Common Transaction ID Generator for Payment Network Data Correlation
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Solution Overview
Problem
The challenge in sharing transaction-related data across various entities of a payment network is due to the use of different transaction identifiers (IDs), making it difficult for entities to request and share data effectively.
Innovation Solution
Implementing a common transaction ID generator that uses a confidence model and hashing algorithm to create a standardized transaction ID, allowing entities to share data across the payment network.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If each entity uses its own transaction ID system, then each entity can independently manage and organize its transaction data, but different entities cannot effectively share or correlate transaction data across the payment network
Solution Approach 1:
The patent introduces a common transaction ID as an intermediary element that bridges different entity-specific transaction ID systems. This common ID is generated based on shared transaction attributes (such as merchant ID, terminal ID, transaction amount, and timestamp) and serves as a universal reference that allows any entity in the payment network to correlate and share transaction data without being constrained by entity-specific ID formats
Solution Approach 2:
The common transaction ID system provides universality by enabling a single ID to serve multiple functions across different entities. The same common transaction ID can be used by payment gateways, transaction service providers, acquirers, and issuers to reference the same transaction, allowing the system to function as both an internal reference for each entity and a cross-entity correlation key simultaneously
2Loss of information
If entities share transaction data using different transaction IDs, then data can be exchanged between entities, but the accuracy and reliability of data matching and correlation deteriorates
Solution Approach 1:
The patent transforms the transaction identification approach by changing from entity-specific ID parameters to a common ID generated from standardized transaction attribute parameters. By basing the common transaction ID on immutable transaction characteristics (merchant ID, terminal ID, amount, timestamp) rather than entity-specific sequential IDs, the system achieves accurate matching and correlation across entities while maintaining data exchange capabilities
3Reliability
If a common transaction ID system is implemented across all entities, then transaction data sharing and fraud detection accuracy improve, but the complexity of the system increases due to coordination and standardization requirements
Solution Approach 1:
The patent implements preliminary action by generating the common transaction ID at the point of transaction initiation, using readily available transaction attributes before the transaction proceeds through multiple entities. This upfront generation eliminates the need for complex real-time coordination and lookup mechanisms, as the common ID is already established and can be carried through all subsequent processing stages
Solution Approach 2:
The system uses copying by having each entity independently generate the same common transaction ID based on the shared transaction attributes, rather than requiring centralized generation or complex coordination. Each entity copies the relevant transaction attributes and applies the same hashing algorithm to produce the identical common ID, simplifying the overall system architecture
Data Source
AI summary
The present disclosure provides devices, systems, and methods for sharing transaction data across entities of a payment network based on a common transaction identifier (ID). For example, a transaction service provider system can process a first transaction based on first transaction data, receive second transaction data for a second transaction processed by an affiliate system, and generate a confidence score representing a likelihood that the first transaction and the second transaction are the same transaction. The transaction service provider system can generate a common transaction ID for the first transaction and the second transaction based on the first transaction data. The transaction service provider system can determine the confidence score satisfies a predetermined threshold and send a request for additional data related to the second transaction to the affiliate system based on the common transaction ID.