Financial Data Verification With a Shareable Digital Passport

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Solution Overview

Problem

Conventional application services require applicants to gather and provide physical or electronic documentation, which is burdensome, and lack the ability to verify the authenticity and accuracy of the information, necessitating manual review and potentially impacting credit scores.

Innovation Solution

A data verification system that preprocesses and verifies financial data, generates a digital passport containing verified and filtered information, and allows users to control the sharing of this data with third-party entities.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If applicants are required to gather and provide physical or electronic documentation, then information verification is possible, but the process becomes burdensome and time-consuming

Engineering Contradiction:

Improveinformation verificationVSAvoiddocumentation gathering time

Core Design Contradiction:

ReliabilityVSLoss of time

Solution Approach 1:

The system performs preliminary data collection and verification by automatically gathering information from third-party sources (employers, banks, credit bureaus) before the application review process. This preliminary action eliminates the need for applicants to manually gather documentation, as the data is collected and verified in advance through automated interfaces with external entities.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The patent introduces an intermediary verification system that acts as a mediator between applicants, reviewers, and third-party data sources. This intermediary system automatically requests, collects, and verifies information from external entities (employers, financial institutions, credit bureaus) through standardized interfaces, eliminating the need for applicants to directly interact with these third parties and providing reviewers with pre-verified data.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Measurement precision

If manual review of applications is performed, then detailed analysis is possible, but the process requires hours of formatting, description, calculations, and analysis

Engineering Contradiction:

Improvereview accuracyVSAvoidreview speed

Core Design Contradiction:

Measurement precisionVSProductivity

Solution Approach 1:

The system replaces the mechanical manual review process with an automated computational system that performs data collection, verification, formatting, and analysis. The automated system executes standardized verification protocols, performs calculations, and generates structured reports without human intervention, thereby increasing review speed while maintaining consistent accuracy through predefined verification criteria.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The verification system performs self-service by automatically collecting data from third-party sources, validating information against established criteria, and generating verification reports without requiring reviewer intervention for routine tasks. The system independently completes data gathering, formatting, and preliminary analysis, freeing reviewers to focus only on complex decision-making.

Inventive Principle:

Principle #25Self-service

3Productivity

If conventional application services are used, then applications can be processed, but the services lack the ability to verify information authenticity and ensure documentation is not altered or fabricated

Engineering Contradiction:

Improveapplication processingVSAvoidinformation authenticity

Core Design Contradiction:

ProductivityVSReliability

Solution Approach 1:

The system introduces intermediary verification mechanisms that directly connect to third-party data sources (employers, banks, credit bureaus) through standardized interfaces. These intermediaries authenticate data at the source, verifying that information has not been altered or fabricated. The system receives confirmation directly from the originating entities, ensuring authenticity while maintaining automated processing capabilities.

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The verification system implements feedback loops where third-party sources confirm the accuracy and authenticity of provided information. The system sends verification requests to external entities and receives automated responses confirming whether the data matches official records. This feedback mechanism provides real-time authentication of information without disrupting the application processing flow.

Inventive Principle:

Principle #23Feedback

Data Source

PatentUS20250356415A1Modeling improvements for complex data verification

Publication Date: 2025.11.20 VERIFAST INC

AI summary

An example method includes receiving first data representing financial information associated with a user and identifying one or more information types associated with the financial information. The method also includes verifying the financial information using a first model configured to verify information, and applying one or more transformations to the first data to generate second data, wherein the second data includes at least a portion of the financial information and indicates an individual information type from the one or more information types. The method further includes storing the second data, wherein the second data is associated with a digital user passport and indicates that the financial information has been verified, receiving a request for the individual information type, and generating, based at least in part on the request and a second model configured to associated requests with financial information, a representation of the second data.