Toronto-Dominion Bank has patented a system for secure transactions. The technology involves generating encryption keys, random numbers, and unique identifiers to verify and transfer payloads between entities. The system ensures secure transactions by splitting keys, generating cryptograms, and confirming transactions between requesting and delivery entities. GlobalData’s report on Toronto-Dominion Bank 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 Toronto-Dominion Bank, Blockchain-based gaming platforms was a key innovation area identified from patents. Toronto-Dominion Bank's grant share as of April 2024 was 61%. Grant share is based on the ratio of number of grants to total number of patents.
Secure transaction processing system with encryption key generation
A recently granted patent (Publication Number: US11972421B2) discloses a computing system designed to facilitate secure transactions between entities. The system involves a delivery entity computing system, a memory storing computer-executable instructions, and a processing device. The operations include receiving transaction requests, generating encryption keys and unique identifiers, verifying secure events, and transferring payload reimbursements. The system also involves splitting encryption keys, generating matrix codes, and transmitting cryptograms to ensure secure transactions. Additionally, the system allows for the creation of account profiles, escrow accounts, and the use of QR codes for transaction verification. The patent also covers scenarios where multiple delivery entity computing systems are involved, each associated with different delivery entities.
Furthermore, the patent details various transaction attributes such as delivery time, date, receipt instructions, and preferred payment methods. It also outlines operations related to reimbursement transfers, escrow accounts, and program eligibility verification. The system supports different types of payloads, including cash and gold bullion. Additionally, the patent describes a method for effecting secure events involving multiple processing devices within a network. This method includes steps for receiving transaction requests, generating encryption keys and unique identifiers, verifying transactions, and transferring payload reimbursements. The method also covers scenarios where the requesting entity and delivery entity computing systems are geographically proximate, allowing for efficient transaction processing and verification. Overall, the patent provides a comprehensive framework for secure transactions between entities, emphasizing encryption, verification, and secure transfer of payloads.
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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.
