Real-time data preprocessing and validation

Abstract

The present invention relates to the financial industry, and more specifically, to a system and method for automatic transaction processing that enables real-time money transfers between accounts with prior approval. The described method and system enable the execution of interbank money transfers in real time both within a country and across borders. As technical achievements, since the system and method use existing settlement acceptance and processing infrastructure, the scope of application is expanded and it becomes possible to use any settlement means for money transfers both within a country and across borders. Since funds flow without the approval and calculation of exchange rates and fees, the money transfer speed is improved. Since funds flow after prior preparation, the possibility of payment rejection is reduced and the reliability of money transfers is improved.

Description

Detailed Description of the Invention

[0001] [Technical Field] The present invention relates to the financial industry, and more specifically, to a system and method for automatic transaction processing that performs real-time money transfers between accounts with prior approval.

[0002] [Background Art] Financial technology is developing rapidly, especially in relation to cashless payments. Overlay services also belong to these.

[0003] An overlay service is a software and hardware service developed to improve various consumer payment services (for individuals and corporations). Overlay services enhance security, simplify payments, and in some cases make them smooth and frictionless. In the financial industry, overlay services can precede, follow, be used before and after, or be used independently of payments or settlements. Overlay services are applicable to any payment method, such as card payments (e.g., Mir card payments), payments through the Faster Payments System, payments using digital rupees, and other payment means.

[0004] The vulnerability of technology in the financial industry is associated with risks, and it is a challenge to develop technology while maintaining its reliability and the security of the data used. Existing technologies have been proven to be effective, but there is a need for more advanced reliability mechanisms, particularly mechanisms that reduce the probability of failures and malfunctions during payment transactions, as well as mechanisms that protect against fraudulent transactions.

[0005] (1) Payment transactions within a country or (2) technologies designed to support both cross-border remittances exist in large numbers. At the same time, known technologies are not universal, that is, they are not configured to support both of the above transaction types, and do not improve the security and reliability of all participants in payment transactions.

[0006] For example, the SWIFT system, a global interbank financial communication system, has proven to be suitable for cross-border remittances. This system guarantees the security and reliability of the messaging channels between financial institutions such as the remitting bank and the receiving bank, and the correspondent banks of the remitting bank and the receiving bank. To make a remittance, the remitter enters the details of the payment order for using the SWIFT channel and generates an information order for the remittance to the remitting bank. Then, the SWIFT system encrypts the payment order and sends it to the receiving bank. As a result, the correspondent bank of the remitting bank debits the required amount and remits it to the correspondent bank of the receiving bank. In this method, the flow of funds is not carried out in real time. Also, there is no regulation to perform a pre-check and approval of the remittance conditions immediately before the transfer between accounts. That is, failures due to internal errors or freezing (e.g., seizure) of the recipient's account cannot be denied.

[0007] Systems and methods for performing cross-border payment transactions in real time are also known in the art. This system and method describe the execution of cross-border remittances in an existing payment acceptance infrastructure where a remitter in one country uses a banking application on a remitter-side device connected to the remitting bank to initiate a remittance to the account of a recipient in another country. Cross-border remittances are made via an intermediary bank, and the intermediary bank has channels with the payment systems of the host country and with each other. The remittance data includes the payment reference, the amount in the remitter's currency, the exchange rate data on the transaction date, and the amount after conversion to foreign currency.

[0008] As a result, cross-border settlements are executed in real time without delay in the execution of cross-border settlements due to processing errors and / or delays by one or more correspondent banks in the remitting country and / or the receiving country (Patent Application US2021182810; G06Q20 / 02, G06Q20 / 08; published on June 17, 2021).

[0009] A drawback of the invention is that since all the necessary pre-checks before a settlement is made are not performed in real time, there is a high possibility of errors occurring during the transaction. Thus, for example, if the remitter selects the wrong recipient, the error will only be discovered after the money has been credited to the recipient. The drawbacks also include the fact that the recipient of funds cannot be identified in advance without prior approval. This means that, for example, under the AML (anti-money laundering) / CTF (counter-terrorism financing) regime (measures against money laundering and terrorist financing), money can be credited without the legally required checks. Therefore, the system and method have the disadvantage of not having the technical ability to perform pre-checks and prepare for payments before a transfer. This means that there is a possibility of transactions that result in errors and violations of regulatory requirements. Another example is that the recipient's account may be incorrectly entered or invalid. The system and method described in Patent Application US2021182810 are not configured to generate in advance a payment order that includes a reliable final transfer amount taking into account fees and exchange rates. The described technology is not universal and is configured only to ensure cross-border transfers without prior confirmation of its conditions.

[0010] Another type of technical solution is a method and system for transferring money from one account to another. Thereby, after the start of a settlement transaction, a settlement can be executed in real time between the accounts of the remitter and the recipient in the same country, and this transfer is executed with the existing settlement processing and acceptance infrastructure.

[0011] As a result, while maintaining reliability, the speed of money transfer is ensured (RU Patent 2761419; G06F 17 / 00, G06Q 20 / 02; published on December 8, 2021).

[0012] The disadvantage of the invention is its narrow scope of application. The reason is that the described systems and methods are applicable only to domestic payment transactions and are not configured to guarantee cross-border transactions. Also, the disadvantages include the fact that payment transactions and their checks are executed simultaneously. As a result, it is impossible to eliminate errors and failures during payment (fund flow). As a result, the speed of money transfer decreases.

[0013] Thus, currently, there is no single universal technology for making domestic and cross-border money transfers while ensuring high reliability and security of online money transfers.

