The Bank of Montreal has patented a system for electronic payment processing using communication channels. The system can detect fraud, categorize images, and extract payment data. It utilizes a predictive model to categorize bill statements and process payments efficiently. GlobalData’s report on Bank of Montreal gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on Bank of Montreal, 3D memory devices was a key innovation area identified from patents. Bank of Montreal's grant share as of January 2024 was 88%. Grant share is based on the ratio of number of grants to total number of patents.

Electronic payment processing system using predictive model for categorizing requests

Source: United States Patent and Trademark Office (USPTO). Credit: Bank of Montreal

A recently granted patent (Publication Number: US11868979B2) outlines a system for payment processing that utilizes a predictive model to categorize bill or invoice statements. The system involves a payment server equipped with computer-readable storage medium and instructions to carry out various steps. These steps include receiving an initial payment request, verifying the customer record, adjusting image factors, inputting image data into the predictive model, categorizing the request as a bill or not, extracting payment data values, training the predictive model, generating a vendor payment request, transmitting payment confirmation requests, receiving approval notifications, and updating payment records. The system also includes an electronic wallet application for mobile devices to facilitate the approval process.

Furthermore, the patent details additional features of the system, such as processing registration requests, handling duplicate payment requests, managing recurring payment requests, and utilizing different communication channels for electronic addresses. The system ensures efficient payment processing by training the predictive model based on historical data and customer interactions. By automating various steps in the payment processing workflow, the system aims to streamline the payment confirmation and vendor payment request generation process. Overall, the system described in the patent aims to enhance the efficiency and accuracy of payment processing by leveraging predictive modeling and customer data to categorize and process payment requests effectively.

To know more about GlobalData’s detailed insights on Bank of Montreal, buy the report here.

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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.