Patent ID: 8661038

Claim:
A computing system implemented process for utilizing location data for automatic categorization of financial transactions comprising: using one or more processors to obtain position/location data associated with a user computing system; using one or more processors to obtain user financial transaction data associated with a user financial transaction, the financial transaction being of a user of the user computing system, the user financial transaction data including data indicating a time associated with the user financial transaction; using one or more processors to analyze the position/location data associated with the user computing system and the data indicating the time of the user financial transaction to transform the position/location data associated with the user computing system and the data indicating the approximate time associated with the user financial transaction into financial transaction location data indicating an approximate location of the user at the time of the user financial transaction; using one or more processors to search merchant location data using the financial transaction location data to identify a likely merchant payee associated with the user financial transaction and transform the approximate financial transaction location data into likely merchant payee data; obtaining likely merchant product data associated with the likely merchant payee, the likely merchant product data being obtained from a data source distinct from a data source from which the financial transaction data was obtained, the likely merchant product data being obtained from a merchant database and comprising products and services offered by the likely merchant payee; using one or more processors to transform the likely merchant payee data into financial transaction products and services data indicating the products and services associated with the user financial transaction; using one or more processors to analyze the financial transaction products and services data to determine a categorization of the user financial transaction, the categorization being at least partly based on the products and services offered by the likely merchant; transform the financial transaction products and services data and the categorization into financial transaction categorization data; and using one or more processors to associate the financial transaction categorization data with the user financial transaction and automatically transform data indicating the categorization of the user financial transaction.