[0014] [Summary of the Invention] The technical problem addressed by the present invention is to construct a system and method for performing domestic and cross-border money transfers in real time, for which greater reliability ( "transparency" of payment conditions) and identification of the recipient by the sender are ensured.

[0015] Technical achievements include that since the system and method use existing payment acceptance and processing infrastructure, the scope of application is expanded and it becomes possible to use any payment means for money transfer both within a country and across borders; the money transfer speed is accelerated because funds flow without approval and calculation of exchange rates and fees; the possibility of payment rejection is reduced and the reliability of money transfer is improved because funds flow after prior preparation.

[0016] The stated technical results are achieved by the system and method described in detail below.

[0017] The following terms are used: The remitting bank is at least one computing device of a credit institution that provides services to a customer who is the remitter defined by the criteria, and when remitting according to the customer's instructions, it must debit funds from the corresponding account.

[0018] The receiving bank is at least one computing device of a credit institution that provides services to the recipient defined by the criteria, and when remitting to the recipient of the funds, it must credit the corresponding account.

[0019] The intermediary bank is at least one computing device of a credit institution that has a communication channel with computing devices of other credit institutions such as the intermediary bank, processor (e.g., settlement system), remitting bank, receiving bank, etc. The intermediary bank is configured to execute transfers between accounts in the same currency and different currencies between individual accounts, such as via SWIFT or SPFS (Financial Messaging System) and / or other settlement systems.

[0020] At least one of the banks (remitting bank, receiving bank, or intermediary bank) is configured to determine the selling rate, determine the buying rate, and exchange amounts according to established rules. To perform that function, the bank that performs the exchange is configured to access at least one database via a communication channel to obtain the specified buying rate, selling rate, and rules for exchanging amounts. When accessing two or more databases, the bank that performs the exchange is configured to determine the buying and selling conditions for a specific transaction. The database in this specification includes, but is not limited to, a currency exchange, meaning a currency exchange such as the Moscow Exchange. The bank that performs the exchange accesses one or more databases to determine the rate once at a certain time (e.g., once a day) and / or when a specific event occurs where the currency rate fluctuates significantly.

[0021] The processor (provider of electronic payment processing) is at least one computing device having a communication channel with computing devices of various credit organizations such as banks, payment systems (a complex of software and hardware of an organization that meets the requirements of banks, for example, the Central Bank of the Russian Federation), etc. The processor in this specification also functions as an intermediary in information technology at the stage of generating and approving payment instructions. In particular, the processor guarantees the reception and transmission of messages between participants in the system and method, the determination of the recipient's bank by the recipient identifier, the validation of message data, the assignment of an electronic payment processing identifier to the message, the link between the identifier and the data included in the message, the storage of the combination of the identifier and data in a database, and the provision of the data included in the message based on the identifier in response to a request.

[0022] The processor is configured to perform both the functions of a data flow provider and the functions of a settlement center. As an example, the processor may be a payment system. A payment system is a credit institution having software components for performing various financial transactions based on rules and standards, including electronic transfers, message exchanges, acceptance of transfer instructions for execution, and the functions of a settlement center. Further, the payment system is configured to debit funds from the sender's bank account, generate a request for depositing into the recipient's bank account and transmit it to the payment system, and transmit the response from the payment system to the sender's bank and the recipient's bank.

[0023] A data flow is a transfer of a series of messages that form an integral logical unit between computing devices of credit institutions and receives data related to transfers. This data includes, but is not limited to, data related to the payer, data related to the payer's bank, data related to the payment system, data related to the intermediary bank, data related to the recipient, data related to the recipient's bank, the transfer amount, and the fees charged by system participants during the transfer.

[0024] The remitter is the owner of the bank account and can make a remittance from that account if the data flow and the instruction processing of the remitter are successful.

[0025] The recipient is the owner of the bank account specified in the data flow. When the data flow and the instruction processing of the remitter are successful, remittance to that account becomes possible.

[0026] The remitter-side device / recipient-side device is a personal communication device used when executing a transaction both when processing a data flow and when making a payment. The remitter-side device and the recipient-side device include, but are not limited to, devices having the ability to execute a transaction according to a system or method, an interface for exchanging data related to the data flow and / or settlement transaction processing, and receiving information. For example, personal devices such as mobile phones and computers, or public devices such as terminals or ATMs. What these devices have in common is that the remitter needs to be pre-authenticated by the remitter-side bank on the interface of the device. The remitter and the recipient may be any of an individual, a legal entity, or a government agency.

[0027] The computing devices of credit institutions exchange messages with customers and among credit institutions themselves. To optimize the data exchange process between parties, international standards (e.g., international standard ISO 20022, ISO 8583), or standards for specific payment systems based on international standards have been developed. These include clear definitions of the information and data formats (field lengths, codes, character sets) that parties can exchange. The standard infrastructure consists of the sender and recipient devices, banks (sender's bank, recipient's bank, and in some cases, an intermediary bank), processors (computing devices of the payment system (PS), e.g., applicable to the Mir Payment System, Faster Payments System, SEPA, SWIFT, and other international or domestic payment systems), and payment systems (a complex of software and hardware of an organization that meets the bank's payment requirements, i.e., interbank payments, e.g., the Central Bank of the Russian Federation). The described systems and methods are configured to exchange such messages with each other using communication channels.

[0028] The recipient / sender ID is a well-known social identifier such as a phone number, email address, or other identifier pre-registered with the bank where the recipient / sender has an account. The recipient / sender must be securely authenticated by the bank. In this case, the bank can assign these identifiers to at least one bank account selected by the customer.

