Bank of America had 14 patents in regtech during Q2 2024. The Bank of America Corp filed patents in Q2 2024 for systems related to item validation, fail-safe event processing, multidimensional transaction pattern tracking, and evaluating transactions in a decentralized finance network. These systems involve analyzing transactions, generating profiles, recommending actions, and establishing frameworks to enhance security and efficiency in financial operations. GlobalData’s report on Bank of America gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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Bank of America had no grants in regtech as a theme in Q2 2024.
Recent Patents
Application: Enhanced item validation and image evaluation system (Patent ID: US20240212383A1)
The patent filed by Bank of America Corp. describes systems for item validation and image evaluation. The system involves receiving an instrument and associated data, comparing it to a database of previously processed valid instruments, and generating user interfaces displaying matching or non-matching elements. The system aims to streamline the validation process by leveraging historical data to determine the authenticity of the instrument being evaluated.
The claims outline the specific functionalities of the system, such as identifying matches between elements of the instrument and previously processed instruments, displaying user interfaces based on these matches, retrieving user profiles for further validation, and generating selectable options to add instruments to user profiles. The patent emphasizes the use of image processing and user interfaces to enhance the validation process, ultimately improving the efficiency and accuracy of item validation in a financial context.
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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.
