Plaid has patented a method for accessing user data from external financial service systems using an application proxy instance. The system simulates the external application, negotiates communication, retrieves data, and formats it for standardized access. This innovation streamlines access to financial data for users. 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 February 2024 was 82%. Grant share is based on the ratio of number of grants to total number of patents.

Programmatic access of external financial service systems

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

A recently granted patent (Publication Number: US11922492B2) discloses a computer-implemented method for accessing user data using an application proxy instance. The method involves receiving a request for user data associated with a user's account from a computing device via a normalized API, generating a specific application proxy instance for the user, negotiating registration with the financial institution, storing the instance in memory, initiating a communication session to retrieve the data, formatting it to a standardized format, and transmitting it back to the computing device. The patent also includes provisions for subsequent requests, handling expired communication sessions, and scenarios where the requested data is not available through the initial proxy instance.

Furthermore, the patent describes a computing platform designed for accessing user data at a financial institution using an application proxy instance. The platform includes a processor, communication interface, and memory storing instructions for executing various functions such as receiving user data requests, generating application proxy instances, negotiating registration, initiating communication sessions, retrieving and formatting data, and handling subsequent requests and expired sessions. The platform is capable of determining when a communication session has expired and taking appropriate actions to retrieve the requested data. Overall, the patent outlines a comprehensive system for efficient and secure access to user data through application proxy instances at financial institutions, enhancing user experience and data management processes.

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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.