Unknown Organization (20240346514). SYSTEMS AND METHODS FOR DISTRIBUTED REFUND PROCESSING simplified abstract
Contents
SYSTEMS AND METHODS FOR DISTRIBUTED REFUND PROCESSING
Organization Name
Inventor(s)
Jared Adam Paris of Durham NC (US)
Clayton James Stewart of Durham NC (US)
SYSTEMS AND METHODS FOR DISTRIBUTED REFUND PROCESSING - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240346514 titled 'SYSTEMS AND METHODS FOR DISTRIBUTED REFUND PROCESSING
The abstract describes a network-connected, electronic refund processing system that allows consumers to receive refunds in non-cash financial assets such as virtual currencies, commercial paper, and securities.
- The system connects legacy payment/refund systems to distributed stored value systems like virtual currency wallets.
- Consumers can choose to receive refunds in forms such as cryptocurrencies (e.g., Bitcoin, Ether, Litecoin), commercial paper (loans, contracts), and securities (stocks, bonds).
- The system encourages household saving by offering alternative refund options beyond fiat currency.
- This innovation expands the options for consumers to receive refunds and manage their financial assets more diversely.
- By integrating various financial assets into the refund process, the system enhances flexibility and choice for consumers.
Potential Applications: - E-commerce platforms - Financial institutions - Retailers - Payment processors
Problems Solved: - Limited refund options for consumers - Lack of flexibility in refund processing - Encouraging household saving and investment
Benefits: - Increased consumer choice - Enhanced financial asset management - Encourages saving and investment - Streamlined refund processing
Commercial Applications: - Financial technology companies can integrate this system into their platforms to offer innovative refund options to consumers, potentially attracting more users and increasing customer satisfaction.
Questions about the technology: 1. How does this system impact traditional refund processing methods? 2. What security measures are in place to protect consumers' non-cash financial assets when receiving refunds?
Frequently Updated Research: Stay updated on the latest trends in virtual currencies, commercial paper, and securities to understand the evolving landscape of financial assets in refund processing systems.
Original Abstract Submitted
a network-connected, electronic refund processing system encourages household saving by enabling consumers to receive a card payment refund in forms other than the conventional method of crediting the consumer's account with fiat currency. the enhanced refund processing system connects legacy payment/refund systems to distributed stored value systems such as virtual currency wallets, and to systems for recording ownership of other financial assets such as commercial paper and securities. in exemplary embodiments, the consumer can choose to receive refunds in the form of various non-cash financial assets, including virtual currencies, and more specifically cryptocurrencies such as bitcoin, ether and litecoin; commercial paper (loans, contracts, forms and others); and securities (stocks, bonds, derivatives, and other financial assets).