[0029] An electronic payment processing identifier is a unique identifier assigned by a processor to a message to indicate that the operation performed is a pre-authorization operation for a payment instruction prior to a real-time transfer based on an approved payment instruction, and to enable the following electronic payment processing scheme. The processor determines the need to assign such an identifier based on the message type, i.e., the protocol, i.e., the communication language with other system components and message entry points (endpoints). For example, the parties can use the REST (Representational State Transfer) architecture style that implements an API for message sending and processing. Examples of identifiers: another value placed in an email data element, such as "pre-validation" or "LookUp", or a "Settlement Services" data element.

[0030] Message enrichment is the process of enriching a message with the data required for an operation before sending the message to the recipient. The computing device used for message enrichment is pre-configured to automatically process the message.

[0031] Hereinafter, the present invention will be described in detail with reference to the drawings.

[0032] Figure 1.1 - Electronic Payment Processing System According to the First Embodiment - Data Flow.

[0033] Figure 1.2 - Electronic Payment Processing System According to the First Embodiment - Transfer.

[0034] Figure 2.1.1 - Electronic Payment Processing System According to the Second Embodiment Without a Processor on the Second Country (Recipient Country) Side - Data Flow.

[0035] Figure 2.1.2 - Electronic Payment Processing System According to the Second Embodiment Without a Processor on the Second Country (Recipient Country) Side - Transfer.

[0036] Figure 2.2.1 - Electronic Payment Processing System According to the Second Embodiment Having a Second Country (Recipient Country) - Side Processor - Data Flow.

[0037] Figure 2.2.2 - Electronic Payment Processing System According to the Second Embodiment Having a Second Country (Recipient Country) - Side Processor - Remittance.

[0038] Figure 2.3.1 - Electronic Payment Processing System According to the Second Embodiment Having a Third Country (Intermediary Country / Relay Country) - Data Flow.

[0039] Figure 2.3.2 - Electronic Payment Processing System According to the Second Embodiment Having an Intermediary Country / Relay Country - Remittance.

[0040] Figure 3.1 - Electronic Payment Processing Method According to the First Embodiment - Data Flow.

[0041] Figure 3.2 - Electronic Payment Processing Method According to the First Embodiment - Remittance.

[0042] Figure 4.1 - Electronic Payment Processing Method According to the Second Embodiment Having Two Intermediary Banks - Data Flow.

[0043] Figure 4.2 - Electronic Payment Processing Method According to the Second Embodiment Having One Intermediary Bank - Data Flow.

[0044] Figure 4.3 - Electronic Payment Processing Method According to the Second Embodiment Having Two Intermediary Banks - Remittance.

[0045] Figure 4.4 - Electronic Payment Processing Method According to the Second Embodiment Having One Intermediary Bank - Remittance.

[0046] [Detailed Description of the Invention] The present invention guarantees message exchange within a data flow where all necessary data is prepared and approved. Specifically, data regarding transactions and participants is collected and payment instructions are approved; data regarding the remitter, payee, and payment is verified and included in the data flow; data including rates and / or fees is recorded. The preparation work is executed immediately upon request, i.e., in real time. One of the features of this technology is that the preparation is performed separately from the remittance and, unlike known similar technologies, is not performed together. This data flow forms a so-called data loop by the messages flowing back and forth.

[0047] By pre-approving the data as part of a separate data flow, the remitter can, immediately before the remittance, be aware of reliable and approved remittance conditions in order to confirm or reject the remittance. Also, through the preparation actions, the technical ability to credit by checking the payee's account status is established in advance, the payee is recognized to avoid fraudulent transactions, and errors can be identified and corrected before the remittance, significantly reducing the possibility of errors and failures. Thereby, an uninterrupted execution of the remittance using the correct details is guaranteed.

[0048] The following is provided as an example and is an explanation of the drawings for explaining the embodiments of the present invention.

[0049] Figure 1.1 shows a system in which the preparation and approval of data and conditions for remittance are executed in a data flow within a country. Figure 1.2 shows the connection to a settlement system that guarantees the remittance after the approval of the remittance data and conditions.

[0050] Figure 2.1.1 shows a system in which the conditions and preparation and approval of data for a remittance from Country 1 to Country 2 are executed in a data flow of the remittance. It is understood that this system can be executed without having a processor on the Country 1 side and / or without having a processor on the Country 2 side.

[0051] Figure 2.1.2 shows the connection to the settlement system that ensures the transfer after the transfer data and conditions are approved.

[0052] Figure 2.2.1 shows the system in which the data flow is executed, and both the first country-side processor and the second country-side processor participate in the system.

[0053] Figure 2.2.2 shows the connection to the settlement system that ensures the transfer after the transfer data and transfer conditions are approved.

[0054] Figure 2.3.1 shows the system in which the preparation and approval of the transfer data and transfer conditions are executed under the participation of the computing device of the intermediary country in the data flow of the transfer from the first country to the second country.

[0055] Figure 2.3.2 shows the connection to the settlement system that ensures the transfer after the approval of the transfer data and conditions from the first country to the second country.

[0056] To start the electronic payment processing method, the remitter starts the transfer via the user interface of the payer's bank on the device (browser on the web page of the bank of the personal account, or browser on the web page for payment, or user interface on the remitter-side device, or user interface on a public device (terminal or ATM)).

[0057] Figure 3.1 shows the message processing method within a country.

[0058] This method is executed as follows, for example.

[0059] The recipient's social identifier (e.g., phone number) is entered into the remitter-side device, and the transfer amount is specified, or a machine-readable tag containing the recipient-side identifier and the transfer amount is entered.

