed operations.
Solution Approach 2:
The patent uses virtual accounts as intermediaries that automatically verify and match payments to customer billing accounts. This intermediary system provides precise verification accuracy through automated matching algorithms while maintaining high productivity through streamlined processing.
Data Source
AI summary
A method for bill management of a business to business (B2B) customer account including one or more billing accounts, performed by at least one processor, is provided. The method includes receiving information on a plurality of virtual accounts linked to a bank account of a service provider, assigning a billing account, of a customer of the service provider, to a virtual account among the plurality of virtual accounts, receiving a notification of a payment made via the virtual account, identifying the billing account, from among the one or more billing accounts, assigned to the virtual account, and crediting the identified billing account for the payment.