US Patent Issued to VPAY on March 25 for "Payment card reconciliation by authorization code" (Texas Inventors)

ALEXANDRIA, Va., March 26 -- United States Patent no. 12,260,405, issued on March 25, was assigned to VPAY INC. (Plano, Texas).

"Payment card reconciliation by authorization code" was invented by Robert M. Allen (Plano, Texas) and Richard A. Maxwell (Plano, Texas).

According to the abstract* released by the U.S. Patent & Trademark Office: "A payment processor acting on behalf of a third party administrator to make payment on an adjudicated claim makes a straight through payment to an acquirer for a health care provider's merchant account. Via the authorization process, the payment processor generates an authorization code which is returned to the health care provider on its merchant statement for the payment. Concurrently, the remittance ...