18100973. MULTIRAIL PAYMENT ACCOUNTS simplified abstract (American Express Travel Related Services Company, Inc.)
Contents
MULTIRAIL PAYMENT ACCOUNTS
Organization Name
American Express Travel Related Services Company, Inc.
Inventor(s)
Benjamin J. Cane of Phoenix AZ (US)
Tristan M. Fuentes of Mesa AZ (US)
Sunil Patel of Phoenix AZ (US)
MULTIRAIL PAYMENT ACCOUNTS - A simplified explanation of the abstract
This abstract first appeared for US patent application 18100973 titled 'MULTIRAIL PAYMENT ACCOUNTS
The patent application describes a method for providing multirail payment accounts, where a payment instruction is received, payment policies are identified, the payment instruction is funded, a payment request is generated, and the payment request is sent to a network hub.
- Payment instruction specifying recipient and amount received
- Identification of payment policies applicable to the instruction
- Funding of the payment instruction according to policies
- Generation of a payment request based on the instruction
- Sending the payment request to a network hub
Potential Applications: - Financial institutions - E-commerce platforms - Payment processing companies
Problems Solved: - Streamlining payment processes - Ensuring compliance with payment policies - Enhancing security of payment transactions
Benefits: - Efficient fund allocation - Improved payment processing speed - Enhanced transaction security
Commercial Applications: Title: "Innovative Multirail Payment Account System for Streamlined Transactions" This technology can be utilized by financial institutions, e-commerce platforms, and payment processing companies to optimize payment processes and enhance transaction security. The market implications include improved customer satisfaction, increased efficiency, and reduced operational costs.
Questions about Multirail Payment Accounts: 1. How does the multirail payment account system improve transaction security? 2. What are the key advantages of using multirail payment accounts for e-commerce platforms?
Original Abstract Submitted
Disclosed are various embodiments for providing multirail payment accounts. First, a payment instruction specifying at least a recipient of the payment and an amount of the payment can be received. Then, one or more payment policies applicable to the payment instruction can be identified. Next, the payment instruction can be funded according to the one or more payment policies. Subsequently, a payment request can be generated based at least in part on the payment instruction. Then, the payment request can be sent to a network hub.
