Rule-Based Archive Maintenance for Financial Document Storage
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Solution Overview
Problem
Financial institutions face challenges in efficiently managing and storing large volumes of image file records and financial documents due to regulatory requirements, leading to storage space issues and potential deletion of important information.
Innovation Solution
A system with a computing platform, database, and software module that receives information related to events, compares it to maintenance rules, and updates archive status or aggregates information accordingly, including extending purge dates or transferring data to new files based on event types such as customer litigation or regulatory changes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If financial institutions maintain image file records for all deposited checks and financial documents for up to seven years or more as required by regulations, then compliance with federal and state regulations is ensured, but very large amounts of storage space are required and storage management becomes challenging
Solution Approach 1:
The patent segments the archive maintenance process into rule-based automated decision-making units. The system divides information into categories based on event types (litigation, regulatory changes, customer events) and applies different retention rules to each segment, allowing selective extension of purge dates only for relevant portions rather than maintaining all information uniformly
Solution Approach 2:
The system performs preliminary actions by pre-establishing maintenance rules and event criteria before events occur. When events are detected, the system automatically applies predefined rules to extend retention periods or aggregate information, preventing the need for reactive storage expansion and enabling proactive storage management
2Loss of information
If financial institutions maintain large volumes of information for extended periods to comply with regulations, then important information is preserved, but storage costs increase and storage efficiency decreases
Solution Approach 1:
The patent implements dynamic retention management where purge dates are not fixed but can be automatically extended based on detected events. The system continuously monitors for events that may affect information relevance and dynamically adjusts retention periods, extending them only when necessary due to litigation, regulatory changes, or other significant events
Solution Approach 2:
The system changes the retention parameter (purge date) based on event detection and rule evaluation. When specific events are identified, the system modifies the retention period parameter from the standard schedule to an extended period, allowing flexible adaptation of storage duration to actual information needs rather than rigid uniform retention
3Loss of information
If financial institutions manually manage and review archive information to determine retention needs, then important documents can be identified, but the process becomes time-consuming and labor-intensive
Solution Approach 1:
The system performs self-service by automatically detecting events, evaluating maintenance rules, and determining retention actions without human intervention. The automated system monitors for events, compares them against predefined rules, and executes retention decisions independently, eliminating the need for manual review while maintaining accurate identification of information requiring extended retention
Solution Approach 2:
The system implements feedback loops where event detection triggers rule evaluation, which then determines retention actions. This automated feedback mechanism continuously monitors the archive environment, processes event information, and adjusts retention status accordingly, replacing manual decision-making with an efficient automated control system
Data Source
AI summary
The invention relates to systems, methods, and computer program products for rule-based maintenance of an archive. A system is provided that includes: a computing platform including a processor and a storage device, a database comprising rules relating to maintenance of information stored in an archive, a software module stored in the storage device comprising executable instructions that when executed by the processor cause the processor to: (a) receive information related to at least one event; (b) compare the information related to the at least one event to the rules relating to maintenance of information stored in the archive; and (c) determine whether to update information stored in an archive based at least partially on the comparison of the information related to the at least one event and the rules relating to maintenance of information stored in the archive.