SYSTEM AND METHOD FOR AUTOMATED TRANSACTION SPLITTING
First Claim
1. A method of automatically splitting a financial transaction into multiple categories, the method comprising:
- maintaining a record of multiple transactions conducted with a first payee by one or more users including a first user;
identifying a plurality of categories for categorizing the multiple transactions;
calculating a first model transaction representative of the multiple transactions;
identifying a new transaction conducted by the first user with the first payee; and
automatically splitting the new transaction based on the first model transaction.
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Abstract
A system and method are provided for automated transaction splitting. A central repository gathers details of multi-category transactions between a first payee (e.g., merchant, investment firm) and one or more users. Each category'"'"'s proportionate share of the total of the transactions is calculated and used to configure an average or model transaction. When a new transaction is received, it is automatically split among the categories based on the model transaction. Multiple types or tiers of model transactions may be applied. For example, a user-specific model transaction may reflect one specific user'"'"'s history of transactions with the payee. A community model transaction may reflect multiple users'"'"' transactions. Similarly, one type of model transaction may reflect transactions with a single payee, while another type may reflect transactions with related payees (e.g., payees having similar businesses).
40 Citations
16 Claims
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1. A method of automatically splitting a financial transaction into multiple categories, the method comprising:
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maintaining a record of multiple transactions conducted with a first payee by one or more users including a first user; identifying a plurality of categories for categorizing the multiple transactions; calculating a first model transaction representative of the multiple transactions; identifying a new transaction conducted by the first user with the first payee; and automatically splitting the new transaction based on the first model transaction. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A computer-implemented method of automatically splitting a financial transaction into multiple categories, the method comprising:
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maintaining a record of multiple transactions conducted with a first payee by one or more users including a first user; identifying a plurality of categories for categorizing the multiple transactions; calculating a first model transaction representative of the multiple transactions; identifying a new transaction conducted by the first user with the first payee; and automatically splitting the new transaction based on the first model transaction.
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8. A method of automatically splitting a financial transaction into multiple categories, the method comprising:
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maintaining a pool of details of previous multi-category transactions conducted by a plurality of users with a first payee; for each user, calculating a user-specific model transaction by; calculating a total value of the user'"'"'s multi-category transactions with the first payee; for each of the multiple categories, calculating a portion of the total value attributable to the category; and configuring said user-specific model transaction to reflect each category'"'"'s proportion of the total value of the user'"'"'s multi-category transactions; identifying a new transaction between the first payee and a first user; and if the first user has completed a threshold of transactions with the first payee, automatically splitting the new transaction among the multiple categories by applying a first user-specific model transaction corresponding to the first user; and if the first user has not completed a threshold of transactions with the first payee, automatically splitting the new transaction among the multiple categories by applying a community model transaction corresponding to the plurality of users. - View Dependent Claims (9, 10, 11, 12)
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13. A computer system for automatically splitting a financial transaction among multiple categories, comprising:
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a data repository configured to store details of transactions conducted between one or more users and a first payee, wherein each transaction is allocable to multiple categories; an analysis module configured to; determine, for each of the multiple categories, a proportionate share of a total value of the transactions allocable to the category; and configure a first model transaction for the first payee; and a transaction split module configured to apply the first model transaction to automatically split a new transaction among the multiple categories. - View Dependent Claims (14, 15, 16)
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Specification