SECURE UPDATING OF ALLOCATIONS TO USER ACCOUNTS

Organization Name

plaid inc.

Inventor(s)

Michael Lai of San Francisco CA (US)

Jeffrey Zhiyuan Wang of San Francisco CA (US)

Raymond Cano of Houston TX (US)

Maxwell Dodge Johnson of San Francisco CA (US)

Thomas Fisher of San Francisco CA (US)

SECURE UPDATING OF ALLOCATIONS TO USER ACCOUNTS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240135337 titled 'SECURE UPDATING OF ALLOCATIONS TO USER ACCOUNTS

Simplified Explanation: The patent application describes systems and methods for securely updating allocations to user accounts by identifying external institutions associated with future transfers, initiating a proxy instance of a software application of the external institution, and allowing users to change endpoints and future transfers using the proxy instance.

Key Features and Innovation:

   - Secure updating of allocations to user accounts
   - Identification of external institutions for future transfers
   - Proxy instance of external institution's software application
   - Ability for users to change endpoints and future transfers

Potential Applications:

   - Banking and financial institutions
   - Online payment platforms
   - E-commerce websites

Problems Solved:

   - Ensuring secure updating of user account allocations
   - Streamlining the process of changing endpoints and future transfers
   - Enhancing user control over account settings

Benefits:

   - Improved security for user accounts
   - Simplified process for updating account allocations
   - Enhanced user experience and control

Commercial Applications:

   - "Secure Account Allocation Updating System for Financial Institutions"
   - This technology can be used by banks, payment processors, and other financial institutions to enhance security and user control over account settings.

Prior Art:

   - No specific information provided in the abstract.

Frequently Updated Research:

   - No specific information provided in the abstract.

Questions about Secure Account Allocation Updating System:

Question 1: How does the system ensure the security of user account allocations?

   - The system ensures security by identifying external institutions, initiating a proxy instance of their software application, and allowing users to change endpoints and future transfers securely.

Question 2: What are the potential implications of this technology for online payment platforms?

   - This technology can enhance security and user control over account settings on online payment platforms, leading to improved user trust and satisfaction.

Original Abstract Submitted

systems and methods for secure updating of allocations to user accounts are provided. in one aspect, a system includes one or more computer readable storage mediums having program instructions embodied therewith, and one or more processors configured to cause the system to identify an external institution associated with the future transfers, and initiate, based on the identified external institution, a proxy instance of a software application of the external institution to determine a set of endpoints and a set of the future transfers to the endpoints. the system is further configured to receive a request from a user to change at least one of the set of the endpoints and the set of the further transfers to the endpoints, and use the proxy instance, executing the requested change to at least one of the set of the endpoints or the set of the future transfers to the endpoints.