The second patent awarded to UATP since 2021
covers technology that speeds and streamlines transactions between
acquirers and the UATP One platform.
WASHINGTON, Feb. 15,
2024 /PRNewswire/ -- UATP, the global payment network
that enables organizations to simplify payment processes to expand
their payment capabilities, has received approval from the US
Patent and Trademark Office for patented Enhanced Intermediate
Server technology that will improve the speed, efficiency and
control of processing transactions for merchants utilizing
the UATP One platform. This is the second patent UATP has
received for its payment technology since 2021, reflecting its
commitment to innovation and exploring new ways to add value for
its clients.
UATP's patented new technology enables all travel agency
transactions which are currently submitted in batch form to be
submitted to acquirers individually instead. By removing the
constraints of the batch format – where one file or an incomplete
passenger record can delay the processing of an entire batch of
payments – transactions can be processed much more quickly and
efficiently, resulting in increased cost savings and fewer
processing lags. Individualizing transaction transmission also
allows for more granular control and dynamic routing of sales, a
key advantage for UATP One merchants.
"This patent represents a significant step forward in how
payments are processed. The entire industry has wanted to find an
efficient solution to the inefficiencies of batching payments, but
no one actually built – until UATP," explained Ralph Kaiser, UATP's President and CEO.
"Innovation is integral to our mission and growth strategy, and by
adding this key capability to our newest business line, UATP One,
we're expanding the horizons of merchant payment services."
Patent protection for UATP's parsing engine technology means
that any other party seeking to process BSP transactions according
to this method must either license the technology from UATP or
devise a novel solution. This further cements UATP's efficiency
advantage in sorting, reconciling and channeling BSP sales to
acquirers, another important benefit for UATP One merchants.
The patent for the parsing engine is the second patent awarded
to UATP since 2021, when its Alternative Forms of Payment (AFP)
processing solution, Ceptor, was granted patent protection. Ceptor
allows UATP Merchants to connect easily to AFPs offered by UATP
without incurring significant integration costs or adopting new
reconciliation processes.
For more information about the UATP and its patented
technologies, please contact Wendy
Ward at wendy.ward@uatp.com.
ABOUT UATP
UATP is the global payment network simplifying payments in complex
industries. We make it easy for businesses to make or accept any
type of payment; open new markets, drive growth and reduce costs
for Issuers, Merchants, vendors, agents, aggregators and more. UATP
is continually innovating to connect companies to new forms of
payment (AFPs), and our easy-to-use data tools,
DataStream® and DataMine®,
provide comprehensive account details to Issuers and Corporate
Account Holders. Our team has decades of experience with the
ever-changing payments landscape, and our reliable and proven
technology ensures our global customers get more from every
payments experience. Learn more at uatp.com.
Accepted as a form of payment for corporate business travel
worldwide by airlines, travel agencies and Amtrak®; UATP
accounts are issued by: Aeromexico; Air Canada (TSE: AC); Air
China; Air New Zealand (ANZFF.PK); Air Niugini; American Airlines
(NASDAQ: AAL); APG Airlines; Austrian Airlines; Avianca Airlines;
BCD Travel; China Eastern Airlines (NYSE: CEA); Delta Air Lines
(NYSE: DAL); EL AL Israel Airlines; Etihad Airways; Fareportal;
Frontier Airlines; GOL Linhas Aereas inteligentes S.A. (NYSE: GOL
and Bovespa: GOLL4); Hahn Air; High Point Travel; Japan Airlines
(9201:JP); JetBlue Airways; LATAM Airlines; Link Airways; Qantas
Airways (QUBSF.PK); Shandong Airlines; Sichuan Airlines; Southwest
Airlines; Sun Country Airlines; TUIfly GmbH; Turkish Airlines (ISE:
THYAO); United Airlines (NASDQAQ: UAL) and WestJet. AirPlus
International issues the UATP-based Company Account for Lufthansa
German Airlines.
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SOURCE Universal Air Travel Plan, Inc. (UATP)