Virtual Card Persistent PAN for Multi-Transaction Financing
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Solution Overview
Problem
Existing virtual card systems require a separate primary account number (PAN) for each transaction, limiting flexibility and making it difficult to manage multiple transactions and associated loans with a single card.
Innovation Solution
A system that enables the use of a virtual card with a persistent PAN, allowing customers to perform multiple transactions without changing the PAN, facilitating financing and loan servicing through a selective financing and payment platform that connects customers, merchants, and banks, enabling real-time financial support with flexible transaction terms.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a separate primary account number (PAN) is assigned for each transaction, then transaction tracking and loan association are simplified, but flexibility and ease of managing multiple transactions with a single card are reduced
Solution Approach 1:
The system segments the relationship between cards and transactions by introducing a virtual card layer that maintains a one-to-many mapping. Each virtual card is associated with multiple transactions through transaction identifiers, while the underlying PAN remains persistent. This segmentation allows the card to serve multiple transactions without compromising tracking accuracy, as each transaction can still be individually identified and associated with its corresponding loan.
Solution Approach 2:
The patent introduces an intermediary mapping mechanism between the persistent PAN and multiple transactions. The system maintains a mapping table or data structure that links the single PAN to multiple transaction identifiers. This intermediary layer enables the card to be used flexibly across multiple transactions while preserving the ability to track and associate each transaction with its specific loan, resolving the contradiction between flexibility and tracking reliability.
2Ease of operation
If a persistent PAN is used across multiple transactions, then card flexibility and ease of operation are improved, but the complexity of tracking and managing transactions increases
Solution Approach 1:
The virtual card is designed with universal functionality, allowing a single card with a persistent PAN to serve multiple transactions across different merchants and time periods. The card maintains its identity and can be reused without generating new PANs, simplifying the user experience. The system handles the complexity of tracking multiple transactions internally through automated mapping mechanisms, keeping the card interface simple and universal for the user.
Solution Approach 2:
The system implements self-service capabilities through automated transaction mapping and loan association. When a transaction is initiated using the persistent PAN, the system automatically creates the necessary mappings and associates the transaction with the appropriate loan without requiring manual intervention. This self-service approach reduces the perceived complexity for users while maintaining robust transaction tracking capabilities.
3Reliability
If virtual cards are issued for each transaction with one-to-one PAN correspondence, then loan-transaction association is straightforward, but customer flexibility and access to credit are limited
Solution Approach 1:
The patent merges multiple transaction relationships under a single persistent PAN, combining the flexibility of reusable card identification with the reliability of loan tracking. By merging the card identity across multiple transactions while maintaining individual transaction records, the system enables customers to access credit flexibly through a single card while ensuring accurate loan-transaction association through the underlying mapping mechanism.
Data Source
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AI summary
A method of processing communications and actions of parties to a transaction may include receiving a request from a customer to use a virtual card to affect the transaction with a vendor or merchant. The virtual card may have a persistent primary account number (PAN) that enables the virtual card to be used for obtaining financing for multiple transactions without changing the persistent PAN. The method may further include facilitating payment of the vendor or merchant on behalf of the customer in response to the request, establishing a loan for the customer based on the transaction, and facilitating servicing the loan based on an activity of the customer after the loan is established.