ALEXANDRIA, Va., Dec. 31 -- United States Patent no. 12,511,653, issued on Dec. 30, was assigned to United Services Automobile Association (USAA) (San Antonio).
"Business-to-business netting" was invented by Joseph Gregory Delong (San Antonio), Steven James Schroeder (Oak Point, Texas), Jonathan Huntington Rhea (North Richland Hills, Texas) and Alexander Benetto Nagelberg (San Antonio).
According to the abstract* released by the U.S. Patent & Trademark Office: "Systems and methods for performing netting of business-to-business payments for settlement of running balances between parties are provided. To that end, blockchain infrastructures allow smart contracts that may be suitable for subrogation and netting operations, and the smart cont...