Interchange code prediction system for processing credit card transactions

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United States of America Patent

PATENT NO 12002022
APP PUB NO 20220327546A1
SERIAL NO

17218856

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Abstract

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A computer-implemented method for predicting interchange charges includes: retrieving a historical transactions set, where each completed transaction in the set includes transaction features, a bank identification number (BIN), and a corresponding true interchange code; transforming all BINs in the set into a corresponding plurality of BIN features that comprise probabilities; creating a first training set including all transaction features, all pluralities of BIN features, and all true interchange codes associated with the historical transactions set; training a random forest model using the first training set and generating a second training set including rounded BIN features, rounded transaction features, discrete ones of the transaction features, and the true interchange codes; training the random forest model using the second training set to generate a trained random forest model for prediction of the interchange codes; and executing the trained random forest model for new transactions to generate corresponding predicted interchange codes.

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Patent Owner(s)

Patent OwnerAddress
TOAST INC401 PARK DRIVE SUITE 801 BOSTON MA 02215

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Inventor(s)

Inventor Name Address # of filed Patents Total Citations
Tang, Benjamin C W Lexington, US 1 0
Zhao, Alan Z Cambridge, US 9 4

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