Payee Name Standardization System for Financial Data Aggregation
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Solution Overview
Problem
Financial applications face challenges in aggregating and analyzing data due to differences in how users and financial institutions identify payees, leading to inconsistencies in payee names.
Innovation Solution
A system that recursively searches for a standard payee name by grouping related payee names and assigning scores to determine a unified name, allowing for consistent data aggregation and analysis.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users and financial institutions use different payee name conventions, then individual identification flexibility is improved, but data aggregation and analysis capability deteriorates
Solution Approach 1:
The patent introduces a standardized payee name format as an intermediary between user-defined names and financial institution names. The system maps both user names and institution names to this standard format, enabling data aggregation while preserving the flexibility of individual naming conventions. The standard format acts as a mediator that translates diverse naming conventions into a unified representation.
Solution Approach 2:
The system transforms payee names by changing their parameter representation from diverse formats to a standardized format. This involves extracting key identifying features from various name conventions and re representing them in a consistent parameter structure, allowing flexible input while producing standardized output for aggregation.
2Adaptability or versatility
If multiple payee names are maintained for the same entity, then user preference and institution convention are preserved, but data consistency and reliability deteriorates
Solution Approach 1:
The patent segments the payee identification process into two independent parts: maintaining multiple name variations for the same entity and establishing a single standard representation. Each payee can have multiple associated names (user names, institution names) while the system maintains one standardized payee name that ensures data consistency across transactions.
Solution Approach 2:
The standardized payee name serves as an intermediary that links multiple naming conventions to a single consistent representation. This mediator ensures that regardless of which name variation is used in a transaction, the data remains consistent and reliable by mapping all variations to the standard form.
3Productivity
If payee names are standardized across all users and institutions, then data aggregation capability is improved, but individual identification flexibility and customization deteriorates
Solution Approach 1:
The system performs preliminary mapping of user-defined names and institution names to standardized payee names before data aggregation occurs. This preliminary action establishes the standard representation in advance, enabling efficient aggregation while preserving the original flexible naming conventions in the user interface and records.
Solution Approach 2:
Instead of forcing users and institutions to adopt a single naming convention, the patent inverts the approach by having the system adapt to multiple conventions and translate them to a standard format. The standardization happens in the processing layer rather than requiring uniform input conventions.
Data Source
AI summary
A system that determines a standard payee name for a payee is presented. During operation, the system receives a non-standard payee name, wherein the non-standard payee name can be a user-defined payee name, which is defined by a user, or a normalized payee name, which is defined by a financial institution. Next, the system determines whether the non-standard payee name is associated with the standard payee name by using the non-standard payee name to search through data structures containing associations between one or more of the following: user-defined payee names and normalized payee names; user-defined payee names and standard payee names; and normalized payee names and standard payee names. If the non-standard payee name is associated with a standard payee name, the system can perform specified actions.