FINANCIAL TRANSACTION MONITORING

• US 20100191634A1
• Filed: 04/27/2009
• Published: 07/29/2010
• Est. Priority Date: 01/26/2009
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Price, David D., Blow, Jerry B., Macy, Barbara R.
• Application Number:
  US12/430,754
• Publication Number:
  US 20100191634A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06N 3/08 Learning methods
• CPC Class Codes: G06Q 30/0202 Market predictions or forecasting for commercial activities
• CPC Class Codes: G06Q 30/0248 Avoiding fraud
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Embodiments of the present invention provide systems and methods for monitoring financial transactions. For example, in one embodiment a system includes a communication interface configured to receive information about each transaction of a plurality of transactions. The system includes a memory device having a plurality of keywords and an artificial intelligence application stored therein, the plurality of keywords being associated with a plurality of entities whose transactions are to be specially handled. The system further includes a processor configured to identify a first group of transactions from the plurality of transactions where the information about each transaction of the first group of transactions includes at least one of the plurality of keywords. The processor is further configured to then use the artificial intelligence application to determine that one or more transactions in the first group of transactions are associated with one or more of the plurality of entities.

Claims

1. A system for monitoring financial transactions, the system comprising:

a processing device configured to;

receive transaction information about a plurality of past financial transactions;

receive result information about whether each of the plurality of past financial transactions was determined to be associated with one or more of a plurality of entities whose financial transactions should be specially handled;

determine relationships between the transaction information and the result information; and

use the relationships to determine whether a financial transaction is associated with one or more of the plurality of entities and should be specially handled.

2. The system of claim 1, further comprising:

a communication device operatively coupled to the processing device, wherein the processing device is further configured to use the communication device to notify a person, entity, or device about whether, based on the relationships, the financial transaction is associated with one or more of the plurality of entities and should be specially handled.

3. The system of claim 1, further comprising:

a communication device operatively coupled to the processing device, wherein the processing device is further configured to use the communication device to notify a person, entity, or device to hold, block, or reject the financial transaction based on a determination that the financial transaction is associated with one or more of the plurality of entities and should be specially handled.

4. The system of claim 1, wherein the processing device is further configured to:

hold, block, or reject the financial transaction based on a determination that the financial transaction is associated with one or more of the plurality of entities and should be specially handled.

5. The system of claim 1, wherein the processing device is configured to use the relationships to determine a score that indicates a likelihood that the financial transaction is associated with one or more of the plurality of entities and should be specially handled.

6. The system of claim 5, wherein the processing device is configured to specially handle the financial transaction if the score falls on a predefined side of a score threshold.

7. The system of claim 1, wherein the processing device is further configured to:

receive information about a human determination about whether the financial transaction is associated with one or more of the plurality of entities and should be specially handled; and

use the information about the human determination to update the relationships between the transaction information and the result information.

8. The system of claim 1, wherein the processing device is further configured to:

use its determination about whether the financial transaction is associated with one or more of the plurality of entities and should be specially handled to update the relationships between the transaction information and the result information.

9. The system of claim 1, wherein the processing device is configured to use the relationships to rank a plurality of financial transactions based at least partially on a likelihood that each of the plurality of financial transactions is associated with one or more of the plurality of entities.

10. The system of claim 9, wherein the processing device is configured to handle each of the plurality of financial transactions based at least partially on the ranking of the plurality of financial transactions.

11. The system of claim 1, further comprising:

a memory device having a plurality of keywords stored therein, wherein the plurality of keywords are associated with the plurality of entities whose transactions should be specially handled, and

wherein the processing device is further configured to;

determine whether information about the financial transaction includes one or more of the plurality of keywords,

allow the financial transaction to be handled in a standard manner, if the information about the financial transaction does not include one or more of the plurality of keywords, and

use the relationships to determine whether the financial transaction is associated with one or more of the plurality of entities and should be specially handled, if the information about the financial transaction includes one or more of the plurality of keywords.

12. The system of claim 1, further comprising:

a memory device comprising an artificial intelligence application stored therein, the artificial intelligence application comprising computer-executable code for performing an artificial intelligence algorithm,

wherein the processing device is configured to;

execute the computer-executable code to determine the relationships between the transaction information and the result information and use the relationships to determine whether future financial transactions are associated with one or more of the plurality of entities.

13. The system of claim 1, wherein the result information comprises information about determinations made or verified by humans about whether each of the plurality of past financial transactions was determined to be associated with one or more of a plurality of entities whose financial transactions should be specially handled.

14. The system of claim 1, wherein the plurality of entities comprises entities identified by a governing body as entities whose financial transactions should be blocked, held, rejected, or reported.

20. The system of claim 1, wherein the keywords comprise the United States Office of Foreign Assets Control'"'"'s Specially Designated Nationals list.

