Image-Based Financial Processing Validation
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Solution Overview
Problem
Traditional mechanisms for capturing financial information from physical sources, such as credit cards, are often inadequate and do not provide a suitable user experience, especially for transactions that do not involve dedicated machines, leading to inefficiencies and user inconvenience.
Innovation Solution
Image-based processing of financial information sources, where a computing device acquires and validates images of financial information sources, allowing for preliminary validation independent of the actual information content, and then extracts and authenticates the financial data, enabling efficient and accurate processing of transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If manual entry of financial information is required, then transactions can be processed without dedicated machines, but user convenience and processing efficiency deteriorate
Solution Approach 1:
The patent replaces manual typing (mechanical input) with optical character recognition (OCR) technology. The system captures images of financial documents using a camera and automatically extracts information through image processing and pattern recognition algorithms, eliminating the need for manual entry while maintaining transaction capability on mobile devices.
Solution Approach 2:
The system creates digital copies of physical financial documents through image capture. Instead of requiring users to manually transcribe information from physical cards or documents, the system photographs the documents and uses OCR to convert the visual information into structured data for processing.
2Reliability
If all financial information is processed and validated, then authorization accuracy improves, but processing time and system complexity increase
Solution Approach 1:
The system performs preliminary validation of the captured image quality and document type before initiating full information extraction and processing. This pre-check ensures that only valid, clear images proceed to the resource-intensive OCR and validation stages, reducing unnecessary processing time while maintaining authorization accuracy.
Solution Approach 2:
The validation process is divided into multiple stages: image quality assessment, document type identification, information extraction, and final validation. Each stage filters and prepares data for the next stage, allowing the system to process information efficiently while maintaining comprehensive validation for authorization accuracy.
3Ease of operation
If image-based processing is implemented, then user experience and accessibility improve, but device complexity and processing requirements increase
Solution Approach 1:
The system uses a mobile device's existing camera and processing capabilities for multiple functions: capturing document images, performing OCR, validating information, and communicating with financial systems. This multi-functionality approach avoids adding dedicated hardware while enhancing user experience through the device's already familiar interface and capabilities.
Solution Approach 2:
The mobile device performs its own image processing and information extraction using onboard processors and algorithms. Rather than requiring complex external processing equipment, the system leverages the device's own computational resources to handle the complex image analysis tasks, reducing the need for additional hardware complexity.
Data Source
AI summary
Image-based processing of sources of financial information for financial transactions is provided. A device is enabled to acquire one or more images including a representation of a source of financial information. The device can validate the source, independent of the financial information in a preliminary analysis. If the source is validated, one or more images are used to acquire the financial information. The financial information is then validated. If the financial information is valid, authorization of the financial transaction can be initiated.