Financial Transaction Categorization via Real-Time Data Retrieval

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Solution Overview

Problem

Current software applications for managing financial data over networks, such as the Internet, lack real-time data retrieval, organization, and management capabilities, relying on user input and data downloading for categorization and display of transactions.

Innovation Solution

A transaction management system comprising a database and server system configured to categorize financial transactions into merchant and payment method categories, providing user interfaces for real-time data retrieval and management, including the ability to select and categorize transactions, and offering customizable displays of financial data.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Productivity

If current software applications rely on preparation and display of transaction lists with user input and data downloading, then data access and detail level are limited, but real-time data retrieval and automated organization capabilities are improved

Engineering Contradiction:

Improvereal-time data retrieval and automated organizationVSAvoidsystem architecture complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The system enables self-service by allowing users to automatically categorize transactions through predefined merchant categories and payment method categories without requiring manual user input for each transaction. The server system automatically retrieves, organizes, and categorizes transaction data in real-time, eliminating the need for users to manually download and prepare data before categorization.

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The system performs preliminary action by pre-establishing merchant categories and payment method categories before transactions occur. When transactions are received, they are automatically matched against these pre-defined categories, enabling immediate automated organization without requiring real-time user input or manual data preparation.

Inventive Principle:

Principle #10Preliminary action

2Loss of information

If software applications require user input and data downloading prior to categorization, then data detail and access level are reduced, but ease of operation is improved

Engineering Contradiction:

Improvedata detail and access levelVSAvoiduser input requirement

Core Design Contradiction:

Loss of informationVSEase of operation

Solution Approach 1:

The system performs self-service by automatically retrieving transaction data from financial institutions via electronic data interchange, organizing it according to pre-defined merchant and payment method categories, and presenting it to users without requiring manual data downloading or input. This eliminates information loss while reducing operational complexity.

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The server system acts as an intermediary between financial institutions and users, automatically retrieving transaction data through electronic data interchange, categorizing it using pre-established merchant and payment method categories, and presenting organized information to users. This intermediary function preserves complete data detail while eliminating the need for direct user input.

Inventive Principle:

Principle #24Intermediary (Mediator)

3Adaptability or versatility

If a comprehensive system for real-time data retrieval and automated organization is implemented, then data management capability is improved, but device complexity increases

Engineering Contradiction:

Improvedata management capabilityVSAvoidsystem architecture

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The system is segmented into distinct functional components: a server system that retrieves transaction data, a database system that stores merchant and payment method category information, and user interfaces that display categorized transactions. This segmentation enables real-time automated data management while managing complexity through modular architecture.

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The system implements multi-functionality by combining transaction retrieval, automated categorization using both merchant and payment method categories, data storage, and user interface presentation into a single integrated platform. This universal system handles multiple data management tasks simultaneously, improving versatility while consolidating complexity into one cohesive architecture.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS10810684B1System and method for data management and financial transaction categorization

Publication Date: 2020.10.20 WELLS FARGO BANK NA

AI summary

A transaction management system includes a database system configured to receive and store data for a plurality of financial transactions, the data for the plurality of financial transactions being associated with a plurality of financial accounts of a user. The system further includes a server system coupled to the database system and configured to categorize the plurality of financial transactions into a plurality of categories, the categories including merchant categories and payment method categories, the server system being further configured to provide a plurality of user interfaces to the user, each user interface providing a display of a different portion of the plurality of financial transactions, each user interface configured to enable a user to select a link configured to direct the user to an image of a check associated with one of the plurality of financial transactions; and categorize the financial transaction into a one of the merchant categories.