SYSTEM AND METHOD FOR PREDICTING ITEMS PURCHASED BASED ON TRANSACTION DATA
First Claim
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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Accused Products
Abstract
A system for analyzing data comprising: an input module for receiving a transaction record corresponding to a product purchase; a database for storing the transaction received by the input module; a computerized predictive model for determining an indicator for the transaction record based on at least one of a customer identifier, a class of merchant, an amount of the transaction, and a terminal identifier, wherein the indicator is indicative of a likelihood of a correct product determination; and one or more processors for: executing the predictive models; and processing the transaction record based upon the indicator determined by the computerized predictive model.
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Citations
19 Claims
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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:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A system for determining a type or category of product purchased as part of a payment card transaction between a customer and a merchant using payment card transaction data that omits direct product itemization data for said transaction, the system comprising:
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one or more data storage devices containing payment card transaction data of a plurality of customers and merchants, the payment card transaction data including customer information, merchant information, and transaction amounts and omitting direct product itemization data for said transactions; one or more processors; a memory in communication with the one or more processors and storing program instructions, the one or more processors operative with the program instructions to; receive 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; determine, 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; compare the one or more score indicators with a threshold value to generate a score index; and select the indicator having the highest score from the score index as representative of the type or category of product actually purchased in the transaction. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A system for analyzing payment card transactions data comprising:
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an input module for receiving a transaction record including at least one of a customer identifier, a merchant identifier, and a transaction amount, corresponding to a product purchase transaction, the transaction record omitting direct product purchase itemization data; a database for storing the transaction record received by the input module; a computerized predictive model for determining a likelihood indicator that a given type or category of the product purchased as part of the transaction, based on at least one of the customer identifier, transaction amount, a class of merchant, and a terminal identifier, wherein the indicator is indicative of a likelihood of a correct product determination; and one or more computer processors for; executing the predictive models; and processing the transaction record based upon the indicator determined by the computerized predictive model. - View Dependent Claims (16, 17, 18, 19)
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Specification