MRoute Corp. was issued a holistic multi-payee (multiparty) patent in 2020 for electronic or digital payments by the United States Patent and Trademark Office (USPTO). It was no small feat, and people familiar with the process know the difficulties in obtaining US utility patents. MRoute owns exclusive rights to numerous multiparty patents worldwide already but getting the USPTO-approved patent is truly special!
MRoute’s patented payment protocols and payment routing technology address the age-old question of holistically digitizing the multi-payee paper check process. Our protocols digitally duplicate the multi-payee check process and automate and facilitate digital payments from a payer to multiple payees, unlike other payment systems or solutions that can only handle transactions from a payer to a single payee.
The patented multiparty payment methods apply to all industries, not only the property and casualty insurance claims sector, where multi-payee checks account for over 50% of all claim disbursements. These methods create the digital alternative to multi-payee checks, with a multitude of use cases. MRoute’s patent is holistic and ensures there is a digital payment method for every multiparty payment scenario.
Consequently, we have expanded digital payments and the usual payment flow for all single-payer to single-payee payment systems and rails such as the ACH, RTP, Card Rails, Zelle, etc. Digital payments now include those from a payer to multiparty, multi-payees, or multiple stakeholders. Digital payments will never be the same again!
We all love payments! Our patents make payments better and more efficient by creating alternatives to multi-payee paper checks. MRoute has digitized the multi-payee check process, now commonly known as multiparty digital payments.
Digital payments are growing fast, and consumers are demanding faster payment options and are willing to pay for expedited payment solutions. A payment system that digitizes and eliminates the multiparty payment pain point is overdue and a welcomed addition to the marketplace.
MRoute’s patent-backed payment technology will help encourage a collaborative market approach and drive innovation-dependent products. We are all about improving payments for consumers.
We are aware of multiple infringement-related incidents regarding our intellectual property (IP) portfolio for multiparty payments. Therefore, we will protect our exclusive market rights. However, we are also open to exploring partnership and licensing opportunities for our patented multiparty payment solutions and protocols.
There is an opportunity to unite and facilitate growth within insurance payments and the larger payment market. Patents are powerful business tools, and we intend to use ours to improve the multiparty marketplace and its transactions.
Again, we will do our absolute best to avoid litigation or escalation whenever possible.