26th May 2022 : ISX Financial EU Plc is pleased to announce that it has been granted a further patent for “Identifying an entity” (by matching current ID data against historical profile), with a patent expiry date of 20th November 2037.

South African Patent Number "2019/03148" relates to identifying an entity to a current electronic payment transaction. A computer system determines whether the first entity corresponds to a second entity by matching the current identity data against an identity profile that is based on historical transactions of the second entity. The computer system also identifies the first entity as the second entity if it is determined that the first entity corresponds to the second entity.

An advantage of the patent is that it ameliorates merchant's fraud risk by linking the payment instrument used in the purchase to the identity profile and corresponding confidence score. Data and Metadata from subsequent transactions may be compared to prior transactions, and, where the data differs according to criteria predetermined by the merchant, the transaction may be rejected or manually reviewed.

Other advantages include that the identity agent may be configured to classify as suspicious any customer profile that has a confidence score less than a predetermined value, or if a payment instrument has been used previously by a different identity profile.

It is also advantageous that the identity agent may be configured to classify as suspicious any customer identity profile that does not meet a minimum of data and metadata attributes matches, or if a number of attributes match previously created identity profiles with the customer's name however not being a match, or where a confidence score is below a preset threshold. The Company has applied for patent protection in other jurisdictions.

Further details are available from:
https://patentscope.wipo.int/search/en/detail.jsf?docId=WO2018090099&_fid=WO2018090099