ConnexPay Receives Patent for ‘Intelligent Payment Routing and Payment Generation’

B2B payments platform ConnexPay has received a U.S. patent for its invention that manages incoming customer payments in real time and generates corresponding outgoing supplier payments on demand.

The company’s U.S. Patent No. 12,118,519 was granted by the United States Patent and Trademark Office and is titled “Intelligent Payment Routing and Payment Generation,” ConnexPay said in a Wednesday (Nov. 14) press release.

ConnexPay has filed corresponding patent applications in territories around the world, according to the release.

“ConnexPay’s modern B2B payments technology has transformed how companies accept and make payments around the world, and we are honored to be at the forefront of payments innovation,” ConnexPay CEO Ben Peters said in the release.

The company’s patented invention accepts payments after having authorized the transaction and applied fraud detection, according to the release.

It ties each incoming payment to one or more specific supplier payments, ensures the outgoing payments do not exceed the amount of the corresponding incoming payment, and chooses an outgoing payment type based on payment preferences, the release said.

The invention also provides outgoing payment details to the user and reduces the available balance for outgoing payments by the amount of any applicable outgoing payments, per the release.

ConnexPay offers solutions for a broad spectrum of corporate payment use cases, serves clients on six continents and provides payments services to more than 175 countries and territories, according to the release.

When it comes to B2B payments, partnerships and collaboration are essential for fostering innovation, customer satisfaction, adaptability to market changes and, above all, optionality, for commercial players, Bob Kaufman, former CEO and current chairman of the board of ConnexPay, told PYMNTS in an interview posted in March.

“When companies take a one-size-fits-all approach [to payments], it tends to be limiting,” Kaufman said.

In February, ConnexPay launched a variable-rate virtual card called ConnexPay Flex that is designed to facilitate strategic supplier spend at pre-negotiated rates.

During the same month, the company expanded its suite of payment capabilities to include its Global Travel card, which is a virtual card designed to help ConnexPay’s travel company clients boost payment acceptance and minimize or eliminate foreign exchange fees.

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