1. A method for electronic reconciliation of financial assets, the method comprising: receiving data associated with financial transactions from a plurality of financial institutions; generating an electronic record of the financial transactions; identifying discrepancies between the electronic record and the received data associated with the financial transactions; generating alerts for the identified discrepancies; and reconciling the discrepancies in the electronic record to provide accurate and complete financial data.

2. The method of claim 1, further comprising: utilizing machine learning algorithms to identify and categorize discrepancies; automatically reconciling discrepancies where possible; and flagging discrepancies requiring manual intervention.

3. The method of claim 1, wherein the financial assets include cash, securities, derivatives, or other financial instruments.

4. The method of claim 1, wherein the electronic record is stored on a centralized database accessible to authorized users.

5. A system for electronic reconciliation of financial assets, the system comprising: a computer system configured to receive data associated with financial transactions from a plurality of financial institutions; a reconciliation module configured to identify discrepancies between the electronic record of financial transactions and the received data associated with the financial transactions; an alert generation module configured to generate alerts for the identified discrepancies; and a reconciliation engine configured to reconcile the discrepancies in the electronic record to provide accurate and complete financial data.

6. The system of claim 5, further comprising: a machine learning module configured to identify and categorize discrepancies; and an automated reconciliation module configured to automatically reconcile discrepancies where possible.

7. The system of claim 5, wherein the financial assets include cash, securities, derivatives, or other financial instruments.

8. The system of claim 5, wherein the electronic record is stored on a centralized database accessible to authorized users.   ELECTRONIC RECONCILATION OF FINANCIAL ASSETS Abstract The present invention relates to a method for the electronic reconciliation of financial assets. This method may involve the following steps: Obtaining data connected with financial transactions from a number of different financial institutions. In some embodiments, there is also the possibility of creating an electronic record of the financial transactions. Discrepancies between the electronic record and the data connected with the financial transactions might also be found using embodiments, which could include this step. In some embodiments, there is also the possibility of notifications being generated for the observed disparities. In certain embodiments, the process of providing accurate and comprehensive financial data also includes reconciling any differences that may have been found in the electronic record. Fig. 1 , Claims:Claims :

1. A method for electronic reconciliation of financial assets, the method comprising: receiving data associated with financial transactions from a plurality of financial institutions; generating an electronic record of the financial transactions; identifying discrepancies between the electronic record and the received data associated with the financial transactions; generating alerts for the identified discrepancies; and reconciling the discrepancies in the electronic record to provide accurate and complete financial data.

2. The method of claim 1, further comprising: utilizing machine learning algorithms to identify and categorize discrepancies; automatically reconciling discrepancies where possible; and flagging discrepancies requiring manual intervention.

3. The method of claim 1, wherein the financial assets include cash, securities, derivatives, or other financial instruments.

4. The method of claim 1, wherein the electronic record is stored on a centralized database accessible to authorized users.

5. A system for electronic reconciliation of financial assets, the system comprising: a computer system configured to receive data associated with financial transactions from a plurality of financial institutions; a reconciliation module configured to identify discrepancies between the electronic record of financial transactions and the received data associated with the financial transactions; an alert generation module configured to generate alerts for the identified discrepancies; and a reconciliation engine configured to reconcile the discrepancies in the electronic record to provide accurate and complete financial data.

6. The system of claim 5, further comprising: a machine learning module configured to identify and categorize discrepancies; and an automated reconciliation module configured to automatically reconcile discrepancies where possible.

7. The system of claim 5, wherein the financial assets include cash, securities, derivatives, or other financial instruments.

8. The system of claim 5, wherein the electronic record is stored on a centralized database accessible to authorized users.

