According to GlobalData’s company profile on Discover Financial Services, UWB-enabled payments was a key innovation area identified from patents. Discover Financial Services's grant share as of September 2023 was 41%. Grant share is based on the ratio of number of grants to total number of patents.

P2p payment service for cross-service transactions

A recently filed patent (Publication Number: US20230259916A1) describes a computing platform associated with a peer-to-peer (P2P) payment service that enables cross-service transactions between independent P2P payment services. The computing platform includes a network interface, at least one processor, and a non-transitory computer-readable medium with program instructions. These program instructions allow the computing platform to interact with a cross-service computing platform that facilitates cross-service transactions.

The first set of program instructions enables the computing platform to initiate a cross-service transaction on behalf of a first user account of the P2P payment service. This involves receiving a request from the first user account to initiate the transaction with another user account of a different P2P payment service. The computing platform then transmits this request to the cross-service computing platform and receives a transaction identifier for the first cross-service transaction. The computing platform presents this identifier to the user of the first client device, allowing them to provide it to a user of another client device associated with the second P2P payment service. Once the transaction is settled, the computing platform receives confirmation from the cross-service computing platform.

The second set of program instructions allows the computing platform to participate in a second cross-service transaction on behalf of a second user account of the P2P payment service. This involves receiving a request from the second user account to participate in the transaction with a user account of the second P2P payment service. The computing platform transmits this request, including the transaction identifier and the identifier of the second user account, to the cross-service computing platform. The cross-service computing platform then invokes the second cross-service transaction, and the computing platform receives confirmation once the transaction is successfully settled.

The patent also mentions that the data communication between the computing platform and the cross-service computing platform may include information such as the amount of funds to be transferred in the transactions and whether the user accounts are payors or payees. Additionally, Quick Response (QR) codes may be used to encode the transaction identifiers in the communication between the computing platform and the client devices.

Overall, this patent describes a computing platform that enables cross-service transactions between different P2P payment services. It provides a seamless process for initiating and participating in these transactions, ensuring secure and efficient fund transfers between user accounts.

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