Bank of America has filed a patent for "record-controlled banking systems containing data", in a deposit published by the U.S. Patent and Trademark Office.
Dated June 2017, the patent describes a system to facilitate cash management through the blockchain, leveraging the benefits of distributed ledger technology to improve efficiency and effectiveness.
In the abstract, Bank of America defines its vision of the system, which would be used in conjunction with cash management devices to improve accuracy and speed. He noted, "Aspects of disclosure relate to the implementation, configuration and use of cash management devices to provide dynamic and adaptable operational functions".
Institutions from retailers to banks are heavily dependent on cash management functions and record and report data from individual operations centers to headquarters. However, with the limitations of existing protocols, this can take a long time for some companies.
According to the patent, banks in particular encounter difficulties in communicating between cash management operations, especially among large institutions with multiple locations.
"Liquidity management devices can be used in operations centers and other locations to provide various functions, such as cash withdrawals and deposits," said the deposit. "In many cases, however, it may be difficult to integrate such cash management devices with technical infrastructures that support banking and other operations, while optimizing the efficient and effective technical operations of cash management devices and various related IT systems. . "
The system would allow the operations centers to share data quickly and accurately on the blockchain, providing a control trail and an efficient means of recording liquidity management data.
It comes as the last patent application of Bank of America, one of over 50 that have been blocked by the company in recent years. In the last year, the bank has been more active than most in securing IP protection for ideas and systems around the blockchain space.
Although there are limited details of whether and how Bank of America intends to use its patent, the system described would undoubtedly be appreciated by banks and other institutions engaged in volume cash management.