Data processing: database and file management or data structures – Database design – Data structure types
Reexamination Certificate
2001-11-21
2004-06-01
Metjahic, Safet (Department: 2171)
Data processing: database and file management or data structures
Database design
Data structure types
Reexamination Certificate
active
06745211
ABSTRACT:
FIELD OF THE INVENTION
This invention relates generally to a method and system for verifying and correcting records in a database.
BACKGROUND OF THE INVENTION
Databases have become a cornerstone in the handling of information in today's society. Everyone from major corporations, to small business, to schools and governments use databases to store, manage and track large amounts of information. The information comes in the form of data records, each having fields containing data. However, the utility of a database is only as good as the information contained therein. It becomes the responsibility of a database manager, for example, to ensure that the information contained in the database is accurate, such that a user can reasonably rely on the information gathered from the database.
Many companies in the service and product industry, for example, use databases to track orders, sales and transactions on a daily basis. These companies typically document daily transactions by placing a data record in the database describing each transaction. Often, companies rely on these transactional data records to determine which employee in the company is responsible for a given transaction. The accuracy of the transactional information becomes especially important for the employee working on commission or bonus credit.
A potential difficulty that arises in the management of database systems is errors that occur in manual data entry. Often, database systems receive input information from many different users and sources. This large number of participants greatly increases the likelihood of an error. Illustratively, a simple missed keystroke by one individual responsible for the data entry could drastically change what the data was supposed to represent.
One industry affected by errors in data entry is mutual fund administration. Fund managers process several thousand transactions daily. Illustratively, some mutual funds may handle more than 80,000 transactions daily. These transactions include purchase orders for stocks in a fund or requests for asset information. Each transaction must be recorded and stored in a database for reporting purposes. The large volume of daily transactions dramatically increases the opportunity for error in the data entry.
An error in data entry can have a serious impact on the administration of a database and those who rely on its information. Many database managers utilize information collected in a database to make business decisions or choices about a given response to data information.
In mutual fund administration, data entry errors present the additional difficulty of tracking the correct individual responsible for a given customer's business. The manager must ensure that the salesperson who filled the customer's needs receives credit and compensation for providing the service to both the customer and the fund. The difficulty, however, becomes compounded by the volume of daily transactions processed and the numerous transaction sources that represent different brokerage houses, branches, brokers, traders and salespersons, for example.
Illustratively, assume that a data entry representative makes a simple error in typing in transaction information by transcribing numbers representing a given fund broker The mistake may cause a broker in Los Angeles to receive credit for a transaction closed by a dealer in New York City. Unless the fund administrator can provide a system that verifies that errors such as this do not occur, brokers working on commission will recognize these problems and may avoid engaging in business for that particular fund.
Utilizing conventional techniques, manual verification of data entered manually into a database is often necessary. This may require that an employee of the mutual fund spend valuable time double-checking and investigating information for inaccurate transactional data.
Accordingly, conventional techniques for ensuring that data placed into and contained in known database systems do not provide an adequate method and system of verifying the data contained therein.
SUMMARY OF THE INVENTION
It is therefore desirable that the invention overcome these and other drawbacks of present systems and methods. Thus, there is a need to provide a method and system for verifying data records that are to be placed into a database, as well as for correcting inaccurate data records already contained in a database.
In accordance with one embodiment of the methods and systems of the invention, an unverified data record is read. A reference data file containing reference data records is provided. The reference data records are associated with verified data records. The unverified data record is compared with the reference data records to identify a matching reference data record. The matching reference data record is read to identify a matching verified data record. The matching verified data record is then output.
In a further aspect of the invention a system is provided for verifying a data record, the system comprising a data record reader portion that reads an unverified data record; a reference data file memory that contains at least one reference data file containing reference data records, the reference data records being associated with verified data records; a data record comparison portion that compares the unverified data record with the reference data records to identify a matching reference data record; a data record verification portion that reads the matching reference data record to identify a matching verified data record; and a data record output portion that outputs the matching verified data record.
In a further aspect of the invention a method of verifying a data record is provided, the method comprising reading an unverified data record; providing a reference data file containing reference data records, the reference data records including verified reference data records and unverified reference data records, the verified reference data records being associated with a respective matching verified data record, the unverified reference data records not being associated with a respective matching verified data record; comparing the unverified data record with the reference data records to identify a matching reference data record; reading the matching reference data record to identify a matching verified data record; and outputting the matching verified data record.
In a further aspect of the invention, a system is provided for verifying a data record, the system comprising a data record reader portion that reads an unverified data record; a reference data file memory that contains at least one reference data file containing reference data records, the reference data records including verified reference data records and unverified reference data records, the verified reference data records being associated with verified data records, the unverified reference data records not being associated with verified data records; a data record comparison portion that compares the unverified data record with the reference data records to identify a matching reference data record; a data record verification portion that reads the matching reference data record to identify a matching verified data record; and a data record output portion that outputs the matching verified data record.
In a further aspect of the invention, a system is provided comprising means for reading an unverified data record; means for comparing the unverified data record with reference data records, the reference data records being associated with verified data records; means for associating the unverified data record with a matching reference data record, the matching reference data record being associated with a matching verified data record; and means for outputting the matching verified data record.
In a further aspect of the invention, a system is provided for verifying a data record, the system comprising means for reading an unverified data record; means for providing a reference data file containing reference data records, the reference data r
Euripides Evanthia E.
Kabasakalian Gregory J.
Poddar Ajay
Srivastava Aditya
Al-hashemi Sana
GE Financial Assurance Holdings, Inc.
Hunton & Williams LLP
Metjahic Safet
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