According to GlobalData’s company profile on Wells Fargo & Co, virtual banking assistant was a key innovation area identified from patents. Wells Fargo & Co'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 method of locking-in currency exchanges

Source: United States Patent and Trademark Office(USPTO). Credit: Wells Fargo & Co

A recently filed patent (Publication Number: US20230206224A1) describes a computer-implemented method for currency transfers using a wallet application. The method involves providing a customer request for a currency transfer between a customer account and a recipient account associated with different types of currency. The wallet application presents a locked-in exchange rate and corresponding data, and then exchanges the specified amount of currency based on the exchange rate. The transferred amount is indicated through the execution of a smart contract on a distributed ledger shared between the customer and recipient provider systems.

The method also includes additional features such as presenting an expiration notification with a selectable element to close it, displaying a timer upon selection, and presenting a searchable list of currency types for exchange. The wallet application can also show a history of previous transactions and the currency types used. Furthermore, the customer request can include a request for currency exchange between different types of currency, and the method allows for the exchange of an additional amount of currency. If the wallet application is not linked to a payment account associated with the recipient's currency, a new payment account can be created for the transfer.

The patent also covers a user device that implements the method described above. The device includes a processing circuit with a processor and memory to store and execute the necessary instructions. The device provides the customer request, presents the exchange rate and data, performs the currency exchange, and receives the indication of the transferred amount through the wallet application and smart contract execution on the distributed ledger.

In addition, the patent includes instructions stored on non-transitory computer-readable storage media that enable the execution of the method. These instructions also cover the presentation of the expiration notification, recent and searchable currency types, and the history of previous transactions.

Overall, this patent describes a computer-implemented method and user device for secure and efficient currency transfers using a wallet application and smart contracts on a distributed ledger. The method includes various features to enhance user experience and convenience, such as presenting exchange rates, timers, and transaction histories.

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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.