Payment processing

This invention describes a payment system that lets customers pay merchants directly from their bank account to the merchant's bank account. It works by detecting when a customer is physically near a merchant and attempts to use a payment card, then wirelessly exchanges payment details and facilitates a direct electronic transfer of funds, bypassing traditional card networks. The system validates fund availability before completing the transaction.

Why it matters: Since 2021, the widespread adoption and maturity of Open Banking APIs and real-time payment infrastructure have significantly lowered the barriers to direct account-to-account transfers. This makes the core functionality of validating funds and initiating payments via a third-party institution much more practical.

Status: Not in forceListed as no longer active. The specific reason is not in the record we hold.
How hard to build: SpecializedBanking API integration, custom software

3 AI reinvention directions for this patent

See all three

AI gives you a few directions you could take this. Pick one, and we check whether your version is different enough to patent, then write the filing.

Reinvent this with AI

Where this one came from

Every morning we go through millions of abandoned patents and pick out 15 worth your time. This was one of today’s.

This one

+10