Plaid‘s patent involves a system for secure updating of allocations to user accounts by matching employers to external institutions. The system allows users to change future recurring transfers through a simulated instance of the external institution’s software application, ensuring secure and efficient management of permissions. 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 January 2024 was 54%. Grant share is based on the ratio of number of grants to total number of patents.

Secure updating of future recurring transfers for user accounts

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

A recently granted patent (Publication Number: US11887069B2) discloses a permissions management system designed to facilitate changes to future recurring transfers for users associated with employers linked to external institutions. The system includes computer-readable storage mediums with program instructions, a database matching employers to external institutions, and processors executing the program instructions. Upon receiving a request to modify future recurring transfers, the system identifies the user, their employer, and the external institution linked to the transfers. It then initiates a simulated instance of the external institution's software application to determine the transfers and endpoints associated with the user, allowing for requested changes to be executed seamlessly.

Furthermore, the system allows for customization of allocations, account recovery processes, and multi-factor authentication token handling. It can retrieve transaction data, categorize recurring transactions, and update the database accordingly. The identification of external institutions can be based on transaction data analysis or user selections. The system also enables the user to select new allocations for future transfers, confirm changes, and interact securely with the external institution without the need for login credentials. The simulated instance of the software application is generated through an analysis of the actual application's interactions with the external institution, ensuring a seamless and secure user experience for modifying recurring transfers.

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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.