18435311. Direct Data Share simplified abstract (Capital One Services, LLC)
Contents
- 1 Direct Data Share
Organization Name
Inventor(s)
Wesley Perkins of Henrico VA (US)
Venkata Satya Sriram Kalyan Namuduri of Glen Allen VA (US)
David Ross of Richmond VA (US)
Andrew Coulson of Washington DC (US)
Hunter Roberts of Henrico VA (US)
This abstract first appeared for US patent application 18435311 titled 'Direct Data Share
Simplified Explanation
The patent application describes methods, systems, and apparatuses for the direct sharing and use of transaction data separately from transaction authorization processes. Here are some key points to explain the innovation:
- Transaction metadata is received and validated.
- Authorization information for the transaction is received.
- The transaction metadata is tested based on a predicted time of receipt of the authorization information.
- The transaction metadata and authorization information are correlated.
- A computing device determines whether to authorize the financial transaction based on the authorization information and correlated transaction metadata.
- Transaction metadata may be provided to users after the transaction has been authorized or denied.
Potential Applications
This technology could be applied in the financial industry for secure and efficient transaction processing. It could also be used in e-commerce platforms to enhance payment verification processes.
Problems Solved
This technology streamlines transaction authorization processes by separating transaction data sharing from authorization. It helps in ensuring the security and accuracy of financial transactions.
Benefits
The benefits of this technology include improved transaction security, faster processing times, and enhanced user experience. It also allows for better fraud detection and prevention.
Potential Commercial Applications
A potential commercial application of this technology could be in banking and payment processing systems. Another application could be in online retail platforms to enhance payment security measures.
Possible Prior Art
One possible prior art for this technology could be existing transaction processing systems that integrate transaction data and authorization processes. However, the specific method of separating transaction data sharing from authorization may be a novel aspect of this innovation.
Unanswered Questions
How does this technology impact data privacy and compliance regulations in the financial industry?
This article does not delve into the specific implications of data privacy laws and regulations on the implementation of this technology.
What are the potential challenges in implementing this technology on a large scale across different financial institutions?
The article does not address the potential obstacles or difficulties that may arise when deploying this technology on a broader scale within the financial sector.
Original Abstract Submitted
Methods, systems, and apparatuses are described herein for the direct sharing and use of transaction data separately from transaction authorization processes. Transaction metadata associated with a transaction may be received and validated. Authorization information corresponding to the transaction may be received. The degree to which the transaction metadata is tested may be based on a predicted time of receipt of the authorization information. The transaction metadata and authorization information may be correlated. A computing device may determine whether to authorize the financial transaction based on the authorization information and the correlated transaction metadata. All or portions of the transaction metadata may be provided to one or more users after the transaction has been authorized or denied.
