Categorizing financial transactions based on spending patterns
US11176606B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Jul 30, 2019 |
| Grant date | Nov 16, 2021 |
| Priority date | — |
| Expiry date | Jul 30, 2039 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q10/02
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
During operation of a system, a financial transaction of an individual is associated with one or more predefined categories based on scores that indicate the likelihood of association. For example, a given predefined category may include a merchant name (such as the name of a potential counterparty in the financial transaction) and/or an attribute associated with one or more merchants. The score for a given predefined category may be determined based on a number of occurrences of the given predefined category in financial-transaction histories of a subset of a group of individuals who have common spending patterns in their financial-transaction histories. Moreover, the spending pattern may be based on values of financial transactions in the financial-transaction histories.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.