15. A system for monitoring transactions, the system comprising:

a communication interface configured to receive information about each transaction of a plurality of transactions;

a memory device having a plurality of keywords and an artificial intelligence application stored therein, wherein the plurality of keywords are associated with a plurality of entities whose transactions are to be specially handled; and

a processor configured to;

identify a first group of transactions from the plurality of transactions where the information about each transaction of the first group of transactions includes at least one of the plurality of keywords; and

use the artificial intelligence application to determine that one or more transactions in the first group of transactions are associated with one or more of the plurality of entities.

16. The system of claim 15, wherein the processor is further configured to:

provide an indication that the one or more transactions in the first group of transactions determined to be associated with one or more of the plurality of entities are to be specially handled.

17. The system of claim 15, wherein the artificial intelligence application comprises an algorithm selected from the group consisting of a neural network algorithm, statistical classification algorithm, machine learning algorithm, Bayesian network algorithm, or swarm intelligence algorithm, and wherein the processor is configured to use the algorithm to determine that one or more transactions in the first group of transactions are associated with one or more of the plurality of entities.

18. The system of claim 15, wherein the plurality of keywords comprise names provided by a rulemaking entity, wherein the names are names of entities suspected of engaging in illegal or undesirable activity.

19. The system of claim 18, wherein the rulemaking entity comprises a division of a country'"'"'s governing body.

21. A method for monitoring financial transactions, the method comprising:

receiving transaction information about a plurality of past financial transactions;

receiving result information about whether each of the plurality of past financial transactions was determined to be associated with one or more of a plurality of entities whose financial transactions should be specially handled;

using a processor to determine relationships between the transaction information and the result information;

using a processor to determine, based on the relationships, that a pending financial transaction is associated with one or more of the plurality of entities and should be specially handled; and

specially handling the pending financial transaction.

22. The method of claim 21, wherein specially handling the pending financial transaction comprises:

notifying a person, entity, or device that the pending financial transaction is associated with one or more of the plurality of entities and should be specially handled.

23. The method of claim 21, wherein specially handling the pending financial transaction comprises:

notifying a person, entity, or device to hold, block, or reject the pending financial transaction.

24. The method of claim 21, wherein specially handling the pending financial transaction comprises:

holding, blocking, or rejecting the pending financial transaction.

25. The method of claim 21, wherein using a processor to determine, based on the relationships, that the pending financial transaction is associated with one or more of the plurality of entities and should be specially handled comprises:

using the processor to determine, based on the relationships, a score that indicates a likelihood that the pending financial transaction is associated with one or more of the plurality of entities and should be specially handled; and

determining that the score falls on a predefined side of a score threshold.

26. The method of claim 21, further comprising:

receiving information about a human determination that the pending financial transaction is associated with one or more of the plurality of entities and should be specially handled; and

using the information about the human determination to update the relationships between the transaction information and the result information.

27. The method of claim 21, further comprising:

using a processor to update the relationships between the transaction information and the result information based on the determination that the pending financial transaction is associated with one or more of the plurality of entities and should be specially handled.

28. The method of claim 21, wherein using a processor to determine, based on the relationships, that the pending financial transaction is associated with one or more of the plurality of entities and should be specially handled comprises:

using the processor to rank, based on the relationships, a plurality of pending financial transactions based at least partially on a likelihood that each of the plurality of pending financial transactions is associated with one or more of the plurality of entities; and

handling the plurality of pending financial transactions based at least partially on rankings.

29. A computer program product for monitoring financial transactions, the computer program product comprising a computer-readable medium having computer-executable program code stored therein, the computer-executable program code comprising:

a first executable code portion configured to receive transaction information about a plurality of past financial transactions;

a second executable code portion configured to receive result information about whether each of the plurality of past financial transactions was determined to be associated with one or more of a plurality of entities whose financial transactions should be specially handled;

a third executable code portion configured to determine relationships between the transaction information and the result information;

a fourth executable code portion configured to determine, based on the relationships, that a pending financial transaction is associated with one or more of the plurality of entities and should be specially handled.

30. The computer program product of claim 29, further comprising:

an executable code portion configured to hold, block, or reject the pending financial transaction.

31. The computer program product of claim 29, further comprising:

an executable code portion configured to receive information about a human determination that the pending financial transaction is associated with one or more of the plurality of entities and should be specially handled; and

an executable code portion configured to use the information about the human determination to update the relationships between the transaction information and the result information.

32. The computer program product of claim 29, wherein the fourth executable code portion further comprises:

an executable code portion configured to rank, based on the relationships, a plurality of pending financial transactions based at least partially on a likelihood that each of the plurality of pending financial transactions is associated with one or more of the plurality of entities.