Indivos Awarded U.S. Patent for Tokenless Electronic Financial Transactions Using Biometrics
Patent Covers On-Line, Off-Line Debit and Credit at the Retail Point of Sale, at ATMs and Over the Internet
Oakland, CA– August 21, 2001 – Indivos, formerly known as Veristar Corporation, today announced it has been awarded U.S. Patent No. 6,269,348 for technology developed using biometrics for processing electronic financial transactions such as on-line debit, off-line debit and credit without requiring the user to directly use or possess any man-made propriety tokens. For any transaction designated to be processed as an electronic credit or debit, the Indivos technology provides a user, whether an individual or a business, with the ability to pay for goods and services either at the retail point of sale ("POS"), at an automated teller machine ("ATM") or over the internet using only a biometric for authentication.
Indivos is an Oakland, CA-based provider of the `Pay By TouchSM`payment service in which consumers voluntarily enroll in order to access their checking, credit and loyalty accounts without having to use cumbersome, costly plastic cards, paper checks, key fobs and other tokens. Indivos` patented capability provides a method and device for tokenless authorization of an electronic payment between a service provider and a consumer using an electronic third party indicator. Once the device successfully identifies the consumer, a biometric-based authorization of an electronic payment is issued.
"Indivos` patented technology is quickly winning over payment processors and visionary merchants who are working to bring electronic payments into the 21st century easing our dependence on old and insecure payment technologies," said Phil Gioia, CEO of Indivos. Our patented technologies will provide merchants and customers with greater control over their credit, debit and check transactions and give them more choices in how to pay."
Indivos` service allows consumers to access their bank and debit accounts electronically without having to use the plastic cards, paper checks, key fobs and passwords that can easily be lost, stolen or damaged. At the same time, it provides merchants with reduced risk and lower costs in handling cash and checks. Consumers who enroll in the voluntary system no longer have to carry their cards and checks, but can easily access their accounts online using the security of fingerprint authentication.
About Indivos
Indivos` fully voluntary patented service enables a cashless, checkless, cardless payment environment in which consumers who have voluntarily enrolled a finger scan to complete transactions securely, conveniently, and efficiently. It also enables merchants to substantially reduce transaction-processing costs, and significantly mitigate the risk of fraud. Indivos` Internet address is www.indivos.com. Indivos has 16 issued patents enabling the service.
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