Innovecture LLC, a Global Technology and Management consultancy company announced that the United States Patent and Trademark Office (USPTO) has granted a patent, for an invention titled ‘Communicating payments’.
The ‘Communicating payments’ patent introduces new method of transacting with a point-of-sale device during an in-person payment transaction.
This invention avoids sending payment information to the point-of-sale device thus removing the security concern of the payment information theft.
The ‘reverse authorization’ algorithm replaces the traditional bi-directional communication between Point-of-sale and payment gateway with an IoT based communication.
This algorithm completes the transaction even if the point-of-sale is offline which is beneficial specifically to the unattended systems such as kiosks or vending machines.
Innovecture has built a mobile commerce platform ‘SimPayX’ based on this patent and a beta version is launched in Salt Lake City where many restaurants are participating in the pilot launch.
Shreyas Kamat – Chairman & CEO InnovectureShreyas Kamat, Patent Inventor and Innovecture CEO commented, “We are particularly excited about the grant of this patent.
This patent, which is our 3rd patent in the payments space, is a result of our continued focus on innovation for delivering best value to our customers.
The future of payments should be to provide a simple, convenient and secure payment experience to the consumers and this patent provides a revolutionary foundation to provide that experience.
“With offices in US, Europe, and APAC, Innovecture provides consulting, technology research services and products to its customers.
Innovecture has an impressive track record to be a major contributor in Digital and Agile Transformation projects for several Fortune 500 clients and is privileged to receive multiple recognitions as a MWCN Utah 100 and Inc.
5000 fastest growing company.
For more information, please visit the Innovecture website and LinkedIn.