The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Apr. 14, 2020
Filed:
Jul. 01, 2015
Mastercard International Incorporated, Purchase, NY (US);
Antonia Stroeh, Stamford, CT (US);
John Doherty, Brooklyn, NY (US);
Alexis Suberville, Brooklyn, NY (US);
Holliday Haynes, Freeport, NY (US);
Stephen Parento, White Plains, NY (US);
Wayne Molitor, O'Fallon, MO (US);
Peter J. Flor, O'Fallon, MO (US);
MASTERCARD INTERNATIONAL INCORPORATION, Purchase, NY (US);
Abstract
An authorization request for a payment transaction is obtained, from a given one of a plurality of billers, over a payment network having a standard clearing and settlement time period. Via the payment network, a special IOU approval authorization request response to the authorization request for the payment transaction is passed, indicating that the given one of the plurality of billers will be paid in connection with the payment transaction after expiration of a grace period from a time of the authorization request, regardless of whether funds are available for an account associated with the payment transaction. The grace period is longer than the standard clearing and settlement time period. The payment transaction is not settled until expiration of the grace period.