Patent ID: 8538967
Filing Date: 2013-09-17
Classification: G06Q

Abstract:
1. A method for optimizing recategorization of financial transactions using collaborative filtering, comprising: obtaining a plurality of historical financial transactions of a plurality of users with a merchant, each of the plurality of historical financial transactions comprising user identification for one of the plurality of users, a merchant name of the merchant, an initial category assigned to each of the plurality of historical financial transactions, and a recategorization value of a plurality of recategorization values for each of the plurality of historical financial transactions, wherein the plurality of historical financial transactions occurred in the past; determining, using a processor, a first portion of the plurality of historical financial transactions assigned to each recategorization value of the plurality of recategorization values; determining, using the processor, a second portion of the plurality of historical financial transactions where the each recategorization value is different from the initial category; generating, using the processor, a recategorization index for the each recategorization value using: determining, using the processor, an alternative categorization candidate based on the recategorization index of the each recategorization value; assigning, based on the recategorization index exceeding a threshold, the alternative categorization candidate as a new initial category for a plurality of future financial transactions with the merchant; and maintaining the initial category assigned to each of the plurality of historical financial transactions.