MUMBAI, India, May 1 -- Intellectual Property India has published a patent application (202641051633 A) filed by Vellore Institute Of Technology, Vellore, Tamil Nadu, on April 23, for 'an iot-based system for real-time detection of impulse transactions using sms parsing.'
Inventor(s) include Mehfooza M; Kathir P R; Deepthi S; and K R Girish Kumar.
The application for the patent was published on May 1, under issue no. 18/2026.
According to the abstract released by the Intellectual Property India: "The present invention relates to an Internet of Things (IoT)-based system (100) for processing transaction-related data derived from short message service (SMS) communications. The system (100) comprises an input interface for acquiring SMS data, a parsing module for extracting transaction parameters including amount, merchant identifier, and timestamp, and a categorization module for assigning transactions to predefined expenditure categories. A budget allocation module generates category-wise expenditure limits based on financial input parameters. A detection module evaluates transactions using a plurality of rule-based mechanisms operating in parallel. A storage module maintains transaction data in local memory, and an alert module generates notifications based on evaluation results. The system (100) is configured for localized data processing and operates independently of external network infrastructure."
Disclaimer: Curated by HT Syndication.
