Wells Fargo & Co has patented a method for locking-in currency exchanges through a wallet application. The system allows customers to request currency transfers between accounts with different currencies, providing a fixed exchange rate for a set time, executing the exchange, and confirming the transfer via a distributed ledger. GlobalData’s report on Wells Fargo & 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 Wells Fargo & Co, Virtual banking assistant was a key innovation area identified from patents. Wells Fargo & Co's grant share as of February 2024 was 90%. Grant share is based on the ratio of number of grants to total number of patents.
Currency exchange rate locking system for wallet application
A recently granted patent (Publication Number: US11922406B2) discloses a computer-implemented method for facilitating currency transfers between customer and recipient accounts associated with different currency types. The method involves providing a customer request through a graphical user interface (GUI) of a wallet application, presenting an exchange rate and executing the currency exchange based on the provided rate. The transfer is facilitated through a smart contract on a distributed ledger shared between the customer and recipient provider systems. The method also includes features such as expiration notifications, recent currency types, and graphical representations of recipient countries.
Furthermore, the patent also covers a user device and non-transitory computer-readable storage media storing instructions for executing the currency transfer method. The user device includes a processing circuit that facilitates the exchange of different currency types based on customer requests and locked-in exchange rates. The device also provides features like expiration notifications, recent currency types, and graphical representations. The storage media contains instructions for presenting notifications, recent currency types, and previous transactions related to the currency transfers. Overall, the patent aims to streamline and secure currency transfers between different accounts and currency types using innovative technology and smart contracts on a distributed ledger shared between the involved parties.
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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.
