System and method for classifying a financial transaction as a recurring financial transaction

A computer-readable storage medium storing instructions that when executed by a computer cause the computer to perform a method, comprising:

• receiving a financial transaction for a user;
• determining whether the financial transaction can be classified as a recurring financial transaction from classification data obtained from a specified set of users;
• if so,
• analyzing the classification data to determine a frequency at which the financial transaction is repeated, by analyzing a number of votes that the classification data classifies the financial transaction using a specified frequency, and determining a specified frequency which has a plurality of votes;
• classifying the financial transaction as a recurring financial transaction that is repeated at the determined frequency;
• and
• performing one or more specified actions based on the classification.

A computer-implemented method, comprising:

• electronically receiving classification data for financial transactions from a set of users;
• electronically aggregating the classification data for the financial transactions;
• and
• electronically distributing the aggregated classification data to users so that the users can classify financial transactions using the aggregated classification data;
• wherein a user can classify a financial transaction using the aggregated classification data by:
• electronically analyzing the classification data to determine a frequency at which the financial transaction is repeated, by analyzing a number of votes that the classification data classifies the financial transaction using a specified frequency, and determining a specified frequency which has a plurality of votes;
• and
• electronically classifying the financial transaction as a recurring financial transaction that is repeated at the determined frequency.

A computer-readable storage medium storing instructions that when executed by a computer cause the computer to perform a method, wherein the method comprises:

• receiving classification data for financial transactions from a set of users;
• aggregating the classification data for the financial transactions;
• and
• distributing the aggregated classification data to users so that the users can classify financial transactions using the aggregated classification data;
• wherein a user can classify a financial transaction using the aggregated classification data by:
• analyzing the classification data to determine a frequency at which the financial transaction is repeated, by analyzing a number of votes that the classification data classifies the financial transaction using a specified frequency, and determining a specified frequency which has a plurality of votes;
• and
• classifying the financial transaction as a recurring financial transaction that is repeated at the determined frequency.