API-Enabled Compliance Verification for Financial Transactions
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Solution Overview
Problem
Current protocols for authentication and compliance verification in financial transactions do not enable applications to communicate directly with systems performing these checks, leading to increased manual effort for users as they need to separately input and verify transaction success or failure.
Innovation Solution
Implementing an application programming interface (API) between applications for recording transactions and compliance verification systems, allowing for automated authentication and compliance checks, including the use of a compliance verification platform that communicates with transaction processing platforms via notifications and encryption protocols.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual authentication and compliance verification processes are used, then system complexity is reduced, but productivity and user effort increase due to separate input and verification steps
Solution Approach 1:
The patent combines multiple separate systems (transaction processing platform, compliance verification platform, authentication services) into an integrated automated workflow. The application programming interface (API) enables these systems to communicate and share data automatically, eliminating the need for separate manual input and verification steps, thus improving productivity while managing complexity through standardized integration protocols.
Solution Approach 2:
The patent introduces an application programming interface (API) as an intermediary layer between the transaction processing system and compliance verification system. This API acts as a mediator that enables automated data exchange and coordination between systems, allowing seamless integration without requiring complex direct connections between all system components.
2Ease of operation
If automated compliance verification is implemented, then manual effort is reduced, but device complexity increases due to integration of multiple platforms and protocols
Solution Approach 1:
The patent implements self-service mechanisms where the system automatically performs authentication, compliance verification, and transaction processing without requiring user intervention. The application programming interface (API) enables systems to automatically exchange data and coordinate actions, eliminating manual user effort while the standardized protocol layers manage the underlying complexity of integrating multiple platforms.
Data Source
AI summary
Various aspects of the disclosure relate to automated compliance verification systems for authenticating and verifying compliance associated with electronic transactions. A compliance verification platform may be an intermediary between an application for managing and/or recording transactions and a transaction processing platform for processing a transaction. Based on successful compliance verification and authentication, the compliance verification platform may send notifications to the transaction processing platform to process a transaction requested via the application.