Mastercard. has been granted a patent for a computer-implemented method that isolates transaction records with deficient standard data elements. The method identifies misclassifications in installment payment transactions by analyzing transaction records and notifying merchants of any deficiencies in data entry related to installment plan indicators. GlobalData’s report on Mastercard 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 Mastercard, was a key innovation area identified from patents. Mastercard's grant share as of July 2024 was 33%. Grant share is based on the ratio of number of grants to total number of patents.
The granted patent US12067576B2 outlines a computer-implemented method and system designed to isolate transaction records that exhibit deficiencies in standard data elements, particularly concerning installment payment transactions. The method involves acquiring two transaction records associated with a transactional entity and analyzing them to identify any deficiencies, such as misclassifications due to omitted or erroneous installment plan indicator values. The analysis includes examining various standard data fields, including transaction dates, amounts, and consumer identifiers, to determine if discrepancies exist. If deficiencies are identified, the system stores a record of the misclassification and automatically generates notifications to the merchant, informing them of the specific issues related to the installment plan indicator.
Additionally, the patent specifies that the method can monitor further transaction records for installment plan indicators and can be configured to analyze transaction data based on predetermined classifications of merchant types, particularly those selling goods under installment plans, such as smartphones. The system is designed to operate on a rolling or periodic basis, ensuring that merchants are promptly notified of any deficiencies in their transaction records. The claims also detail the use of a non-transitory computer-readable storage medium that contains a program for executing these processes, emphasizing the automated nature of the method and its applicability in maintaining accurate transaction records.
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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.
