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Signzy invents the future of banking in Metaverse

By Edlyn Cardoza

March 29, 2022

  • Augmented Reality
  • Banking
  • Financial Institutions
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Signzy, Banking, Financial Transactions, Signzy Technologies, Metaverse, VR, AR, United States Patent and Trademark Office, Financial Institutions, India, USAIn a 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 the 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 Co-founders, Ankit Ratan, Arpit Ratan, and Ankur Pandey, along with their co-inventors and 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 came 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 various financial products, both existing and 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 cryptocurrencies.

Ankur Pandey, co-founder, 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, the co-founder 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, the co-founder 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.”

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