According to GlobalData’s company profile on Acorns Advisers, Transaction splitting was a key innovation area identified from patents. Acorns Advisers's grant share as of July 2024 was 68%. Grant share is based on the ratio of number of grants to total number of patents.

Transaction processing system preventing errors in round up process

The granted patent US12026779B2 outlines a system and method for processing electronic transactions, specifically focusing on a "round up" feature that enhances transaction management. The system comprises a non-transitory computer-readable storage medium and one or more processors that execute instructions to handle transaction data from an electronic payment gateway. The process begins with the receipt of transaction data, which includes descriptors or values associated with transactions. A filtering parameter is applied to determine if a transaction is suitable for the round-up process. If a transaction is deemed unsuitable, the system prevents the round-up process from being applied, thereby avoiding potential errors such as indefinite loops in the execution of logic code. Conversely, if a second transaction is identified as conducive to the round-up process, the system calculates the difference between the transaction value and its rounded-up integer equivalent, facilitating the transfer of currency between accounts based on this calculation.

Additionally, the patent details the creation of an electronic ledger that records transactions prior to the round-up process, which may include specific descriptors such as transaction dates or types. The system is designed to monitor a database for transactions based on user interactions, such as swiping gestures on a graphical user interface, and can perform this monitoring on a daily, weekly, or monthly basis. The method ensures that only appropriate transactions undergo the round-up process, thereby streamlining transaction management and enhancing user experience. The patent emphasizes the importance of preventing errors during transaction processing while enabling efficient currency transfers based on rounded values.

To know more about GlobalData’s detailed insights on Acorns Advisers, buy the report here.

Data Insights

From

The gold standard of business intelligence.

Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.

Be better informed