18469403. SYSTEMS AND METHODS FOR INTEROPERABILITY AMONG PERSON-TO-PERSON FUNDING APPLICATIONS simplified abstract (JPMORGAN CHASE BANK, N.A.)

SYSTEMS AND METHODS FOR INTEROPERABILITY AMONG PERSON-TO-PERSON FUNDING APPLICATIONS

Organization Name

JPMORGAN CHASE BANK, N.A.

Inventor(s)

Sonny Kung of New York NY (US)

Jonathan James of Brooklyn NY (US)

Julie Kimmerling of Brooklyn NY (US)

Jeevan Badu of Scarsdale NY (US)

Seth Wheeler of Chadds Ford PA (US)

Allison Beer of New York NY (US)

Davina Anthony of Mamaroneck NY (US)

Nick Peddy of New York NY (US)

John Cuchural of Boston MA (US)

Matt Doup of Brooklyn NY (US)

SYSTEMS AND METHODS FOR INTEROPERABILITY AMONG PERSON-TO-PERSON FUNDING APPLICATIONS - A simplified explanation of the abstract

This abstract first appeared for US patent application 18469403 titled 'SYSTEMS AND METHODS FOR INTEROPERABILITY AMONG PERSON-TO-PERSON FUNDING APPLICATIONS

Simplified Explanation

The patent application abstract describes a method for aggregating data for use in an interoperable P2P application, transferring funds between different P2P funding applications, and recording transactions in a ledger system.

• Aggregating data for use in an interoperable P2P application
• Transferring funds between disparate P2P funding applications
• Recording transactions in a ledger system associated with the interoperable P2P application

Potential Applications

This technology could be applied in various financial services, peer-to-peer payment platforms, and blockchain applications.

Problems Solved

This technology streamlines fund transfers between different P2P applications, enhances interoperability, and provides a secure ledger system for recording transactions.

Benefits

The benefits of this technology include improved efficiency in fund transfers, enhanced interoperability between P2P applications, and secure transaction recording.

Potential Commercial Applications

Potential commercial applications of this technology include financial institutions, payment service providers, and blockchain companies looking to enhance their interoperability and transaction recording capabilities.

Possible Prior Art

One possible prior art could be existing peer-to-peer payment platforms that offer fund transfer services between users, but may not have the same level of interoperability and ledger system integration as described in the patent application.

How does this technology ensure the security of fund transfers between different P2P applications?

This technology likely utilizes encryption protocols, secure authentication methods, and transaction verification processes to ensure the security of fund transfers.

What are the potential regulatory challenges associated with implementing this technology in the financial services industry?

Implementing this technology may face regulatory challenges related to data privacy, financial regulations, and compliance requirements in different jurisdictions.

Original Abstract Submitted

In some aspects, the techniques described herein relate to a method including: aggregating data for use in an interoperable P2P application; transferring funds from a user's account associated with a first disparate P2P funding application to fund an account associated with the interoperable P2P application; transferring the funds from the account associated with the interoperable P2P application to an account associated with a second disparate P2P application; initiating a transfer of the funds from the user's account associated with a second disparate P2P application to a colleague's account associated with the second disparate P2P application; and recording transactions carried out by the interoperable P2P application in a ledger system associated with the interoperable P2P application.