BancPass Issued Patent for Mobile Transactions

Issued to BancPass on June 27, 2017, Patent #9,691,061 is a system and method for making electronic payments for tolls, parking and related transactions.

Austin TX (July 10, 2017) — BancPass, Inc. announced today the issuance of a patent addressing the payment of electronic tolls, parking, QSRs (Quick Serve Restaurants), and related transactions, through the use of a license plate identifier, geolocation system, and mobile phone or personal electronic device application. BancPass developed an application in 2012, PToll®, utilizing the patented technology. The PToll® app allows a user to register payment and a vehicle by taking a picture of the license plate and rear of the vehicle. PToll® was launched on the Google Play and Apple app stores to consumers, and has been operational since January of 2013 when it was implemented for the Texas Department of Transportation (TXDOT).

In 2009, BancPass filed the initial patent application with the goal of providing payment technologies that make use of existing commercial payment platforms to allow vehicles to pay for services. The system was designed to support mobile transactions including parking, QSRs and other payment applications. Additionally, for tolling, BancPass solutions provide payment services for the infrequent, transient, and cash-based users. BancPass is also pursuing additional patent protection and future patents are expected to be issued.

The BancPass team has deep domain expertise in the electronic tolling and revenue collection systems space. Glenn Deitiker, CTO, and Shannon Swank, Vice President, and founders of BancPass, were originally shareholders in Caseta Technologies, Inc., a toll integration firm founded by Deitiker in 1994. Caseta was later sold to Telvent GIT in 2007. John Freund, the President of BancPass, has an extensive background in tolling and parking, including a unique understanding of the implementation of transformational technologies into the vehicle identification market. This combined experience uniquely positions BancPass in the development of payment technologies and methods that support the toll industry shift to All-Electronic.

A firm believer in open standards and driving competition for the benefit of the consumer and the market, BancPass intends to license the patent ensuring mobile payment, service and performance standards to further National Interoperability. Licensees will be required to undergo a testing and verification processes to be interoperable with the BancPass System including other licensees. BancPass will provide merchants (Point of Sale) a guarantee of payment and quality-of-service guarantees for consumers, merchants, and licensees as well. Deitiker explains, “Our goal is to avoid regionalization of mobile payment technologies, while still encouraging competition in the marketplace.”

Freund further states, “The technology not only supports the identification of the vehicle but also completes the financial transaction cycle. The inevitable migration to mobile technology supports customer choice for payment and customer service options, as well as reducing operational costs as part of the continuing transition to a lighter and leaner Back Office.

About BancPass

BancPass is a Texas corporation focused on providing mobile payment solutions that are convenient and cost effective for operators and users. BancPass’ innovative approach and proven applications leverage the secure technology and standards of the financial and electronic payments industries to service electronic toll collection, parking, and QSR payments. The goal is to promote National Interoperability (NIOP) by providing an open, cost effective, transaction-processing network for Toll Operators, while enabling consumer choice. BancPass solutions including the PToll® application launched in 2013, and BancPass Pay-As-You-Go toll program are operational through several toll operators with plans to expand across the country. PToll® enables consumers to be in control of their toll payments while reducing operating costs for toll operators. The BancPass Pay-as-you-go toll account management system, was launched in November 2015 in Houston, TX, and provides users with a cash reloadable, toll tag distribution and reload network through distribution and retail partners.

Shannon Swank (Media & Business Development)
Terry Hutchins (Investor Relations)