Wells Fargo & Co has patented a system allowing users to manage permissions for third-party access to their data and accounts across multiple entities through a central portal. Users can control access, delete data, and impose restrictions via the portal, streamlining account management. GlobalData’s report on Wells Fargo & Co gives a 360-degree view of the company including its patenting strategy. Buy the report here.

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 January 2024 was 90%. Grant share is based on the ratio of number of grants to total number of patents.

Centralized management of permissions for third-party account access

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

A recently granted patent (Publication Number: US11886613B1) outlines a system that allows a user to link multiple client applications to their financial accounts through an internet portal. The system, operated by a computing entity, involves processors serving an internet portal to a client application on a user device, verifying login credentials, presenting a list of linkable accounts, and generating access tokens for client applications to access account data. The system also allows for the monitoring of transactions and unusual activities related to linked client applications, with the ability to restrict access or unlink applications in case of suspicious behavior.

Furthermore, the patent details the functionality of the system in accepting access permissions, limiting data accessibility and available functionality for linked client applications. It also includes provisions for presenting information on recent transactions and unusual activities, with the capability to disable access to account data in case of suspicious behavior. The system is designed to enhance user control over linking accounts with various client applications, providing a secure and customizable experience for managing financial information through a user-friendly internet portal.

To know more about GlobalData’s detailed insights on Wells Fargo & Co, buy the report here.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

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.