Unified Virtual Currency Transaction Processing System
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Solution Overview
Problem
Consumers face inconvenience in using multiple virtual currency instruments for electronic monetary transactions due to the need to manage different financial accounts and balance amounts, limiting their ability to make purchases across various financial accounts without carrying multiple instruments with sufficient balances.
Innovation Solution
A system and method that allows for the registration and prioritization of multiple virtual currency instruments, enabling a unified and hassle-free processing of monetary transactions by determining a priority order for redemption based on user preferences and account balances, facilitating the use of a single virtual currency instrument or a combination of instruments for purchases.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers use multiple virtual currency instruments for electronic monetary transactions, then the ability to make purchases across various financial accounts is improved, but the complexity of managing different financial accounts and balance amounts increases
Solution Approach 1:
The patent combines multiple virtual currency instruments from different financial accounts into a single unified payment interface. The system aggregates balances and instruments, allowing consumers to make purchases using any registered instrument without manually managing each account separately. This merging approach resolves the contradiction by maintaining versatility across multiple accounts while eliminating the management complexity through centralized system handling.
Solution Approach 2:
The system implements automatic selection and redemption of virtual currency instruments based on predefined user preferences and account balances. Instead of requiring consumers to manually track and select appropriate instruments, the system autonomously determines which instrument to use for each transaction based on criteria such as balance sufficiency and user-defined priority. This self-service mechanism reduces management complexity while preserving the ability to access multiple financial accounts.
2Reliability
If consumers carry all virtual currency instruments with sufficient balance amounts, then the ability to complete electronic monetary transactions is improved, but the inconvenience of always carrying multiple instruments increases
Solution Approach 1:
The patent creates a universal payment system that can handle multiple types of virtual currency instruments from different financial accounts through a single interface. Instead of requiring separate handling of each instrument type, the system provides a unified access point that automatically manages the selection and redemption of appropriate instruments. This multi-functionality ensures reliable transaction completion while eliminating the need for consumers to physically carry or manually manage multiple separate instruments.
Solution Approach 2:
The system introduces an intermediary layer between the consumer and multiple virtual currency instruments. This intermediary automatically selects and manages the redemption of appropriate instruments based on user preferences and account balances, shielding the consumer from the complexity of managing multiple instruments. The intermediary ensures transaction reliability by automatically selecting instruments with sufficient balances while improving ease of operation by requiring only a single payment interface from the consumer.
3Adaptability or versatility
If different financial accounts are managed by different merchant payment systems, then the specialization of payment systems is improved, but the difficulty of controlling all monetary transactions uniformly increases
Solution Approach 1:
The patent segments the payment management function into two layers: a unified consumer interface layer and multiple specialized payment system layers. The consumer interacts with a single uniform interface for all transactions, while the system internally segments and routes transactions to the appropriate specialized payment systems based on the virtual currency instrument being used. This segmentation preserves the specialization benefits of different payment systems while providing uniform control to the consumer.
Solution Approach 2:
The system introduces a central intermediary platform that mediates between the consumer's unified payment interface and multiple specialized merchant payment systems. This intermediary translates uniform consumer transactions into system-specific formats and manages the redemption processes across different payment networks. The intermediary maintains specialization of individual payment systems while enabling uniform control and management of all monetary transactions through a single consumer interface.
Data Source
AI summary
Various aspects of a method and system for processing a monetary transaction are disclosed herein. The method includes registration, at a server, of a first virtual currency instrument that corresponds to a first account and one or more other virtual currency instruments that corresponds to one or more other accounts. The registered first virtual currency instrument is associated with a first value. The method further includes reception, at the server, of a redemption request of the registered first virtual currency instrument to process the monetary transaction. The received redemption request is higher than the first value associated with the registered first virtual currency instrument by an excess value. The method further includes redemption, at the server, the first value associated with the registered first virtual currency instrument and at least portions of one or more other values associated with the registered one or more other virtual currency instruments that correspond to the excess value, to process the monetary transaction.