| CPC G06Q 20/4016 (2013.01) [G06Q 20/108 (2013.01); G06Q 2220/00 (2013.01)] | 20 Claims |
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1. A system for determining whether to accelerate a transaction of a holder of a financial item, the system comprising:
a data store configured to store extracted and converted data files following SSL encryption of personally identifiable information (“PII”);
computer readable media or medium; and
computer readable code embodied in the computer readable media or medium;
wherein execution of the computer readable code by one or more computer processors performs the following steps:
converting, from a first format to a readable format, account data and historical transaction data from a plurality of institutions;
secure sockets layer (SSL) encrypting the account data via a machine authentication code (“MAC”);
wherein the SSL encrypted account data allows for optimized search and compare of the account data while encrypted;
storing the converted data from each institution of the plurality of institutions into a respective data store specifically designed for the institution;
wherein configurable rules are associated with each institution from the plurality of institutions;
importing a converted data from each of the data stores to result in a single cohesive architecture; and
wherein the single cohesive architecture is configured to be accessed via a single instance funding evaluation system (“IFES”); and
wherein converting of the account data and the historical transaction data from the first format to the readable format, SSL encrypting the account data, storing the converted data, and importing the converted data occurs in real time throughout the banking day;
receiving by the IFES, via a network and from a mobile application stored in a mobile device associated with a user, a transaction request;
wherein the user is a holder of a first account at a first institution of the plurality of institutions;
wherein the user has first historical transaction data associated with the first account at the first institution; and
wherein the transaction request comprises:
a transaction amount to be received in the first account; and
mobile device detail data associated with the mobile device from which the transaction request was received;
confirming authenticity of the user using the mobile device detail data and the SSL encrypted account data for the first account;
wherein confirming the authenticity of the user using the mobile device detail data and the SSL encrypted account data for the first account comprises confirming that the SSL encrypted account data for the first account indicates that the mobile device detail data is associated with the user;
accessing via the IFES, in real time and in response to the receipt of the transaction request, the historical transaction data within the single cohesive architecture;
wherein accessing the historical transaction data within the single cohesive architecture comprises accessing the first historical transaction data associated with the first account at the first institution; and
wherein the historical transaction data accessed via the IFES includes historical transaction data that occurs on the same banking day as the receipt of the transaction request;
calculating a first acceptable risk range value according to a search in SSL encrypted form of the stored the converted data associated with at least one attribute of the presented financial item;
creating an acceptable risk range value comprised of a pre-processed grade of prior holder transactions based on identified converted data associated with prior-day transactions stored in the data store and searched in SSL encrypted form according to the MAC;
calculating a score for the presented financial item according to at least one attribute of the presented financial item;
evaluating by the IFES, based on comparison of the score for the presented financial item to the first acceptable risk range value and invoke a second acceptable risk range value determination if the score is outside of the acceptable risk range value;
receiving by the IFES, via the network and from the mobile application stored in the mobile device, an indication of abandonment by the user of the transaction;
transmitting via the IFES and to the mobile device a message of disapproval of immediate funding of the presented financial item following a determination that the score is not within the second acceptable risk range value;
updating an information file of the user of the first financial item with indicia of abandonment of the transaction that invoked the eligibility process to determine if a presented transaction item is eligible for immediate funding following sending notification to the user that the presented transaction item is not eligible for immediate funding; and
transmitting to a real-time fraud alert system the updated information file of the user of the first financial item containing indicia of abandonment of the transaction that invoked the eligibility process for immediate funding of the first financial item,
wherein the second acceptable risk range value determination is based on at least a first financial institution transaction data created after storage of the converted transaction history data,
wherein the transmitted updated information file of the presented of the first financial item containing indicia of abandonment invokes determining by a post-contingency analysis engine in real-time a change in an interim contingency status of the identified bank account holder and the identified item issuer populated in a generated contingency table and updating the interim contingency status of the identified bank account holder and the identified item issuer to a negative status or a positive status, and
wherein the updating of the interim contingency status of the identified bank account holder and the identified item issuer to the negative status result in delay of funding presented items by the identified bank account holder.
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