Chime Financial has been granted a patent for a system that facilitates cross-platform transactions by coordinating network transactions between user accounts on different platforms. The system enables the modification of user account data across platforms and uses intermediary holding accounts to facilitate transactions. 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 April 2024 was 36%. Grant share is based on the ratio of number of grants to total number of patents.
Cross-platform transaction coordination system for network transactions
A recently granted patent (Publication Number: US11966887B1) discloses a computer-implemented method for coordinating cross-platform transactions. The method involves deploying a server computing device with a cross-platform transaction coordination system that communicates with multiple network transaction platforms. These platforms hold financial resources in accounts associated with users of the system. The system facilitates electronic communication between user computing devices and financial source computing devices. It establishes intermediary holding accounts to enable network transactions between users on different platforms. The method involves transmitting instructions to initiate transfer of transactional value between accounts on different platforms through intermediary holding accounts, overcoming communication protocol limitations.
Furthermore, the patent details additional features such as modifying user account values based on transactional values, accommodating different communication protocols between platforms, and enabling requests for peer-to-peer, inter-bank, or intra-bank network transactions. The system also allows for user attribute modifications, authentication network access for user attributes, and aggregated transfers of multiple transactional values. The patent covers a computer-readable medium storing instructions for executing the method and a system comprising a processor and storage medium for implementing the cross-platform transaction coordination system. This innovative method aims to streamline and enhance cross-platform transactions, providing a seamless user experience across different network transaction platforms.
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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.
