Enhanced Transaction Data Quality Assessment
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Solution Overview
Problem
The variability in data formats and completeness of enhanced transaction data from merchants makes it difficult for financial service networks to assess the quality of this data, leading to issues with accuracy and completeness.
Innovation Solution
A system and method that stores enhanced transaction data records with quality check criteria, using a processor to determine the quality of these records based on predefined criteria, assigning ratings and identifying areas for improvement.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Quantity of substance
If enhanced data is collected from multiple merchants and sources, then the quantity and variety of transaction information increases, but the data quality and consistency deteriorate due to varying formats and completeness
Solution Approach 1:
The patent applies parameter changes by establishing quality thresholds and criteria for enhanced transaction data fields. The system evaluates data against defined parameters such as completeness, format compliance, and validity ranges, transforming the assessment of data quality from a subjective process to a measurable one based on specific parameter standards.
Solution Approach 2:
The patent replaces manual data quality assessment with an automated computer-based system. The processor automatically evaluates enhanced transaction data against stored quality criteria, substituting human review with mechanical computation to consistently apply quality standards across large volumes of data from multiple sources.
2Measurement precision
If manual assessment of enhanced data quality is performed, then detailed evaluation is possible, but the processing time and resource requirements increase significantly
Solution Approach 1:
The patent replaces manual data quality assessment with an automated computer-based system. The processor automatically evaluates enhanced transaction data against stored quality criteria, substituting human review with mechanical computation to consistently apply quality standards across large volumes of data from multiple sources.
Solution Approach 2:
The system enables self-service data quality assessment where the computer automatically performs evaluation without human intervention. The quality determination module autonomously compares incoming enhanced data against predefined criteria and generates quality assessments, allowing the system to serve its own quality control needs without external manual input.
3Measurement precision
If comprehensive quality check criteria are implemented for all data fields, then data quality determination accuracy improves, but the system complexity increases
Solution Approach 1:
The patent segments the quality assessment system into distinct modular components: a quality determination module that evaluates individual records, a criteria storage component that holds evaluation standards, and a processing unit that applies the criteria. This segmentation allows comprehensive quality checking to be implemented through manageable, independent modules rather than a monolithic complex system.
Data Source
AI summary
A system is provided for determining the quality of merchant supplied enhanced data related to financial transactions performed by holders of financial presentation devices such as credit cards. The system includes a memory storing a plurality of enhanced transaction data (ETD) records and quality check criteria for determining the quality of enhanced data contained in the ETD records. A quality determination module determines a quality of the stored ETD records based on the stored quality check criteria.