FinTech, Internet of Things & Patents

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FinTech, Internet of Things & Patents
I. Patent Illustration of FinTech
FinTech (Financial Technology) refers to exploiting technologies (e.g. mobile devices, internet/web technologies)
for providing innovative financial services. Some examples of FinTech are money transfer/digital currency,
payments/billing system and P2P lending/cloud funding system. The technology/service developments of FinTech
can be protected by either software patents or business method patents. Following patents illustrate some examples
of the technology/service developments of FinTech.
Money Transfer/Digital Currency
US20150199681 (SECURE INTERNET ATM; Sampath Bank)
Abstract: A secure system is described to access ATM-enabled financial accounts over the internet so that
customers of a financial institution with an ATM-enabled account can perform through the internet many of the
transactions provided through a physical ATM without requiring the user to pre-register with the financial
institution. The system of the present invention provides access to an ATM-enabled account by receiving a secured
internet request from a user. The computing system in response generates an ATM protocol message and passes the

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message through the ATM network to the user's financial institution. The user's financial institution then processes
the ATM protocol message and sends a reply back through the ATM network and system to the user. In various
embodiments of the invention, the user's sensitive card data are secured using multilevel encryption protocols,
including virtual keypads, physical hardware decryption modules, and other security mechanisms described in
more detail herein.

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US20150220892 (PLATFORM FOR THE PURCHASE AND SALE OF DIGITAL CURRENCY; Robert Allen)
Abstract: A platform for buyers and sellers of digital currency is disclosed. The platform comprises different
modules which can be used alone or in combination. When used together, they provide for a fully automated
experience for a user, from account sign-up through to funds settlement. Using the platform, a buyer or seller can
participate in virtually instantaneous transactions of digital currency. The platform can be expanded to buy and sell
other commodities in addition to digital currency. The platform can permit users to fund or settle accounts using
commodities such as gold rather than a globally traded currency.

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Payments/Billing
US20090319425 (Mobile Person-to-Person Payment System; Obopay)
Abstract: A mobile payment platform and service provides a fast, easy way to make payments by users of mobile
devices. The platform also interfaces with nonmobile channels and devices such as e-mail, instant messenger, and
Web. In an implementation, funds are accessed from an account holder's mobile device such as a mobile phone or a
personal digital assistant to make or receive payments. Financial transactions can be conducted on a person-to-
person (P2P) or person-to-merchant (P2M) basis where each party is identified by a unique indicator such as a
telephone number or bar code. Transactions can be requested through any number of means including SMS
messaging, Web, e-mail, instant messenger, a mobile client application, an instant messaging plug-in application or
"widget." The mobile client application, resident on the mobile device, simplifies access and performing financial
transactions in a fast, secure manner.

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P2P lending/Cloud Funding
US20140258093 (Methods and systems for self-funding investments; Clearmatch Holdings)
Claim 1: A computer implemented method for managing the identity of participants within a P2P lending system
hosted on a computer network, comprising: storing a plurality of records of borrower profiles in a database on the
system, each profile being for a different borrower, each borrower being a member of an organized community of
members; storing one or more records of lending circles representing an organized community of members;
in the system, associating a borrower profile record with a loan offering record stored on the system and with a
lending circle record; and allocating or disseminating a borrower profile and associated loan offering record to one
or more investors, the borrower profile including sufficient profile information about a borrower to enable
investors to make funding decisions for the loan offering, the borrower profile excluding data directly identifying
the borrower.

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II. Patent Illustration of IoT/FinTech
The internet connected IoT devices combined with FinTech can provide diverse value added financial services.
Some examples are secured smart transactions, smart POS systems and personalized banking service. Following
patents illustrate some examples of the technology/service developments of IoT/FinTech.
Secured Smart Transactions
US20150229654 (SECURED TRANSACTIONS IN INTERNET OF THINGS EMBEDDED SYSTEMS
NETWORKS; STMicroelectronics)
Abstract: A secure network enabled device has a distinct security module and lacks a human user input interface.
The security module is formed in an integrated circuit. The security module is initialized. Data is electronically
communicated to and from the secure network enabled device via at least one transceiver. The security module is
configured to test the integrity of a subset of the data communicated to the secure network enabled device, and the
security module is configured to test the integrity of a transaction protocol, which governs the stream of data bits of
the data communicated to the secure network enabled device.

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Smart POS Systems
US20130036051 (NON-NEAR FIELD COMMUNICATION POINT OF SALE EXPERIENCE: Bank Of America)
Abstract: System, method, and computer program product are provided for a user to provide payment for a
transaction via non-near field communications at the point-of-sale. Once a user enters a merchant, the user may
purchase products from the merchant through a P2P mobile payment. The user may identify himself/herself on a
mobile phone and access the P2P mobile payment system. The user then selects the merchant that he/she is
purchasing from and the financial institution providing the user with a payment PIN. The PIN is a randomly
generated numbers or letters set that the user inputs at the point-of-sale to provide payment for a transaction at the
merchant. This invention allows a user to receive and provide payments for any type of transaction utilizing the
security, accuracy, and convenience without having to disclose personal data such as an account number, routing
number, or the like.

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Personalized Banking Service
US20150032615 (INTEGRATION OF PURCHASE TRANSACTION LEVEL DATA INTO CUSTOMER
ONLINE BANKING; Bank Of America)
Abstract: Embodiments of the invention are directed to a system, method, or computer program product for
utilizing e-receipt data and other electronic communication data between a merchant and customer regarding a
transaction to augment data in a customer's online banking application. As such, present a customer with viewable
purchase transaction data alongside online banking data, which allows a customer to view all customer transactions
irrespective of payment means within a single online banking application. The invention identifies and retrieves
electronic communications between a merchant and a customer associated with a transaction (such as e-receipts).
Subsequently, the invention integrates the e-receipt data into the customer's online banking application for a
holistic customer transaction view.

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FinTech, Internet of Things & Patents

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