Xero has been granted a patent for a mobile banking reconciliation application that allows users to reconcile business records with banking records. The application can access an accounting system to obtain the necessary records and presents them as a set of cards on a mobile device’s touchscreen. Users can scroll and flip through the cards to match banking records with business records. The application also allows users to create new business records if needed. The patent includes a method for presenting and associating the records, as well as updating a database to reflect the reconciliation. GlobalData’s report on Xero gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Xero, virtual banking assistant was a key innovation area identified from patents. Xero's grant share as of June 2023 was 1%. Grant share is based on the ratio of number of grants to total number of patents.
Mobile banking reconciliation application for matching business and banking records
A recently granted patent (Publication Number: US11645710B2) describes a method and system for reconciling banking records with business records using a mobile device. The method involves presenting a first object on the touchscreen display of the mobile device, which includes information from a banking record. The system then determines if a business record from a collection of business records has a characteristic that matches the banking record. If a match is found, a second object is presented on the display, containing information from the business record.
The user interface on the display includes an element that allows the user to associate the business record with the banking record. The user can provide directional inputs, such as swipes, to view alternative business records for reconciliation. Based on the user's input, the system modifies the information displayed in the second object to hide the current business record and show information from a different business record.
Once the user selects a business record for reconciliation, a reconciliation module within the mobile device initiates the reconciliation process between the banking record and the selected business record. The mobile device then generates a request to update a database on a server, reflecting the reconciliation of the two records.
The patent also describes additional features, such as detecting user operations on the user interface element and causing the association of the business record with the banking record. It also mentions accessing multiple business records, the positioning of the first and second objects on the display, and the use of colors and animations to indicate matches and new business records.
Overall, this patent presents a method and system that streamline the reconciliation process between banking records and business records using a mobile device. By providing a user-friendly interface and intuitive inputs, users can easily match and reconcile records, leading to more efficient financial management.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. 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.
