"Names" (URNs) as Naming Authority Pointers

Filed revisions to claims, today

in response to USPTO Office Action

Greenlist provides payors desiring to pay electronically, a means to locate, validate and effect the transfer of assets to another party by resolving public identifiers into routable, authenticated, payment addresses so transaction requests can proceed without risk of failure due to identity fraud.

This happens without divulging confidential information about transactors while assigning liability for certain risk consequences to the lowest cost risk bearers: banks.

Greenlist authenticates destination payment addresses before banks make financial transactions. Greenlist is completely trusted by risk-bearers. Liability for risk is borne by the registrars of the information contained within the registry.

This liability transfer substantially reduces the payor’s cost of bearing risks because the receiving bank is obligated to reimburse the payor's bank if the payment information identifying the payee is inaccurate.

Banks are responsible for certifying that someone or some entity claiming to be an authorized party is not an impostor. Banks can now offer new levels of service at a substantially lower cost for a variety of transactions. Next up: how the migration to instant electronic payments will affect you.