Linking data from multiple market participants to generate a consolidated audit trail

• US 10,049,409 B1
• Filed: 07/01/2014
• Issued: 08/14/2018
• Est. Priority Date: 12/19/2013
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Laufer, Leonard, Saber, James E., Altshuler, Helen, Pun, Julie, Tolani, Rajesh L., Mundy, Shivraj, Solovay, Michael B., Hatwar, Kamla
• Primary Examiner(s): Iwarere, Oluseye
• Application Number:
  US14/321,797
• Time in Patent Office: 1,505 Days
• Field of Search: 705 30
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Technologies are disclosed for linking data from multiple market participants to generate a consolidated audit trail. In one implementation, a processing device receives, from a first market participant and with respect to a first transaction, first transaction information, the first transaction information including (a) an identity of a beneficiary of the first transaction and (b) one or more first transaction parameters associated with the first transaction, generates an audit trail with respect to the first transaction, the audit trail including the first transaction information, receives, from a second market participant and with respect to the first transaction, second transaction information, the second transaction information including one or more second transaction parameters associated with the first transaction, links the second transaction information with the audit trail, processes the second transaction information and the audit trail to identify a discrepancy; and initiates one or more first actions based on the discrepancy.

Claims

1. A computer-implemented method for linking data to generate a consolidated audit trail using a transaction monitoring system, the method comprising:

receiving, over the Internet, at an adaptor of the transaction monitoring system, from a first market participant and with respect to a first transaction, first transaction information, the first transaction information comprising an identity of a beneficiary of the first transaction and one or more first transaction parameters associated with the first transaction;

transmitting the first transaction information from the adaptor to an Extract Transform Load (ETL) tool;

transforming the first transaction information into a consolidated audit trail format with the ETL tool and generating an audit trail with respect to the first transaction, the audit trail comprising one or more first data fields for the one or more first transaction parameters and one or more additional data fields for the data identifying the beneficiary;

receiving, over the Internet, at the adaptor of the transaction monitoring system, from a second market participant and with respect to the first transaction, second transaction information, the second transaction information comprising the identity of the beneficiary and one or more second transaction parameters associated with the first transaction;

linking the second transaction information comprising data for one or more second transaction parameters with one or more second data fields in the audit trail when the identity of the beneficiary in the second transaction information is the same as the identity of the beneficiary in the one or more additional data fields in the audit trail;

processing, with one or more processors, the first transaction information and the second transaction information to identify a discrepancy, wherein a portion of the second transaction information failed to successfully link to the first transaction information;

normalizing and storing successfully linked second transaction information in a database of the transaction monitoring system;

initiating one or more first actions with respect to the second transaction information failing to link based on the discrepancy and updating the audit trail to reflect identification of the discrepancy; and

providing an updated audit trail, thereby enabling monitoring of the first transaction throughout the transaction process.

2. The method of claim 1, further comprising:

comparing the first transaction with one or more transactions associated with the beneficiary to identify a relationship between the first transaction and the one or more transactions; and

initiating one or more second actions based on the relationship.

3. The method of claim 2, wherein comparing the first transaction with one or more transactions associated with the beneficiary comprises comparing the first transaction with one or more transactions associated with an entity related to the beneficiary to identify a relationship between the first transaction and the one or more transactions.

4. The method of claim 1, wherein initiating one or more first actions comprises requesting correction of the second transaction information from the second market participant.

5. The method of claim 1, wherein initiating one or more first actions comprises updating the audit trail to reflect an identification of the discrepancy.

6. The method of claim 1, wherein linking the second transaction information with the audit trail comprises incorporating the second transaction information within the audit trail.

7. The method of claim 1, further comprising providing the audit trail to a third market participant.

8. A transaction monitoring system for linking data to generate a consolidated audit trail, the method enabling efficient monitoring of a transaction throughout the transaction process, the system comprising:

a memory; and

a processing device, coupled to the memory, to;

receive, over the Internet, from a first market participant and with respect to a first transaction, first transaction information at an adaptor of the transaction monitoring system, the first transaction information comprising an identity of a beneficiary of the first transaction and one or more first transaction parameters associated with the first transaction;

transmit the first transaction information from the adaptor to an Extract Transform Load (ETL) tool;

