Chime Financial‘s patented system uses machine learning to assess and select a customer’s account for funding purchase transactions based on preferences and goals. The system analyzes account balances, historical activity, and transaction data to make real-time decisions, improving transaction approval efficiency. GlobalData’s report on Chime 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 Chime Financial, Virtual banking assistant was a key innovation area identified from patents. Chime Financial's grant share as of January 2024 was 41%. Grant share is based on the ratio of number of grants to total number of patents.
Real-time transaction approval system using machine learning for account selection
A recently granted patent (Publication Number: US11829985B1) outlines a system for processing purchase transactions by customers, utilizing machine learning models to optimize account selection based on customer preferences and historical data. The system includes a memory storing account information and activity data, with at least one processor receiving transaction requests and determining account balances to fulfill the requested value. By training a machine learning model on successful customer goals and transaction histories, the system can select the most suitable account for the transaction, considering factors such as customer preferences, account balances, and cost information. In cases where account balances change, the system can dynamically adjust account selection using the machine learning model, ensuring efficient transaction processing.
Furthermore, the patent details a method and a computer-readable storage medium with instructions for implementing the system's operations. These include receiving transaction requests, training the machine learning model, selecting accounts based on various inputs, and transferring the requested value to the third-party system. The method also allows for requesting additional funds from financial entities if account balances are insufficient, providing loans to customers, and notifying customers of transaction transfers. The computer-readable storage medium contains instructions for performing these operations, emphasizing the system's adaptability to changing account conditions and customer preferences, ultimately enhancing the efficiency and accuracy of purchase transaction processing.
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