The Royal Bank of Canada has filed a patent for a networked merchant transaction management system that enables rapid and secure negotiation, authorization, execution, and confirmation of multi-party data processes, including payment transactions. The system involves communication between purchasers, merchants, and financial institutions, utilizing secure identifiers and tokens. GlobalData’s report on Royal Bank of Canada gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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
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.