[0060] Subsequently, for a request from, for example, a mobile app installed on the remitter's mobile device, a remittance request is sent in a "Bank App Confirmation Request" message. The same applies to requests from the remitter from other devices.

[0061] The remitter's bank receives the message, checks the data, adds the remitter's bank identifier and other data (optional) to the data elements, and sends it as a "Bank App Confirmation Request" to a processor (e.g., a Meal (Mir) computing device).

[0062] The processor checks the remitter's bank registration within the system, assigns a "LookUp" electronic payment processing identifier to the message, identifies the recipient, and sends the data to the recipient's bank in a "Sequential Confirmation Request" message format. The recipient is identified by extracting a combination of the recipient's identifier and the recipient's bank from a database. According to one embodiment, the data of the "Sequential Confirmation Request" message is stored in the database together with the electronic payment processing identifier "LookUp". This step avoids transferring the entire future data array, transfers only the message processing identifier, and can provide data in response to a request. It is also possible to provide data in response to a request after the remittance. This step applies not only to this remittance option but also to all embodiments of this technology.

[0063] The recipient's bank also checks the data, supplements the recipient's bank identifier and confirmation of the availability of funds, and data of a verification phrase (PAM, Personal Assurance Message, e.g., the full name of the recipient). The verification phrase is then used to show the remitter for verifying the recipient's data.

[0064] Thereafter, a response in the form of a "Sequential Confirmation Response" message is received from the beneficiary's bank. After this message is sent to the processor, a response in the form of an "Original Confirmation Response" message is sent from the processor to the remitter's bank. This response includes the amount of the deposit, confirmation of the deposit preparation, data of the remitter's bank, data of the beneficiary's bank, data of the remitter, and data of the beneficiary. Therefore, the result of this operation is the prior approval of the payment order.

[0065] Figure 3.2 shows the method of remittance within a country after the prior approval of the payment order.

[0066] When the remitter receives the approved payment order at the user interface on the device, the remitter can start the remittance, and as a result, it can be shown that the remitter has agreed to such a remittance.

[0067] For example, the remitter starts a money transfer through the user interface of a mobile application. Subsequently, the mobile application sends a "CreditTransferRequiest (money transfer request)" message, along with the money transfer request, to the remitter's bank. This message at least includes confirmation that the beneficiary's bank is ready to receive the payment and the payment amount. The remitter's bank receives such a message, determines that it is a pre-approved payment order, and then transfers the message to a processor (in this example, the Mir payment system) without further confirmation. Based on the money transfer request, the processor generates a "CreditTransferResponseFromIPS (money transfer response from IPS)" message, requests to debit funds from the remitter's bank account and credit them to the beneficiary's bank account, and sends it to the payment system. After the payment system satisfies this request, it sends a "CreditTransferResponseToIPS (money transfer response to IPS)" message to the processor to confirm that the request has been satisfied. Then, it sends an "AcknowledgmentToBenificiaryBank (acknowledgment to beneficiary's bank)" message to the remitter's bank and an "AcknowledgmentToInitiatorBank (acknowledgment to initiator's bank)" message to the beneficiary's bank to confirm request fulfillment. Subsequently, "StatusReportToInitiator (status report to initiator)" messages for debit notice and credit notice of funds are sent from the remitter's bank and the beneficiary's bank to the remitter and the beneficiary respectively, and a message transmission confirmation is sent to the processor as a response.

[0068] Figure 4.1 shows an embodiment of how preparation and approval are carried out in the data flow of cross-border money transfer, with two intermediary banks participating in this scheme. In this case, the data flow includes the messages described below.

[0069] The remittance amount and the recipient identifier are either entered into the remitter's device or the device reads a machine-readable tag containing the remittance amount and the recipient identifier represented by a social identifier, account number, bank card number, bank card token number, or virtual payment address. Optionally, at least the country of the recipient's bank, the name of the recipient's bank, the payer identifier, and the payment reference number can be specified.

[0070] In the case of a remittance from a first country to a second country, when specifying the amount, it is common to select either the amount to be debited from the remitter in the remitter's bank currency and the remitter's bank currency, or the amount to be credited to the recipient in the recipient's bank currency and the recipient's bank currency.

[0071] The remittance request is formed, for example, by a mobile application installed on the remitter's mobile device, and the request data is placed in a "Bank App Confirmation Request" message.

[0072] The remitter's bank receives the data, validates it, supplements the data with the remitter's bank identifier, the remitter's bank account number, and optionally additional data (the remitter's full name, unique message number, transmission date and time, remitter's bank name, etc.), and sends the data in the "Original Confirmation Request" message to a processor on the sending country side (for example, a computing device of an electronic payment processing provider).

[0073] Subsequently, the processor verifies the remitter's bank identifier and the fact of registration in the system, generates an electronic payment processing identifier for "pre-validation", supplements the received data with the aforementioned identifier, supplements the data with the account number and identifier of the first country's intermediary bank, and then sends a message in the "Sequential Confirmation Request" format to the first country's intermediary bank.

[0074] Thereafter, data is sequentially transmitted from the second-country intermediary bank as a "Confirmation Request from 1st Intermediary Agent (Request for Confirmation from the First-Country Intermediary Agent)" message.

[0075] The first-country intermediary bank or the second-country intermediary bank determines a buying rate or a selling rate for converting the currency amount of the remitter's bank into the currency amount of the recipient's bank (or vice versa), and supplements the message data with information regarding the rate. Which intermediary bank determines the buying and selling rates is determined in advance. This could be, for example, one of the default intermediary banks or the intermediary bank of the country where the remittance request was initiated.

