Centralized Repository for Entitlement Validation and Straight-Through Processing
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Solution Overview
Problem
Current methods for storing and managing information related to entitlement capabilities and authorized signatories in financial institutions are typically done in hard copies, lacking electronic storage and efficient modification or inspection capabilities.
Innovation Solution
A method for validating entitlement capabilities involves a centralized repository that stores and links signatory information, displays a hierarchical map of authorities, and processes client requests for account opening and maintenance using Straight Through Processing, either automated or with human intervention based on compliance.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If entitlement capabilities are stored in hard copies, then information can be maintained in a traditional format, but access and modification efficiency are poor
Solution Approach 1:
The patent creates an electronic copy of entitlement capability information from hard copies and stores it in a centralized repository. This electronic copy can be efficiently accessed, modified, and inspected without altering the original hard copies, thereby improving operational efficiency while maintaining the traditional storage format for record-keeping purposes.
Solution Approach 2:
The patent replaces the mechanical system of manual hard copy handling with an electronic information processing system. The centralized repository stores entitlement data in electronic form, allowing automated retrieval, modification, and inspection through computer systems, thus eliminating the time-consuming manual processes associated with hard copies.
2Productivity
If a centralized repository stores electronic entitlement information, then access and modification efficiency improve, but system complexity increases
Solution Approach 1:
The centralized repository is designed to serve multiple functions: storing entitlement capability information, providing authorized access to users, enabling efficient modification of entitlement data, and supporting various types of signatures and authorizations. This multi-functionality consolidates what would otherwise require multiple separate systems into a single unified platform.
Solution Approach 2:
The centralized repository acts as an intermediary between the entitlement capability data and the users or systems that need to access or modify this information. It provides a standardized interface and controlled access mechanisms, simplifying the interaction complexity while enabling efficient data retrieval and modification.
3Productivity
If Straight Through Processing is implemented for account requests, then processing speed increases, but compliance verification complexity increases
Solution Approach 1:
The system performs preliminary actions by pre-validating entitlement capabilities and storing them in the centralized repository before account processing requests are made. When a Straight Through Processing request occurs, the compliance verification can quickly reference the pre-stored entitlement information, eliminating the need for complex real-time verification procedures.
Solution Approach 2:
The system implements feedback mechanisms where the centralized repository provides real-time validation responses to Straight Through Processing requests. The repository can immediately confirm or reject entitlement-based account operations based on pre-stored compliance rules and entitlement data, enabling rapid automated decision-making without complex manual verification.
Data Source
AI summary
An apparatus for validating entitlement capabilities, and determining, based on the entitlement capabilities, whether an account request associated with the entitlement capabilities qualifies for Straight Through Processing is provided. The apparatus may include a receiver. The receiver may receive entitlement authorization for a signatory and a client request to open an account. The apparatus may also include memory configured to: store, in a centralized repository, entitlement capabilities for the authorized signatory. The centralized repository may provide access to one or more signature documents associated with the authorized signatory. The centralized repository may link the signatory to one or more signature documents associated with the signatory's authorization. The apparatus may also include a display configured to display a hierarchal map of the one or more authorized signatories. The hierarchal map illustrates lines of authority from the authorized signatories to each of their respective authorizers.