Royal Bank of Canada had 15 patents in mobile during Q4 2023. The Royal Bank of Canada filed patents for systems, methods, and devices for secure data processing in electronic payment transactions. These inventions focus on creating, administering, and storing electronic data for pre-funded payment transactions, including the use of payment tokens and virtual wallets. The patents also involve trusted platforms for registering networked communication devices and merchant systems as trusted entities, allowing for the use of multiple payment accounts for transactions. GlobalData’s report on Royal Bank of Canada gives a 360-degreee view of the company including its patenting strategy. Buy the report here.
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Royal Bank of Canada grant share with mobile as a theme is 53% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Systems, methods, and devices for secure generation and processing of data sets representing pre-funded payments (Patent ID: US20230401554A1)
The patent filed by the Royal Bank of Canada pertains to systems, devices, and methods for secure data processing in electronic payment transactions, specifically focusing on pre-funded payment token data sets. The invention involves the creation, administration, manipulation, and storage of secure data items representing monetary value for transactions. It enables the generation of secure negotiable pre-funded token transfer data sets that include payment authorizations and verification data, which can be shared between network devices for transactions like purchases. The user device described in the patent includes data processors and persistent memory with secure data storage media and instructions to access, generate, modify, and route secure token transfer data sets to token administration systems.
The claims associated with the patent detail the functionalities of the user device, such as accessing ledger accounts associated with credit cards, debit accounts, or loyalty programs to generate secure token transfer data sets. These data sets can include gift personalization data, delivery notifications, and recipient verification processes. The method outlined in the patent involves accessing ledger account data, generating secure token transfer data, modifying it with payment authorizations and verification data, and routing it to network addresses. The method also includes generating multiple token transfer data sets for different recipients, ensuring the transfer amount does not exceed the pre-funded amount. Overall, the patent focuses on secure and efficient processing of pre-funded payment transactions without the involvement of third-party payment processors.
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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.
