Automated E-Receipt Aggregation System for Transaction Data Completeness
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Solution Overview
Problem
Emailed receipts do not provide product or service level information to financial institutions during transactions, leading to incomplete data processing and lack of detailed account history for users.
Innovation Solution
A system and method for automated e-receipt collection, aggregation, and processing that involves scanning electronic messages for transaction data, associating it with existing database data, and providing users with detailed purchase histories and targeted marketing offers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If automated e-receipt collection and data association is implemented, then data completeness and purchase history detail are improved, but system complexity and processing requirements increase
Solution Approach 1:
The patent introduces an intermediary processing system that acts as a mediator between e-receipt sources and financial institution databases. This intermediary automatically collects, parses, and associates transaction data from multiple merchants with existing account information, resolving the contradiction by handling data completeness through automated processing while managing system complexity through centralized coordination rather than requiring complex integration at each point of interaction
Solution Approach 2:
The patent replaces manual mechanical processes (manual data entry, manual receipt processing) with automated electronic systems. Optical character recognition (OCR) and data parsing algorithms automatically extract transaction information from e-receipt images and text, substituting manual labor with automated computational processes that improve data completeness without proportionally increasing operational complexity
2Ease of operation
If manual entry of purchase information is required, then data accuracy can be maintained, but user time and effort increase significantly
Solution Approach 1:
The patent implements a self-service system where the automated processing mechanism serves itself by automatically collecting, parsing, and associating transaction data without requiring user intervention. The system autonomously retrieves e-receipts, extracts purchase information, and integrates it with account data, eliminating the need for manual user entry while maintaining data accuracy through automated validation processes
Solution Approach 2:
The patent performs preliminary actions by automatically collecting and processing transaction data before the user needs to review or act on it. The system proactively gathers purchase information, associates it with relevant account data, and prepares personalized offers in advance, eliminating the need for users to manually enter data at the moment of need and significantly reducing their time investment
Data Source
AI summary
A system and method in accordance with example embodiments may include automated receipt and bill collection, aggregation, and processing. Additionally, a system and method in accordance with example embodiments may a customer opt-in, scan one or more electronic messages including receipts and bills, retrieve transaction information from one or more electronic messages, associate retrieved transaction data with existing database data, and utilize the associated data to provide contextual information to a user.