Bangor, Maine Patent of the Year – 2024/2025

IncumbentFI Inc. and Bangor Bancorp, MHC has been awarded the 2024/2025 Patent of the Year for their groundbreaking innovation in programmable payments. Their invention, detailed in U.S. Patent Application No. 20240346470, titled ‘Computer implemented method for dynamically settling payment requests with various funding sources computer implemented method for dynamically settling payment requests with various funding sources’, introduces a dynamic method for settling payment requests using multiple funding sources, including traditional accounts, rewards programs, and third-party platforms.

This technology allows cardholders to link various funding sources – such as checking accounts, health savings accounts, rewards points, or lines of credit – to a single payment card. When a transaction occurs, the system intelligently selects the optimal funding source based on predefined priorities and available balances. For instance, a dining expense could automatically draw from a rewards account, while a pharmacy purchase might utilize a health savings account.

Developed through a collaboration between Bangor Savings Bank and PayWith Worldwide Inc., and implemented with Fiserv’s support, this innovation eliminates the need for issuing new cards. The programmable feature can be integrated into existing card portfolios, offering financial institutions a seamless upgrade path.

Bangor Savings Bank is currently rolling out this technology to its customers, enhancing their Buoy Local® program. The bank’s initiative has earned it the 2023 Celent Model Bank Award for Payments Innovation.

This advancement positions traditional banks to compete effectively in the evolving digital payments landscape, offering customers personalized and flexible payment experiences without altering their existing payment habits.