› JPMorgan inclines to patent a blocking technology for interbank transactions

JPMorgan inclines to patent a blocking technology for interbank transactions

17.05.2018, 11:00

Leading financial holding firm JPMorgan Chase & Co inclines to give a patent to a system that utilizes blocking technology to speed up and control financial transactions, reports CoinDesk.

In a paper launched on the eve of the US Patent and Trademark Office, JPMorgan shows that a system utilizes distributed registries to track payment details exchanged between banks via a peer-to-peer network.

 JPMorgan
Source: Economics.


It presents that the technology will elaborate a “unique system for recording transactions and accumulating data.”

“In one embodiment of applying the present invention, a resolution for processing network payments utilizing a distributed registry may contain: (1) the sender of the payment carrying the payment instruction for transporting the payment to the recipient; (2) the sender’s bank that set and transfers the payment guide to the distributed register through a peer-to-peer network; (4) the sender’s bank that illustrates the validation and processing of the payment through the internal system of the sender’s bank and debits the sender’s account,” JPMorgan pronounced in a patent application.

“To apply cross-border transactions between the payment institution and the payee, it is vital to shift a number of messages between the banks and the clearing services engaged in the process of shifting the transaction. Usually, such a transaction can be decelerated because of the correspondent bank, messaging networks and clearing intermediaries in the payment flow,’ the authors of the patent application commented.

It should be marked that this is the first effort of JPMorgan Chase in the departure of blockbuster patents. In the meantime, the holding has already grown its own private block Quorum for operations with securities.


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