Financial Data Consolidation via XML Intermediary Service
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Solution Overview
Problem
Banking operations face challenges in consolidating financial information from multiple sources due to different formats and large volumes of data, making it difficult to provide accurate and complete reports to customers, especially for businesses with numerous transactions.
Innovation Solution
A system that imports and processes data files from various sources, using file adapters to convert data into XML format, consolidates transaction information, and presents it to users through a reporting module with unique identifiers for easy navigation and retrieval.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If financial information is maintained in multiple different formats and locations across various banking systems, then the system can accommodate diverse data sources (BAI, SWIFT, back-end, proprietary files), but it becomes difficult to consolidate and report accurate and complete information to customers
Solution Approach 1:
The patent introduces a consolidation service as an intermediary component that sits between multiple data sources (BAI, SWIFT, back-end systems, proprietary files) and the customer-facing reporting system. This service receives data in various formats from different sources, consolidates it into a unified format, and presents it to customers, thereby resolving the complexity of handling multiple formats without requiring changes to the underlying diverse systems
Solution Approach 2:
The patent segments the banking information system into distinct functional components: data source systems, a consolidation service layer, and reporting systems. By separating the consolidation function into its own service module, the system can handle multiple data formats independently without affecting the entire system, reducing overall complexity while maintaining versatility
2Quantity of substance
If banks exchange files containing banking information with other banks multiple times per day in different formats, then comprehensive financial information is available, but the time and resources required to process and reconcile this information increase significantly
Solution Approach 1:
The consolidation service performs preliminary consolidation and standardization of financial information from multiple sources before it reaches the reporting stage. By pre-processing and reconciling data from BAI, SWIFT, and other sources in advance, the system reduces the time required for final reporting and minimizes last-minute processing delays
Solution Approach 2:
The patent implements continuous consolidation operations where the system continuously receives, processes, and reconciles financial information from multiple sources as it arrives. This continuous processing approach eliminates batch processing delays and ensures that comprehensive financial information is always available without significant time losses
3Productivity
If online banking automates banking transactions for businesses and consumers, then efficiency and ease-of-use increase, but the challenge remains in consolidating and presenting accurate information from multiple internal and external sources
Solution Approach 1:
The consolidation service incorporates feedback mechanisms that continuously monitor and verify information from multiple sources. By comparing data across BAI, SWIFT, back-end systems, and proprietary files, the system identifies and resolves discrepancies, ensuring accurate and reliable consolidated information is presented to online banking customers while maintaining high efficiency
Data Source
AI summary
A system providing methodology for consolidation of financial information is described. In one embodiment, for example, a system is described for consolidating financial transaction information from multiple sources for presentation to a user, the system comprises: a file importer for importing data files from a first source and processing each data file to create parsed information for each transaction present in the data file and represent any additional information present in the data file in Extensible Markup Language (XML) format; a data consolidator for receiving parsed information from the file importer, consolidating the parsed information with transaction information from a user-accessible system to create consolidated transaction records, assigning a unique identifier to each consolidated transaction record for an account, and storing the consolidated transaction records; and a reporting module for receiving a request for financial transaction information for a particular account and presenting consolidated transaction records for the particular account to the user in response to the request, wherein the user may navigate through the consolidated transaction records based upon the unique indentifier.