US Patent Imminent for InPayTech
Integrated Payment Technologies Limited (InPayTech) (ASX: IP1) has been issued a Notice of Allowance by the US Patent Office for its US patent application of its Payment Adviser process.
The US patent is expected to be granted by early 2019 in the name of its subsidiary company Jagwood Pty Ltd.
If granted as expected, this will be the seventh patent for InPayTech across the globe. Other patents in the western world include South Africa and New Zealand. InPayTech has also patented its payments process in Asia including China, Japan, Hong Kong and Singapore.
Chairman of InPayTech, Don Sharp says, “If granted as expected, this US patent will be a milestone for InPayTech. We believe this new technology will make payment processing more efficient while maintaining compliance. With this confirmation, we will continue with our existing patent applications for this product internationally.”
“We have already come a long way from when Payment Adviser Group was founded in 2006 and we are excited and encouraged by this latest achievement,” says Mr Sharp.
Payment Adviser is a process that allows unlimited data about payments to be communicated to the receiver of the payment via the security of the receiver’s bank account. The data is accessed by a short form URL, displayed in the reference field on their bank statement.
The Payment Adviser process is used by all InPayTech’s business products which are ClickSuper, Payment Adviser and PayVu.
Upon successful patent approval in the US, InPayTech intends to alert the Canada patent office where it also has a patent pending.
InPayTech has also lodged a patent application in Australia which is also pending approval.
Madden & Assoc.
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