Colorado bank tech executive has more than 100 patents, applications for many more

Susan R. Jones

Rising up in western Nebraska, Joe Castinado, the son and grandson of migrant farm personnel from Mexico, labored in feedlots and aided in the bean and sugar beet fields. His loved ones valued really hard work and schooling.

Really hard get the job done and education led Castinado to another field: know-how. He is a technology govt in service provider solutions at the Financial institution of America in Denver.

And he has a further box on his resume: inventor. Castinado has acquired 109 patents on concepts similar to banking services and has submitted programs for much more than 200.

In 2021, Financial institution of The united states was granted 512 patents, a report for the business and up 16% from 2020. They involve new developments in synthetic intelligence, info analytics and payments.Nominate your neighbor for Faces of the Front Range

Russell Kendall, Castinado’s manager, stated in an email that the improvements in know-how pursued by Bank of The united states staff give the organization “extraordinary chances to make financial expert services extra innovative, seamless and effortless.”

Financial institution of The united states believes innovation isn’t just reserved for a decide on group of folks, but is everybody’s obligation, stated Kendall, who has been granted far more than 20 patents.

“We imagine this solution encourages concepts to emerge organically and in direct reaction to a client need to have or obstacle,” Kendall reported.

That tactic appeals to Castinado. He mentioned some of the best thoughts are born at the finish of conferences when individuals are speaking and bouncing thoughts off each and every other.

“When I appear up with an thought a large amount of occasions it’s on the back of an envelope,” Castinado stated. “The ideal achievement I’ve experienced is via collaboration.”

He claimed most of his patents include co-authors. His inventions largely focus on innovations in how payments are manufactured and transferred. Castinado explained a lot of his inspiration will come from wanting at everyday complications “that we feel any individual has already solved.”

Castinado has proposed in search of a patent for a payment strategy he pondered although ready in the push-via of a espresso shop throughout the peak of the coronavirus pandemic.

“I thought, ‘I’m handing my credit rating card to anyone who just had their arms on somebody else’s credit rating card,’ ” Castinado. “I’m not a germaphobe, but I just assumed there has to be a better way to develop how you use contactless payment.”

He started considering about employing a cellular, close to frequency communication product that would hyperlink with the income sign-up in the business enterprise and mechanically make the payment.

“Now you’re communicating back again and forth with out ever getting to consider out your credit rating card,” Castinado.

The lender is searching at applying for a patent for the procedure.

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