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Integrated Payment Technologies gains patent approval in Hong Kong

Integrated Payment Technologies’ (ASX:IP1) (InPayTech) shares are trading higher after receiving approval for its patented payments process in Hong Kong.

Integrated Payment Technologies gains patent approval in Hong Kong

InPayTech’s shares were last trading at $0.185, up 8.82% intraday.

The Australian financial technology company listed on the ASX earlier this week.

The company gained the patent for a unique digital initiative aimed at streamlining the settlement of all electronic payments to just one day.

Called PayVu, the technology eliminates the current three-day clearance delay which is a standard business banking protocol.

InPayTech has also patented its payment process in other Asian countries namely Japan and mainland China. Patents are pending in Singapore.

In the western world, patents are approved in South Africa and New Zealand and pending in the U.S., Canada, and Australia.

For Australian small to medium enterprises (SMEs), PayVu supports all payment transaction types, including invoices, salaries,
superannuation, payroll tax and expense claims.

It is also ready for the Australian Taxation Office’s Single Touch Payroll initiative, due to be rolled out in July 2017.

PayVu will enter a restricted beta program on 24 December 2016 and be available for download from 31 January 2017.

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