According to GlobalData’s company profile on JPMorgan Chase & Co, retail trading platforms was a key innovation area identified from patents. JPMorgan Chase & Co's grant share as of September 2023 was 90%. Grant share is based on the ratio of number of grants to total number of patents.

The patent filed is for a method of merchant authorization and transaction tracking

A recently filed patent (Publication Number: US20230316283A1) describes a method for initiating order tracking and a method for merchant authorization and transaction notification.

The first method involves a financial institution receiving transaction data for a customer-merchant transaction from a merchant backend. The financial institution authorizes the transaction and sends the transaction data to an order tracking system. The order tracking system receives a digital receipt for the transaction and matches it to the transaction. It then fetches the transaction status from the merchant. The digital receipt can be received from the merchant backend, a customer electronic device, or uploaded by the customer to the order tracking system. The matching process can be done using the transaction date, transaction price, and/or the merchant.

The second method focuses on merchant authorization and transaction notification. The financial institution receives a transaction from a merchant system involving a customer. It authorizes the transaction and communicates a notification to the customer's messaging address, providing transaction information and an option to report the transaction as unauthorized. If the customer reports the transaction as unauthorized, the financial institution notifies the merchant system to cancel the transaction. Additionally, the financial institution executes a fraud prevention action with the financial instrument used for the transaction. The report of unauthorized transaction must be received within a predetermined period of time. The messaging address can be an SMS address or an email address. The transaction information includes details such as the merchant, cost, date and time, and a description of the goods or services. The fraud prevention action can involve closing or disabling the account associated with the financial instrument. The notification can be sent to the customer's messaging address during the period between a credit card being mailed and the customer acknowledging receipt of the card.

In summary, the patent describes methods for initiating order tracking and facilitating merchant authorization and transaction notification. These methods aim to improve the efficiency and security of financial transactions between customers and merchants.

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