[0076] Thereafter, the data is sent from the second-country intermediary bank to the second-country processor as a "Confirmation Request from 2st Intermediary Agent (Request for Confirmation from the Second-Country Intermediary Agent)" message. Next, the second-country (recipient country) processor and the recipient's bank exchange messages, and as a result, the second-country processor sends a message in the "Confirmation Request from LUP2 (Request for Confirmation from LUP2)" format that includes the account number of the second-country intermediary bank.

[0077] The recipient's bank confirms its consent to deposit the funds into the recipient's account, supplements the message with the recipient's bank data, recipient data, and PAM, and sends a response as a message in the "Confirmation Response to LUP2 (Response to Confirmation to LUP2)" format. As shown in Figure 4.1, the message is sent back to the remitter-side device.

[0078] The first-country processor and / or the second-country processor may be both domestic settlement system computing devices and international settlement system computing devices.

[0079] Figure 4.2 shows an embodiment of a method in which preparation and approval are formed in the data flow of a money transfer from a first country to a second country in a scheme having one intermediary bank. This embodiment differs from the above-described embodiment in that a message in the "Sequential Confirmation Request" format is sent from the processor to the intermediary bank. The intermediary bank defines a buying rate or a selling rate for converting the currency amount of the remitter's bank into the currency amount of the recipient's bank (or vice versa), and supplements the message data with information regarding the rate. Then, the remittance data supplemented by the intermediary bank is sent to the processor on the second country side as a "Confirmation Request from Intermediary Agent" message.

[0080] When the message exchange within the data flow is completed, as described above, a data loop is formed (the message is first sent from the remitter to the recipient and then comes back), and also, the remitter receives comprehensive and reliable data regarding the money transfer on the remitter's mobile device, a web page within a browser, or a public device, and receives consent from the recipient's bank for the deposit to confirm that the account is valid, and further confirmation (e.g., PAM (Personal Assurance Message)) to confirm that the account is valid and not frozen, and the confirmation is displayed to the remitter on the remitter's device to enhance the reliability of the correctness of the selected recipient.

[0081] As a result, comprehensive data for the money transfer is prepared for all relevant parties before the money transfer. The data must include the following: Data regarding the remitter and their account, data regarding the remitter's bank generated and provided by the remitter's bank; Data regarding the recipient, data regarding the recipient's bank created and provided by the recipient's bank; The remittance amount taking into account the transaction data (commission and exchange rate) consistently generated by all participants.

[0082] As a result, the total amount taking into account the commission and exchange rate is sent to the remitter-side device.

[0083] Also, the start of the remittance can be made in response to a request from the fund recipient. In this case, the recipient provides details of the approved payment order to initiate the remittance. This data includes the recipient-side bank name / identifier, payment order identifier, and optionally other data such as the remittance amount. The data can be presented in any machine-readable format such as a link, QR code, etc.

[0084] On the other hand, the remitter can, at their own discretion, send a request to the settlement system to debit funds from the remitter's account and credit them to the recipient's account. After the remitter confirms the intention to remit using the data generated in the previous step, the settlement process is initiated.

[0085] Figure 4.3 shows how a remittance is made from Country 1 to Country 2 with two intermediary banks after prior approval of the payment order. To initiate the remittance based on the result of the message exchange within the data flow, a message containing the approved payment order and the payment order identifier generated in the previous step (within the data flow) is sent from the remitter-side device. The approved payment order includes the payment order identifier generated in the previous step (as part of the data flow) and the payment order data. The payment order data may include the remittance amount in the remitter-side currency (First Currency) or the currency of the recipient's country or another currency (Second Currency), the recipient-side identifier (e.g., social identifier such as the recipient-side bank card number, mobile phone number, etc., in the form of an email address, etc.), and further, the recipient-side bank name, the country of the recipient-side bank (optional), and other data.

[0086] The message is then sequentially transmitted to the remitter's bank, then to the first country-side processor, from which a request to transfer funds in the first currency from the remitter's bank account to the account of the first country-side intermediary bank is transmitted to the first country-side settlement system, and then a confirmation of request fulfillment is received.

[0087] Thereafter, the first country-side processor transmits a message including the confirmation of request fulfillment to the first country-side intermediary bank and further to the second country-side intermediary bank.

[0088] One of the intermediary banks exchanges the amount of funds from the first currency to the second currency according to a pre-approved rate specified in the payment order. For cross-settlement, an account of the second country-side intermediary bank is opened with the first country-side intermediary bank (alternatively, an account of the second country-side intermediary bank is opened with the first country-side intermediary bank). At least one computing device of the intermediary bank extracts payment order data from the message and initiates a procedure to exchange funds from the first currency to the second currency.

[0089] Thereafter, data from the second country-side intermediary bank is sent to the second country-side processor, a request to transfer funds in the second currency from the account of the second country-side intermediary bank to the account of the payee's bank in the second country is formed, and a response confirming request fulfillment is received. As a result, a transfer from the first country to the second country is executed according to a pre-approved payment order.

[0090] Figure 4.4 shows a method of transferring funds from the first country to the second country having one intermediary bank after pre-approving a payment order. This method is similar to the method when having two intermediary banks. The difference is that the funds are exchanged from the first currency to the second currency according to a pre-approved rate at one intermediary bank. For settlement, an account in the first currency and an account in the second currency are opened at the intermediary bank. The computing device of the intermediary bank extracts payment order data from the message and initiates a procedure to exchange funds from the first currency to the second currency between the specified accounts of the intermediary bank.

