UATP Secures Patent Approval for Innovative Payment Technology By CIOTechOutlook Team

UATP Secures Patent Approval for Innovative Payment Technology

CIOTechOutlook Team | Friday, 16 February 2024, 06:34 IST

UATP, the worldwide payment network that empowers associations to work on payment cycles to grow their installment capacities, has secured endorsement from the US Patent and payment Office for licensed Upgraded Transitional Server technology that will work on the speed, proficiency and control of processing transactions for dealers using the UATP One stage. This is the second patent UATP has received for its payment technology starting around 2021, mirroring its obligation to development and investigating better approaches to add an incentive 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, as per UATP.

"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 implies that some other party trying to handle BSP exchanges as indicated by this strategy should either permit the innovation from UATP or devise a novel solution. Another significant benefit for UATP One merchants is that this further consolidates UATP's efficiency advantage in sorting, reconciling, and channeling BSP sales to acquirers.