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July 3, 2022

Payment industry companies are increasingly innovating in supply chain & logistics

Analysis of patent filings shows a growing level of supply chain and logistics related applications in the industry over the past year

By Data Journalism Team

Research and innovation in supply chain & logistics in the banks, payment providers, cards programmes and processors sector is on the rise.

The most recent figures show that the number of supply chain and logistics related patent applications in the industry stood at 29 in the three months ending May – up from 16 over the same period in 2021.

Figures for patent grants related to supply chain and logistics followed a different pattern to filings – shrinking from 20 in the three months ending May 2021 to 14 in the same period in 2022.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

Supply chain and logistics is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

The figures also provide an insight into the largest innovators in the sector.

Capital One was the top supply chain and logistics innovator in the banks, payment providers, cards programmes and processors sector in the latest quarter. The company, which has its headquarters in the US, filed 15 supply chain and logistics related patents in the three months ending May. That was up from 4 over the same period in 2021.

It was followed by the United States based Mastercard with 2 supply chain and logistics patent applications, the US based American Express (2 applications), and the US based Bank of America (2 applications).

Capital One has recently ramped up R&D in supply chain and logistics. It saw growth of 73.3% in related patent applications in the three months ending May compared to the same period in 2021 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the banks, payment providers, cards programmes and processors sector.

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