Real-time Counterparty Geolocation via ISO 20022 Messaging
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Solution Overview
Problem
Current real-time payment systems lack the ability to determine counterparty geolocation in real-time based on structured messaging data, limiting their efficiency and accuracy in facilitating immediate transactions and reducing instances of fraudulent activity.
Innovation Solution
A computer-implemented system that receives and processes structured messaging data to determine the geographic position of a counterparty, generating notification data that includes digital content associated with the transaction, and transmits this data to the counterparty's device, enabling real-time payment approvals and reducing fraudulent activities through contemporaneous transaction processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If real-time payment systems use traditional messaging data processing, then system simplicity is maintained, but counterparty geolocation determination capability is lost
Solution Approach 1:
The patent introduces a geolocation determination module as an intermediary component that processes messaging data to extract geographic location information. This module acts as a mediator between the payment processing system and the geolocation services, enabling the system to determine counterparty locations without requiring fundamental architectural changes to the core payment messaging infrastructure.
Solution Approach 2:
The patent segments the geolocation determination process into distinct functional components: messaging data reception, geographic position extraction, and notification generation. By dividing the complex task of geolocation determination into separate processing stages, the system can implement this capability incrementally without overwhelming complexity in any single area.
2Reliability
If real-time payment systems process transactions without geolocation data, then processing speed is maintained, but transaction security and fraud detection are compromised
Solution Approach 1:
The patent implements preliminary action by extracting and processing geolocation data from messaging data in parallel with the transaction processing, rather than sequentially. The system prepares location information and security assessments concurrently with the payment transaction, so that when fraud detection is needed, the geolocation data is already available without creating a sequential bottleneck.
Solution Approach 2:
The patent maintains continuity of useful action by ensuring that geolocation determination and transaction processing occur simultaneously rather than sequentially. The system continuously processes messaging data for both payment validation and location extraction in parallel, so that security checks do not interrupt the transaction flow and processing time is not lost.
3Measurement precision
If the system determines counterparty geolocation in real-time, then transaction accuracy is improved, but system complexity and processing overhead increase
Solution Approach 1:
The patent applies extraction by isolating the geolocation determination function from the main payment processing logic. The system extracts geographic position information specifically from messaging data fields that contain location information, separating this extraction process from the core payment validation logic. This allows the system to achieve accurate geolocation measurement while maintaining modular, manageable processing complexity.
Data Source
AI summary
The disclosed embodiments include computer-implemented processes that determine, in real time, counterparty geolocation location based on structured messaging data, such as messaging data maintained within message fields of a request-for-payment (RFP) message compliant with the ISO 20022. For example, an apparatus may receive a RFP message that includes message data associated with a transaction involving first and second counterparties, and the RFP message may characterize a real-time payment requested from the second counterparty by the first counterparty. The apparatus may determine a geographic position of the first counterparty based the message data, and based on the first geographic position, transmit notification data to a device operable by the second counterparty. The notification data may cause the device to present digital content associated with at least one of the transaction, the first counterparty, or the second counterparty within a digital interface.