SYSTEM AND METHOD FOR ELECTRONIC DATA RECONCILIATION AND CLEARING

• US 20150242456A1
• Filed: 02/27/2015
• Published: 08/27/2015
• Est. Priority Date: 02/27/2014
• Status: Active Grant

• Current Assignee: Commodities Square LLC
• Original Assignee: Commodities Square LLC
• Inventors: Cannon, Tim, Lefebvre, Marc, Drillock, Greg
• Granted Patent: US 10,182,083 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 10/101 Collaborative creation, e.g. joint development of products or services
• CPC Class Codes: H04L 65/403 Arrangements for multi-party communication, e.g. for conferences data switching systems for conference H04L12/18; arrangements for connecting several subscribers to a common circuit, i.e. affording conference facilities H04M3/56; television conferencing systems H04N7/15

Abstract

Electronic source information is reconciled by normalizing at least some electronic source information, transport information and destination information by applying a plurality of rules to extract the information into at least one schema. At least some of the normalized information is identified to contain at least one discrepancy or missing data record, and reconciliation information is provided in a graphical user interface. Electronic information is received that reconciles the discrepancy or the missing record, and the reconciled and normalized electronic source, transport and destination information is processed to provide data analytics. A report is generated that represents the data analytics and that is output to at least one user. This can occur in one or more implementations of the present application.

Claims

1. A method for reconciling electronic source information associated with a source of a commodity, electronic transport information associated with transport of the commodity and electronic destination information associated with a destination of the transported commodity, the method comprising:

normalizing, by code executing in at least one processor, at least some of the electronic source information, the electronic transport information and the electronic destination information, wherein the step of normalizing includes applying a plurality of rules to extract the at least some of the electronic source information, the electronic transport information and the electronic destination information into at least one schema;

processing, by code executing in the at least one processor, at least some of the normalized electronic source information, the normalized electronic transport information and/or the normalized electronic destination information to identify at least one discrepancy or missing record;

providing, by code executing in the at least one processor, reconciliation information to identify the at least one discrepancy or missing record in a graphical user interface that provides an on-line collaboration environment for each of a plurality of users;

receiving, from a computing device associated with at least one of the source, transport and destination, electronic information that is usable to reconcile the discrepancy or the missing record;

reconciling, by code executing in the at least one processor and using the received electronic information, the at least one discrepancy or missing record;

processing, by code executing in the at least one processor, the reconciled and normalized electronic source information, the electronic transport information and the electronic destination information to provide data analytics;

generating, by code executing in the at least one processor, a report that represents the data analytics; and

outputting, by code executing in the at least one processor, the report to at least one user.

2. The method of claim 1, further comprising in the step of normalizing:

parsing, by code executing in the at least one processor, information from at least one of the at least some of the electronic source information, the electronic transport information and the electronic destination information;

storing, on non-transitory processor readable media and in a common data format, the parsed information.

3. The method of claim 2, wherein the at least some of the electronic source information, the electronic transport information and the electronic destination information is received over a data communication network from a plurality of computing devices, and further wherein the at least some of the electronic source information, the electronic transport information and the electronic destination information is received in a plurality of respective data formats.

4. The method of claim 1, further comprising transmitting by code executing in the at least one processor, at least some of the reconciled and normalized electronic source information, electronic transport information and electronic destination information to at least one external system.

5. The method of claim 1, wherein the external system includes at least one of a trade capture system, accounting system, inventory system, dispatching system, regulatory system executing on at least one computing device.

6. The method of claim 1, further comprising in the step of providing data analytics:

determining, by code executing in the at least on processor, an absolute differential of one source, one transport and/or one destination;

comparing, by code executing in the at least one processor, the absolute differential of the one source, one transport and/or one destination to a percentage value representing a plurality of sources, a plurality of transports and/or a plurality of destinations.

7. The method of claim 6, wherein the steps of determining and comparing occur as a function of a plurality of received, normalized and reconciled records.

8. The method of claim 7, wherein the report includes at least a graph representing one or more of the absolute differential and the comparison.

