Recipient Validation Using Transaction Themes and Transfer Memos
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Solution Overview
Problem
Existing systems lack confidence in validating intended recipients for electronic funds transfers, as available information is often insufficient to confirm the correctness of the selected recipient.
Innovation Solution
A system utilizing natural language processing (NLP) and graphical user interfaces (GUIs) to dynamically rearrange the order of candidate recipients based on themes derived from past transactions and transfer memo information, ensuring the most likely intended recipient is at the top, and implementing security actions if similarity thresholds are not met.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If traditional recipient validation methods are used, then the system is simple to operate, but the accuracy of recipient validation is insufficient
Solution Approach 1:
The patent introduces an intermediary validation system that acts as a mediator between the sender and recipient. This system analyzes transfer memos, compares them against historical transaction patterns, and validates recipient information before completing the transfer. The intermediary layer adds accuracy without requiring fundamental changes to the underlying transfer infrastructure.
Solution Approach 2:
The system implements feedback mechanisms by analyzing historical transaction data and transfer memos to continuously improve validation accuracy. The system learns from past transactions, compares current transfer patterns against historical data, and adjusts validation decisions based on this feedback loop, thereby improving accuracy without linearly increasing complexity.
2Measurement precision
If detailed recipient information review is required, then validation accuracy improves, but the time required for validation increases
Solution Approach 1:
The system performs preliminary actions by pre-analyzing and storing historical transaction patterns, recipient information, and transfer memos before actual transfers occur. When a transfer is initiated, the validation process compares current information against pre-processed historical data, significantly reducing the time required for real-time validation while maintaining high accuracy.
Solution Approach 2:
The patent replaces manual review processes with automated natural language processing and machine learning algorithms. Instead of requiring users to manually review recipient details, the system automatically analyzes transfer memos, compares them against historical patterns, and validates recipients using computational methods, thereby reducing validation time while improving consistency and accuracy.
3Ease of operation
If available recipient information is limited, then the system is easier to operate, but the ability to confirm intended recipient is insufficient
Solution Approach 1:
The validation system serves as an intermediary that enriches limited recipient information by comparing it against comprehensive historical transaction data. The system analyzes transfer memos, cross-references them with past transaction patterns, and uses this intermediary analysis to reliably confirm intended recipients even when initial information is minimal, thereby maintaining usability while improving reliability.
Solution Approach 2:
The system implements self-service validation by automatically gathering and analyzing additional information without requiring user input. The validation process autonomously retrieves historical transaction data, analyzes transfer memos, and confirms recipient identity, allowing the system to compensate for limited initial information while maintaining ease of operation for users.
Data Source
AI summary
Disclosed embodiments may include a method for validating intended recipients for electronic funds transfer by receiving recipient identification information from a user device, identifying a list of one or more candidate recipients based on the recipient identification information, and outputting the list of the one or more candidate recipients for display via a graphical user interface (GUI) of the user device. Next, for each candidate recipient of the one or more candidate recipients, the method can identify one or more themes associated with past transactions associated with the candidate recipient, and, responsive to dynamically receiving transfer memo information from the user device, dynamically adjust an order of the list of the one or more candidate recipients for display via the GUI of the user device based on comparing the one or more themes and the transfer memo information.