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.

Bank of America Patents: From Customer Loyalty to Cybersecurity and Social Networking

In this edition, we found a number of patent applications filed with the U.S. Patent and Trademark Office to protect technologies for customer loyalty rewards programs, including one innovative system for encouraging account holders to achieve long-term goals… Social networking platforms were at the core of a couple of patents recently issued to Bank of America, including one invention meant to help uncover potential social networking opportunities based on financial transactions. A couple of cybersecurity technologies, including one for isolating an infected client device to stop of the spread of a virus within a network, are also featured. We were also intrigued to share a patent protecting a method of presenting vehicle information of interest to someone who may want to buy a vehicle by capturing a video feed of that vehicle.

Big Banks Get Software Patents Despite Alice

There are plenty of patents being issued to these giants of the banking industry which protect methods of processing transactions or performing other services through computer technologies. This year’s Supreme Court decision in Alice Corp. v. CLS Bank International has drawn a lot of attention to software patents, and particularly the type of financial service software patents that were protected by the Alice Corporation patent. The Supreme Court specifically cited that fact that the software was related to financial transactions as at least some reason to rule the patent claims invalid. Yet, there are a number of patents we noticed which were recently issued to these financial corporations involving software technologies for financial services.

Major Banks Innovating to Increase Consumer Security

Today, we’ve profiled an assortment of patent applications and issued patents coming out of the U.S. Patent and Trademark Office that are assigned to Citigroup Technology of New York, NY; The Bank of America Corporation of Charlotte, NC; and JPMorgan Chase Bank, also of New York, NY. We’ve checked out a few inventions that show the desire of banking corporations to stem the recent tide of major identity theft scandals. Our featured application today takes a look at a new design for a magnetic stripe card reader that would have impeded the progress of criminals who recently stole personal financial information from millions of Target customers. Other patent applications we noticed include a system for identifying phishing websites that steal customer information across the World Wide Web, as well as a personal budgeting manager for financial accounts. These three banking companies have also been receiving patents from the USPTO at a fair clip in recent days, although Bank of America and JPMorgan Chase are paced well ahead of Citigroup in this regard. We discuss a couple of new banking inventions that aim to take advantage of mobile networks and devices, including one patent protecting a system of providing offers to individuals from nearby businesses. Other patents include a system of collecting unused coinage for redistribution among banks and systems for funding an account collectively among many contributors.

Bank of America Seeks Patent on ATM with a USB Port

Our featured patent application today discusses the operation of an automatic teller machine, or ATM, that includes a universal serial bus (USB) port. This USB port would enable the ATM to connect to external security devices, such as a fingerprint scanner, to provide authentication. We’ve pulled up two applications that deal with providing targeted shopping offers digitally, one that provides offers while browsing an online store and another that can provide discounts after the purchase has been made. Other patent applications describe a marketplace for exchanging gift cards, as well as a system for vehicle navigation to points of interest along a driving route. The recent additions to Bank of America’s patent portfolio include a number of very interesting new systems designed to help those in economic need. Two issued patents discuss methods of preventing economic loss because of unforeseen circumstances, one that applies to any credit account and the other which can prevent foreclosure proceedings specifically. Mobile banking units for access to financial accounts during catastrophes are prevented in another patent. Another issued patent provides for a financial product referred to as “goal insurance,” designed to motivate policy holders to achieve defined goals.