Payment Data Systems Files Final Patent Documents

Friday 11 March 2005 10:10 CET | News

Payment Data Systems, has filed the final application for patent protection from the U.S. Patent Office for the technology that will enable the industrys first bill payment capability using a debit card.

The debit card technology for which Payment Data Systems has filed for patent protection allows a cardholder to use their stored-value Secure Cash Network debit or ATM card to pay local, national, or international bills with the card from their electronic balance. Because it does not require linkage to a traditional checking or savings account, this new debit technology is unique in that it allows for use by unbanked consumers. Payment Data Systems, in anticipation of owning patent rights to this industry-first bill payment processing technology, has agreed to provide our partner Secure Cash Network with a perpetual license for use of the technology as part of an initial roll-out strategy. However, the Payment Data Systems debit card bill payment technology can also be licensed by any provider of debit or stored-value cards and networks, including: MasterCard, Visa and American Express, among others. Payment Data Systems new payment processing solution aligned with our partner Secure Cash Network marries the stored value debit card and its extensive debit network with the electronic payment and settlement connections of Payment Data Systems, Inc. to traditional billers. In the event a biller cannot accept electronic payments, Payment Data Systems allows for bill payment by unbanked consumers using its own check-writing capabilities. The unique new bill payment functionality, which works equally well for all banked customers, will be added to Secure Cash Networks card products currently marketed under the brand name Secure Cash Payday for employer payroll applications and Pronto Banco for retail applications. The new features added by the Payment Data Systems patent introduce capabilities for unbanked consumers using our linked debit or ATM cards to pay bills, shop at millions of retail locations, access cash through ATMs and access and transfer funds internationally. Additional products will be developed to further meet the needs of employers, banked and unbanked consumers.

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Categories: Payments & Commerce | Payments General
Countries: World
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