Regions Financial has patented a system for automatic fund transfers between payment channels. The system includes modules for secure access, data filtering, and fund transfer based on user-set parameters. This innovation allows for efficient and secure fund management. GlobalData’s report on Regions Financial gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Regions Financial, was a key innovation area identified from patents. Regions Financial's grant share as of February 2024 was 88%. Grant share is based on the ratio of number of grants to total number of patents.
Automatic fund transfer system with security and user identification
A recently granted patent (Publication Number: US11861690B2) outlines a system for transferring funds based on a predetermined amount set by the user. The system involves a processor directing a communication module to provide users with the option of setting up automatic fund transfers between different payment channels. These transfers are executed based on access parameters, including security data or user identification data, received from authorized entities. An implementation module facilitates the automatic transfer of funds, reflecting the owner's consent and knowledge, and allowing for online bill payments to be converted into card transactions. The system includes various modules such as an access module, input module, and filter module to ensure secure and efficient fund transfers.
Furthermore, the patent details a method for transferring funds based on user-set amounts, involving storing funds in initial storage locations and enabling automatic transfers between payment channels. The method includes receiving access parameters from authorized entities, such as owners or surrogates, and executing fund transfers through an implementation module. Users can transfer funds from their checking accounts to card services, with the system ensuring the security and relevance of transferred data. The method also covers scenarios where users may or may not have electronic payment accounts with billers, providing flexibility in fund transfer options while maintaining security measures throughout the process.
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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.
