COMPUTER-IMPLEMENTED METHODS, SYSTEMS COMPRISING COMPUTER-READABLE MEDIA, AND ELECTRONIC DEVICES FOR PROVIDING DYNAMIC OPEN BANKING DATA AGGREGATION

Smart overview of the Invention

The patent describes a method for dynamic open banking data aggregation using a combination of pre-model rules and machine learning (ML) models. This approach determines which financial institution (FI) accounts should be included in an aggregation batch. The system processes data updates for selected accounts and stores the results in an aggregated data store, optimizing open banking services by enhancing data management and decision-making processes.

Field and Background

The invention pertains to computer-implemented methods and systems for open banking data aggregation, emphasizing dynamic management of data batching decisions through machine learning. Open banking platforms facilitate secure exchange and validation of financial data, aiding lenders in assessing borrowers' financial status. However, current methods are labor-intensive and technologically fragmented, necessitating a more efficient, automated solution for data aggregation and decision-making.

Technological Innovation

The proposed method automates the aggregation of financial data by employing pre-model rules and a machine learning model. These mechanisms determine which subsets of FI accounts are included in the aggregation batch, streamlining data updates and storage. This dynamic approach reduces manual intervention, enhances efficiency, and optimizes the cost-effectiveness of open banking services in a complex environment.

System Architecture

An exemplary system includes client devices, servers, a service device, and a communication network. These components may operate within an organization's network or interact through public telecommunication infrastructures. The system ensures secure data access and transmission, employing an authentication management framework to control user access to sensitive financial data and services.

Data Handling and Services

The system enables consumers and businesses to subscribe to open banking services, allowing controlled data sharing with financial service providers. Data subjects can consent to share financial information, which is then aggregated and analyzed by the service device. Data recipients, such as lenders and credit agencies, use this data to offer financial services, ensuring privacy and compliance with user consent.