JPMorgan Chase & Co has filed a patent for a method that enables merchant authorization and transaction notification. The method involves receiving transaction information from a merchant system, authorizing the transaction, and notifying the customer with transaction details and an option to report unauthorized transactions. If a transaction is reported as unauthorized, the financial institution notifies the merchant system and takes fraud prevention actions. Additionally, the patent includes a claim for a method to initiate order tracking by sending transaction data to an order tracking system and fetching transaction status from the merchant. GlobalData’s report on JPMorgan Chase & Co gives a 360-degree view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
According to GlobalData’s company profile on JPMorgan Chase & Co, retail trading platforms was a key innovation area identified from patents. JPMorgan Chase & Co's grant share as of September 2023 was 90%. Grant share is based on the ratio of number of grants to total number of patents.
The patent filed is for a method of merchant authorization and transaction tracking
A recently filed patent (Publication Number: US20230316283A1) describes a method for initiating order tracking and a method for merchant authorization and transaction notification.
The first method involves a financial institution receiving transaction data for a customer-merchant transaction from a merchant backend. The financial institution authorizes the transaction and sends the transaction data to an order tracking system. The order tracking system receives a digital receipt for the transaction and matches it to the transaction. It then fetches the transaction status from the merchant. The digital receipt can be received from the merchant backend, a customer electronic device, or uploaded by the customer to the order tracking system. The matching process can be done using the transaction date, transaction price, and/or the merchant.
The second method focuses on merchant authorization and transaction notification. The financial institution receives a transaction from a merchant system involving a customer. It authorizes the transaction and communicates a notification to the customer's messaging address, providing transaction information and an option to report the transaction as unauthorized. If the customer reports the transaction as unauthorized, the financial institution notifies the merchant system to cancel the transaction. Additionally, the financial institution executes a fraud prevention action with the financial instrument used for the transaction. The report of unauthorized transaction must be received within a predetermined period of time. The messaging address can be an SMS address or an email address. The transaction information includes details such as the merchant, cost, date and time, and a description of the goods or services. The fraud prevention action can involve closing or disabling the account associated with the financial instrument. The notification can be sent to the customer's messaging address during the period between a credit card being mailed and the customer acknowledging receipt of the card.
In summary, the patent describes methods for initiating order tracking and facilitating merchant authorization and transaction notification. These methods aim to improve the efficiency and security of financial transactions between customers and merchants.
To know more about GlobalData’s detailed insights on JPMorgan Chase & Co, buy the report here.
Premium Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
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.
