Plaid has filed a patent for systems and techniques that allow users to access their accounts and estimate the value of certain attributes associated with their accounts. The patent describes a method of categorizing transactions, estimating attribute values, and predicting future attribute values based on transaction data. The patent also includes a claim for a device that can simulate a first-party application and interact with an external account system to retrieve transaction data and provide expected future attribute values. GlobalData’s report on Plaid gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on Plaid, EMV tokenization was a key innovation area identified from patents. Plaid's grant share as of September 2023 was 54%. Grant share is based on the ratio of number of grants to total number of patents.

The patent is filed for a system to estimate attribute values

Source: United States Patent and Trademark Office (USPTO). Credit: Plaid Inc

A recently filed patent (Publication Number: US20230316392A1) describes a first device that can interact with an external account system to provide expected future values associated with attributes of transaction groups. The device includes one or more memories and processors. It receives a request for data associated with an account from the external account system and instantiates a simulated instance of a first-party application associated with the external account system. This simulated instance appears to the external account system as if it is executing on a second device associated with the account. The simulated instance queries the external account system for transaction data and categorizes the transactions into groups based on their sources.

The device then estimates an attribute value for each group based on the transaction amounts and determines an expected future value associated with the attribute. This expected future value is provided through a second API, which is different from the first API used to interface with the external account system. The estimation of the attribute value may be based on a confidence value associated with the group satisfying a threshold value. The confidence value can be determined by analyzing the distribution of transaction amounts over a specific time period associated with the transaction group.

The patent also mentions that the second API used by the device is a normalized API, which abstracts away the underlying non-public API of the external account system. This allows for a standardized and simplified interface for providing the expected future values. The second device, on which the simulated instance appears to be executing, is typically a user device associated with a user related to the account.

In summary, the patent describes a device that can interact with an external account system to provide expected future values associated with attributes of transaction groups. The device uses a simulated instance of a first-party application to query the external account system and categorize transactions based on their sources. It estimates attribute values for the transaction groups and determines expected future values based on these estimates. The device provides these expected future values through a normalized API, which simplifies the interface with the external account system.

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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.