System for routing of process authorizations and settlement to a user in a process data network

Patent metadata

Field	Value
Publication number	US-10636033-B2
Application number	US-201615050372-A
Country	US
Kind code	B2
Filing date	Feb 22, 2016
Priority date	Feb 22, 2016
Publication date	Apr 28, 2020
Grant date	Apr 28, 2020

Abstract

Embodiments of the present invention are directed to routing process authorizations to determine an appropriate legal entity name when an alternate entity name is provided. The system stores alternate entity names in a private or semi-private block chain distributed network, where a block chain ledger keeps an ongoing record of the alternate entity names and their associated legal entity name. When an authorization request is received that does not include a known legal entity name, the system will match the listed entity name with one of the stored alternate entity names, and thereby determine the legal entity name that should be associated with the authorization request.

First claim

The invention claimed is:

1. A system operatively connected with a block chain distributed network for routing process authorizations and transaction settlements in a process data network, the system comprising:
a memory device;
a processing device operatively coupled to the memory device, wherein the processing device is configured to execute computer-readable program code to:
establish a block chain distributed network comprising a distributed block chain ledger that records process authorization end point associated with a legal name of a merchant and one or more alternate merchant names associated with the legal name of the merchant;
receive a new authorization request comprising authorization information, wherein the authorization information comprises a process authorization end point associated with a merchant name that is not the legal name of the merchant;
access the distributed block chain ledger, wherein the distributed block chain ledger is updated based on communications from the block chain distributed network;
determine, using the distributed block chain ledger, that a first merchant name of the received new authentication request matches an alternate merchant name of the one or more alternate merchant names associated with the legal name of the merchant;
determine, using the distributed block chain ledger, that the merchant is authorized for the authorization request based on the determination that the first merchant name is associated with the legal name of the merchant;
adjust the process authorization end point of the authorization information to replace the first merchant name with the legal name of the merchant;
in response to determining that the merchant is authorized for the authorization request, transmit a notification to one or more validation nodes to validate the process authorization end point based on logic and rules for the block chain distributed network;
receive an input from the one or more validating nodes validating the process authorization end point;
in response to validating the process authorization end point, determine, using the distributed ledger, one or more transaction settlement preferences associated with the merchant;
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 merchant system; and
route the transaction settlement according to the determined payment settlement route.

2. A system operatively connected with a block chain distributed network for routing process authorizations and transaction settlements in a process data network, 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:
establish a block chain distributed network comprising a distributed block chain ledger that records payment end point associated with a legal name of a merchant and one or more alternate merchant names associated with the legal name of the merchant;
receive a transaction request comprising transaction information associated with a new transaction, wherein the transaction information comprises a payment end point associated with a first merchant name that is not the legal name of the merchant;
access the distributed block chain ledger, wherein the distributed block chain ledger is updated based on communications from the block chain distributed network;
determine, using the distributed block chain ledger, that the first merchant name of the received transaction request matches an alternate merchant name of the one or more alternate merchant names associated with the legal name of the merchant;
determine, using the distributed block chain ledger, that the merchant is authorized to conduct the requested transaction based on the determination that the first merchant name is associated with the legal name of the merchant;
adjust the payment end point of the transaction information to replace the first merchant name with the legal name of the merchant;
in response to determining that the merchant is authorized for the authorization request, transmit a notification to one or more validation nodes to validate the payment end point based on logic and rules for the block chain distributed network;
receive an input from the one or more validating nodes validating the payment end point;
in response to validating the payment end point, determine, using the distributed ledger, one or more transaction settlement preferences associated with the merchant;
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 merchant system; and
route the transaction settlement according to the determined payment settlement route.

3. The system of claim 2 , wherein each of the one or more alternate merchant names comprise an alias or a trade name of the merchant.

4. The system of claim 2 , wherein each of the one or more alternate merchant names comprise a former legal name of the merchant, a former trade name of the merchant, a pre-acquisition name for at least a portion of the merchant, or a different merchant name associated with a different merchant that has since divested its payment rights to the merchant.

5. The system of claim 2 , wherein the processing device is further configured to execute computer-readable program code to:
determine that the legal name of the merchant has been changed to a new legal name; and
store the new legal name on a block in the block chain.

6. The system of claim 2 , wherein the processing device is further configured to execute computer-readable program code to transfer funds associated with the transaction request from an account of a payer associated with the transaction request to an account of the legal name of the merchant.

7. The system of claim 2 , wherein the processing device is further configured to execute computer-readable program code to:
transmit a confirmation request to a computing device of a payee of the new transaction, wherein the confirmation request comprises an indication that the first merchant name will be changed to the determined legal name of the merchant; and
receive, from the computing device of the payee, an acceptance of the confirmation request.

8. A computer program product for execution on a system operatively connected with a block chain distributed network and for using the block chain distributed network for routing process authorizations and transaction settlements in a process data network, the computer program product comprising at least one non-transitory computer readable medium comprising computer readable instructions, the instructions comprising instructions for:
establishing a block chain distributed network comprising a distributed block chain ledger that records payment end points associated with a legal name of a merchant and one or more alternate merchant names associated with the legal name of the merchant;
receiving a transaction request comprising transaction information associated with a new transaction, wherein the transaction information comprises a payment end point associated with a first merchant name that is not the legal name of the merchant;
accessing the distributed block chain ledger, wherein the distributed block chain ledger is updated based on communications from the block chain distributed network;
determining, using the distributed block chain ledger, that the first merchant name of the received transaction request matches an alternate merchant name of the one or more alternate merchant names associated with the legal name o

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

• G06Q20/4014 Primary

  Identity check for transactions · CPC title

• H04L9/3236

  using cryptographic hash functions · CPC title

• G06Q20/3821

  Electronic credentials · CPC title

• G06Q2220/00

  Business processing using cryptography · CPC title