Bank of America had 17 patents in blockchain during Q3 2023. Bank of America Corp filed several patents during Q3 2023. One patent relates to intelligently managing invoice processing using blockchain and mixed reality applications. Another patent involves using smart glass and distributed ledger technology for secure authentication of digital hand signatures. Another patent describes expedited data transfer using a secondary data log. Another patent involves creating a multi-device functional code logit component for multiple device communications on a distributed platform. Lastly, there is a patent for computing hardware and software for ML model selection and augmented reality (AR). GlobalData’s report on Bank of America gives a 360-degreee view of the company including its patenting strategy. Buy the report here.
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Bank of America grant share with blockchain as a theme is 24% in Q3 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Intelligently managing invoice processing using blockchain and mixed reality applications (Patent ID: US20230267518A1)
The patent filed by Bank of America Corp. relates to the intelligent management of invoice processing using blockchain and mixed reality applications. The disclosed method involves analyzing invoices using validation criteria to determine their validity and risk level associated with the broker. Based on the risk level, the invoices are transmitted to a processing queue. Errors within the invoices are identified, and proposed solutions to fix the errors are generated. The modified invoices are then transmitted to an enterprise organization for modifications. An entity associated with a transaction indicated on the invoice can request access to the modified invoice using a mixed reality application. The modified invoice is reviewed using the mixed reality application, and if it satisfies approval criteria, a notification authorizing execution of the modified invoice is transmitted to the enterprise organization.
The method includes determining the validity of invoices by analyzing them based on validation criteria such as whether the invoice is blank, contains correctly formatted data, or is a duplicate invoice. The risk level associated with the broker is determined by considering factors such as the broker's location, the number of previously submitted invoices, the number of denied and approved invoices, and the monetary values of previously submitted invoices. The invoices are transmitted to the processing queue based on the transaction indicated on the invoice matching transactions associated with other invoices in the queue.
An auto-matching algorithm is used to compare the data within the invoice to enterprise criteria to identify errors. The enterprise criteria consist of guidelines for determining whether the data corresponds to enterprise organization data describing the transaction. The method also involves verifying the identification credentials associated with the mixed reality application used to access the modified invoice. If the verification is successful, a notification authorizing execution of the modified invoice is transmitted to the enterprise organization.
In case the modified invoice fails to satisfy the approval criteria, the entity associated with the transaction can revise the modified invoice, and a notification authorizing execution of the revised invoice is transmitted to the enterprise organization.
The patent also describes a computing platform comprising a processor, communication interface, and memory storing a portion of a blockchain. The platform is capable of performing the steps mentioned in the method claims.
Overall, the patent aims to leverage blockchain and mixed reality applications to intelligently manage invoice processing, improve accuracy, and streamline the approval process.
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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.