Description:ELECTRONIC RECONCILATION OF FINANCIAL ASSETS
Field of the Invention
[0001] The present invention relates to secure data management of financial institutions. More particularly to a system and method for generation of a bank account statement.
Background
[0002] The background description includes information that may be useful in understanding the present invention. It is not an admission that any of the information provided herein is prior art or relevant to the presently claimed invention, or that any publication specifically or implicitly referenced is prior art.
[0003] Bank reconciliation is a process used by businesses to compare their bank statements with their accounting records in order to identify and reconcile any discrepancies between the two. This process is critical for ensuring the accuracy of financial records and detecting errors or fraud. There are two main methods of bank reconciliation: the manual method and the electronic method. Traditionally, bank reconciliation involved manually comparing bank statements and accounting records, which was a time-consuming and error-prone process. However, with the advent of electronic banking and accounting software, electronic bank reconciliation has become much more efficient and accurate. Electronic bank reconciliation typically involves importing bank statements into accounting software and automatically matching transactions based on criteria such as date, amount, and reference number. Any discrepancies between the bank statement and accounting records can then be flagged for further investigation. The importance of electronic bank reconciliation has increased in recent years as the volume of financial transactions has grown and businesses have become more reliant on electronic banking. As a result, there is a growing body of research focused on improving the efficiency and accuracy of electronic bank reconciliation processes.
[0004] In patent literature various techniques are focused on the electronic reconciliation of financial assets contribute to the field of secure data management of financial institutions. Few of them discussed below.
[0005] The WO2021192375A1 (by: OKI ELECTRIC INDUSTRY CO. LTD) relates to a transaction device, which is provided with a processor. The processor is configured to: cause respective pieces of financial institution software of a plurality of financial institutions to virtually start up on base software; and when the financial institution to be used is designated, cause the financial institution software of said financial institution to be operated so that transaction processing that can be provided via an own transaction device of said financial institution is executed.
[0006] The US20110016052A1 (By: Visa International Service Association) relates to a fraud rule, that can be applied to a transaction according to a first authorization parameter. The transaction is passed to a filtering rule which is applied to the transaction according to a second authorization parameter. The filtering rule can approve the transaction for processing or pass the transaction on to a third party analysis. The fraud and filtering rules can apply the same analysis to the transaction with the exception of the authorization parameters. The fraud rule and filtering rules can analyze historical attributes of a consumer account.
[0007] The CN109360086A (By: Xiamen Shang Ji Network Technology Co Ltd) relates to a kind of methods based on bank statement data auto-complete accounting data, first identification business bill image, extract billing information and generate bill structural data；Bank statement is uploaded again, and the key message extracted on bank statement generates bank statement structural data, carries out automatic reconciliation process with the bill structural data, generates for showing the whether successful reconciliation preview of reconciliation Whether correct accountant checks the reconciliation preview later It by this bill recording mark is " reconciliation " if correct, as incorrect, error reason is verified, it does not keep accounts because the amount of money is small and loses the mistake generated with document, by after bank statement auto-complete document by this bill recording mark be " reconciliation ", it does not keep accounts because of bank or the mistake for generation of not entering an item of expenditure in the accounts, is then " not-up to-account " by this bill recording mark Bill record after finally including label, automatically generates bank balance adjusting table, completes reconciliation.
[0008] The US4974878A (By: PAYMENT SYSTEMS TECHNOLOGY Inc) relates to methods and systems for affecting the accounting functions of debiting and crediting a bank's account records, a payor's bank account records and a corporations' accounts receivable or balance forward records with their customer's payments, and are based on the ability of a payment coupon with appropriate payor's authorization and necessary pre-printed machine readable data to create a variety of multi-function transactions. By combining all of the required data elements in a single payment coupon document at either the time of preparation or at the time of receipt of the payment coupon by the corporation, the requirement for subsequent redundant, labor intensive processes are eliminated. The single payment coupon becomes a multi-functional document which generates the transaction to effect the customer's accounts receivable or balance forward, the negotiable instrument to (1) credit the corporation's bank account and (2) debit the customer's bank account while creating a complete audit trail and accountability at each separate processing level.

