According to GlobalData’s company profile on Royal Bank of Canada, social commerce was a key innovation area identified from patents. Royal Bank of Canada's grant share as of June 2023 was 1%. Grant share is based on the ratio of number of grants to total number of patents.

The patent is filed for a networked merchant transaction management system

Source: United States Patent and Trademark Office(USPTO). Credit: Royal Bank of Canada

A recently filed patent (Publication Number: US20230196355A1) describes a networked merchant transaction management system. The system includes a network communication system, a data processor, and a persistent memory device. The memory device stores machine-interpretable instructions that enable the data processor to perform various functions.

One of the functions is to receive a select merchant payment token request data set from a purchaser communication device via the network communication system. This data set includes a secure purchaser identifier and a secure select merchant payment token. The data processor then generates a select merchant token confirmation request, which includes data representing the secure select merchant payment token. This confirmation request is routed to a payment authorization management system using either the same or another network communication system.

The patent also mentions that the select merchant token confirmation data set can include data representing a merchant transaction processing request. This request can include information about discounts to be applied to price terms associated with transaction request data sets generated by purchaser communication devices. Additionally, the request can include information about loyalty account points award rules applied to transactions associated with transaction request data sets.

The system allows for the inclusion of purchaser-selected merchant identifiers and payment source identifiers in the select merchant payment token request data set. The select merchant token confirmation request can also include merchant-selected purchaser identifiers and protocols associated with the purchaser-selected payment source identifiers. The secure select merchant payment token can be associated with either the purchaser-selected merchant identifiers or the purchaser-selected payment source identifiers.

The patent also describes a purchaser communication device that includes a data communication system, a data processor, and input/output devices. The device has two persistent memory devices, one storing machine-interpretable instructions for a merchant transaction management application and the other for a payment management application. The data processor is configured to receive signals from input devices to designate payment source accounts and route eligible accounts list request data sets to payment authorization management systems. The device can also receive a select merchant payment token and route it to a merchant transaction management system.

In summary, the patent describes a networked merchant transaction management system and a purchaser communication device that facilitate secure and efficient payment processing for transactions conducted with select merchants. The system and device allow for the inclusion of various data sets and enable communication with payment authorization management systems.

To know more about GlobalData’s detailed insights on Royal Bank of Canada, 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.