[0091] The processing of electronic payment involving a computing device in a third country is executed in a similar manner. In this case, the computing device executes the functions described above, and the processing of electronic payment according to this embodiment is different in that it includes additional steps both in the processing stages within the data flow and during the remittance. Therefore, the processing of electronic payment can be executed with the participation of one country, two countries, or more countries in the case of remittance via an intermediary country.

[0092] The present invention also provides for processing electronic payments without having a first country-side processor and / or without having a second country-side processor. In these embodiments, the remittance is also made after prior approval. In this case, the processing and transmission of messages are executed by banks (the remitter's bank, at least one intermediary bank, and the recipient's bank) according to the functions described. These banks have communication channels and are configured to execute the system and method. The intermediary bank is also configured to exchange funds from a first currency to a second currency between the remitter's bank and at least one intermediary bank, or between at least one intermediary bank and the recipient's bank. The remittance between the intermediary bank and the remitter's bank / recipient's bank is carried out by inter-bank remittance by known methods.

[0093] For the sequential generation of settlement data, (optionally) the transmission of an operation control value for monitoring the integrity of the data can be accompanied. Each party involved in message processing (the computer system of the bank, the settlement system) is configured to reliably monitor the integrity of the transmitted data. For this purpose, for example, an operation control value (OCV) is placed in the transmission message by supplementing an array of special blocks (e.g., within a "risk" block) with a set of independently generated values. Any participant can check the integrity by checking the value of the previously generated OCV and validating the OCV calculated and included in the data flow. By the above-described procedure, the security of message processing is further improved in terms of maintaining the integrity of the data when executing various processes.

[0094] According to one embodiment, the initiation of a transfer is performed, for example, but not limited thereto, via the Faster Payments System (SBP). To execute such a transfer, a bank connects to the Faster Payments System. The transfer initiator is either the remitter or the recipient. The remitter inputs transfer data or reads transfer data prepared by the recipient and initiates a payment on a mobile application on a mobile device or a web page on a browser. A feature of a transfer via SBP is that for each settlement transaction, funds are moved by the settlement system during the payment. To do this, a request is sent from the remitter's bank to a processor (e.g., the OPCC SBP - the operational clearing center of the Faster Payments System). The OPCC SBP then generates a request to debit funds from the payer's bank account and credit them to the recipient's bank account and sends it to the settlement system. To transfer funds from the account of a remitter in a first country to the account of a recipient in a second country (a cross-border transfer via SBP), a request is generated by the processor in the first country to debit funds from the remitter's bank account and credit them to the account of an intermediary bank in the first country and is sent to the settlement system. The settlement system can be represented, for example, by at least one computing device of the Central Bank of the Russian Federation or the central bank of another country. The settlement system satisfies the request in real time or in a deferred mode (for a predetermined time) and sends a response containing a message indicating that the request has been satisfied to the settlement system. Finally, the processor sends notifications of debit and credit of funds to the bank according to the fulfilled request items. FIGS. 4.3 and 4.4 show that when transferring funds from a first country to a second country, a transfer transaction between accounts is also executed in the settlement system of the recipient country in response to a request generated by the processor on the second country side, similar to the case of the settlement system of the remitter country.

[0095] According to the described system and method, the payment systems of two countries involved in a money transfer can narrow down a money transfer from the first country to the second country (cross-border money transfer) to two inter-bank money transfers (one money transfer in each payment system). In this way, by simply making one money transfer in each country's payment system (once in the currency of the first country and once in the currency of the second country), it is possible to consider all fees and exchange rates, check the money transfer data, and use a checksum to verify the correctness of the calculation.

[0096] The above method can be executed using the described electronic payment processing system. The described system and method are used for both domestic money transfers and money transfers from the first country to the second country (cross-border money transfers), including urgent money transfers, non-urgent money transfers, and money transfers via an intermediary country using the mechanism of the Faster Payments System.

[0097] The advantages of this system and method are the acceleration and enhanced reliability of money transfers, the reduction in the possibility of payment rejection due to the money transfer being made after prior preparation, the elimination of the need for approval and calculation of rates and fees, the wide applicability due to the use of existing payment acceptance and processing infrastructure, and the ability to use all payment methods for money transfers both within a country and across borders.

Brief Description of the Drawings

[0098]

Figure 1.1

Figure 1.2

Figure 2.1.1

Figure 2.1.2

Figure 2.2.1

Figure 2.2.2

Figure 2.3.1

Figure 2.3.2

Figure 3.1

Figure 3.2

Figure 4.1

Figure 4.2

Figure 4.3

Figure 4.4

Claims

1. A system for processing digital payments, including a remitter-side device, a remitter-side bank, a recipient-side bank, and a processor supporting a communication channel for messaging, wherein the remitter-side device is configured to start a data flow by transmitting a message including a recipient identifier and a remittance amount to the remitter-side bank and receiving a response from the remitter-side bank; the remitter-side bank is configured to receive a message from the remitter-side device, check and validate the message data, enrich the message with data from the remitter-side bank, transmit the enriched message to the processor, and receive a response from the processor; the processor is configured to receive the enriched message, assign an electronic payment processing identifier thereto, identify the recipient-side bank by the recipient identifier, transmit the message enriched with the electronic payment processing identifier to the recipient-side bank, receive a response from the recipient-side bank, and transmit the response to the remitter-side bank; and the recipient-side bank is configured to receive the enriched message, enrich it with data of the recipient and the recipient-side bank, confirm that the recipient-side bank is ready to receive the payment, and transmit the enriched message as a response to the processor.

