Independence Bancshares Files Patent Applications with United States Patent and Trademark Office

Payment Technology Innovations Help Make Mobile Transactions More Efficient, Secure and Broadly Accepted

GREENVILLE, S.C.--()--Independence Bancshares, Inc. (OTC:IEBS) (“Independence Bancshares” or “the Company”) filed multiple patent applications on March 15 and 17, 2014 with the United States Patent and Trademark Office to follow up on the 11 preliminary applications filed on March 15, 2013. These patents included innovations for “Methods, Systems, and Mediums for Supporting Mobile Payments.”

Today, a majority of consumer transactions around the world are still initiated and carried out in the form of cash-based currency. Mobile phones, which are proliferating around the world, stand to revolutionize the ways by which consumers and business conduct transactions. However, much of the infrastructure, processing capabilities and security protocols have yet to address the specific advantages that the mobile channel provides for financial institutions, consumers, business and governmental agencies.

Independence Bancshares (d/b/a nD bancgroup) is working on ways to advance this superior technology in a safe, secure and compliant manner. The patent applications include the following:

1.

 

“Methods and Systems for Executing Mobile Currency Transactions”: a system and process that will be at the core of real-time, secure transaction processing. This will facilitate payments that existing systems do not accommodate readily.

 

2.

“Mobile Currency Messaging Systems”: processes that control the format and routing of electronic messaging in real-time and near real-time transactions. These processes can be used for managing digital currencies, peer-to-peer payments, digital couponing, mobile commerce, advertising credits, and remittances.

 

3.

“Creation and Use of Mobile Identities”: a system and process for securely authenticating and provisioning certain types of accounts, devices, payments and compliance functions. This process is designed to assist with the reduction of fraud and credit risks while increasing the controls consumers and businesses have over their personal and corporate information.

Taken together, these new technologies will provide needed enhancements to the existing banking and payment infrastructures, processes and counterparties.

“We want to not only be a supporter of the transition of banking and payments to the more efficient digital and mobile channels, but to take a leadership position in technology, as well as stewardship of the safety and soundness of the financial system,” said Gordon Baird, the CEO of Independence Bancshares, Inc. and a Director of Independence National Bank. “We believe technology-driven banking and payment solutions can bring more inclusion – better products to more people at lower costs.

“Developing a set of standards, systems and enterprise-grade infrastructures that use a common language for the movement of money will help consumers and businesses and will showcase U.S. innovation in a complex and extremely important industry sector. With a more modern, cross-platform way to connect the disparate parts of the digital transaction ecosystem, we can make banking better,” Mr. Baird added.

About Independence Bancshares, Inc.

Independence Bancshares, Inc. is a bank holding company headquartered in Greenville, South Carolina. It owns and controls all of the capital stock of, Independence National Bank. Independence National Bank is headquartered in Greenville, South Carolina. Since opening for business in 2005, it has been providing a complete banking line of business including retail banking, consumer finance, business banking and commercial credit. Its goal is to continue to deliver services that provide exceptional value to the community it serves. Website: www.ndbancgroup.com

Contacts

Media:
RLM Finsbury
Sean Wood, 646-805-2020
sean.wood@rlmfinsbury.com

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Contacts

Media:
RLM Finsbury
Sean Wood, 646-805-2020
sean.wood@rlmfinsbury.com