UATP Receives Patent Approval for Innovative New Payment Technology
The second patent awarded to UATP since 2021 covers technology that speeds and streamlines transactions between acquirers and the UATP One platform.
WASHINGTON, Feb. 15, 2024 /PRNewswire/ -- UATP, the global payment network that enables organizations to simplify payment processes to expand their payment capabilities, has received approval from the US Patent and Trademark Office for patented Enhanced Intermediate Server technology that will improve the speed, efficiency and control of processing transactions for merchants utilizing the UATP One platform. This is the second patent UATP has received for its payment technology since 2021, reflecting its commitment to innovation and exploring new ways to add value for its clients.
UATP's patented new technology enables all travel agency transactions which are currently submitted in batch form to be submitted to acquirers individually instead. By removing the constraints of the batch format – where one file or an incomplete passenger record can delay the processing of an entire batch of payments – transactions can be processed much more quickly and efficiently, resulting in increased cost savings and fewer processing lags. Individualizing transaction transmission also allows for more granular control and dynamic routing of sales, a key advantage for UATP One merchants.
"This patent represents a significant step forward in how payments are processed. The entire industry has wanted to find an efficient solution to the inefficiencies of batching payments, but no one actually built – until UATP," explained Ralph Kaiser, UATP's President and CEO. "Innovation is integral to our mission and growth strategy, and by adding this key capability to our newest business line, UATP One, we're expanding the horizons of merchant payment services."
Patent protection for UATP's parsing engine technology means that any other party seeking to process BSP transactions according to this method must either license the technology from UATP or devise a novel solution. This further cements UATP's efficiency advantage in sorting, reconciling and channeling BSP sales to acquirers, another important benefit for UATP One merchants.
The patent for the parsing engine is the second patent awarded to UATP since 2021, when its Alternative Forms of Payment (AFP) processing solution, Ceptor, was granted patent protection. Ceptor allows UATP Merchants to connect easily to AFPs offered by UATP without incurring significant integration costs or adopting new reconciliation processes.
For more information about the UATP and its patented technologies, please contact Wendy Ward at wendy.ward@uatp.com.
ABOUT UATP
UATP is the global payment network simplifying payments in complex industries. We make it easy for businesses to make or accept any type of payment; open new markets, drive growth and reduce costs for Issuers, Merchants, vendors, agents, aggregators and more. UATP is continually innovating to connect companies to new forms of payment (AFPs), and our easy-to-use data tools, DataStream® and DataMine®, provide comprehensive account details to Issuers and Corporate Account Holders. Our team has decades of experience with the ever-changing payments landscape, and our reliable and proven technology ensures our global customers get more from every payments experience. Learn more at uatp.com.
Accepted as a form of payment for corporate business travel worldwide by airlines, travel agencies and Amtrak®; UATP accounts are issued by: Aeromexico; Air Canada (TSE: AC); Air China; Air New Zealand (ANZFF.PK); Air Niugini; American Airlines (NASDAQ: AAL); APG Airlines; Austrian Airlines; Avianca Airlines; BCD Travel; China Eastern Airlines (NYSE: CEA); Delta Air Lines (NYSE: DAL); EL AL Israel Airlines; Etihad Airways; Fareportal; Frontier Airlines; GOL Linhas Aereas inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4); Hahn Air; High Point Travel; Japan Airlines (9201:JP); JetBlue Airways; LATAM Airlines; Link Airways; Qantas Airways (QUBSF.PK); Shandong Airlines; Sichuan Airlines; Southwest Airlines; Sun Country Airlines; TUIfly GmbH; Turkish Airlines (ISE: THYAO); United Airlines (NASDQAQ: UAL) and WestJet. AirPlus International issues the UATP-based Company Account for Lufthansa German Airlines.
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SOURCE Universal Air Travel Plan, Inc. (UATP)