2. The remitter-side bank is configured to receive, from the remitter-side device, a response to the enriched message including at least a payment amount, a confirmation that the recipient-side bank is ready to receive the payment, and an electronic payment processing identifier indicating that the remittance is approved, and transmit this data to the processor. The processor is configured to withdraw funds from the remitter's bank account, send a request to the settlement system to deposit the funds into the payee's bank account, receive confirmation from the settlement system that the request has been fulfilled, and send the confirmation to the remitter's bank and the payee's bank. The system according to claim 1.

3. A system for processing digital payments, comprising: a remitter-side device; a remitter's bank; a payee's bank; a first-country-side processor; a second-country-side processor; and at least one intermediary bank. The system supports a communication channel for messaging. The remitter-side device is configured to start a data flow by sending a message including a payee identifier and an amount to be remitted to the remitter's bank and receiving a response to the message. The remitter's bank is configured to receive a message from the remitter-side device, check and validate the message data, enrich the message with the remitter's bank data, and send the enriched message to the first-country-side processor. The first-country-side processor is configured to receive the enriched message, assign an electronic payment processing identifier thereto, identify the payee's bank by the payee identifier, send the enriched message together with the electronic payment processing identifier to the intermediary bank, receive a response from the intermediary bank, and send the response to the remitter's bank. The intermediary bank is configured to receive the data in the enriched message, check and validate it, convert the buy or sell rate of the amount in the first currency to the amount in the second currency, supplement the message with the amount in the first currency and the amount in the second currency, and send a message from the intermediary bank to the second-country-side processor. The second country-side processor is configured to receive the message, check and validate the data in the message, and transmit it to the recipient-side bank. The recipient-side bank is configured to receive the message, enrich the message with data of the recipient and the recipient-side bank and confirmation that the recipient-side bank is ready to receive the deposit, and transmit the enriched message in response to the second country-side processor.

4. The remitter-side bank is configured to receive from the remitter-side device a response to the enriched message, including at least confirmation of the recipient-side bank's preparation for deposit, the payment amount in the first currency and the payment amount in the second currency after exchange, and an electronic payment processing identifier indicating that the remittance has been approved, and confirmation of the transmission of the message to the first country-side processor. The first country-side processor is configured to receive the enriched message and transmit a request to the first country-side settlement system to debit funds in the first currency from the account of the remitter-side bank and deposit them into the account of the intermediary bank. The first country-side settlement system is configured to receive the request, fulfill the request, and transmit confirmation of request fulfillment to the remitter-side bank and the intermediary bank via the first country-side processor. The intermediary bank is configured to receive the confirmation and transmit a remittance request to the second country-side processor. The second country-side processor is configured to receive the remittance request and transmit a request to the second country-side settlement system to debit funds in the second currency from the account of the intermediary bank and deposit them in the account of the recipient-side bank in the second currency after exchange. The second country-side settlement system is configured to receive the request, fulfill the request, and transmit confirmation of request fulfillment to the intermediary bank and the recipient-side bank. The system according to claim 3.

5. The system includes a first-country intermediary bank and a second-country intermediary bank, The remitter-side bank is configured to receive, from the remitter-side device, a response to the enriched message that includes at least confirmation of the payee-side bank's readiness to receive funds, the payment amount in the first currency and the payment amount in the second currency after conversion, an electronic payment processing identifier indicating that the remittance has been approved, and confirmation of the transmission of the message to the first-country processor. The first-country processor is configured to receive the enriched message, withdraw funds from the remitter's account, and send a request to deposit the funds in the first currency into the account of the first-country intermediary bank. The first-country payment system is configured to receive the request, fulfill the request, and send a confirmation of fulfillment of the request to the remitter-side bank and the first-country intermediary bank connected to the second-country intermediary bank via the first-country processor, and to transfer funds from the account of the first-country intermediary bank in the first currency to the account of the second-country intermediary bank in the second currency. The second-country intermediary bank has a communication channel with the second-country processor, is configured to receive a notification of the remittance, and send a request to the second-country payment system to withdraw funds from the account of the second-country intermediary bank and deposit the funds in the second currency into the account of the payee-side bank. The second-country payment system is configured to receive the request, fulfill the request, and send a confirmation of fulfillment of the request to the payee-side bank via the second-country processor. The system according to claim 3.

6. For converting funds from the first currency to the second currency, an account of the second-country intermediary bank is opened with the first-country intermediary bank (or an account of the second-country intermediary bank is opened with the second-country intermediary bank). The system according to claim 5.

7. At least one intermediary bank has a communication channel with the remitter-side bank and / or the recipient-side bank, and is configured to exchange funds from the first currency to the second currency between the remitter-side bank and at least one of the intermediary banks or between at least one of the intermediary banks and the recipient-side bank. The system according to any one of claims 3 to 5.

8. At least one settlement system is configured to satisfy requests for individual transactions via the Faster Payments System (SBP). The system according to any one of claims 2, 4, and 5.

9. The first country-side processor and the second country-side processor are configured to store at least one recipient-side identifier linked to the recipient's account in a database capable of identifying the recipient's account by the identifier. The system according to any one of claims 1 to 3.

10. At least one processor is configured to assign an electronic payment processing identifier to a message and store the electronic payment processing identifier in a database to provide the data of the message or a part of the data in response to a request. The system according to any one of claims 1 to 3.

