Truist Financial has been granted a patent for a system that enables users to manage transactions in an online application. The system links multiple external bank accounts, allows users to categorize transactions, and facilitates payments from different accounts based on user-defined lists. It employs machine learning for enhanced functionality. GlobalData’s report on Truist Financial 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 Truist Financial, was a key innovation area identified from patents. Truist Financial's grant share as of July 2024 was 78%. Grant share is based on the ratio of number of grants to total number of patents.
Transaction management system for online banking applications
The granted patent US12067219B2 outlines a sophisticated system and method for managing transactions within an online application. Central to this innovation is a back-end server equipped with a processor, a communications interface, and a memory device. The system enables users to link multiple external bank accounts to the application and provides a comprehensive main list of transactions made with various credit cards associated with the same account. Users can selectively categorize and move transactions into designated lists, allowing for payments to be made from different bank accounts based on user-defined criteria. The system employs a machine learning model utilizing neural networks to enhance transaction management, including the ability to identify anomalies and optimize data processing through unsupervised learning techniques.
Additionally, the patent specifies features that grant users greater control over their transaction management. Users can independently select which transactions to pay and can group or rearrange transactions by type or order. The system also allows for splitting transaction amounts across different lists, facilitating more nuanced financial management. The iterative training process of the neural network ensures that the model adapts to new data, improving its predictive capabilities over time. Overall, this patent presents a comprehensive framework for enhancing user experience in managing financial transactions through advanced technology and machine learning methodologies.
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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.
