Patent ID: 7840456

Claim:
A computer-implemented method of assigning a category to transaction data, comprising: receiving a business name in transaction data; receiving a categorized list of a plurality of business names, wherein each business name in the list is associated with at least one category; determining, by a computer, a match between the received business name and at least one word in a business name in the categorized list, which involves: assigning the matched word to an entry in a row of a matrix corresponding to the transaction data; determining importance of the row of the matrix based on a relevance of the matched word associated with the entry in the row to the received business name transaction data; determining a category confidence based on the number of matched words in the categorized list; and ranking the entry based on the importance of the row and the category confidence; selecting, by the computer, the category representing a businesses corresponding to the ranked entry as the category of the transaction; and assigning, by the computer, the selected category to the transaction data.