May 7, 2015
Global Payout, Inc. has filed for patent protection with the Department of Commerce's United States Patent and Trademark Office for its newly developed agnostic exchange hub technology branded PIVOT(c).
The unique aspect of the PIVOT(c) exchange hub is that it enables platform participants to have programmable parameters that can be set or changed as needed. This feature makes the exchange hub adaptive across various payment platforms such as payment gateways, loyalty & reward programs, barter exchanges, point systems, cash back, cryptocurrency and inventory management systems.
PIVOT(c) works as an accounting and communication interface between any platform. It is also ideal for many industries, including payment processors, payroll and employee-leasing companies, branded and co-branded card issuers, multidivisional corporations and for members of the industry groups.
The patent application step was taken to protect the technology and simultaneously launch the PIVOT(c) exchange hub with multiple vendors in various markets. Partnerships and licensing deals are also anticipated.
Consumers will now be able to join loyalty & rewards programs through any PIVOT(c)-enabled card and then earn points and discounts, or redeem it at all activated merchants without having to access or submit a rewards program card issued by each merchant. For example, in a loyalty & rewards application, PIVOT(c) can act as a consolidator of rewards programs allowing users to earn and accumulate loyalty points from multiple merchants from the use of a single swipeable payment card.
In cryptocurrency applications, PIVOT(c) can act as an exchange mechanism between any currency and a cryptocurrency such as a bitcoin. The functionality of PIVOT(c) increases benefits and simplifies usage for consumers while increasing and extending value to card issuers as it relates to providing and managing cash-back, currency exchange, account access and management, redemptions and more. These fully integrated capabilities are completely manageable for any open-loop or closed-loop card system.