Invention Grant
- Patent Title: Closed loop resource distribution platform
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Application No.: US16154309Application Date: 2018-10-08
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Publication No.: US11297001B2Publication Date: 2022-04-05
- Inventor: Joseph Benjamin Castinado , Charles Russell Kendall , Andrew S. Heiman
- Applicant: BANK OF AMERICA CORPORATION
- Applicant Address: US NC Charlotte
- Assignee: BANK OF AMERICA CORPORATION
- Current Assignee: BANK OF AMERICA CORPORATION
- Current Assignee Address: US NC Charlotte
- Agency: Moore & Van Allen PLLC
- Agent Jeffrey R. Gray
- Main IPC: H04L12/911
- IPC: H04L12/911 ; G06F9/50 ; G06Q30/02 ; H04W4/08 ; H04L47/783 ; H04L47/70 ; H04L67/10

Abstract:
A closed loop processing interaction network in which the resource pool source of the user and the resource pool destination are both within the same organization or group of organizations. As such, resources associated with interactions may be distributed directly between the resource pools of the members within the interaction network without having to use the traditional processing networks. The interactions may occur through communication between user computer systems (e.g., mobile devices, or the like) and/or interaction terminals of product providers (e.g., mobile devices, or the like) that are able to handle both traditional processing, as well as closed loop processing. The closed loop interaction network improves the processing speeds, memory requirements, security, and costs associated with processing resources related to interactions.
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