18376146. OUTSTANDING CHECK ALERT simplified abstract (Capital One Services, LLC)
Contents
- 1 OUTSTANDING CHECK ALERT
OUTSTANDING CHECK ALERT
Organization Name
Inventor(s)
Kevin M. Lowe of Richmond VA (US)
OUTSTANDING CHECK ALERT - A simplified explanation of the abstract
This abstract first appeared for US patent application 18376146 titled 'OUTSTANDING CHECK ALERT
Simplified Explanation
The patent application describes systems that generate alerts for outstanding checks using machine learning classifiers.
- Transaction records from checking accounts are analyzed to detect patterns indicating merchants have not processed outstanding checks.
- Sequential check information is used to identify missing check numbers and determine outstanding checks associated with specific accounts.
- Alerts are sent to users indicating the presence of outstanding checks.
Potential Applications
This technology could be applied in the banking and financial industry to help customers stay informed about their outstanding checks and potential issues with merchants processing payments.
Problems Solved
This technology helps users avoid potential overdraft fees or other financial issues by alerting them to outstanding checks that have not been processed by merchants.
Benefits
The system provides users with timely alerts about outstanding checks, allowing them to take appropriate action to avoid financial complications.
Potential Commercial Applications
This technology could be utilized by banks, financial institutions, and other organizations that handle checking accounts to provide value-added services to their customers.
Possible Prior Art
One possible prior art could be systems that generate alerts for unusual or suspicious transactions in checking accounts, but not specifically focused on outstanding checks.
What are the specific machine learning classifiers used in this system?
The specific machine learning classifiers used in this system are a first classifier to detect patterns indicating merchants have not processed outstanding checks and a second classifier to identify missing check numbers and determine outstanding checks associated with specific accounts.
How does this system ensure the security and privacy of user data?
The system ensures the security and privacy of user data by following industry-standard encryption protocols, access controls, and data anonymization techniques to protect sensitive information.
Original Abstract Submitted
Systems as described herein generate an outstanding check alert. An alert generating server may receive transaction records associated with a plurality of checking accounts. The alert generating server may user a first machine learning classifier to determine a transaction pattern indicating a merchant has failed to process outstanding checks for a period of time. The alert generating server may receive sequential check information comprising at least one missing check number associated with a particular checking account. The alert generating server may user a second machine learning classifier to determine at least one outstanding check associated with the particular checking account. The alert generating server may send an alert indicating the at least one outstanding check to a user device.
