"Auto Direct Debit and Credit Switching Software" Definitions

1. "card or cards" : shall refers to the debit card OR credit card OR smart card OR Crypto Card OR any other card or IDs that will be used for direct debit and/or direct credit transactions

2. "account or accounts” shall refer to the bank account of a customer

3. "customer" shall refer to the person OR company OR organisation that receives the service

4. "party OR parties" shall refers to either OR all of Merchants, Service Providers, Payment Systems, Banks, Credit agencies OR any other person OR company OR organisation that provides services.

5. "echo system" shall refers to the interconnected systems for customers and parties as defined above

Description Title of Invention:

"Auto Direct Debit and Credit switching software" Summary of Invention 1 Problem definition

When the banks / agencies issue new Card / replacement Card to the customer for any reason OR if the customer wants to switch to a new bank or new account, all the direct debits or direct credits need to be re-established. Otherwise it leads to the declining transactions which in turn results into penalties to the customers OR disconnecting their services. So, the customers need to run around the Parties to re establish the direct debit and direct credit details to avoid service disruption which is a poor customer experience.

Single unified view of all the direct debits or credits of a customer OR party is needed for tracking and managing them.

Necessary reminders to the customers and parties to take actions to make sure that their transactions are successful. 2 Solution to the problem

Objective is to improve the customer experience by

1. Automatically updating the direct debit and direct credit details when the new card / replacement card is issued OR bank account is changed OR if the direct debit or credit details change OR if the party's details change.

2. To enable the customers OR parties to raise the direct debit and credit requests and the same to be communicated to the respective parties to fulfil the request.

3. Provide single unified view of direct debit and credit details and facility to manage them.

4. Provide auditing, tracking and reminder features.

The solution involves two main software components for the echo system as specified in the drawing. Those two components are described as below Central software portal

Central clearing house will host centralised PCI compliant based software portal which acts as a single platform hub that brings Customers, banks, credit agencies, merchants, service providers and payment systems on to the single platform and enables seamless communication among them. This eliminates the complexity of updating the redundant details individually in all the party's systems to communicate each other. The PCI compliant central software portal stores all the direct debit and credit details of all the accounts of customers and communicate to the respective parties seamlessly when Customer's card OR account changes OR customer moves to new bank OR if party's detail change. The secured communication between clearing house and the parties will take place either via agent software (defined below) OR Party's own developed / proprietary software. This central software portal also provides

1. Unified view of all the direct debit and direct credit details of all the accounts of a customer.

2. Customers OR other Parties to raise the direct debit or direct credit requests and the same will be managed and communicated to the other respective parties.

3. Also provides auditing, tracking and necessary reminder features for all the necessary communications. Agent Software

The agent software will be installed at the Party's site. The agent software will provide features such as

1. Capture the changes and communicate back to the central hub to keep the details updated.

2. Retrieve the information OR receive the change events from the central software hub to update in their respective party's system. 3. Send the reminders about the sensitive information, such as financial matters, to the customers directly without going via central hub.

4. Any enhancements that will supplement the above features in either of the components will be implemented to provide better customer experience in this area. Advantageous Effects of Invention

This invention provides the following

1. By updating the echo system, customers won't be charged with the dishonour penalties for failed transactions and prevent the service disruption.

2. Customers a greater flexibility to automatically configure their direct debit and direct credit details to the different card or account and also helps to move between the banks seamlessly. This also provides customer a single unified view of all their direct debits and direct credit details and allows customers to manage them. There by it provides better customer experience.