Electronic grace period billing

US10621567B2 · kind B2 · utility

Assignee

• MASTERCARD INTERNATIONAL INCORPORATED · US

Inventors

• Antonia Stroeh · Stamford, US
• John Doherty, Jr. · Freetown, US
• Alexis Suberville · Brooklyn, US
• Holliday Haynes · Freeport, US
• Stephen Parento · White Plains, US
• Wayne Molitor · O'Fallon, US
• Peter Julian Ramon Antonio R. Flor · O'Fallon, US

Key dates

• Filing date: Jul 1, 2015
• Grant date: Apr 14, 2020
• Expiry date: May 31, 2038

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/405
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

An authorization request for a payment transaction is obtained, from a given one of a plurality of billers, over a payment network having a standard clearing and settlement time period. Via the payment network, a special IOU approval authorization request response to the authorization request for the payment transaction is passed, indicating that the given one of the plurality of billers will be paid in connection with the payment transaction after expiration of a grace period from a time of the authorization request, regardless of whether funds are available for an account associated with the payment transaction. The grace period is longer than the standard clearing and settlement time period. The payment transaction is not settled until expiration of the grace period.