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Payment Pathways Receives a Fundamental U.S. X2X Payment Patent

Wednesday, January 26, 2011

Chicago, IL -- Payment Pathways, Inc. (PPI), a provider of privacy management solutions, today announced its award of Patent Number 7,831,490 by the U.S. Patent & Trademark Office for an Internet-based registry of openly accessible electronic payment addresses. Dr. Franco Modigliani (1918–2003), winner of the Nobel Prize for Economics, co-authored this patent.

Its claims disclose a system for communicating trusted, routable e-payment addresses of payees to banks without the need for encryption or privacy. Mobile payments developers, banks, payment service providers or mobile carriers can use its business method to send instant payments between any two parties regardless of geography or payment system affiliation.

This invention, known as the e-payments Greenlist® registry, provides the user with a way to locate a virtual listing for payment addresses just as the “white pages” found phone numbers and physical addresses. Unlike current payment mechanisms – such as PayPal – Greenlist allows people and businesses to pay directly from their bank accounts without having to stage money somewhere else first. The difference is that the Greenlist entry is only a pointer securely keyed to the actual financial institution accounts and routing information. It solely exposes the payment addresses of deposit-only bank accounts as bank account numbers are not divulged to merchants or payment processing networks.

“Our patent assures identity to permit trusted payments, anytime, anywhere and from any device,” said Richard O’Brien, President & CEO of Payment Pathways. “This recognition of our patent advances the state of the art in privacy management & protection. For the first time, a mom wishing to pay her child’s tutor can initiate an instant payment by only needing to know that person’s Greenlist ID.”

Greenlist registrars vouch that customers’ identity and public deposit-only payment addresses are linked accurately to their private bank accounts. Payments can now be sent irrevocably allowing recipient institutions to post ‘good funds’ the moment payment transactions arrive from the network, ahead of actual settlement. Markets for the Greenlist registry include P2P money transfers, small business bill payment, and ecommerce and a host of new mobile applications.

"Greenlist has real potential to extend the benefits that SEPA will be delivering in the Euro Area, by fostering faster epayments to consumers and small businesses alike. Implementing Greenlist is necessary to improve the safety and efficiency of payments that are the backbone of a healthy and resilient economy. Safe payments mean lower costs of economic activity and more growth. More and more thinkers and policymakers are appreciating the importance of these seemingly boring yet tremendously important basic infrastructures of our contemporary economies,” said Alberto Giovannini CEO of Unifortune SGR SpA and advisor to the European Commission.

“The Greenlist solution provides a unique way to simply and securely expand money movement to mobile phones while protecting the privacy of customer financial data,” said Margaret Weichert, Managing Director at Market Platform Dynamics.

About Payment Pathways

Payment Pathways, Inc. (PPI) makes it safe to pay for goods and services electronically. Through its patented Greenlist registry, PPI improves the security of today’s electronic payment systems by routing trusted addresses of transaction participants to reduce systemic risk and accelerate money transfers. Payments to Greenlisted addresses are less expensive for consumers than traditional wire services. Greenlist can add security to any online payment mechanism and is more convenient than paper checks. Visit or call 312-346-9400 for more information.

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