April 19, 2006

Payment Data Systems, Inc. recently announced that it received a patent on its bill payment technology. U.S. Patent No. 7,021,530, entitled “System and method for managing and processing stored-value cards and bill payment therefrom,” issued to this electronic payments company on April 4th. This patent discloses a “system and method for managing and processing stored-value debit, check card, signature debit, PIN based card or automatic teller machine (ATM) cards and bill payment from a variety of access points” once a user has enrolled with a bill payment card issuer. Once this has occurred, the method provides bill payment account information, establishes a “fund source” through the issuer of the card to the cardholder, inputs identifying information on to an input device, and transmits the information to the card holder for verification. The method continues to discloses bill payment options that are then selected (along with a particular biller from a list), and after the input of data the transaction is created through a bill payment network that is processed and an output is provided to a biller. This patent states that it “solves the problem” of persons who do not use banking services but still wish to engage in electronic bill payment.

U.S. Patent No. 7,021,530: LINK
Payment Data Systems Press Release: LINK
Payment Data Systems Website: LINK
BillX Website (Payment Data’s Electronic Payment Portal): LINK


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