ConnexPay Secures Patent for Innovative Payment Technology

ConnexPay, a B2B payment industry innovator, has been awarded a U.S. patent for the disruptive technology called "Intelligent Payment Routing and Payment Generation." The patent, affirmed by the United States Patent and Trademark Office with the number U.S. Patent No. 12,118,519, is said to form the groundbreaking step in the idea of doing business payments inwardly and outwardly.

Transforming B2B Payments

Founded in 2017, ConnexPay has become the first all-in-one B2B payments platform. The company approaches its payment acceptance and disbursement with an innovative integration, putting it all together into one system simplifying processes that are usually done on different platforms and contracts. Being this one method simplifies reconciliation but also expands operational efficiency for businesses across diverse industries.

Ben Peters, CEO of ConnexPay, remarked, "We're delighted to be issued this patent, which encapsulates the years of painstaking effort and innovation by our incredibly talented Product and Technology teams. ConnexPay's next-generation B2B payments technology has revolutionized how companies are taking in and paying out around the world, and it's a thrill for us to be leading innovation in payments."

Key Features of the Patent

The patented technology introduces several advanced features, particularly designed to optimize payment processes as follows:

• Real-time Payment Management: The system intelligently manages incoming customer payments in real-time, allowing businesses to respond promptly to cash flow needs.
• Outgoing Payment Generation on Demand: The system can generate corresponding outgoing supplier payments on demand, ensuring businesses meet their obligations without delay.
• Fraud Detection and Authorization: The payment gateway component authorizes transactions and applies fraud detection to prevent fraudulent activities.
• Unique Transaction Identifiers: For each incoming payment, unique identifiers are associated with particular outgoing supplier payments, reducing financial risk by ensuring no outgoing payment exceeds the amount received.
• Adaptive Payment Preferences: The system automatically deploys outgoing payment types based on user-defined preferences, upgraded using historical performance data.
• User-Centric Interface: Users are provided with comprehensive information regarding outgoing payments, enhancing transparency and user control over financial transactions.

All these features enhance user experience while maintaining high-security measures, crucial in today's digital payment environment.

Global Impact and Future Prospects

ConnexPay’s technology has applications across numerous industries, including travel, ticketing, insurance claims, loyalty programs, and even advertising across various media. ConnexPay aims to reach more than 175 countries, working towards a streamlined, one-platform payment solution that addresses complex payment challenges.

The company has also announced plans to file corresponding patent applications across other global markets, underscoring its commitment to innovation and positioning ConnexPay at the forefront of the evolving B2B payments landscape.

Recognition and Awards

In addition to its recent patent success, ConnexPay has earned multiple awards, including Travel Innovator of the Year at Phocuswright 2023, and has been recognized on the Inc. 5000 list of the fastest-growing companies in America for two consecutive years. These recognitions underscore ConnexPay's remarkable growth and its significant contributions to the fintech industry.

With its efficient solutions for managing B2B financial transactions, ConnexPay is setting a new standard in B2B payments, making its patented technology a development worth watching.