Universal Financial Engine for Adaptable Data Evaluation
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Solution Overview
Problem
Financial systems and methods are often application-specific and require substantial code revision to adapt to different business environments, leading to high development costs, complexity, and error-prone custom programming due to varied country and industry factors.
Innovation Solution
A flexible and reliable financial calculation/evaluation system utilizing an encapsulated engine that processes data sets with externally defined structures and rules, allowing for independent operation across different data structures and enabling efficient reuse of a generalized platform.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If custom code is developed on a per application basis to handle particular types of data and specific data structures, then the system can support externally-defined data according to client-defined rules, but the development process becomes expensive, disruptive to the company's business, and unreliable
Solution Approach 1:
The patent creates a universal financial engine that can handle multiple data structures and business rules through a common platform. The engine uses configurable parameters and rules engines to adapt to different applications without requiring custom code development for each case, thus achieving versatility while reducing complexity
Solution Approach 2:
The system segments the financial processing functionality into modular components including data reception modules, evaluation rule modules, and calculation modules. This segmentation allows the engine to be configured for different applications by assembling appropriate modules rather than developing entirely custom code for each application
2Adaptability or versatility
If custom code is developed on a per application basis, then specific business environments can be handled, but significant company resources are devoted to educating developers, providing test data, analysing test results and troubleshooting
Solution Approach 1:
The financial engine is designed to be self-configurable through parameter files and rule definitions that can be modified without requiring developer intervention. The system can adapt to new business environments by loading new configuration data rather than requiring custom code development and extensive testing cycles
Solution Approach 2:
The engine includes pre-built functionality for common financial calculations and data structures. By having these capabilities prepared in advance as part of the general platform, the system can quickly adapt to new applications without requiring extensive development and testing time for each new business environment
3Adaptability or versatility
If financial programs are designed on a case-by-case basis to handle particular types of data, then specific data structures can be supported, but the resulting programs are prone to errors or inadequate performance and may take significant time to develop into satisfactory products
Solution Approach 1:
The patent implements a universal engine with standardized data handling capabilities that process different data types through consistent evaluation rules. This approach reduces errors by using proven, tested functionality across multiple applications rather than developing new code for each specific data structure
Solution Approach 2:
The system includes validation mechanisms that verify data against defined rules and constraints before processing. This feedback loop ensures data integrity and reduces errors by catching issues early in the processing pipeline, improving reliability across different applications
Data Source
AI summary
Systems and methods are provided for evaluating financial information, including systems and methods with computational/evaluation capability to process data sets comprising financial data. In one of the implementations, the systems and methods may be utilized for asset accounting. A calculation module may be provided that includes an evaluation engine that operates internally on a flat, generic data structure that is independent of the particular application. The externally-defined data structure of the data set may be mapped onto the internal data structure. Further, rules-based modules may provide information related to the client-defined rules. A user interface may enable a user to receive back the evaluated financial information, for a specified time period, the financial information being responsive to an original user request entered via the user interface. As a result, the evaluation engine can be used for a variety of different applications.