Trade Pricing Data Structure with Encryption
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Solution Overview
Problem
Current financial transactions, such as foreign exchange, often result in errors due to manual data entry by brokers and users, leading to conflicting information, and while automation reduces errors, it lacks personal interaction and customer advice.
Innovation Solution
A method for pricing trades that involves user input, encryption, and transmission of trade data to a pricing system, with decryption and display of pricing information, allowing for both manual and automatic entry of data, and translation between user and pricing systems.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If manual transaction execution is used, then personal interaction and customer advice are maintained, but data entry errors and conflicting information increase
Solution Approach 1:
The patent introduces a structured data exchange format as an intermediary between the user's treasury system and the pricing system. This structure standardizes how trade data is transmitted and processed, enabling automated pricing while maintaining data accuracy through consistent formatting and validation protocols.
Solution Approach 2:
The patent replaces manual mechanical data entry processes with automated electronic data transmission. The system automatically extracts trade data from the user's treasury system, transmits it to the pricing system, and retrieves pricing information without requiring manual intervention, thereby eliminating human errors while maintaining security through encryption.
2Ease of operation
If automated transaction execution is used, then data entry errors are reduced, but personal interaction and customer advice are lost
Solution Approach 1:
The structured data exchange format serves as a mediator that enables automated pricing while preserving the professionalism and reliability of financial services. The structure includes fields for trade details, pricing information, and confirmation data, allowing automated processing while maintaining accurate and secure data transmission.
Solution Approach 2:
The system implements feedback mechanisms where pricing information is automatically transmitted back to the user's treasury system after processing. This feedback loop ensures that pricing data is accurately captured, validated, and integrated into the user's records, maintaining data reliability while enabling automated operations.
3Productivity
If trade data is transmitted between systems, then pricing can be obtained automatically, but data security risks increase
Solution Approach 1:
The patent uses encryption as an intermediary security layer between the user's treasury system and the pricing system. The trade data is encrypted before transmission and decryption upon receipt, ensuring that sensitive financial information remains secure during automated data exchange while maintaining high pricing speed through efficient cryptographic operations.
Data Source
AI summary
A method for pricing a trade comprising providing a user input for entering trade data, providing a structure for receiving the trade data and then transmitting the structure to a pricing system. The structure, now populated with both the trade data and the pricing data, is received from the pricing system and the trade data and pricing information is displayed. Advantageously, the structure is encrypted prior to transmitting it to the pricing system and decrypted when received from the pricing system. The pricing system records the data and the pricing information, which may be automatically entered into a trading system if and when the user agrees.