Summary
[0009] The following presents a simplified summary of various aspects of this disclosure in order to provide a basic understanding of such aspects. This summary is not an extensive overview of all contemplated aspects, and is intended to neither identify key or critical elements nor delineate the scope of such aspects. Its purpose is to present some concepts of this disclosure in a simplified form as a prelude to the more detailed description that is presented later.
[00010] The following paragraphs provide additional support for the claims of the subject application.
[00011] The present invention relates to secure data management of financial institutions. More particularly to a system and method for generation of a bank account statement.
[00012] Embodiments of the present disclosure may include a method for electronic reconciliation of financial assets, including receiving data associated with financial transactions from a plurality of financial institutions. Embodiments may also include generating an electronic record of the financial transactions. Embodiments may also include identifying discrepancies between the electronic record and the data associated with the financial transactions. Embodiments may also include generating alerts for the identified discrepancies. Embodiments may also include reconciling the discrepancies in the electronic record to provide accurate and complete financial data.
[00013] In some embodiments, the method may include utilizing machine learning algorithms to identify and categorize discrepancies. Embodiments may also include automatically reconciling discrepancies where possible. Embodiments may also include flagging discrepancies, which requires manual intervention. In some embodiments, the financial assets include cash, securities, derivatives, or other financial instruments. In some embodiments, the electronic record may be stored on a centralized database accessible to authorized users.
[00014] Embodiments of the present disclosure may also include a system for electronic reconciliation of financial assets, including a computer system configured to receive data associated with financial transactions from a plurality of financial institutions. Embodiments may also include a reconciliation module configured to identify discrepancies between the electronic record of financial transactions and the data associated with the financial transactions. Embodiments may also include an alert generation module configured to generate alerts for the identified discrepancies. Embodiments may also include a reconciliation engine configured to reconcile the discrepancies in the electronic record to provide accurate and complete financial data.
[00015] In some embodiments, the system may include a machine learning module configured to identify and categorize discrepancies. Embodiments may also include an automated reconciliation module configured to automatically reconcile discrepancies where possible. In some embodiments, the financial assets include cash, securities, derivatives, or other financial instruments. In some embodiments, the electronic record may be stored on a centralized database accessible to authorized users.
Brief Description of the Drawings
[00016] The features and advantages of the present disclosure would be more clearly understood from the following description taken in conjunction with the accompanying drawings in which:
[00017] FIG. 1 is a flowchart illustrating a method for electronic reconciliation of financial assets, according to some embodiments of the present disclosure.
[00018] FIG. 2 is a detailed flowchart further illustrating the method (from FIG. 1) for electronic reconciliation of financial assets, according to some embodiments of the present disclosure.
[00019] FIG. 3 is a block diagram illustrating a system for electronic reconciliation of financial assets, according to some embodiments of the present disclosure.
[00020] FIG. 4 is a detailed block diagram further illustrating the system (from FIG. 3) for electronic reconciliation of financial assets, according to some embodiments of the present disclosure.
[00021] FIG. 5 is a modified block diagram further illustrating the system (from FIG. 3) for electronic reconciliation of financial assets, according to some embodiments of the present disclosure.
Detailed Description
[00022] In the following detailed description of the invention, reference is made to the accompanying drawings that form a part hereof, and in which is shown, by way of illustration, specific embodiments in which the invention may be practiced. In the drawings, like numerals describe substantially similar components throughout the several views. These embodiments are described in sufficient detail to claim those skilled in the art to practice the invention. Other embodiments may be utilized and structural, logical, and electrical changes may be made without departing from the scope of the present invention. The following detailed description is, therefore, not to be taken in a limiting sense, and the scope of the present invention is defined only by the appended claims and equivalents thereof.
