Bank of America had 22 patents in regtech during Q4 2023. The Bank of America Corp filed patents in Q4 2023 related to transferring virtual resources using non-fungible tokens (NFTs), fraud detection based on changes in resource transmissions, and utilizing machine learning models and semantic networks for knowledge processing. The patents involve establishing interaction sessions between avatars in virtual environments, identifying unauthorized resource transmissions, and implementing ensemble machine learning systems coupled with graph structures for hot file functionality. GlobalData’s report on Bank of America gives a 360-degreee view of the company including its patenting strategy. Buy the report here.

Bank of America grant share with regtech as a theme is 68% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.

Recent Patents

Application: Digital asset transfers in a virtual environment based on a physical object (Patent ID: US20230360044A1)

The patent filed by Bank of America Corp. describes an apparatus and method for transferring virtual resources using non-fungible tokens (NFTs) in a virtual environment. The system involves authenticating NFTs based on data stored in them, which is associated with physical objects, and authorizing interaction sessions between avatars to transfer NFTs between digital folders of different users. The process includes searching blockchain records, analyzing transfers, updating records, and conducting interactions to facilitate the secure transfer of NFTs.

The apparatus and method outlined in the patent enable users to securely transfer NFTs representing physical objects in a virtual environment. By authenticating NFTs based on stored data and conducting interactions between avatars, the system ensures the integrity and ownership of the transferred virtual resources. The use of blockchain technology, search queries, and hash information verification adds layers of security and transparency to the transfer process, while also allowing for real-world interactions based on the presence of NFTs in digital folders. Overall, the patent describes a comprehensive system for managing and transferring virtual resources using NFTs in a virtual environment.

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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.