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Method and System for Automatically Tracking Financial Transactions Using a Phone Application

IP.com Disclosure Number: IPCOM000214228D
Publication Date: 2012-Jan-19
Document File: 2 page(s) / 33K

Publishing Venue

The IP.com Prior Art Database

Related People

Anand Chugh: INVENTOR

Abstract

A method and system for automatically tracking financial transactions using a phone application is disclosed. The method involves tracking all information related to the financial transactions of a user.

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Method and System for Automatically Tracking Financial Transactions Using a Phone Application

Abstract

A method and system for automatically tracking financial transactions using a phone application is disclosed.  The method involves tracking all information related to the financial transactions of a user.

Description

Disclosed is a method and system for automatically tracking financial transactions using a phone application.  The method involves tracking all receipts related to the financial transactions of a user.  The receipts related to the financial transactions may include, but not limited to, transaction details obtained through one or more of a Short Messaging Service (SMS), one or more emails, one or more printed mails, SMS alerts from banks regarding credit of money and SMS alerts from banks regarding debit of money.  The receipts related to the financial transactions are parsed to obtain complete information of the user’s financial transactions.  The complete information of the user’s financial transactions is captured by the phone application.

For an instance, a user would shop for apparel online using a credit card and an electronic item in a store using a gift coupon.  The user may find it difficult to track all the expenses.  The method and system described above automatically tracks all the shopping bills paid and aggregates the shopping bills.  The aggregated shopping bills are added to the application installed on a phone of the user.  The user...