2011MAY17 Payment Pathways Press Release Intl FINAL

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May 17, 2011 - Privacy Management patent extends the scope of financial services protection ... solutions for privacy pr
Payment Pathways Awarded Second Patent for Protecting Privacy Privacy Management patent extends the scope of financial services protection to include transfers of valuable information assets as well as funds Chicago, Illinois – May 17, 2011. Payment Pathways, Inc. (PPI), a pioneer in privacy management solutions, today announced its award of Patent Number 7,945,511 by the U.S. Patent & Trademark Office. The primary innovation permits financial services or other firms to offer their customers a safe “virtual address” within the Greenlist®. Payment Pathways is the developer of the Greenlist registry, which elegantly makes epayments safe and secure without requiring consumers to disclose any actual account or bankcard information whatsoever. This is the second patent the company has received in the last nine months to forward its mission of providing open solutions for privacy protection and identity verification in payment and confidential information transfers over the Internet. The first Payment Pathways patent ensured that Greenlisted Personal Account Numbers (PANs) could be sent irrevocably over an electronic funds transfer network, which allows recipient financial institutions to post ‘good funds’ the moment payment transactions arrived from the network, ahead of actual settlement. This new patent provides the same protection for account identifiers tied to information assets like music, movies, securities, healthcare records, or other nonfinancial assets. “This patent strengthens our competitive position and offers additional protection to Payment Pathways’ clients and partners,” said Richard O’Brien, President & CEO of Payment Pathways. The Greenlist registry provides a way to locate a listing of safe virtual addresses for the transfer of informational and monetary assets, just as “white pages” provide phone numbers and physical addresses for individuals. Unlike current delivery mechanisms for money – such as PayPal – Greenlist allows people and businesses to move money from their bank account without divulging their private financial information. PPI’s latest invention extends Greenlist registration to include unique identifiers for any community of interest, even those representing things. Now, digital assets (objects or credentials) and permissions to access information can be linked to public payment addresses for certifiably transferring ownership of digital assets, without having to expose sensitive, personal account data. Actual account numbers, masked by Greenlist, never have to be divulged to merchants, supply chain participants, or payment processing networks.

“The primary advantage of such a certifiably trusted registry for asset transfer addresses is that it provides corporations with valuable consumer demand data, using digital constructs such as RFID tags and UPC codes. Corporations can then utilize the data to sponsor registry extensions, which will result in positively adjusted supply chains,” said Dr. Sebastien Gay an economist at the University of Chicago. “This new feature in Greenlist adds the critical dimension of trusted identity because banks are the registrars. Now, for the first time, there can be a registry where inspection documents pertaining to food products for traceability purposes can be associated with an economic owner at every stage in the supply chain,” said Steve Holcombe, President of Pardalis, Inc. Stillwater, Oklahoma. As another example, real estate is the farthest thing from an instant transaction. The typical transaction takes weeks or months to document, with loans and title, and days to document, review, record, and resolve of “Close.” There is a “gap” from the time of the exchange, to the time of the settlement and transfer of funds. Title insurance insures that gap between the time it takes to record the payment and record the deed. “This patent path and privacy protection of certified documents is like next-generation title insurance that can use electronic registration of certified documents and deposits. ‘Sneaker-net’ methods today from trading floors, across the street or around the world can become obsolete,” said Bruce Fogelson, inventor and founder of ZMAChina.com and Paramount Homes Chicago, Illinois. The company also trademarked “Positive Pay for eCommerce” and is completing development of extensions to the existing Greenlist technology in order to reduce payments fraud. The new Positive Pay for eCommerce technology provides a needed safeguard for consumers, merchants, and bankers, who face increasing losses for fraudulent debit-card payments. About Payment Pathways Founded in 2003, Payment Pathways has developed the Greenlist directory, which elegantly makes epayments safe and secure without requiring consumers to disclose any actual account or bankcard information whatsoever. We help all parties in the payments ecosystem with payments privacy, service profitability, and identity authentication and protection. Visit paymentpathways.com or call +1 312.346.9400 for more information. Contact at Payment Pathways: Richard O’Brien, President & CEO [email protected] Tel: +1.312.346.9400.