[00023] The use of the terms “a” and “an” and “the” and “at least one” and similar referents in the context of describing the invention (especially in the context of the following claims) are to be construed to cover both the singular and the plural, unless otherwise indicated herein or clearly contradicted by context. The use of the term “at least one” followed by a list of one or more items (for example, “at least one of A and B”) is to be construed to mean one item selected from the listed items (A or B) or any combination of two or more of the listed items (A and B), unless otherwise indicated herein or clearly contradicted by context. The terms “comprising,” “having,” “including,” and “containing” are to be construed as open-ended terms (i.e., meaning “including, but not limited to,”) unless otherwise noted. Recitation of ranges of values herein are merely intended to serve as a shorthand method of referring individually to each separate value falling within the range, unless otherwise indicated herein, and each separate value is incorporated into the specification as if it were individually recited herein. All methods described herein can be performed in any suitable order unless otherwise indicated herein or otherwise clearly contradicted by context. The use of any and all examples, or exemplary language (e.g., “such as”) provided herein, is intended merely to better illuminate the invention and does not pose a limitation on the scope of the invention unless otherwise claimed. No language in the specification should be construed as indicating any non-claimed element as essential to the practice of the invention.
[00024] The present invention relates to secure data management of financial institutions. More particularly to a system and method for generation of a bank account statement.
[00025] A method is illustrated in flowchart form in FIG. 1 for electronic reconciliation of financial assets, in accordance with some implementations of the present disclosure. Obtaining data related with financial transactions from a number of different financial institutions is one such step that can be included in some implementations of this approach (step 110). At step 120, the process can involve making an electronic record of the various financial dealings that have been made. At step 130, the technique may involve determining if there are any inconsistencies between the electronic record and the data related to the financial transactions. In step 140, the procedure could include activities like generating warnings about the disparities that have been found. At step 150, the technique can involve reconciling the differences that can be found in the electronic record in order to deliver correct and comprehensive financial information. In certain implementations, the financial assets may comprise cash, securities, derivatives, or other financial instruments. In other implementations, the financial assets may not include cash. In certain implementations, the electronic record could be kept on a centralised database that only people with the appropriate permissions can access.
[00026] The technique shown in FIG. 1 is depicted in more detail in the detailed flowchart of FIG. 2 for electronic reconciliation of financial assets, in accordance with some implementations of the current disclosure. In certain implementations of the technique, at step 210 may involve the application of machine learning algorithms to the task of locating and classifying inconsistencies. at step 220, the process could comprise automatically reconciling any differences that can be found at this point. It's possible that the process, at 230, will involve highlighting inconsistencies that require manual intervention.
[00027] A system 300 is seen in FIG. 3 as a block diagram for electronic reconciliation of financial assets, in accordance with some implementations of the current disclosure. In certain implementations, the system 300 may comprise the following components: a computer system 310 that is programmed to receive data associated with financial transactions from a number of different financial institutions; a reconciliation module 320 that is programmed to identify discrepancies between an electronic record of financial transactions and the data associated with the transactions; an alert generation module 330 that is programmed to generate alerts for the identified discrepancies; and a reconciliation engine 340 that is programmed to reconcile the identified discrepancies. In certain implementations, the electronic record could be kept on a centralised database that only people with the appropriate permissions can access.
[00028] In accordance with certain implementations of the current disclosure, the system 300 from Figure 3 is illustrated and described in further detail in FIG. 4 for electronic reconciliation of financial assets, wherein the FIG. 4 is a detailed block diagram. The system 300 may, in some embodiments, contain an automated reconciliation module 460 that is configured to automatically reconcile discrepancies wherever possible and a machine learning module 450 that is configured to identify and categorise discrepancies. Both of these modules may, depending on the specific embodiment, have different purposes.
[00029] A modified block diagram is shown in FIG. 5 that provides further information about the system 300 shown in FIG. 3, in accordance with various implementations of the present disclosure. Cash 522, securities 524, derivatives 526, and other financial instruments 528 are some examples of the types of assets that could make up the financial assets 520 in various implementations.
[00030] A method for the electronic reconciliation of financial assets may be included as an embodiment of the current disclosure. This method may involve the following steps: Obtaining data connected with financial transactions from a number of different financial institutions. In some embodiments, there is also the possibility of creating an electronic record of the financial transactions. Discrepancies between the electronic record and the data connected with the financial transactions might also be found using embodiments, which could include this step. In some embodiments, there is also the possibility of notifications being generated for the observed disparities. In certain embodiments, the process of providing accurate and comprehensive financial data also includes reconciling any differences that may have been found in the electronic record.
