Visa‘s patented system and method involve retrieving transaction data, identifying merchant store numbers, determining centroids for merchant locations, and using artificial intelligence to adjust weights for accurate data. The technology aims to improve data accuracy for rewards programs with merchants. GlobalData’s report on Visa 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 Visa, Contactless Card Payments was a key innovation area identified from patents. Visa's grant share as of April 2024 was 43%. Grant share is based on the ratio of number of grants to total number of patents.
Determining merchant store numbers from electronic payment transaction data
A recently granted patent (Publication Number: US11966903B2) outlines a computer-implemented method for determining merchant store numbers from electronic payment transaction data. The method involves retrieving transaction data, parsing it to identify transaction locations and merchant store numbers, determining centroids for the merchant store numbers, and adjusting weights of an artificial intelligence engine to identify new centroids based on transaction locations. The system then edits the transaction data to include the nearest merchant store number and provisions it to a rewards program with the merchant. The method utilizes k-means clustering and fixed clusters within the transaction data to assign centroids effectively.
Furthermore, the patent also describes a system and a non-transitory tangible computer-readable medium that execute similar instructions for retrieving, parsing, determining centroids, adjusting weights, editing transaction data, and provisioning it to a rewards program. The system and medium also incorporate k-means clustering and fixed clusters within the transaction data to enhance the accuracy of centroid assignment. Additionally, the patent mentions scenarios where the transaction data may contain false or misleading merchant store number information, emphasizing the method's ability to correct and provide accurate data for rewards programs. The patent does not involve centroids specific to individual users, focusing solely on merchant store numbers within electronic payment transactions.
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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.
