METHOD AND SYSTEM FOR POINT TO POINT TRANSACTION PROCESSING

METHOD AND SYSTEM FOR POINT TO POINT TRANSACTION PROCESSING

A method for processing a point to point payment transaction includes: receiving a first transaction message related to a payment transaction including a transaction amount, primary account number, and recipient account number; generating a second transaction message related to the payment transacti...

Ausführliche Beschreibung

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Bibliographische Detailangaben
Hauptverfasser: MATTINGLY Timothy Warren, RETHORN Mike, MEHTA Saurabh
Format: Patent
Sprache:eng
Schlagworte:
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
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Beschreibung
Zusammenfassung:A method for processing a point to point payment transaction includes: receiving a first transaction message related to a payment transaction including a transaction amount, primary account number, and recipient account number; generating a second transaction message related to the payment transaction including a payment amount based on the transaction amount; transmitting the second transaction message to a first financial institution associated with the primary account number; determining receipt of a currency amount equivalent to the payment amount from the first financial institution; generating a third transaction message related to the payment transaction including the recipient account number and a settlement amount based on the transaction amount; and transmitting the third transaction message to a second financial institution associated with the recipient account number.