Posts Tagged: "Bank of America patents"

BoA innovations cover security for financial transactions, wearable payment devices, cryptocurrency

Many of the patents we noticed in our recent survey of BofA technologies are related to enhanced security methods for financial transactions, such as the innovation protected by U.S. Patent No. 9218596, entitled Method and Apparatus for Providing Real Time Mutable Credit Card Information. It discloses a smartcard apparatus having a microprocessor chip, a button, a dynamic transaction authorization number and a Bluetooth low energy device (BLE) that works to transmit an instruction to a smartphone for a request for a dynamic transaction authorization number when the button is depressed and receive the number from the smartphone; the smartcard further has a battery and a dynamic magnetic strip comprising a digital representation of the dynamic authorization number. This technology is designed to enhance security measures in smartcards having magnetic strips without requiring a banking institution to issue new cards. Enhanced security for banking transactions taking place on cloud infrastructures is featured within U.S. Patent No. 9184918, entitled Trusted Hardware for Attesting to Authenticity in a Cloud Environment. I

The Top 10 Patents Issued in 2015

2015 was a truly remarkable year for innovation and we saw major trends in self-driving cars, wearable technologies, digital wallets and much more. I hope you will enjoy this top 10 listing, which includes innovations for providing water in arid regions, wireless charging systems for electronic devices and even the collection and retransmission of sunlight. Of course, as with all of these types of lists, the criteria used for inclusion on this list is subjective, based on my own personal preferences. Please feel free to let us know if you saw something particularly noteworthy in 2015.

Bank of America patents mobile banking programs and video ATM terminals

Mobile devices were the subject of a pair of recently issued Bank of America patents recently. It was at least a little intriguing, however, that the invention relates more to personal security than the protection of financial accounts. U.S. Patent No. 8922657, entitled Real-Time Video Image Analysis for Providing Security, claims a method for providing security to a user by receiving an image of an area frequented by a user, building a directory of non-human object and individual data within that area, recognizing variations between the data directory and a real-time video stream of the area and presenting selectable indicators of recommended security actions associated with the variations to a user via a mobile device. The innovation is intended to provide smartphone owners and other mobile device users with an augmented reality service for identifying unwanted home intrusions and offer them options for contacting authorities.

Top 10 Patents for 2014

Today, we’re picking the best inventions for which corporations from the Companies We Follow series have actually earned patent rights from the U.S. Patent and Trademark Office. Alternative energies, drones, robots, seawater desalination and the Internet of Things all make an appearance in today’s profile of the best inventions from the past year.

I Thought Banks Didn’t Like Financial Software Patents?

The big banks have backed Schumer for years, which makes sense since he is the senior Senator from the States of New York, which is where all the bankers are located (i.e., on Wall Street). But given all the vitriol aimed at software patents, particularly those in the financial services sector, there is a real irony that big banks are able to get software patents that explicitly cover computer implemented methods in the wake of Alice v. CLS Bank when so many others aren’t. So much of this anti-software patent hysteria was started by the big banks but they seem unaffected. That is an unfortunate theme in America. The big banks on Wall Street destroyed the economy with reckless disregard and yet not a single person went to jail and big bonuses continued to be paid to the very bankers and executives responsible for the economic meltdown that lead to the Great Recession.