USPTO Grants Single Use Credit Card Number Patent to EDI Secure LLLP

Saturday 19 June 2004 09:13 CET | News

The US Patent Office has granted the Single Use Credit Card Number (one time number) patent to EDI Secure LLLP.

Mr. Jeffrey Ice, partner of EDI Secure LLLP, and inventor of US Patent #6598031, brings to America e-commerce community the layer of protection, which virtually eliminates online credit card fraud on the Internet. Although the US Patent law 35 U.S.C §154(a)(1) specific states that the patent grants the patentee the right to exclude others from making using, offering for sale, or selling the invention through out the United States or importing the invention into the United States. Technologies companies inside and outside the United States have offered the Single Use Credit Card Number technology to a few large American companies under different trademark names. The Single Use Credit Card Number (one time number) technology can now be widely distributed in United States as the e-commerce experts once anticipated. The commercialization of the Single Use Credit Card Number (one time number) technology will open up to multiple markets and brings tremendous ramifications to the online transaction (e-commerce) industry in the United States. EDI Secure LLLP mission is to bring the technology to the e-commerce community through licensing and white labeling versions of the system to existing processors. Because most banks use a processor, this will be EDI Secure LLLP largest potential penetration into the industry. The technology will also be sold as a service to larger banks, bank service agencies that charge regular banks in need of our protection and (/or) to card companies who wish to get their cards accepted around the world without the Visa/MC logo. This technology allows the individual to choose at time of purchase any card in their wallet they want to use. This is good for the merchant account, because it is considered a card present transaction. The supplier would not know the difference in the type of account that was used to pay them for their goods. EDI Secure LLLP has the Alternative Solution for consumer fraud. This patent has both Software (credit card) and Hardware (debit card) solution for secure transactions online. 1. The Software Solution for the one time system doesn’t need a hardware device. Software allows the user to enter their credit card directly on the PC, and that software then would connect to the data center to get the one time number and the transaction would continue till completion. 2. Hardware Solution for debit cards is needed due to the legal restrictions on those types of cards. This hardware is used to encrypt the data solving the debit card problem. The firm recently signed development and licensing arrangement with Tops Transaction Systems, Inc. a company helmed by payment industry pioneers. The deal paves the way for a first in class processing platform that will bring the fraud protection of EDI Secure LLLPs One Time Use technology feature to a wide market. Recent studies regarding credit card fraud have consumers and major multi-national corporations and small business alike looking for a simple cost-effective solution to this growing problem and EDI Secure LLLP has that solution. EDI Secure LLLPs patent will allow card processors, like Tops, to offer the One Time Use service to its clients for a small per transaction fee. This is a much more efficient and affordable solution for those clients whose alternatives to date have been to invest in expensive fraud prevention hardware and software that are still susceptible to sophisticated hackers. The EDI Secure LLLP patent will allow businesses to again increase their reach across boarders and not worry about the risks and liabilities associated with having a database filled with their customers credit card information. Additionally, e-tailers that were previously victims of fraudulent purchases or as a precautionary measure even stopped selling products that were ordered from certain international countries, will have new opportuni

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce