InPayTech, Notice of Allowance for US Patent Application
Integrated Payment Technologies Limited (InPayTech) (ASX:IP1) has been issued a Notice of Allowance by the US Patent Office for its US patent application of its Payment Adviser process.
The US patent is expected to be granted by early 2019 in the name of its subsidiary company Jagwood Pty Ltd.
If granted as expected, this will be the seventh patent for InPayTech across the globe. Other patents in the western world include South Africa and New Zealand. InPayTech has also patented its payments process in Asia including China, Japan, Hong Kong and Singapore.
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Thursday, 8 Nov, 2018 – Finance News Network
Accountants make bulk remittance payments direct from the app
Sydney Australia July 2014 – Deloitte has taken the Australian market by surprise with the launch of a cutting-edge online application that combines shared ledger accounting, automated bookkeeping, benchmarking and client dashboard for clients of its private accounting business.
The app, part of a service called Deloitte Private Connect, incorporates some of the most advanced features of cloud accounting software and add-ons such as optical character recognition of receipts and invoices, direct bulk payments, automated bank feeds and syncing data to client accounting programs.
In a breakthrough for professional services among the Big Four firms, Deloitte Private Connect is based on an online subscription payments model and fixed monthly fees.
The service includes processing of supplier invoices and payments, general ledger, BAS activity statement lodgments, interactive management reporting, regular meetings with a Deloitte Private adviser, annual income tax return and ASIC company statement lodgments.
The app handles a large number of transactional tasks and Deloitte Private uses its practice management software for year-end accounts, work papers, financial statements and tax returns.
Deloitte Private Connect consists of two core apps, Transact and Analyser. The Transact app powers an automated bookkeeping service and incorporates cutting-edge technology developed internally by Deloitte over the past two years.
Apps automatically populate an interactive dashboard enabling business owners to quickly review key metrics in real-time. Based on the particular needs of their business, clients select from compatible apps conveniently grouped into simple categories such as staff, customers, marketing, product, money, and so on.
Payment Adviser integration enables Deloitte’s accountants make bulk payments direct from the app to any Australian bank.
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Business-to-business electronic payment models that have the potential to open up the interface between payment systems and accounting applications to improved payment security and control, while helping business to increase productivity and reduce administration costs.
(This paper has been prepared as a discussion document for distribution ahead of “Payments 2013” hosted by The Electronic Payments Association (NACHA) San Diego April 21st-24th.)
“Electronic payments are on the radar of every large and mid-market business to facilitate payment process automation, reduce expenses and improve payment security and control.”
Companies today recognize that paper-based processes are costly and highly inefficient. They are eager for process improvements, cost savings and the means to unlock management information tied up in inefficient payment and accounting systems that inhibit timely reporting and cash forecasting.
“The preferred way of sending remittance information for large and mid-market businesses is by mail. As a result 56% of remittances must be re-keyed into accounts receivable systems.”
Transitioning from checks to electronic payment processes will benefit every business. However, a noticeable shift to electronic business-to-business (B2B) payments will require comprehensive electronic remittance advice models that can be applied to open up the interface between payment systems and accounting applications to automate critical payment activities and interact electronically with banks and vendors.
In this update we focus on recent developments in electronic remittance exchange for B2B payments that have the potential to allow business to transition away from check payments, automate traditionally manual paper-based processes, unlock management information and deliver secure and auditable payment flows for senior management.Click here to continue reading (PDF)