MUMBAI, India, April 20 -- Intellectual Property India has published a patent application (202421077862 A) filed by Tata Consultancy Services Limited, Maharashtra, on Oct. 14, 2024, for 'system and method for securing payment intent and optimizing value store selections.'
Inventor(s) include Srinivasan, Suresh; Kulkarni, Kedar Avinash; Chattyvnsh, Sriram; Senapati, Ashok Kumar; and Raghavan, Rajesh.
The application for the patent was published on April 17, under issue no. 16/2026.
According to the abstract released by the Intellectual Property India: "Conventional payment systems require payers to select the payment instrument first and then authorize payments. The payer cannot change payment instrument post authorizing payment as authorization is specific to a value store. The system and method of the present disclosure enables a payment method to be payment instrument/value store agnostic, so that payer gets more flexibility in terms of selecting which value store(s) to use for authorization but not necessarily for honoring the payment. This gives the payer the required flexibility to swap value store(s) post initial authorization but before settlement basis better informed decision by means of recommendations. Similarly on the payee's side, the payee has limited or no visibility of value store until payer presents it for payment. The system and method of the present disclosure gives an added opportunity to the payee to influence payer's selection of value store(s) post initial authorization but before settlement."
Disclaimer: Curated by HT Syndication.
