Royal Bank of Canada had 13 patents in big data during Q1 2024. The Royal Bank of Canada has filed patents for methods and systems related to payment processing, data monitoring and quality prediction, user data application for service provision, artificial intelligence-based digital content recommendation, and automatic source code generation for data transformation processes. These patents cover a range of innovative technologies and techniques aimed at improving efficiency and user experience in various financial and data-related operations. 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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Royal Bank of Canada grant share with big data as a theme is 38% in Q1 2024. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Actor model payment processing engine (Patent ID: US20240104519A1)
The patent filed by the Royal Bank of Canada describes methods, systems, and techniques for processing payments using an actor model payment processing engine. The payment processing method involves receiving a payment instruction, storing corresponding events in an event journal, and performing the payment instruction using an event-sourced, actor-based system that transitions through different states in response to the instruction. The system can perform actions in both stateless and stateful environments, involving non-event sourced and event sourced actors.
Furthermore, the payment processing method includes features such as real-time fraud determination, payment fund reservation, account validation, and payment scoring. The system is redundantly implemented with primary and secondary systems, utilizing a recovery application to ensure continuity in case of unavailability. The method also involves updating software, disproportionately routing payment instructions, and managing database failures through domain name servers. Overall, the patent outlines a comprehensive approach to payment processing using an actor model engine that efficiently handles various aspects of payment transactions while ensuring reliability and redundancy in the system.
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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.
