Patent Expected to Have Far-Reaching Impact in the Payments Industry
ACH Alert have announced that the United States Patent Office (USPO) has issued the company patent number 8,219,491--a second, and far-reaching patent that significantly strengthens the breadth of its intellectual property rights by extending the scope of protection for its proprietary business methods and fraud protection systems and applications.
“This is an epic accomplishment for our team and the issuance strengthens our strategic objective to position our fraud protection and dispute resolution services as an industry standard,” said Debbie Peace, CEO of ACH Alert.
“We have spent considerable time and money to design, develop and perfect the next generation of fraud protection for financial institutions, their account holders and Originators,” said Peace. “The financial institutions that have partnered with ACH Alert for our fraud protection services realize a distinct competitive advantage. Securing the intellectual property to ensure they retain that advantage is of great importance to us.”
Among the many patented automated processes in the full range of fraud protection services ACH Alert provides to its clients are: real-time, transaction level protection for commercial and individual clients; simplified identification of trusted trading partners and valid payment recipients; and facilitation of electronic transaction disputes between the financial institution and their client.
To date ACH Alerts’ fraud protection system has documented its clients and their customers have deterred more than $20 million of potential fraud.
“ACH Alert’s patented fraud protection system enables banks and financial institutions to seamlessly address the FFIEC Guidelines as well as the payment industry’s complex operating rules of enforcement,” said David Peace, President of ACH Alert. We built this patented process and the technologies from the ground up. These solutions are one of a kind and we are pleased to bring these extended fraud protection services to the payments industry.”