Bank of America had 11 patents in regtech during Q1 2024. Bank of America Corp filed patents in Q1 2024 for innovative technologies including hyperspectral imaging based authentication for checks, real-time adjustment of resource allocation using artificial intelligence, behavior-generated event-type signed processes for cyber-security, machine learning based automated management of user accounts, and user authentication based on historical behavior using a machine learning model. These technologies aim to enhance security, efficiency, and user experience in financial transactions and account management. GlobalData’s report on Bank of America gives a 360-degree view of the company including its patenting strategy. Buy the report here.

Bank of America grant share with regtech as a theme is 27% in Q1 2024. Grant share is based on the ratio of number of grants to total number of patents.

Recent Patents

Application: Systems and methods for hyperspectral imaging based authentication (Patent ID: US20240086924A1)

The patent filed by Bank of America Corp. describes systems, methods, and computer program products for hyperspectral imaging-based authentication. The method involves receiving check data associated with a user, extracting field details from the data, generating hyperspectral image data based on the extracted details, determining spectral characteristics from the image data, and identifying tampering indications based on these characteristics. The system includes storage devices and processors to carry out these functions, with the hyperspectral imaging module dividing the image data into spectral bands to analyze reflectance values for tampering detection.

The system and computer program product outlined in the patent claims focus on utilizing hyperspectral imaging for authentication purposes, particularly in the context of physical or digital checks. The technology involves capturing check data, extracting field details, generating hyperspectral images, and analyzing spectral characteristics to detect tampering. The system can also generate notifications for users, facilitate payment operations, and compare reflectance values across spectral bands to determine tampering indications. This innovative approach enhances security measures in financial transactions by leveraging hyperspectral imaging technology for authentication and fraud detection.

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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.