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SYSTEM AND METHOD FOR PREDICTING ITEMS PURCHASED BASED ON TRANSACTION DATA

  • US 20150332414A1
  • Filed: 05/13/2014
  • Published: 11/19/2015
  • Est. Priority Date: 05/13/2014
  • Status: Abandoned Application
First Claim
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1. A method for determining a type or category of product purchased as part of a payment card transaction between a customer and a merchant, the method comprising:

  • receiving at a computer processor, payment card transaction record data including at least one of a customer identifier, a merchant identifier, and a transaction purchase amount corresponding to a product purchase transaction, the transaction record omitting direct product purchase itemization data;

    determining, using a predictive model, a likelihood indicator that a given type or category of product sold by the merchant matches that of the actual product purchased in the payment card transaction, by analyzing the transaction record data and comparing with historical data of previous payment card transactions, to generate one or more score indicators that represent different possible product types or categories of product purchased in the payment card transaction;

    comparing the one or more score indicators with a threshold value to generate a score index; and

    selecting the indicator having the highest score from the score index as representative of the type or category of product actually purchased in the transaction.

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