transform the first transaction information into a consolidated audit trail format with the ETL tool and generate an audit trail with respect to the first transaction, the audit trail comprising one or more first data fields for the one or more first transaction parameters and one or more additional data fields for the data identifying the beneficiary;

receive, over the Internet from a second market participant and with respect to the first transaction, second transaction information at the adaptor of the transaction monitoring system, the second transaction information comprising the identity of the beneficiary and one or more second transaction parameters associated with the first transaction;

link the second transaction information comprising data for one or more second transaction parameters with one or more second data fields in the audit trail when the identity of the beneficiary in the second transaction information is the same as the identity of the beneficiary in the one or more additional data fields in the audit trail;

process the first transaction information and the second transaction information to identify a discrepancy, wherein a portion of the second transaction information failed to successfully link to the first transaction information;

normalize and store successfully linked second transaction information in a database of the transaction monitoring system; and

initiate one or more first actions with respect to the second transaction information failing to link based on the discrepancy and updating the audit trail to reflect identification of the discrepancy; and

provide an updated audit trail, thereby enabling monitoring of the first transaction throughout the transaction process.

9. The system of claim 8, wherein the processing device is further to:

compare the first transaction with one or more transactions associated with the beneficiary to identify a relationship between the first transaction and the one or more transactions; and

initiate one or more second actions based on the relationship.

10. The system of claim 9, wherein to compare the first transaction with one or more transactions associated with the beneficiary is to compare the first transaction with one or more transactions associated with an entity related to the beneficiary to identify a relationship between the first transaction and the one or more transactions.

11. The system of claim 8, wherein to initiate one or more first actions is to request correction of the second transaction information from the second market participant.

12. The system of claim 8, wherein to initiate one or more first actions is to update the audit trail to reflect an identification of the discrepancy.

13. The system of claim 8, wherein to link the second transaction information with the audit trail is to incorporate the second transaction information within the audit trail.

14. The system of claim 8, wherein the processing device is further to providing the audit trail to a third market participant.

15. A non-transitory computer readable medium having instructions stored thereon that, when executed by a processor, cause the processor to link data to generate a consolidated audit trail by performing operations comprising:

receiving, over the Internet, at an adaptor of a transaction monitoring system, from a first market participant and with respect to a first transaction, first transaction information, the first transaction information comprising an identity of a beneficiary of the first transaction and one or more first transaction parameters associated with the first transaction;

transmitting the first transaction information from the adaptor to an Extract Transform Load (ETL) tool;

transforming the first transaction information into a consolidated audit trail format with the ETL tool and generating an audit trail with respect to the first transaction, the audit trail comprising one or more first data fields for the one or more first transaction parameters and one or more additional data fields for the data identifying the beneficiary;

receiving, from a second market participant over the Internet, at the adaptor of the transaction monitoring system, and with respect to the first transaction, second transaction information, the second transaction information comprising the identity of the beneficiary and one or more second transaction parameters associated with the first transaction;

linking the second transaction information comprising data for one or more second transaction parameters with one or more second data fields in the audit trail when the identity of the beneficiary in the second transaction information is the same as the identity of the beneficiary in the one or more additional data fields in the audit trail;

processing, with one or more processors, the first transaction information and the second transaction information to identify a discrepancy, wherein a portion of the second transaction information failed to successfully link to the first transaction information;

normalizing and storing successfully linked second transaction information in a database of the transaction monitoring system; and

initiating one or more first actions with respect to the second transaction information failing to link based on the discrepancy and updating the audit trail to reflect identification of the discrepancy; and

providing an updated audit trail, thereby enabling monitoring of the first transaction throughout the transaction process.

16. The non-transitory computer readable medium of claim 15, further comprising:

comparing the first transaction with one or more transactions associated with the beneficiary to identify a relationship between the first transaction and the one or more transactions; and

initiating one or more second actions based on the relationship.

17. The non-transitory computer readable medium of claim 16, wherein comparing the first transaction with one or more transactions associated with the beneficiary comprises comparing the first transaction with one or more transactions associated with an entity related to the beneficiary to identify a relationship between the first transaction and the one or more transactions.

18. The non-transitory computer readable medium of claim 15, wherein initiating one or more first actions comprises requesting correction of the second transaction information from the second market participant.

19. The non-transitory computer readable medium of claim 15, wherein initiating one or more first actions comprises updating the audit trail to reflect an identification of the discrepancy.