18149493. TRANSACTION EXCHANGE PLATFORM WITH A VALIDATION MICROSERVICE FOR VALIDATING TRANSACTIONS BEFORE BEING PROCESSED simplified abstract (Capital One Services, LLC)

TRANSACTION EXCHANGE PLATFORM WITH A VALIDATION MICROSERVICE FOR VALIDATING TRANSACTIONS BEFORE BEING PROCESSED

Organization Name

Capital One Services, LLC

Inventor(s)

Nishant Srivastava of Glen Allen VA (US)

Eric K. Barnum of Midlothian VA (US)

Suresh Chander Ramaraj of Glen Allen VA (US)

Eric Smith of Henrico VA (US)

Earle Michael Lee of Midlothian VA (US)

Kumari Bhawprita of Glen Allen VA (US)

TRANSACTION EXCHANGE PLATFORM WITH A VALIDATION MICROSERVICE FOR VALIDATING TRANSACTIONS BEFORE BEING PROCESSED - A simplified explanation of the abstract

This abstract first appeared for US patent application 18149493 titled 'TRANSACTION EXCHANGE PLATFORM WITH A VALIDATION MICROSERVICE FOR VALIDATING TRANSACTIONS BEFORE BEING PROCESSED

Simplified Explanation

The patent application describes a transaction exchange platform that uses a streaming data platform and microservices to process transactions based on review and approval workflows. Here are the key points:

• The platform receives transactions from various sources and adds them to a streaming data platform as transaction objects.
• The transactions are analyzed to identify duplicate transactions and errors.
• If duplicate transactions or transactions with potential errors are detected, the platform takes necessary actions to resolve them.
• The platform also handles transactions that are rejected by a clearinghouse and takes steps to remediate them.

Potential applications of this technology:

• Financial institutions can use this platform to streamline their transaction processing and reduce errors.
• E-commerce companies can benefit from the platform to ensure smooth and accurate transaction handling.
• Government agencies can utilize the platform to improve the efficiency of their transaction processing systems.

Problems solved by this technology:

• Duplicate transactions can lead to financial discrepancies and confusion. This platform helps in identifying and resolving such duplicates.
• Errors in transactions can cause financial losses and customer dissatisfaction. The platform helps in detecting and rectifying errors before they cause any harm.
• Rejected transactions from clearinghouses can disrupt the transaction flow. The platform helps in remediating these transactions and ensuring their successful processing.

Benefits of this technology:

• Improved accuracy and efficiency in transaction processing.
• Reduction in financial losses due to duplicate transactions and errors.
• Enhanced customer satisfaction by minimizing transaction-related issues.
• Streamlined workflow and reduced manual intervention in transaction handling.

Original Abstract Submitted

Aspects described herein may relate to a transaction exchange platform using a streaming data platform (SDP) and microservices to process transactions according to review and approval workflows. The transaction exchange platform may receive transactions from origination sources, which may be added to the SDP as transaction objects. As the transactions are received, the transactions may be analyzed to detect duplicate transactions and/or errors in the transactions. The transaction exchange platform may take steps to remediate transactions that are recognized as duplicates or predicted to generate one or more errors. Similarly, the transaction exchange platform may take steps to remediate transactions that are rejected by a clearinghouse.