Unique invention intelligently manages both incoming and outgoing payments
ConnexPay, the world’s first all-in-one B2B payments platform, has received a U.S. patent for a payments technology invention that unifies incoming payments and outgoing payments inside a single system.
ConnexPay’s patent, U.S. Patent No. 12,118,519 granted by the United States Patent and Trademark Office, is titled “Intelligent Payment Routing and Payment Generation.”
“We are thrilled to receive this patent, which represents years of hard work and innovation by our talented Product and Technology teams,” said Ben Peters, ConnexPay Chief Executive Officer. “ConnexPay’s modern B2B payments technology has transformed how companies accept and make payments around the world, and we are honored to be at the forefront of payments innovation.”
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ConnexPay’s unique invention intelligently manages incoming customer payments in real time and generates corresponding outgoing supplier payments on demand. Features of the invention include:
- Providing a payment gateway that accepts payments after having authorized the transaction and applied fraud detection
- Creating a unique transaction identifier that ties an incoming payment to one or more specific supplier payments and that ensures the outgoing payments do not exceed the amount of the corresponding incoming payment
- Intelligently choosing an outgoing payment type based on payment preferences, which are automatically updated and optimized by the system based on historical performance
- Providing outgoing payment details to the user
- Reducing the available balance for outgoing payments by the amount of any applicable outgoing payments
ConnexPay has filed corresponding patent applications in additional territories around the world.
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