Patents

We hold several patents covering innovations in digital payments, merchant interactions, and payment processing infrastructure

Modo holds nine granted patents covering innovations in digital payments, merchant interactions, and payment processing infrastructure.

COIN Operated Digital Payments Hub

Patent: US12118542B2 External link | Granted October 15, 2024

Description: A system and method for a COIN-based payment event data management system. The COIN can provide a consolidated source of accounting for all parties to a transaction by providing for multi-directional translation, resolution, accounting and other functions. A COIN server can interface with buyers, sellers, requestors, and debtors while communicating with different APIs across various payment systems. The system monitors updated transaction status and initiates notifications to external payment systems and other systems based on transaction status.

COIN Operated Digital Payments Hub

Patent: US11216805B2 External link | Granted January 4, 2022

Description: A system and method for a COIN-based payment event data management system. The COIN can provide a consolidated source of accounting for all parties to a transaction by providing for multi-directional translation, resolution, accounting and other functions. A COIN server can interface with buyers, sellers, requestors, and debtors while communicating with different APIs across various payment systems.

System and Method for Managing Merchant-Consumer Interactions

Patent: US11270301B2 External link | Granted March 8, 2022

Description: A system for combining a payment mechanism with an offer to a consumer. The system includes a virtual payment account number generation engine to generate virtual payment account numbers that can be used by a consumer in a payment transaction at a merchant. The virtual payment account number generation service takes a portion of the virtual payment account number and sends it as a checkout code to a consumer using the consumer’s mobile device. An offer generation engine sets rules for an offer to be sent to consumers, creates a fund for the offer, and determines individual consumer’s eligibility for the offer. The offer is associated with the checkout code such that the offer is processed as part of the payment during the payment transaction using the virtual payment account number.

Payment Processing Using Electronic Benefit Transfer (EBT) System

Patent: US11144905B1 External link | Granted October 12, 2021

Description: Systems and methods for incorporating electronic benefit transfer (EBT) systems into a secure, mobile, and electronic payment processing system. Existing EBT systems capture data regarding a purchase. This record keeping functionality can be harnessed to provide retailers and marketers with data regarding marketing efforts, coupon use, and purchase patterns. A mobile device interacts with a presence detection system, where coupons or payment information can be received at the mobile device, and payments are carried out between mobile devices and points of sale (POS).

System and Method for Managing Merchant-Consumer Interactions

Patent: US8751380B2 External link | Granted June 10, 2014

Description: A system for combining a payment mechanism with an offer to a consumer. The system includes a virtual payment account number generation engine to generate virtual payment account numbers that can be used by a consumer in a payment transaction at a merchant. The virtual payment account number generation service takes a portion of the virtual payment account number and sends it as a checkout code to a consumer using the consumer’s mobile device. An offer generation engine sets rules for an offer to be sent to consumers, creates a fund for the offer, and determines individual consumer’s eligibility for the offer. The offer is associated with the checkout code such that the offer is processed as part of the payment during the payment transaction using the virtual payment account number.

International Patents

Modo also holds patents granted in Canada, the European Union, and Denmark covering similar innovations:

  • CA2888800C External link - Payment processing device for processing payment from a consumer at a merchant location using a user device. The device comprises a presence detection module configured to detect presence of the user device at the merchant location and a checkout module configured to communicate with a backend system to verify an identity of the user device, to receive payment information from the user device, and to transmit payment information to a merchant point-of-sale (POS) system.

  • CA2815362C External link - A system for combining a payment mechanism with an offer to a consumer. The system includes a virtual payment account number generation engine to generate virtual payment account numbers that can be used by a consumer in a payment transaction at a merchant. The virtual payment account number generation service takes a portion of the virtual payment account number and sends it as a checkout code to a consumer using the consumer’s mobile device.

  • EP2909800B1 External link - A payment processing device at a merchant location for processing payment from a consumer using a user device. The device comprises a presence detection module configured to detect presence of the user device at the merchant location using wireless signals and a checkout module configured to communicate with a backend system to verify an identity of the user device and transmit payment information to a merchant point-of-sale system.

  • DK2909800T3 External link - A payment processing device at a trading site for processing payment by a consumer using a user device. The device comprises a presence detection module configured to detect the presence of the user device at the trading site using wireless signals and a checkout module configured to verify the identity of the user device and transmit payment information to the retailer’s POS system.