Penny L Gerstner

Title: Penny L Gerstner: Innovator in Financial Transaction Authorization

Introduction

Penny L Gerstner is a notable inventor based in Gastonia, NC (US). She has made significant contributions to the field of financial technology, particularly in the area of transaction authorization systems. Her innovative approach has the potential to streamline processes for financial institutions and their customers.

Latest Patents

Penny L Gerstner holds a patent for a "System and method for authorizing third-party transactions for an account at a financial institution on behalf of the account holder." This invention allows financial institutions to collect, process, transmit, and confirm authorizations for electronic payments and direct deposits on behalf of account-holder customers. The method includes establishing a pre-existing list of prospective third-party participants, such as employers and billers, to facilitate the authorization process. The system is designed to match specific account-holder requests to third-party participants, ensuring efficient transaction processing.

Career Highlights

Penny is currently employed at Bank of America Corporation, where she applies her expertise in financial systems. Her work focuses on enhancing the efficiency and security of financial transactions, benefiting both the institution and its customers.

Collaborations

Penny collaborates with talented colleagues, including Carrie L Heise and Marilyn C Kane. Their combined efforts contribute to the development of innovative solutions in the financial sector.

Conclusion

Penny L Gerstner's contributions to financial technology through her patent demonstrate her commitment to improving transaction processes for financial institutions. Her work not only enhances efficiency but also provides a framework for secure third-party transaction authorizations.