SafetyPay is pleased to announce that it has secured its first patent for intellectual property protection from the US Patent and Trademark Office. The patent relates to electronic payment and financial clearinghouse services allowing individual and corporation shoppers to make online purchases directly through their own online bank account. The patent wording more specifically reads:
Electronic bill payment services provided by means of the global information network; financial services in the nature of a payment system for businesses and consumers for the purchase of goods and services, namely, a financial clearing house between financial institutions and merchants; financial clearinghouse between corporations; merchant credit card processing services; money transfer services, electronic funds transfer services, and bill payment services; clearing and reconciling financial transactions for others, namely, payments clearinghouse allowing individual and corporation shoppers to make online purchases directly through their local bank.
“We submitted the application in 2006 and finally after all this time and effort, we have been awarded this patent which covers all countries around the world,” stated Manuel Montero, CEO. “It was definitely worth the wait because not only does it help to protect our intellectual property, but also it bolsters SafetyPay’s credibility and legitimacy in the marketplace,” he added.
SafetyPay, a secure payment facilitator and clearinghouse benefiting online shoppers, online merchants and banks worldwide, today announced a partnership with Brazil-based HSBC Bank Brazil ($72 billion in assets), that will extend SafetyPay’s online payment services to the bank’s 5.5 million account holders and 400,000 small and midsize business clients, providing them with the ability to pay with their own currencywhen shopping with worldwide merchants online.
As consumers replace cash, checks and credit cards with online and mobile banking, financial institutions need to alter services and offerings to keep up with consumer demand for convenience and security. New regulations preventing fee increases require banks to find alternative income sources, and SafetyPay’s white paper illustrates the ability of banks to use innovative technology to generate revenue and deliver considerable benefits to customers.
SafetyPay’s white paper looks at the benefits of new innovative payment methods and their ability to serve as an additional revenue generator for banks. The credit card has been the predominant online payment method, however, credit cards were not invented with the Internet in mind. As ecommerce has grown, their inherent deficiencies have become more apparent – increased risk of fraud and high costs for merchants to process. Because of this, inroads have been made by new payment methods as consumers recognize their convenience and security. In fact, by 2012, new payments are projected to reach 30 percent of online payments. Financial institutions providing online payment alternatives promote greater customer loyalty and satisfaction.
“Online banking makes international e-commerce a simple and safe process for merchants and consumers alike, and banks offering modern payment options are successfully attracting and retaining customers,” said Manuel Montero, CEO of SafetyPay. “At SafetyPay, our objective is to share the immense benefits online banking channels offer. We enable financial institutions, large and small, to enlist contemporary banking methods to generate revenue and provide a fraud proof payment solution to consumers and online retailers.”
To download the full white paper, please click here