Real-Time Trading Order Approval System
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Solution Overview
Problem
The existing online gambling account opening process is delayed due to the need for physical documentation, which discourages potential users from opening accounts, and there is a lack of real-time approval for various types of accounts and trading orders.
Innovation Solution
A system and method that determines whether to approve trading order requests by assessing risk values and available balances in real-time, allowing for immediate account activation and order placement through a processor and memory-based system that evaluates credit information and applies decision matrices for account approval.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If physical documentation and credit card verification are required for account opening, then account security and fraud prevention are improved, but account opening time and user convenience deteriorate
Solution Approach 1:
The patent uses electronic copies of documentation (scanned images, digital uploads) instead of requiring physical mailings. Users can upload credit card information and identification documents through the online interface, eliminating the need to physically mail copies while maintaining verification security through electronic validation processes.
Solution Approach 2:
The patent replaces the mechanical mailing system with an electronic data transmission system. Instead of physically sending documents through postal services, the system uses electronic communication protocols to transmit and verify user information in real-time, dramatically reducing account opening time while maintaining security through encrypted electronic verification.
2Reliability
If real-time risk assessment and balance verification are performed for each trading order, then trading security and risk management are improved, but system processing complexity and computational resources increase
Solution Approach 1:
The patent performs preliminary verification of user balances and credit limits before allowing trading orders to be placed. The system pre-calculates available balances, credit availability, and risk parameters when the account is opened or updated, so that during actual trading, the system only needs to perform quick comparisons against these pre-established parameters rather than conducting full verification for each order.
Solution Approach 2:
The system automatically verifies balances, checks credit limits, and assesses risk parameters using the user's own account data without requiring external intervention for each trading decision. The automated system maintains running totals of available balances and performs self-validation against pre-set risk parameters, reducing the need for complex external verification processes.
Data Source
AI summary
A method of determining whether to approve trading order requests is provided. A request to place a first trading order is received from a user using a trading account associated with the user. A risk value is determined for the first trading order. A plurality of balances associated with the trading account are determined. The balances may include an available cash balance, an available credit balance, and an available waived margin balance for the trading account. A determination of whether to approve the first trading order is made based at least in part on the risk value for the first trading order and the available cash balance, the available credit balance, and the available waived margin balance determined for the trading account. If the first trading order is approved, the first trading order is placed.