Transaction Description Parsing for Location Data Extraction
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Solution Overview
Problem
Current financial transaction descriptions vary widely in format and content, making it difficult for financial service providers to accurately extract specific transaction information such as location details from alphanumeric strings.
Innovation Solution
A system and method for processing transaction descriptions using processors to identify and remove known location information, separate the description into strings, and extract additional location information not associated with the known information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If merchants include various transaction details in descriptions, then information completeness is improved, but information extraction difficulty increases
Solution Approach 1:
The patent segments the transaction description processing into distinct phases: first identifying and removing known location information, then separating the remaining description into alphanumeric strings, and finally extracting additional location information. This segmentation transforms a complex extraction task into manageable sequential steps, resolving the contradiction between information completeness and extraction difficulty.
Solution Approach 2:
The patent applies extraction by first removing known location information from the transaction description, then extracting additional location information from the remaining strings. This selective extraction approach isolates useful information from the complex merchant-generated descriptions, maintaining information completeness while reducing extraction difficulty through systematic removal and isolation of specific data elements.
2Adaptability or versatility
If merchants use custom formats and codes, then merchant specificity is improved, but processing complexity increases
Solution Approach 1:
The patent implements a universal processing approach that handles diverse merchant formats through a single multi-functional system. The processing system universally applies string separation and pattern matching techniques across different merchant description formats, enabling the system to adapt to various merchant-specific formats without requiring separate processing logic for each merchant, thus maintaining format flexibility while controlling processing complexity.
3Reliability
If location information is removed from descriptions, then data cleansing is improved, but information availability decreases
Solution Approach 1:
The patent applies extraction by first removing known location information from the transaction description, then extracting additional location information from the remaining strings. This selective extraction approach isolates useful information from the complex merchant-generated descriptions, maintaining information completeness while reducing extraction difficulty through systematic removal and isolation of specific data elements.
Solution Approach 2:
The patent discards known location information from the original description format, then recovers it by extracting additional location information from the separated alphanumeric strings. This discard and recover process ensures data cleansing quality by removing ambiguous location data while preserving location information availability through systematic extraction from structured string components.
Data Source
AI summary
The disclosed embodiments include systems and methods for extracting information from a transaction description. In one embodiment, a system is disclosed that may include one or more processors and one or more memory devices storing instructions that, when executed by the one or more processors, performs operations consistent with the disclosed embodiments. In one embodiment, the operations may include receiving a transaction description. The operations may also include identifying known location information corresponding to the transaction description and determining whether information from the transaction description corresponds to the identified known location information. The operations may further include removing location information from the transaction description based on the determination. In another aspect, the operations may also include extracting additional location information from the transaction description that is not associated with the known location information.