Western Union has patented a system for optimizing network-based authentication transactions. The system determines rules used for evaluating transactions, generates cleaning coefficients, and eliminates ineffective rules to create a modified set for transaction authentication. The process involves machine learning for rule identification and training. GlobalData’s report on Western Union gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on Western Union, was a key innovation area identified from patents. Western Union's grant share as of February 2024 was 83%. Grant share is based on the ratio of number of grants to total number of patents.

Optimizing network-based authentication rules for financial transactions

Source: United States Patent and Trademark Office (USPTO). Credit: The Western Union Co

A recently granted patent (Publication Number: US11929985B2) discloses a system designed to enhance the evaluation of financial transactions through the use of machine learning and rule modification. The system involves processing devices coupled with memory storing instructions that enable the determination of rules previously used for evaluating financial transactions. By generating a cleaning coefficient for a set of rules based on their performance in preventing transactions, the system can identify and eliminate ineffective rules using a machine learning module. This process aims to improve transaction authentication and prevention based on a modified set of rules, ultimately enhancing the overall efficiency of the system.

Furthermore, the system includes operations such as determining triggering frequencies and false positive rates for rules, training the machine learning module based on identified rules, and applying statistical models to assess rule overlap. By comparing normal and control false positive rates, the system can further refine the rule elimination process. The identification of rules to eliminate is based on comparing the cleaning coefficient to a threshold value, ensuring that only the most effective rules are retained. Overall, this patented system offers a sophisticated approach to optimizing rule-based evaluation of financial transactions, leveraging machine learning and data analysis techniques to enhance transaction security and efficiency.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.