Financial Message Transformation Service with Tokenized Access Control
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Solution Overview
Problem
Traditional financial message transformation methods are limited in scalability and flexibility, requiring local software installations that are costly and difficult to upgrade, and lack efficient mechanisms for fraud detection and sanctions monitoring, especially for smaller financial institutions.
Innovation Solution
A cloud-based transformation-as-a-service system that transforms financial messages using a special purpose server with multiple processing cores, storing and tokenizing messages for secure access control, allowing only authorized portions to be accessed by fraud and sanctions monitors, and enabling flexible formatting and permission-based usage.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional local transformation software is used, then transformation functionality is available, but scalability and flexibility are limited
Solution Approach 1:
The patent introduces a cloud-based transformation service as an intermediary between financial institutions and transformation software. This service receives transformation requests via API, performs the transformations remotely, and returns results, eliminating the need for each institution to deploy and maintain complex local transformation software while providing flexible transformation capabilities.
Solution Approach 2:
The cloud-based transformation service provides universal transformation capabilities that can serve multiple financial institutions through a single deployment. The service handles various message formats (SWIFT, ACH, RTP, ISO 20022) and transformation types through a unified platform, making the system adaptable to different needs without requiring separate software installations for each institution.
2Reliability
If local transformation software is installed on each computer, then transformation can be performed, but upgrades are difficult and costly
Solution Approach 1:
By moving transformation functionality to a cloud-based service, the patent separates the transformation engine from the end-user systems. Upgrades and maintenance are performed on the centralized service platform, automatically benefiting all clients without requiring local updates. This maintains reliable transformation availability while dramatically simplifying the update process.
Solution Approach 2:
The transformation service automatically manages its own updates, patches, and maintenance activities. Clients receive updated transformation capabilities automatically through the service without needing to manually update their own systems, making the system easy to maintain while ensuring continuous availability.
3Reliability
If complete financial messages are shared across the network, then fraud detection and sanctions monitoring can be performed, but security and privacy are compromised
Solution Approach 1:
The patent implements differential access control where different portions of financial messages are made available to different authorized services based on their specific needs. Fraud detection services receive only the fields necessary for fraud analysis, while sanctions monitoring receives relevant sanction-related fields. This localized information sharing maintains security by minimizing data exposure while preserving detection capabilities.
Solution Approach 2:
The financial message data is segmented into different accessible portions for different services. The system divides message fields into categories (e.g., sender information, receiver information, transaction details) and grants access permissions selectively, allowing fraud detection and sanctions monitoring to function with only the specific data subsets they require, thereby reducing security risks.
Data Source
AI summary
A transformation-as-a-service apparatus, system and method are described, where the transformation converts financial messages from one format to another (such as SWIFT format to ISO 20022 format, etc), storing the original and transformed messages for future access by a token. The transformation service also includes a permissions and access control mechanism for allowing access to the financial messages based on requestor permissions when requested via the token.