Intermediary Rules Engine for Credit Dispute Error Detection
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Solution Overview
Problem
Financial institutions face challenges in accurately reporting and resolving credit disputes due to limitations in applying business rules and controls within existing third-party reporting systems, leading to data quality issues and inadequate protection for clients from upstream process changes.
Innovation Solution
A computer-implemented system that interfaces with third-party reporting systems, featuring a rules engine for generating and applying business-specific rules in real-time, providing error checking and business intelligence to identify and address errors in credit disputes reporting.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a third-party reporting system is used to process credit disputes, then the reporting function is provided, but the ability to apply business rules and controls is lost
Solution Approach 1:
The patent introduces an intermediary layer between the financial institution and the third-party reporting system. This intermediary comprises a rules engine that receives data from the third-party system, applies custom business rules and validations, and then processes the data before submission. This mediator enables the application of business rules without directly modifying the third-party system, resolving the contradiction between using external reporting functionality and maintaining internal control capability.
2Measurement precision
If existing third-party reporting systems are used, then credit dispute processing is enabled, but data quality and error identification are insufficient
Solution Approach 1:
The patent implements preliminary validation and error checking before data is submitted to the third-party reporting system. The rules engine performs validations, checks for completeness, and identifies potential errors in advance of the actual reporting process. This preliminary action ensures higher data quality and more accurate error identification, preventing problematic data from reaching the external system.
Solution Approach 2:
The system incorporates feedback mechanisms where the rules engine continuously monitors data quality metrics, validation results, and error patterns. This feedback is used to refine business rules, adjust validation criteria, and improve overall data quality over time. The feedback loop enables the system to adapt and enhance its error identification capabilities based on actual performance data.
3Reliability
If third-party reporting systems are used without custom controls, then reporting functionality is available, but client protection from upstream changes is inadequate
Solution Approach 1:
The patent implements a dynamic rules engine that can be updated and reconfigured in response to changing business requirements, upstream process changes, or new regulatory requirements. The business rules and validation criteria are not static but can be modified without requiring changes to the underlying third-party reporting system. This dynamic capability allows the system to adapt to upstream changes while maintaining consistent client protection standards.
Data Source
AI summary
According to an embodiment of the present invention, an automated computer implemented system and method observes a user's actions in real-time and provides error checking and business intelligence. The system comprises a computer processor programmed to: generate, via the rules engine, a rule pack specific to a line of business, the rule pack comprising one or more rules; receive, via the interface, user interaction data in real-time, as a user interacts with the interface; apply, via the rules engine, the rule pack to the user interaction data; automatically identify at least one error in the user interaction data to address errors in credit disputes reporting; and generate a message responsive to the at least one error, the message displayed on the interface.