The Royal Bank of Canada has been granted a patent for a computer-implemented platform for electronic payment transactions. The platform involves a mobile device communicating payment instructions to a merchant terminal, facilitating secure and efficient transactions. The patent also includes methods and computer-readable media for implementing the platform. GlobalData’s report on Royal Bank of Canada 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 Royal Bank of Canada, Social commerce was a key innovation area identified from patents. Royal Bank of Canada's grant share as of April 2024 was 88%. Grant share is based on the ratio of number of grants to total number of patents.
Electronic payment platform with tokenized transaction data for secure transactions
A recently granted patent (Publication Number: US11961075B2) discloses a first user mobile communication device equipped with a wireless transceiver, data processor, user input system, and persistent memory device. The device stores data representing authorization data sets, including transaction limits, delimiter operands, location references, and secure identifiers associated with payment accounts. The data processor executes machine-interpretable instructions to receive payment transaction requests, generate tokenized transaction data sets, and route them to complete transactions. The tokenized data sets include authorized transaction values, merchant identifiers, and secure identifiers for adjudication by a transaction system, with control over the process through delimiter operands.
Furthermore, the patent details the format of the tokenized transaction data sets suitable for generating machine-readable optical objects like barcodes or Quick Response (QR) codes. The device can utilize single-use or time delimiters within the tokenized data sets, with instructions interpretable by the data processor for receiving rewards associated with transactions. Additionally, the device can access authorization data sets through network communication systems, with transaction limits configurable based on user input signals. The patent also covers the output of transaction confirmation data sets to the second user mobile communication device, facilitating the completion and confirmation of payment transactions through merchant transaction processing systems.
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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.
