JPMorgan Chase & Co has patented a secure, decentralized network for payment processing, enabling faster transactions and real-time fraud management. The system utilizes interbank information networks and blockchain technology to streamline payment tracking and information sharing among financial institutions. GlobalData’s report on JPMorgan Chase & Co gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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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 April 2024 was 90%. Grant share is based on the ratio of number of grants to total number of patents.
Secure, decentralized interbank information network for payment processing
A recently granted patent (Publication Number: US11966886B2) describes a system that implements an interbank information network architecture to provide a secure and decentralized network. The system includes an interbank information network utilizing a dedicated private third-party infrastructure hosted by a third-party hosting provider. This network establishes direct communication channels between multiple nodes, including an administrator node, first bank node, and second bank node. The first bank node comprises a client internal system, a first blockchain node supporting a permissioned shared ledger, and a private database containing transactional and personally identifiable information. Similarly, the second bank node includes a private database, a stager, and a second blockchain node to support the permissioned shared ledger. The system allows for secure communication, inquiry activities, and validation processes between the nodes, ensuring data integrity and privacy.
Furthermore, the system involves an administrator node that maintains a whitelist of authorized nodes, ensuring only approved participants can engage in the interbank information network. Each bank node is responsible for in-bank user access to node functions, enhancing security measures. The method also includes provisions for encrypted private messages, validation requests, and leveraging a network-wide fraudster list for verification purposes. Users associated with the first bank node can access the system via a web-based interface, facilitating seamless interaction with the interbank information network. Overall, the patented system offers a robust framework for secure and decentralized interbank communication, enabling efficient data exchange while maintaining stringent privacy and security protocols.
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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.
