18517736. AUTOMATED MULTI-PARTY EVENT AND TRANSACTION DECISIONING SYSTEM simplified abstract (Capital One Services, LLC)

AUTOMATED MULTI-PARTY EVENT AND TRANSACTION DECISIONING SYSTEM

Organization Name

Capital One Services, LLC

Inventor(s)

Vijay Sahebgouda Bantanur of Gaithersburg MD (US)

Muralidharan Balasubramanian of Gaithersburg MD (US)

Julie Dallen of Vienna VA (US)

AUTOMATED MULTI-PARTY EVENT AND TRANSACTION DECISIONING SYSTEM - A simplified explanation of the abstract

This abstract first appeared for US patent application 18517736 titled 'AUTOMATED MULTI-PARTY EVENT AND TRANSACTION DECISIONING SYSTEM

Simplified Explanation

The abstract describes methods, systems, and devices for detecting multi-party events and transactions by monitoring user data to identify event-related information and analyzing it to determine the date, location, and parties involved in the event. Transactions associated with multiple parties during the event are then aggregated, and an optimal payment scheme is determined for settlement among the parties.

• User data monitoring to detect multi-party events and transactions
• Analysis of data to identify event details and parties involved
• Aggregation of transactions and determination of optimal payment scheme for settlement

Potential Applications

This technology could be applied in various industries such as event planning, financial services, and social networking platforms to streamline multi-party transactions and event settlements.

Problems Solved

This technology solves the problem of efficiently managing and settling transactions involving multiple parties participating in a common event or activity.

Benefits

The benefits of this technology include simplifying the settlement process for multi-party transactions, reducing the administrative burden on individuals or organizations involved, and ensuring fair and optimal payment schemes for all parties.

Potential Commercial Applications

Potential commercial applications of this technology include event management software, financial transaction platforms, and collaborative consumption services.

Possible Prior Art

One possible prior art for this technology could be existing event planning software that helps coordinate activities and transactions among multiple participants. Additionally, financial services platforms that facilitate group payments and settlements may also be considered as prior art.

How does the technology ensure data privacy and security for user information during monitoring and analysis processes?

The technology should incorporate robust encryption and data protection measures to safeguard user data from unauthorized access or breaches.

What are the scalability limitations of the system when handling a large volume of multi-party transactions and events?

The system should be able to efficiently process and analyze a high volume of data to ensure timely and accurate identification of multi-party events and transactions.

Original Abstract Submitted

Methods, systems, devices, and computer-readable media for detecting multi-party events and transactions are provided. User data may be monitored to detect data associated with an event involving multiple individuals, such as by identifying transaction data associated with certain types of merchants and/or scheduling, calendar, or correspondence data indicative of an event. The data may be further analyzed to identify a date, location, and/or parties associated with the event. A multi-party event may be generated. The user data may continue to be monitored to identify transactions associated with multiple parties and occurring during a time and/or at a location of the event. At a conclusion of the event, the transactions may be aggregated and an optimal payment scheme may be determined for settlement of the transactions between the parties. In accordance with the determined payment scheme, delegation of portions of the aggregated transactions may be initiated for settlement amongst the parties.