18534860. IMAGE-BASED FINANCIAL PROCESSING simplified abstract (PayPal, Inc.)
Contents
IMAGE-BASED FINANCIAL PROCESSING
Organization Name
Inventor(s)
Michael Mettler of San Francisco CA (US)
Josh Bleecher Snyder of San Francisco CA (US)
IMAGE-BASED FINANCIAL PROCESSING - A simplified explanation of the abstract
This abstract first appeared for US patent application 18534860 titled 'IMAGE-BASED FINANCIAL PROCESSING
The abstract of the patent application describes a system for image-based processing of financial information sources to facilitate financial transactions. The system involves validating the source of financial information through image analysis before acquiring and validating the financial information itself.
- The device acquires images containing financial information sources.
- It validates the source independently of the financial information in a preliminary analysis.
- If the source is validated, the device acquires the financial information from the images.
- The financial information is then validated.
- If the financial information is valid, the device can initiate authorization for the financial transaction.
Potential Applications: - Financial institutions for secure verification of financial documents - Online payment platforms for enhanced security measures - Accounting firms for efficient processing of financial data
Problems Solved: - Ensures the authenticity of financial information sources - Enhances the security of financial transactions - Streamlines the validation process for financial data
Benefits: - Improved accuracy in financial transactions - Reduced risk of fraud and unauthorized transactions - Increased efficiency in financial document processing
Commercial Applications: Title: "Enhanced Financial Information Processing System for Secure Transactions" This technology can be utilized by banks, online payment platforms, and accounting firms to enhance the security and efficiency of financial transactions. It can lead to increased trust among customers and reduce the risk of fraudulent activities in the financial sector.
Questions about Image-based Financial Information Processing: 1. How does the system validate the source of financial information through image analysis? The system uses image analysis algorithms to verify the authenticity of the financial information source before proceeding with acquiring the actual financial data.
2. What are the key advantages of using image-based processing for financial transactions? Image-based processing enhances security by validating the source of financial information and streamlines the validation process, leading to more efficient and accurate financial transactions.
Original Abstract Submitted
Image-based processing of sources of financial information for financial transactions is provided. A device is enabled to acquire one or more images including a representation of a source of financial information. The device can validate the source, independent of the financial information in a preliminary analysis. If the source is validated, one or more images are used to acquire the financial information. The financial information is then validated. If the financial information is valid, authorization of the financial transaction can be initiated.
