Best-Fit Data Matching API Gateway for Financial Systems
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Financial institutions and businesses face challenges in providing seamless data integration and support due to inflexible and inconsistently documented interface systems, leading to manual processes and inability to integrate with clients' platforms and workflows.
Innovation Solution
A computer-implemented system and method using a best-fit data matching API that provides configurable data access, allowing users to retrieve data from the most appropriate source based on specified preferences, including real-time or near-real-time response rates and desired data quality metrics, enabling self-service data access and integration without operational support.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If multiple delivery methods and formats are used for data exchange, then data accessibility is improved, but system complexity increases and manual processes are required
Solution Approach 1:
The patent implements a universal API gateway that serves as a single interface for multiple data delivery methods and formats. This gateway consolidates various data exchange protocols and formats into one standardized entry point, allowing clients to access data through a common interface while the system handles the complexity of multiple underlying delivery methods internally.
Solution Approach 2:
The API gateway acts as an intermediary layer between clients and the complex backend data delivery systems. It abstracts the complexity of multiple delivery methods and formats from clients, translating high-level API requests into appropriate data delivery operations while managing format conversions and protocol handling centrally.
2Reliability
If known interface systems are used, then existing data access is maintained, but flexibility is reduced and documentation is inconsistent
Solution Approach 1:
The API gateway implements dynamic configuration and routing capabilities that allow it to adapt to different data sources, formats, and delivery methods based on runtime conditions. The system can dynamically select appropriate data sources, transform data formats, and route requests based on client needs without requiring changes to the underlying interface systems, thus maintaining reliability while enabling flexibility.
Solution Approach 2:
The system allows dynamic parameter changes in data delivery through the API gateway, including format transformations, filtering options, and delivery method selection. Clients can specify parameters such as data format, delivery timing, and source preferences, and the gateway adapts the data delivery process accordingly while maintaining consistent access patterns.
3Reliability
If manual processes are used at the offering business and by clients, then data access is achieved, but productivity decreases and operational support is required
Solution Approach 1:
The API gateway enables self-service data access for clients through automated authentication, data retrieval, and format conversion. Clients can independently access data through standardized API calls without requiring manual intervention from operational support personnel. The system automatically handles data source selection, format transformation, and delivery optimization, eliminating manual processes while maintaining reliable data access.
4Reliability
If known systems are used, then current data delivery is maintained, but seamless integration with clients' platforms and workflows is prevented
Solution Approach 1:
The API gateway segments the complex data delivery system into distinct functional layers: client interface layer, gateway processing layer, and data source layer. This segmentation allows each layer to be optimized independently - the client interface provides easy integration through standardized APIs, the gateway handles complex processing, and existing data sources maintain their current delivery methods, achieving both reliability and ease of operation.
Data Source
AI summary
The invention relates to a computer-implemented system and method for providing data services to a user via a best fit data matching application programming interface (API). The method may comprise exposing to the user, via the API, data services that are available electronically to the user. The data services are invoked with a query comprising a set of parameters. An automated query processing service is used to automatically analyze the parameters and match the parameters to a best electronic data source among a plurality of electronic data sources using a metadata store. The step of matching the parameters to the best electronic data source is based on a data quality metric, a date range and user permissions. The retrieved dataset, which is automatically presented to the user electronically via the API, can also be customized to include client-specific data elements.