Digital Wallet API Integration for Supplemental Account Information
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Solution Overview
Problem
Users of digital wallets face inconvenience due to the need to switch between applications to view account information, as digital wallets maintained by third parties do not provide comprehensive access to account details within the wallet itself.
Innovation Solution
A system that integrates supplemental account information within digital wallets, allowing users to access account information and offers directly on their mobile devices through a module that authenticates payment credentials and connects to an API for pushing offers, enabling users to view account details and incentives within the wallet.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If consumers use third-party digital wallets to store payment credentials, then they can access their digital wallets to process electronic commerce transactions, but they are limited in the types of account information they can see and must exit the digital wallet to view account balances
Solution Approach 1:
The patent combines multiple functions (payment processing, account information display, offer delivery) into a single digital wallet interface. The wallet provider's system merges the ability to store payment credentials with the ability to display account balances and provide financial offers, eliminating the need to switch between applications.
Solution Approach 2:
The digital wallet is designed to perform multiple functions: storing payment credentials, displaying account information, delivering financial offers, and processing transactions. This multi-functional approach allows consumers to access various financial services through a single interface rather than requiring separate applications for each function.
2Loss of information
If consumers constantly switch between applications to view account information, then they can access comprehensive account details, but the process becomes burdensome and time-consuming
Solution Approach 1:
The wallet provider's system pre-loads and makes available account information and financial offers within the digital wallet interface before the consumer needs to access them. By preparing the information in advance within the wallet, the system eliminates the time-consuming process of switching to separate applications to retrieve this information.
Solution Approach 2:
The wallet provider's system acts as an intermediary between the consumer's digital wallet and the financial institution's account information. Through APIs and data sharing arrangements, the intermediary enables the display of account balances and financial offers within the wallet interface without requiring direct access to the financial institution's systems by the consumer.
3Adaptability or versatility
If digital wallets are maintained by third parties not associated with the financial institution, then they provide convenient payment processing, but consumers are limited in the information they can access about their accounts
Solution Approach 1:
The wallet provider's system serves as an intermediary that bridges the gap between third-party digital wallet operations and financial institution account information. Through strategic partnerships, API integrations, and data sharing agreements, the intermediary enables the display of comprehensive account information within the wallet interface while maintaining the third-party wallet's operational independence.
Solution Approach 2:
The digital wallet system is designed to universally access and display information from multiple financial institutions through standardized interfaces and APIs. This multi-functional capability allows a single third-party wallet to provide comprehensive account information across different banks and financial institutions without requiring separate wallet applications for each institution.
Data Source
AI summary
Embodiments of the invention are directed to systems, methods and computer program products for providing supplemental account information in digital wallets. An exemplary apparatus is configured to: receive a request to provide a digital wallet on a user's mobile device, authenticate at least one payment credential for use within the digital wallet; receive access to an application programming interface configured to push offers to digital wallets, wherein the application programming interface is associated with at least one database maintained by the digital wallet provider; receive, via the application programming interface one or more offers from the at least one database, wherein the offers include at least one incentive for processing payments using the at least one payment credential associated with the digital wallet; and present, to the user on a display of the mobile device, the one or more offers.