In a major breakthrough for enabling seamless banking and financial transactions in the metaverse, India-based Signzy Technologies today announced that it has received a US patent for new customer signup and onboarding in metaverse, using Virtual and Augmented Reality.
The patent number 11270509 has been granted by the United States Patent and Trademark Office.
The application for the patent was filed in 2020 by the three Signzy Cofounders Ankit Ratan, Arpit Ratan, and Ankur Pandey along with their co-inventors and fellow colleagues at Signzy Dinesh Avula, Chitrangada Patra, Aadalarasan Bhavani Saravanan, and Shiv Shankar Subudhi.
Signzy’s patent marks a breakthrough innovation for banking in the metaverse as it describes a methodology for real-time onboarding of customers in virtual reality, across devices, by any financial institution. The company’s solution comes with advanced scalability protocols that allow a large number of concurrent users to navigate inside the virtual reality (VR) and augmented reality (AR) models of one or more financial institutions. Once deployed, banks and financial institutions can leverage Signzy’s patented technology across varied financial products, both existing as well as those still to be invented in the future for metaverse, with the assurance of industry-leading scalability and security. The technology also supports metaverse currencies and financial instruments, including crypto currencies.
Ankur Pandey, cofounder and CTO of Signzy said, “Over the years, Signzy has brought to market a series of breakthrough innovations that have redefined digital banking. Today, we are pleased to announce that we have invented the future of banking in the metaverse by patenting a breakthrough methodology for real-time onboarding of customers via virtual reality or augmented reality.”
Ankit Ratan, cofounder of Signzy said, “Banks and FIs can no longer ignore the expanding world of Metaverse and the impact it will have on their business in the near future. The metaverse offers a huge growth opportunity to attract young customers and many even pave the way to creating new product lines and eventually add newer business models. The grant of this patent by the USPTO marks an important milestone towards enabling this vision.”
Arpit Ratan, cofounder of Signzy said, “The grant of this patent to Signzy opens up many exciting opportunities for financial services delivery in the metaverse, covering both traditional banking services and those involving digital and crypto currencies. Further, our technology supports both existing products, as well as products that are yet to be invented in the future for metaverse.”
Signzy’s technology enables banking customers to interact with their bank in a virtual reality (VR) model that perfectly reproduces a physical bank branch or office. These VR models can be richly detailed with support for describing a bank’s own environment including wall units, wall finishing, roofing, basic building, electrical connections, electronic components, flooring, doors, service counters, furniture, paints, sanitary fittings, physical items, decorative and hardware. The technology further supports detailing of environmental properties of the branch of a bank or a financial services provider, including brand, model, size, colour, type, finish, weight, quality, material, specifications, designs, shapes, and dimensions.
The technology would support a variety of banking transactions in the metaverse, including general enquiry services, car loan services, house loan services, education loan services, net banking services, commercial banking services, opening saving accounts, home equity, stock exchange investment, opening accounts, documents verification services, overdraft facility, credit card services, fixed deposit services, health insurance services, personal accident insurance, retirement plan services, and risk management services.
Signzy has so far filed six AI patents in the USA and five in India. The company works with over 250 FIs globally including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and strong global partnership with Mastercard and Microsoft.