The banking industry continues to be a hotbed of patent innovation. Activity is driven by digitalization, enhanced security, operational efficiency, ever changing consumer expectations, and growing importance of technologies such as artificial intelligence (AI), Internet of Things (IoT), and cyber security. In the last three years alone, there have been over 129,000 patents filed and granted in the banking industry, according to GlobalData’s report on Innovation in banking: asynchronous distributed payments. Buy the report here.

However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.

Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.

30+ innovations will shape the banking industry

According to GlobalData’s Technology Foresights, which plots the S-curve for the banking industry using innovation intensity models built on over 165,000 patents, there are 30+ innovation areas that will shape the future of the industry.

Within the emerging innovation stage, AR/VR trading platforms and mortgage servicing risk management are disruptive technologies that are in the early stages of application and should be tracked closely. Voice payments, cashless settlement and asynchronous distributed payments are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are IM trading platforms and UWB-enabled payments, which are now well established in the industry.

Innovation S-curve for the banking industry

Asynchronous distributed payments is a key innovation area in banking

Asynchronous distributed payments refer to a method of paying for goods or services where the payment and authorization messages are sent separately, and the payment is credited to the account once the transaction has been authorized. The payment process involves issuing a membership account number to the user, receiving a payment from the user at a point-of-sale, generating an authorization message including the membership account number and transaction information, communicating the information to a database server, and crediting the customer account based on the transaction information.

GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 1,460 companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of asynchronous distributed payments.

Key players in asynchronous distributed payments – a disruptive innovation in the banking industry

‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.   

‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’. 

Patent volumes related to asynchronous distributed payments

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Toshiba 2137 Unlock Company Profile
Visa 1591 Unlock Company Profile
Mastercard 1497 Unlock Company Profile
Block 754 Unlock Company Profile
PayPal 639 Unlock Company Profile
Walmart 560 Unlock Company Profile
Capital One Financial 442 Unlock Company Profile
Samsung Group 429 Unlock Company Profile
Seiko Epson 397 Unlock Company Profile
NEC 355 Unlock Company Profile
Alphabet 337 Unlock Company Profile
NCR 304 Unlock Company Profile
Bank of America 302 Unlock Company Profile
Apple 294 Unlock Company Profile
Alibaba Group 289 Unlock Company Profile
JPMorgan Chase 271 Unlock Company Profile
Worldline 261 Unlock Company Profile
Fidelity National Information Services 245 Unlock Company Profile
SK Telecom 214 Unlock Company Profile
Sony Group 210 Unlock Company Profile
Headwater Research 208 Unlock Company Profile
Blackhawk Network 197 Unlock Company Profile
Headwater Partners I 191 Unlock Company Profile
VeriFone 173 Unlock Company Profile
eBay 171 Unlock Company Profile
The Toronto-Dominion Bank 169 Unlock Company Profile
E2Interactive 166 Unlock Company Profile
Fortive 159 Unlock Company Profile
Glory 153 Unlock Company Profile
Qualcomm 147 Unlock Company Profile
China UnionPay 146 Unlock Company Profile
Dominion Harbor Enterprises 141 Unlock Company Profile
Nant 137 Unlock Company Profile
International Business Machines 134 Unlock Company Profile
Intel 131 Unlock Company Profile
First Data 130 Unlock Company Profile
Fiserv 125 Unlock Company Profile
Casio Computer 119 Unlock Company Profile
TERAOKA SEIKO 117 Unlock Company Profile
Rakuten Group 111 Unlock Company Profile
Huawei Investment & Holding 107 Unlock Company Profile
AT&T 104 Unlock Company Profile
AB Dynamics 103 Unlock Company Profile
Intuit 103 Unlock Company Profile
Bizmodeline 101 Unlock Company Profile
Advanced New Technologies 101 Unlock Company Profile 100 Unlock Company Profile
Global Payments 96 Unlock Company Profile
Panasonic 93 Unlock Company Profile
Toast 91 Unlock Company Profile

Source: GlobalData Patent Analytics

Among the companies innovating in asynchronous distributed payments, Visa is one of the leading patent filers. The company filed patents related to secure remote token release with online authentication, point-of-sale (POS) network systems, methods of authenticating and processing secure transactions using a mobile device, and business-to-business electronic payment processing apparatus, methods and systems. Mastercard, Block, and PayPal are some of the other key patent filers in the asynchronous distributed payments space.

In terms of application diversity, Headwater Partners I held the top position, while Headwater Research and Nant stood in second and third positions, respectively. By means of geographic reach, Nant leads the pack, followed by Headwater Partners I and AB Dynamics.

To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Banking

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.