Automated Transaction Data Augmentation for Interchange Rate Reduction
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Solution Overview
Problem
Current credit-based payment network technologies lack efficient automated systems for gathering, normalizing, formatting, storing, and transmitting transaction data, leading to higher interchange rates due to insufficient data capture and manual, asynchronous data entry processes.
Innovation Solution
A computer-implemented method and system that accesses initial transaction and risk profiles, augments them with external data sets to generate secondary profiles, and transmits these profiles to credit servers for confirmation, enabling automated data formatting and submission to minimize risk and secure discounted interchange rates.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If typical data gathering systems are engineered for ease and simplicity, then data capture is simplified, but the ability to acquire necessary data to lower interchange rate is eliminated
Solution Approach 1:
The system automatically gathers, normalizes, formats, stores, and transmits transaction data without requiring manual intervention. The computer system self-performs data collection from multiple sources, automatic normalization of data formats, and transmission to credit servers, eliminating the need for manual data entry while optimizing interchange rates through comprehensive data acquisition
Solution Approach 2:
The system performs preliminary data gathering and normalization before transmission to credit servers. By pre-processing data from multiple external sources and preparing it in advance, the system ensures that comprehensive and properly formatted data is ready for submission, enabling lower interchange rates without manual intervention at the time of transaction
2Adaptability or versatility
If distributed asynchronous data gathering is used, then data collection flexibility is improved, but processing time and costs increase
Solution Approach 1:
The system merges multiple distributed data collection operations into a coordinated automated process. By combining data gathering from various external sources, normalization, formatting, and transmission into a unified automated workflow, the system maintains flexibility in data collection while eliminating the time losses associated with asynchronous manual processing
Solution Approach 2:
The system replaces manual mechanical data entry processes with automated computer-based processing. By substituting human operators with automated systems that perform data gathering, normalization, formatting, and transmission, the system maintains operational flexibility while dramatically reducing processing time and associated costs
3Manufacturing precision
If manual data entry is used, then data accuracy can be controlled, but productivity and cost efficiency deteriorate
Solution Approach 1:
The system performs self-service data processing including automatic data gathering from multiple sources, normalization of data formats, formatting for specific purposes, and transmission to credit servers. This automated self-service approach maintains data accuracy through systematic processing while dramatically improving productivity by eliminating manual data entry operations
Solution Approach 2:
The system changes the parameters of data processing from manual to automated operations. By transforming the processing method from human-based to computer-based, the system maintains precision in data handling while improving speed and efficiency. The automated system applies consistent normalization and formatting rules that ensure accuracy while processing data much faster than manual methods
Data Source
AI summary
In various embodiments, a computer-implemented method for the automatic provision of transactional data can include: by a computer system, accessing a credit transaction including an initial transaction profile and an initial risk profile; by the computer system, accessing an external server including an external data set associated with the credit transaction; by the computer system, augmenting the initial transaction profile with the external data set to generate a secondary transaction profile and a secondary risk profile; by the computer system, transmitting the secondary transaction profile to a credit server associated with a credit provider; and by the computer system, receiving a confirmation from the credit server of the secondary transaction profile associated with the credit transaction. In additional embodiments, the external data set can include publicly available data and the secondary transaction profile can include level three transaction data.