Patent ID: 8924393

Claim:
A computing system implemented process for improving accuracy of automatic categorization of financial transactions comprising the following which, when executed individually or collectively by any set of one or more processors, perform a process comprising: defining one or more secondary financial transaction categorization parameters to apply to automatic categorization of financial transactions; storing the defined one or more secondary financial transaction categorization parameters in a database associated with the party computing system; obtaining party financial transaction data associated with a party financial transaction involving a party, the party financial transaction data including data indicating a payee and an amount associated with the party financial transaction; identifying merchant payee data indicating products and/or services provided by a merchant payee indicated by the payee data associated with the party financial transaction and merchant pricing information provided by the merchant payee; analyzing the payee data, the merchant payee data, and at least part of the party financial transaction data associated with the one or more secondary financial transaction categorization parameters, the secondary financial transaction categorization parameters at least including the time of day when a given transaction occurred and the merchant pricing information provided by the merchant payee; determining a first financial category and a second financial category, each of the first and second financial categories being associated with different products available from the payee; excluding the first financial category from further consideration as a possible category to be associated with the party financial transaction by determining that the first financial category doesn't include any products and/or services offered by the merchant that are associated with prices that are evenly divisible into the amount of the party financial transaction; and determining a financial category to apply to the party financial transaction based, at least in part, on the exclusion of the first financial category from consideration and further based on the analysis of the payee data associated with the party financial transaction, the merchant payee data associated with the payee, and at least part of the party financial transaction data associated with the one or more secondary financial transaction categorization parameters including the time of day when a given transaction occurred and the merchant pricing information provided by the merchant payee, wherein the determined financial category is at least partly determined by correlating one or more items included in the pricing information with an amount of the party financial transaction; storing the determined financial category at the party computing system.