Plaid inc. (20240354720). SYSTEM AND METHOD FOR FACILITATING PROGRAMMATIC VERIFICATION OF TRANSACTIONS simplified abstract
Contents
SYSTEM AND METHOD FOR FACILITATING PROGRAMMATIC VERIFICATION OF TRANSACTIONS
Organization Name
Inventor(s)
William Hockey of San Francisco CA (US)
Zach Perret of San Francisco CA (US)
Charles Li of San Francisco CA (US)
SYSTEM AND METHOD FOR FACILITATING PROGRAMMATIC VERIFICATION OF TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240354720 titled 'SYSTEM AND METHOD FOR FACILITATING PROGRAMMATIC VERIFICATION OF TRANSACTIONS
Simplified Explanation:
This patent application describes systems and methods for programmatic access to a financial institution system. An application system sends a normalized API request with user information to access account endpoints in an external financial institution system. Application proxy instances collect transaction information from the financial institution system using proprietary API requests and provide it back to the application system in a normalized API response.
- The innovation involves using application proxy instances to interact with external financial institution systems on behalf of users.
- Transaction information is collected and processed to generate a normalized API response for the application system.
- The system simulates the application of the financial institution system for user accounts.
Potential Applications: This technology can be applied in the financial services industry for seamless access to user account information from external systems.
Problems Solved: This technology streamlines the process of accessing and retrieving transaction information from external financial institution systems.
Benefits: The benefits of this technology include improved efficiency in accessing user account information, enhanced security measures, and a more seamless user experience.
Commercial Applications: Title: Enhanced Financial Data Access Technology This technology can be commercialized by financial institutions, fintech companies, and other organizations that require secure and efficient access to user account information from external systems.
Prior Art: Researchers can explore prior art related to API integration, financial data access systems, and user authentication methods in the financial services industry.
Frequently Updated Research: Researchers can stay updated on advancements in API technology, data security measures, and user authentication protocols relevant to this technology.
Questions about Financial Data Access Technology: 1. How does this technology improve the user experience in accessing financial data? 2. What security measures are in place to protect user information during data access processes?
Original Abstract Submitted
systems and methods for programmatic access of a financial institution system. a normalized api request provided by an application system specifies user information corresponding to at least one account endpoint of an external financial institution system. responsive to the request, at least one application proxy instance associated with the normalized api request is used to collect transaction information from a corresponding financial institution system by providing the financial institution system with a proprietary api request. the transaction information is included in at least one proprietary api response provided by the financial institution system. a normalized api response is generated based on the collected transaction information and provided to the application system. each application proxy instance is constructed to simulate an application of the corresponding financial institution system on behalf of a user associated with the application proxy instance.