9. The method of claim 1, further comprising in the step of providing reconciliation information:

generating, by code executing in the at least one processor, a request for strapping data; and

receiving in response to the request, the strapping data and modifying at least one of the electronic source information, the electronic transport information and the electronic destination information using the strapping data.

10. The method of claim 1, wherein the reconciliation can be formatted as a prompt for further processing.

11. The method of claim 1, further comprising adding, augmenting and/or transforming, by code executing in the at least one processor, any of the electronic source information, the electronic transport information and the electronic destination data.

12. A system for reconciling electronic source information associated with a source of a commodity, electronic transport information associated with transport of the commodity and electronic destination information associated with a destination of the transported commodity, the method comprising:

non-transitory processor readable media;

at least one processor operatively coupled to the at least one processor readable media;

the non-transitory processor readable media having instructions for causing the following steps to be performed by the at least one processor;

normalizing at least some of the electronic source information, the electronic transport information and the electronic destination information, wherein the step of normalizing includes applying a plurality of rules to extract the at least some of the electronic source information, the electronic transport information and the electronic destination information into at least one schema;

processing at least some of the normalized electronic source information, the normalized electronic transport information and/or the normalized electronic destination information to identify at least one discrepancy or missing record;

providing reconciliation information to identify the at least one discrepancy or missing record in a graphical user interface that provides an on-line collaboration environment for each of a plurality of users;

receiving, from a computing device associated with at least one of the source, transport and destination, electronic information that is usable to reconcile the discrepancy or the missing record;

reconciling using the received electronic information, the at least one discrepancy or missing record;

processing the reconciled and normalized electronic source information, the electronic transport information and the electronic destination information to provide data analytics;

generating a report that represents the data analytics; and

outputting the report to at least one user.

13. The system of claim 12, wherein the non-transitory processor readable media further have instructions for causing the following steps to be performed by the at least one processor in the step of normalizing:

parsing, by code executing in the at least one processor, information from at least one of the at least some of the electronic source information, the electronic transport information and the electronic destination information;

storing, on non-transitory processor readable media and in a common data format, the parsed information.

14. The system of claim 13, wherein the at least some of the electronic source information, the electronic transport information and the electronic destination information is received over a data communication network from a plurality of computing devices, and further wherein the at least some of the electronic source information, the electronic transport information and the electronic destination information is received in a plurality of respective data formats.

15. The system of claim 12, wherein the non-transitory processor readable media further have instructions for causing the following steps to be performed by the at least one processor:

transmitting at least some of the reconciled and normalized electronic source information, electronic transport information and electronic destination information to at least one external system.

16. The system, of claim 12, wherein the external system includes at least one of a trade capture system, accounting system, inventory system, dispatching system, regulatory system executing on at least one computing device.

17. The system of claim 12, wherein the non-transitory processor readable media further have instructions for causing the following steps to be performed by the at least one processor in the step of providing data analytics:

determining an absolute differential of one source, one transport and/or one destination;

comparing the absolute differential of the one source, one transport and/or one destination to a percentage value representing a plurality of sources, a plurality of transports and/or a plurality of destinations.

18. The system of claim 17, wherein the steps of determining and comparing occur as a function of a plurality of received, normalized and reconciled records.

19. The system of claim 18, wherein the report includes at least a graph representing at least one of the absolute differential and the comparison.

20. The system of claim 12, wherein the non-transitory processor readable media further have instructions for causing the following steps to be performed by the at least one processor in the step of providing reconciliation information:

generating a request for strapping data; and

receiving in response to the request, the strapping data and modifying at least one of the electronic source information, the electronic transport information and the electronic destination information using the strapping data.

21. The system of claim 12, wherein the reconciliation can be formatted as a prompt for further processing.

22. The system of claim 12, wherein the non-transitory processor readable media further have instructions for causing the following steps to be performed by the at least one processor:

adding, augmenting and/or transforming any of the electronic source information, the electronic transport information and the electronic destination data.