American Express. has filed a patent for enabling an instantaneous instrument through a virtual card. The method involves generating a card number, transmitting it to a user device, receiving authorization requests, and generating statements. This innovation aims to streamline and secure payment processes. GlobalData’s report on American Express gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on American Express, Payment actuated vending was a key innovation area identified from patents. American Express's grant share as of January 2024 was 52%. Grant share is based on the ratio of number of grants to total number of patents.

Instantaneous virtual card for making purchases

Source: United States Patent and Trademark Office (USPTO). Credit: American Express Co

A recently filed patent (Publication Number: US20240037534A1) outlines a method, system, and computer-readable medium for opening an instantaneous instrument. The method involves receiving a request to open the instrument, generating an instrument number, transmitting it to a client device, and verifying subsequent requests based on this number. Additional steps include generating a security code, printing a physical instrument with the number and code displayed, and evaluating user information to meet minimum requirements for opening the instrument.

The system described in the patent includes a computing device with machine-readable instructions to execute the method steps. It can receive requests, generate instrument numbers, transmit them, verify requests, generate statements, and perform security-related functions like generating codes and printing physical instruments. The system evaluates user information, assigns scores, calculates an evaluation score, and compares it to a threshold value. The computer-readable medium contains instructions for a processor to carry out these functions, ensuring the secure and efficient opening of instantaneous instruments while maintaining user data integrity and security throughout the process.

To know more about GlobalData’s detailed insights on American Express, buy the report here.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.