“The patent was filed in 2006 and has been going through an extended and comprehensive approval process over the past three years,” said Kevin Grieve, CEO of Mocapay, Denver. “We just received the approval this month.

“By having our technology patented, we can now offer our end-to-end mobile platform solution to financial institutions that issue open-loop prepaid, debit and credit,” he said. “We have already been providing the technology to merchant issuers of closed-loop loyalty and gift.”

Mocapay is an end-to-end, mobile payments and experience platform for issuers.  The platform addresses merchants’ need for a new channel that will broaden their loyalty and gift programs by mobilizing sales and marketing to reach customers anytime, encourage purchases and build a stronger brand affinity.  
 
The company was issued patent US 7,657,489 B2 on Feb. 2 for this service.
 
Mocapay offers its end-to-end mobile platform to merchant issuers of closed-loop loyalty, gift and private-label credit, as well as financial institutions that issue open-loop prepaid, debit and credit.
 
The company provides issuers three methods to use its patented mobile payments:  out-of-the-box, Software-as-a-Service (SaaS) platform, or white-label, issuer-branded wallet and SaaS platform, or technology licensing giving issuers various services to match their business needs.
 
Mocapay’s platform simplifies deployment and support by offering a single service for multichannel and multi-location mobile payment acceptance.

The company offers issuers, depending upon tender type, three-modes of mobile connectivity: SMS/text, Internet/browser enabled phones (WAP) and handset applications (iPhone, Android, and BlackBerry).

The service can also be deployed by merchants for their own merchant-branded mobile loyalty and gift programs and used to accept funds from financial institution’s that issue mobile open-loop tender.
 
Mocapay works with all the major U.S. carriers and has integrated its product with most of the major POS vendors. 

“The industry has been challenged with providing a cost-effective and secure mobile payments solution,” Mr. Grieve said. “Mocapay’s ‘dynamic cryptogram’ architecture, ensures every mobile payment transaction is executed simply and securely with a one-time use and perishable authorization code.

“Mocapay’s transaction-level, token-based, mobile payments solution ensures that no customer sensitive information is ever stored on a mobile handset or passed to the merchant point-of-sale (POS),” he said. “The dynamic cryptogram extends and enables mobile payment to be conducted in multichannel and multi-location environments further extending the mobile phone reach.”