Event-Driven Financial Account Closure with Real-Time Data Enrichment
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Solution Overview
Problem
Financial institutions face challenges in providing real-time account balances and detecting fraud due to high latency and inaccurate data from various financial transaction processing systems, which also complicates account closure processes.
Innovation Solution
An event-driven architecture that listens for financial transaction events, enriches transaction data in real-time, and publishes enriched events to an event stream, allowing for improved data management, fraud detection, and streamlined account closure.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If financial institutions retrieve transaction information from multiple external processing systems in real-time, then they can provide current account balances and detect fraud, but the latency increases and data accuracy decreases
Solution Approach 1:
The patent implements preliminary action by having financial institutions proactively push transaction data to a centralized platform as transactions occur, rather than waiting for real-time requests. This pre-positioning of data eliminates retrieval latency while maintaining accuracy, as the data is already available when needed for account balance calculations or fraud detection.
Solution Approach 2:
The patent introduces an intermediary centralized platform that receives, standardizes, and stores transaction data from multiple external processing systems. This intermediary layer consolidates data from various sources into a unified format, improving data accuracy through standardization while reducing latency by making data readily available without requiring direct queries to multiple external systems.
2Productivity
If financial institutions request real-time transaction data from multiple external systems, then they can monitor account activity, but the system complexity and number of requests increase
Solution Approach 1:
The patent applies merging by consolidating data retrieval from multiple external processing systems into a single centralized platform. Instead of making separate requests to each external system, the institution accesses all transaction data through one unified interface, dramatically reducing system complexity while maintaining comprehensive account monitoring capability.
Solution Approach 2:
The centralized platform serves multiple functions: it stores transaction data, standardizes data formats, provides real-time access for account balance calculations, and enables fraud detection. This multi-functional intermediary reduces the need for separate systems for each function, simplifying the overall architecture while improving productivity.
3Reliability
If financial institutions use raw data from external systems, then data retrieval is simpler, but the data is less reliable and not useful for fraud detection
Solution Approach 1:
The centralized platform acts as an intermediary that automatically enriches raw transaction data with additional context and standardization. This intermediary processing layer adds value to the data through enrichment while maintaining ease of access, as the enriched data is automatically prepared and stored for immediate retrieval without requiring complex processing at the point of use.
Data Source
AI summary
A system and method of providing real time account information for financial accounts is disclosed. The system includes an event based architecture including an event stream. Financial transaction processing systems publish transaction events to the event stream. A transaction service listening to the event stream detects new transaction events. The transaction service takes action to enrich transaction data. A middleware system reconciles existing transactions and persists transaction records in long term storage. Prior to closing financial accounts, the system can retrieve a list of all scheduled and pending transactions and request that these transactions are canceled before closing the account.