J.P. Morgan Earns Patent for Funds Transfer Repair System

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Artificial Intelligence Boosts Payment Processing Volumes Without Manual Intervention

The U.S. Patent and Trademark Office has awarded a patent to J.P. Morgan's Global Clearing operation for technology that uses artificial intelligence to process larger volumes of payments with fewer required staff repairs. Higher straight-through rates translate to lower costs per transaction, thereby saving clients money and reducing the likelihood for errors in the settlement process.

With J.P. Morgan's Artificial Intelligence Repair System (AIRS), straight-through transactions can be accomplished in seconds from the time of receipt into J.P. Morgan's system to the release of funds for payment. Each transaction is checked for format, accuracy, sufficient balances and other customized requirements. Balances are updated in real-time online, so the receiving party has direct access to those funds and can begin utilizing them immediately.

It is a sophisticated artificial intelligence system with the ability to 'learn' from previous manual repairs. If an operator manually repairs a misformatted transaction, AIRS will determine a pattern for correcting future transaction instructions received with the same formatting error. If the pattern is approved, following a thorough evaluation, then all future similar transactions can be processed straight through, bypassing operator intervention.

In addition to immediate settlements, J.P. Morgan offers complementary services, such as eServe for Global Clearing and J.P. Morgan ACCESS^SM, so clients can get real-time confirmation and information surrounding the settlement to support risk and position management.

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