18149544. DETECTING AND PREVENTING DUPLICATE TRANSACTIONS ON A TRANSACTION EXCHANGE PLATFORM simplified abstract (Capital One Services, LLC)

DETECTING AND PREVENTING DUPLICATE TRANSACTIONS ON A TRANSACTION EXCHANGE PLATFORM

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)

DETECTING AND PREVENTING DUPLICATE TRANSACTIONS ON A TRANSACTION EXCHANGE PLATFORM - A simplified explanation of the abstract

This abstract first appeared for US patent application 18149544 titled 'DETECTING AND PREVENTING DUPLICATE TRANSACTIONS ON A TRANSACTION EXCHANGE PLATFORM

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:

• The platform helps in detecting and resolving duplicate transactions, which can prevent financial losses and confusion.
• By identifying and addressing errors in transactions, the platform ensures accuracy and reliability in financial processes.
• Handling rejected transactions from clearinghouses helps in maintaining a seamless transaction flow.

Benefits of this technology:

• Improved efficiency and accuracy in transaction processing.
• Reduction in financial losses due to duplicate transactions or errors.
• Enhanced reliability and trust in financial systems.
• Streamlined workflows and reduced manual intervention.

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.