18207831. TECHNIQUES TO PROCESS CONTACTLESS CARD FUNCTIONS IN A MULTIPLE BANKING SYSTEM ENVIRONMENT simplified abstract (Capital One Services, LLC)

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TECHNIQUES TO PROCESS CONTACTLESS CARD FUNCTIONS IN A MULTIPLE BANKING SYSTEM ENVIRONMENT

Organization Name

Capital One Services, LLC

Inventor(s)

Casey Barrett of San Francisco CA (US)

Bob Uni Koshy of Henrico VA (US)

Jonathan T. Blocksom of Reston VA (US)

Kevin Osborn of Newton Highlands MA (US)

TECHNIQUES TO PROCESS CONTACTLESS CARD FUNCTIONS IN A MULTIPLE BANKING SYSTEM ENVIRONMENT - A simplified explanation of the abstract

This abstract first appeared for US patent application 18207831 titled 'TECHNIQUES TO PROCESS CONTACTLESS CARD FUNCTIONS IN A MULTIPLE BANKING SYSTEM ENVIRONMENT

Simplified Explanation

The abstract of the patent application describes a system and techniques for performing functions within a multiple banking system environment using switchboard routing.

  • The patent application focuses on a system that allows users to perform various functions within a multiple banking system environment.
  • The system utilizes switchboard routing to efficiently route requests and transactions between different banks.
  • The techniques described in the patent application aim to streamline the process of interacting with multiple banks and performing banking functions.
  • The system may involve the use of a centralized switchboard or routing mechanism to handle requests and transactions.
  • The patent application may include specific algorithms or methods for determining the optimal routing of requests and transactions between banks.
  • The system may also include security measures to ensure the privacy and integrity of user data and transactions.

Potential Applications

The technology described in the patent application has potential applications in various areas, including:

  • Banking and financial institutions that operate in a multiple banking system environment.
  • Fintech companies that provide services that involve interactions with multiple banks.
  • Mobile banking applications that allow users to access and manage accounts from different banks.
  • Online payment platforms that facilitate transactions between users and multiple banks.

Problems Solved

The technology described in the patent application aims to solve several problems, including:

  • Inefficiencies and complexities associated with interacting with multiple banks in a banking system environment.
  • Difficulties in routing requests and transactions between different banks in an optimal and secure manner.
  • Challenges in maintaining the privacy and integrity of user data and transactions across multiple banks.
  • Lack of a centralized mechanism to streamline and simplify the process of performing banking functions across multiple banks.

Benefits

The technology described in the patent application offers several benefits, including:

  • Improved efficiency and convenience for users in performing banking functions across multiple banks.
  • Streamlined and optimized routing of requests and transactions between different banks.
  • Enhanced security measures to protect user data and transactions in a multiple banking system environment.
  • Simplified and standardized processes for interacting with multiple banks, leading to a better user experience.


Original Abstract Submitted

A system and techniques to perform functions within a multiple banking system environment utilizing switchboard routing.

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