System for routing of process authorization and settlement to a user in process data network based on specified parameters

Patent metadata

Field	Value
Publication number	US-10318938-B2
Application number	US-201615050285-A
Country	US
Kind code	B2
Filing date	Feb 22, 2016
Priority date	Feb 22, 2016
Publication date	Jun 11, 2019
Grant date	Jun 11, 2019

Abstract

Embodiments enable a system operatively connected with a block chain distributed network to use the block chain for routing of process authorization and settlement based on specified parameters. Embodiments receive a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount; access a distributed ledger stored in the memory device, wherein the distributed ledger is updated based on communications from a block chain distributed network; determine, using the accessed distributed ledger, one or more preferences associated with the payee of the transaction data; and route at least one of the process authorization and transaction settlement based on the accessed one or more preferences. In some cases, the preferences include a settlement routing preference and the transaction settlement is routed based on the settlement routing preference.

First claim

The invention claimed is:

1. A system operatively connected with a block chain distributed network and for using the block chain distributed network for routing of process authorization and transaction settlement based on specified parameters, the system comprising:
a memory device; and
a processing device operatively coupled to the memory device, wherein the processing device is configured to execute computer-readable program code to:
receive a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount;
access a distributed ledger stored in the memory device, wherein the distributed ledger is updated based on communications from a block chain distributed network;
determine, using the accessed distributed ledger, one or more process authorization and transaction settlement preferences associated with the payee of the transaction data;
determine, based on the process authorization preferences, an authorization route comprising a plurality of authorization nodes operatively connected with the block chain distributed network;
determine, based on the transaction settlement preferences, a payment settlement route comprising a plurality of network payment rails operatively connected between the system and a payee system; and
route the process authorization according to the determined authorization route and the transaction settlement according to the determined payment settlement route.

2. The system of claim 1 , wherein determining the payment settlement route further comprises determining the payment settlement route comprising one or more network nodes specified by the settlement routing preference.

3. The system of claim 1 , wherein determining the payment settlement route further comprises determining the payment settlement route comprising zero nodes of one or more nodes specified by the settlement routing preference as nodes excluded from settlement routing.

4. The system of claim 1 , wherein determining the payment settlement route further comprises determining the payment settlement route consisting solely of network nodes and/or payment rails specified by the settlement routing preferences.

5. The system of claim 1 , wherein the settlement routing preference comprises a hierarchy of network nodes indicating priorities of preference for routing settlements among available options.

6. The system of claim 5 , wherein the priorities of preference dictate that, if available, a first priority network node is selected for settlement routing, and if the top priority network node is not available, a second priority network node, having a next-highest priority to the first priority network node, is selected for settlement routing.

7. A method for execution on a system operatively connected with a block chain distributed network, the method for using the block chain distributed network for routing of process authorization and settlement based on specified parameters, the method comprising:
receiving, by the system, a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount;
accessing, by the system, a distributed ledger stored in the memory device, wherein the distributed ledger is updated based on communications from a block chain distributed network;
determining, by the system, using the accessed distributed ledger, one or more process authorization and transaction settlement preferences associated with the payee of the transaction data;
determining, by the system, based on the process authorization preference, an authorization route comprising a plurality of authorization nodes operatively connected with the block chain distributed network;
determine, by the system, based on the transaction settlement preference, a payment settlement route comprising a plurality of network payment rails operatively connected between the system and a payee system; and
routing, by the system, the process authorization according to the determined authorization route and the transaction settlement according to the determined payment settlement route.

8. The method of claim 7 , wherein determining the payment settlement route further comprises determining the payment settlement route comprising one or more network nodes specified by the settlement routing preference.

9. The method of claim 7 , wherein determining the payment settlement route further comprises determining the payment settlement route comprising zero nodes of one or more nodes specified by the settlement routing preference as nodes excluded from settlement routing.

10. The method of claim 7 , wherein determining the payment settlement route further comprises determining the payment settlement route consisting solely of network nodes and/or payment rails specified by the settlement routing preferences.

11. The method of claim 7 , wherein the settlement routing preference comprises a hierarchy of network nodes indicating priorities of preference for routing settlements among available options.

12. The method of claim 11 , wherein the priorities of preference dictate that, if available, a first priority network node is selected for settlement routing, and if the top priority network node is not available, a second priority network node, having a next-highest priority to the first priority network node, is selected for settlement routing.

13. A computer program product for execution on a system operatively connected with a block chain distributed network, the computer program product for using the block chain distributed network for routing of process authorization and settlement based on specified parameters, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:
an executable portion configured to receive a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount;
an executable portion configured to access a distributed ledger stored in the memory device, wherein the distributed ledger is updated based on communications from a block chain distributed network;
an executable portion configured to determine, using the accessed distributed ledger, one or more process authorization and transaction settlement preferences associated with the payee of the transaction data;
an executable portion configured to determine, based on the process authorization preferences, an authorization route comprising a plurality of authorization nodes operatively connected with the block chain distributed network;
an executable portion configured to determine, based on the transaction settlement preferences, a payment settlement route comprising a plurality of network payment rails operatively connected between the system and a payee system; and
an executable portion configured to route the process authorization according to the determined authorization route and the transaction settlement according to the determined payment settlement route.

Assignees

• Bank Of America

Inventors

• Johnsrud Darrell
• Kurian Manu Jacob
• Wuehler Michael

Classifications

• H04L2209/56

  Financial cryptography, e.g. electronic payment or e-cash · CPC title

• G06Q20/405

  Establishing or using transaction specific rules · CPC title

• G06Q20/322

  Aspects of commerce using mobile devices [M-devices] · CPC title

• G06Q20/389

  Keeping log of transactions for guaranteeing non-repudiation of a transaction · CPC title

• H04L2209/38

  Electricity · mapped topic