Preventing restricted trades using physical documents

US10410168B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Ann McCormick · Portland, US
• Gary Ford · Charlotte, US
• Mark D. Zanzot · Huntersville, US
• Peter Tholl · Albany, US
• Robin Tooker · Charlotte, US
• Steven Dommes · Scranton, US
• Timothy Lukavsky · Charlotte, US
• Walter McKay · Albany, US

Key dates

• Filing date: Nov 24, 2015
• Grant date: Sep 10, 2019
• Expiry date: Jan 31, 2038

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04N2201/3242
• WIPO field: Audio-visual technology
• WIPO sector: Electrical engineering

Abstract

A system for preventing restricted transactions using physical trade documents includes a document intake machine comprising a document scanner and a data extractor. The document intake machine receives a physical trade document associated with a transaction of goods from an entity. The document scanner scans the physical trade document to create an electronic file. The data extractor identifies trade terms from the electronic file. A trade-executing machine receives the trade terms and compares them to a database of restricted trade terms. For each of the trade terms that match a restricted trade term, the trade executing machines identifies a confidence level associated with the trade term indicating a likelihood that the transaction of goods is a restricted transaction. If the confidence level is greater than a predetermined threshold, the trade executing machine flags the transaction of goods as a potential restricted transaction and communicates a notification message to the entity.