[00031] In certain implementations of the approach, it may entail making use of machine learning algorithms in order to locate and classify any disparities that are found. A further potential feature of embodiments is the automatic resolution of inconsistencies, to the extent that this is technically feasible. Flagging disparities that require manual intervention is another possible feature of embodiments. In some implementations, the financial assets contain cash, securities, derivatives, or other financial instruments. In other implementations, the financial assets do not include any of these things. In certain implementations, the electronic record could be kept on a centralised database that only people with the appropriate permissions can access.
[00032] A system for the electronic reconciliation of financial assets may also be included in embodiments of the present disclosure. Such a system would consist of the computer system 310 that is programmed to accept data connected with financial transactions from a number of different financial institutions. The reconciliation module 320 that is able to discover inconsistencies between the electronic record of financial transactions and the data associated with those transactions may also be included in embodiments. In certain implementations, there may additionally be an alert production module that is set up to produce notifications for any differences that are discovered. In some implementations, there is also the possibility of including the reconciliation engine 320 that is set up to rectify any inconsistencies that are found in the electronic record and offer data that is correct and comprehensive.
[00033] The machine learning module 450 that is able to recognise and classify inconsistencies may be included in the system according to various implementations of the system. In some embodiments, there is also a possibility of including the automated reconciliation module 460 that is set up to automatically rectify any inconsistencies that are detectable. In some implementations, the financial assets contain cash, securities, derivatives, or other financial instruments. In other implementations, the financial assets do not include any of these things. In certain implementations, the electronic record could be kept on a centralised database that only people with the appropriate permissions can access.
[00034] Example embodiments herein have been described above with reference to block diagrams and flowchart illustrations of methods and apparatuses. It will be understood that each block of the block diagrams and flowchart illustrations, and combinations of blocks in the block diagrams and flowchart illustrations, respectively, can be implemented by various means including hardware, software, firmware, and a combination thereof. For example, in one embodiment, each block of the block diagrams and flowchart illustrations, and combinations of blocks in the block diagrams and flowchart illustrations can be implemented by computer program instructions. These computer program instructions may be loaded onto a general purpose computer, special purpose computer, or other programmable data processing apparatus to produce a machine, such that the instructions which execute on the computer or other programmable data processing apparatus create means for implementing the functions specified in the flowchart block or blocks.
[00035] Throughout the present disclosure, the term ‘processing means’ or ‘microprocessor’ or ‘processor’ or ‘processors’ includes, but is not limited to, a general purpose processor (such as, for example, a complex instruction set computing (CISC) microprocessor, a reduced instruction set computing (RISC) microprocessor, a very long instruction word (VLIW) microprocessor, a microprocessor implementing other types of instruction sets, or a microprocessor implementing a combination of types of instruction sets) or a specialized processor (such as, for example, an application specific integrated circuit (ASIC), a field programmable gate array (FPGA), a digital signal processor (DSP), or a network processor).
[00036] The term “non-transitory storage device” or “storage” or “memory,” as used herein relates to a random access memory, read only memory and variants thereof, in which a computer can store data or software for any duration.
[00037] Operations in accordance with a variety of aspects of the disclosure is described above would not have to be performed in the precise order described. Rather, various steps can be handled in reverse order or simultaneously or not at all.
[00038] While several implementations have been described and illustrated herein, a variety of other means and/or structures for performing the function and/or obtaining the results and/or one or more of the advantages described herein may be utilized, and each of such variations and/or modifications is deemed to be within the scope of the implementations described herein. More generally, all parameters, dimensions, materials, and configurations described herein are meant to be exemplary and that the actual parameters, dimensions, materials, and/or configurations will depend upon the specific application or applications for which the teachings is/are used. Those skilled in the art will recognize, or be able to ascertain using no more than routine experimentation, many equivalents to the specific implementations described herein. It is, therefore, to be understood that the foregoing implementations are presented by way of example only and that, within the scope of the appended claims and equivalents thereto, implementations may be practiced otherwise than as specifically described and claimed. Implementations of the present disclosure are directed to each individual feature, system, article, material, kit, and/or method described herein. In addition, any combination of two or more such features, systems, articles, materials, kits, and/or methods, if such features, systems, articles, materials, kits, and/or methods are not mutually inconsistent, is included within the scope of the present disclosure.

