Method and system for pre-transaction installment payment solution and simulation of installment
A method for flagging a pre-approved installment transaction for issuer processing includes: receiving installment data, wherein the installment data is related to an installment transaction pre-approved by an issuing financial institution and includes a primary account number, pre-approved amount,...
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| creator | Libus, Anna Elizaveta Abela, Ruth Elizabeth Steenbeek, Dominique |
| description | A method for flagging a pre-approved installment transaction for issuer processing includes: receiving installment data, wherein the installment data is related to an installment transaction pre-approved by an issuing financial institution and includes a primary account number, pre-approved amount, and transaction criteria; receiving a transaction message including the primary account number, a transaction amount, and transaction data; verifying compliance of the payment transaction with the installment transaction based on a correspondence between the pre-approved amount and transaction amount and the transaction criteria with the transaction data; storing an installment flag in the transaction message upon successful verification; and transmitting the transaction message including the installment flag to the issuing financial institution via the payment network. |
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| subjects | CALCULATING COMPUTING COUNTING DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES PHYSICS SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR |
| title | Method and system for pre-transaction installment payment solution and simulation of installment |
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