SAN DIEGO, May 5, 2015 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink:GOHE), a leading provider of international electronic payment solutions, announced today that its newly developed agnostic exchange hub technology has filed for patent protection with the Department of Commerce' United States Patent and Trademark Office. Branded as PIVOT©, the exchange hub technology works automatically and seamlessly as an accounting and communication interface between any platform such as Payment Gateways, Loyalty & Reward Programs, Barter Exchanges, Point Systems, Cash Back, Cryptocurrency, and Inventory Management Systems whom apply business rules specific to the platform's needs and requirements. PIVOT© can also create multiple-partnership loyalty and rewards programs, and can be integrated with any prepaid debit card. PIVOT© is ideal for many industries for many reasons including closed loop marijuana payment systems, payment processors, payroll and employee leasing companies, branded and co-branded card issuers, multi-divisional corporations or members of an industry group whom want to form coalition loyalty programs. The patent application step was taken to protect the technology while concurrently launching the PIVOT© exchange hub with various vendors in various markets. Partnerships and licensing deals are anticipated imminently.
The PIVOT© exchange hub is unique because it enables platform participants the ability to have programmable parameters that can be set or changed as needed. It is revolutionary because it is adaptive and has rules based programming capabilities that reach across many industries and many applications. For example, in a Loyalty & Rewards application, PIVOT© can act as a consolidator of activated rewards programs allowing users to earn and accumulate loyalty points from any multitude of merchants from the use of a single swipe-able payment card. As a result, consumers will now be able to join loyalty & reward programs through any PIVOT© enabled card and then earn points and discounts, or make redemptions at all activated merchants without having to access or submit a rewards program card issued by each merchant. In cryptocurrency applications, PIVOT© can act as the exchange mechanism between any currency and a cryptocurrency such as a bitcoin, etc. while also providing loyalty and rewards capabilities and more. The functionality of PIVOT© 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.
The Company also announced its intentions to make PIVOT© available internally with Global Payout's proprietary cards including the MoneyTracTM Prepaid Discover© Card, or in connection with its Consolidated Payment Gateway platform as an option on a customer specific basis. Additionally, PIVOT© software will be made available externally under license for both open loop and closed loop card issuers for fee, and for use in other applications. Presently, Global Payout, Inc. is developing a Phone App for iPhone and Android devices that will also allow cardholders immediate access to their points earned and recent purchase transactions.
Jim Hancock, the Chief Executive Officer commented, "The PIVOT© technology can really be a game changer in the open and closed-loop payments industry and the Loyalty and Rewards industry for 2 main reasons. The first reason is the front-end rules based programming capabilities. The ability to load a card or a payment platform with an interface that can set rules and change rules as needed can be very beneficial for all platform participants on many levels. We will have much more to say about this topic in the near future. In Loyalty and Rewards applications, what issuers can do, and what consumers can now receive are so dramatically enhanced that the gold standard should eventually become PIVOT©. We are seeing several immediate opportunities to get PIVOT© exchange hub technology deployed in many companies and industries."
"The payments industry is changing and wide-ranging benefits with greater flexibility are in demand. Research indicates that consumers desire a loyalty and rewards program that allows them to earn points or rewards at multiple merchants using a single payment card," says William Rochfort, President of Global Payout, Inc. "Having one card being used for loyalty programs with all brands and merchants, internationally and domestically is a key initiative for Global Payout."
About Global Payout, Inc.
Global Payout, Inc. (www.globalpayout.com) is a leading FinTech provider of comprehensive, customized electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide. Global Payout implements payment solutions tailored to a client's specific needs, which may include MoneyTracTM, the company's Consolidated Payment Gateway (CPG), domestic and international prepaid cards, chip and pin cards, custom and co-branded prepaid cards, closed-loop marijuana payment systems, and merchant processing services. The company targets an estimated $3 trillion market including the estimated 60-70 million unbanked and under-banked adults in the U.S. and the estimated 2.5 billion unbanked and under-banked adults around the world.
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