Claims
I/We Claim:
1. A method for electronic reconciliation of financial assets, the method comprising: receiving data associated with financial transactions from a plurality of financial institutions;
generating an electronic record of the financial transactions;
identifying discrepancies between the electronic record and the received data associated with the financial transactions;
generating alerts for the identified discrepancies; and
reconciling the discrepancies in the electronic record to provide accurate and complete financial data.

2. The method of claim 1, further comprising:
utilizing machine learning algorithms to identify and categorize discrepancies;
automatically reconciling discrepancies where possible; and
flagging discrepancies requiring manual intervention.

3. The method of claim 1, wherein the financial assets include cash, securities, derivatives, or other financial instruments.

4. The method of claim 1, wherein the electronic record is stored on a centralized database accessible to authorized users.

5. A system for electronic reconciliation of financial assets, the system comprising:
a computer system configured to receive data associated with financial transactions from a plurality of financial institutions;
a reconciliation module configured to identify discrepancies between the electronic record of financial transactions and the received data associated with the financial transactions;
an alert generation module configured to generate alerts for the identified discrepancies; and
a reconciliation engine configured to reconcile the discrepancies in the electronic record to provide accurate and complete financial data.

6. The system of claim 5, further comprising:
a machine learning module configured to identify and categorize discrepancies; and
an automated reconciliation module configured to automatically reconcile discrepancies where possible.

7. The system of claim 5, wherein the financial assets include cash, securities, derivatives, or other financial instruments.

8. The system of claim 5, wherein the electronic record is stored on a centralized database accessible to authorized users.
 

ELECTRONIC RECONCILATION OF FINANCIAL ASSETS
Abstract
The present invention relates to a method for the electronic reconciliation of financial assets. This method may involve the following steps: Obtaining data connected with financial transactions from a number of different financial institutions. In some embodiments, there is also the possibility of creating an electronic record of the financial transactions. Discrepancies between the electronic record and the data connected with the financial transactions might also be found using embodiments, which could include this step. In some embodiments, there is also the possibility of notifications being generated for the observed disparities. In certain embodiments, the process of providing accurate and comprehensive financial data also includes reconciling any differences that may have been found in the electronic record.

Fig. 1 , Claims:Claims
I/We Claim:
1. A method for electronic reconciliation of financial assets, the method comprising: receiving data associated with financial transactions from a plurality of financial institutions;
generating an electronic record of the financial transactions;
identifying discrepancies between the electronic record and the received data associated with the financial transactions;
generating alerts for the identified discrepancies; and
reconciling the discrepancies in the electronic record to provide accurate and complete financial data.

2. The method of claim 1, further comprising:
utilizing machine learning algorithms to identify and categorize discrepancies;
automatically reconciling discrepancies where possible; and
flagging discrepancies requiring manual intervention.

3. The method of claim 1, wherein the financial assets include cash, securities, derivatives, or other financial instruments.

4. The method of claim 1, wherein the electronic record is stored on a centralized database accessible to authorized users.

5. A system for electronic reconciliation of financial assets, the system comprising:
a computer system configured to receive data associated with financial transactions from a plurality of financial institutions;
a reconciliation module configured to identify discrepancies between the electronic record of financial transactions and the received data associated with the financial transactions;
an alert generation module configured to generate alerts for the identified discrepancies; and
a reconciliation engine configured to reconcile the discrepancies in the electronic record to provide accurate and complete financial data.

6. The system of claim 5, further comprising:
a machine learning module configured to identify and categorize discrepancies; and
an automated reconciliation module configured to automatically reconcile discrepancies where possible.

7. The system of claim 5, wherein the financial assets include cash, securities, derivatives, or other financial instruments.

8. The system of claim 5, wherein the electronic record is stored on a centralized database accessible to authorized users.