11. A method for processing an electronic payment initiated on a remitter-side device, including steps of transmitting, verifying, and supplementing a message, in the method, a message including at least a recipient-side identifier and a remittance amount is transmitted via the remitter-side device, after the message is received by the remitter-side bank, the data of the remitter-side bank and the remitter is supplemented to the message, the message is received by a processor, and the processor assigns an electronic payment processing identifier to the message, The recipient-side identifier is used to identify the recipient-side bank and send the message to the recipient-side bank. The message is received by the recipient-side bank, and the data of the recipient and the recipient-side bank are supplemented to the message. The recipient-side bank sends a response message including at least the approved data of the sender-side bank, the approved data of the recipient-side bank, the transfer amount, the electronic payment processing identifier, and the confirmation that the recipient-side bank is ready to receive the payment to the processor, then to the sender-side bank, and then to the sender-side device.

12. In the method, The sender-side bank receives an electronic message including at least the approved data of the sender-side bank, the approved data of the recipient-side bank, the transfer amount, the electronic payment processing identifier, and the confirmation that the recipient-side bank is ready to receive the payment. The message is sent to a processor that debits funds from the sender-side bank account and generates a request to deposit the funds into the recipient-side bank account and send the request to the payment system. Then, a confirmation of the fulfillment of the request is sent to the sender-side bank and the recipient-side bank. The method according to claim 11.

13. In the second embodiment, the method for processing an electronic payment started on the sender-side device includes steps of sending, checking, and supplementing a message. In the method, A message including at least the recipient-side identifier and the transfer amount is sent via the sender-side device. The sender-side bank receives the message and supplements the data of the sender-side bank to the message. The first country-side processor receives the message, assigns an electronic payment processing identifier to the message, identifies the payee-side bank existing in the second country using the payee-side identifier, sends the message to at least one intermediary bank, determines a buying rate or a selling rate of the amount in the first currency, converts it into the amount in the second currency, and stores exchange rate data in the message. The message from the intermediary bank is sent to the second country-side processor and then to the payee-side bank. At the payee-side bank, data of the payee and the payee-side bank are supplemented to the message, and it is confirmed that the payee's account is ready for deposit. A response message including at least the approved data of the remitter-side bank, the approved data of the payee-side bank, the remittance amount, the electronic payment processing identifier, and the confirmation that the payee-side bank is ready for deposit is sent to the second country-side processor, then to at least one intermediary bank, then to the first country-side processor, and then to the remitter-side device via the remitter-side bank.

14. In the method, the remitter-side bank receives from the remitter-side device the approved data of the remitter-side bank, the approved data of the payee-side bank, the remittance amount, the electronic payment processing identifier, and the confirmation of the payee-side bank's deposit readiness, and sends a remittance request including the data, the confirmation that the payee-side bank is ready for deposit, and payment conditions including at least the amount in the first currency and the amount in the second currency after conversion to the first country-side processor. Thereafter, the first country-side processor sends the request to the first country-side payment system. Based on the request, funds are withdrawn from the remitter-side account and deposited into the account of the intermediary bank in the first currency. The intermediary bank transfers funds from the intermediary bank account in the first currency to the intermediary bank account in the second currency, transmits the enriched message to the second country-side processor, withdraws funds from the intermediary bank account in the second currency, A request for depositing into the payee-side bank account in the second currency is generated, the request is transmitted to the second country-side settlement system, and a confirmation of fulfillment of the request is transmitted to the intermediary bank and the payee-side bank. The method according to claim 13.

15. In the method, The remitter-side bank receives, from the remitter-side device, the approved data of the remitter-side bank, the approved data of the payee-side bank, the remittance amount, the electronic payment processing identifier, and a confirmation of the payee-side bank's readiness for deposit, and transmits to the first country-side processor a remittance request including the data, a confirmation that the payee-side bank is ready to receive the deposit, and payment conditions including at least the amount in the first currency and the amount in the second currency after currency exchange. Thereafter, the first country-side processor transmits the request to the first country-side settlement system. Based on the request, funds are withdrawn from the remitter's account, and funds are deposited in the first currency into the account of the first country-side intermediary bank. Thereafter, the first country-side intermediary bank transmits a message regarding the remittance to the second country-side intermediary bank, the second country-side intermediary bank transmits the message to the second country-side processor, and the second country-side intermediary bank withdraws funds from its account. A request for depositing into the payee-side bank account in the second currency is generated, the request is transmitted to the second country-side settlement system, and a confirmation of fulfillment of the request is transmitted to the second country-side intermediary bank and the payee-side bank. The method according to claim 13.

16. Before, during, or after the remittance, funds are deposited in the first currency from the account of the first country-side intermediary bank to the account of the second country-side intermediary bank in the second currency. The method according to claim 15.

17. In the third embodiment, the method for processing the electronic payment started in the remitter-side device includes steps of transmitting, checking, and supplementing messages. In the method, A message including at least the payee-side identifier and the transfer amount is transmitted via the remitter-side device. The remitter-side bank receives the message and supplements the message with the data of the remitter-side bank and the remitter. The message is received by at least one intermediary bank that determines a buying rate or a selling rate for converting the amount in the first currency into the amount in the second currency, and the exchange rate data is stored in the message. Next, the message from the intermediary bank is transmitted to the payee-side bank to transmit the message to the payee-side bank. The payee-side bank receives the message, supplements the message with the data of the payee and the payee-side bank, and transmits a response message including at least the approved data of the remitter-side bank, the approved data of the payee-side bank, the transfer amount, and confirmation that the payee-side bank is ready to receive the deposit to at least one intermediary bank, then to the remitter-side bank, and then to the remitter-side device.

18. The method according to any one of claims 12, 14, and 15, wherein at least one payment system satisfies the request for each individual transaction via the Faster Payments System (SBP).

19. The method according to any one of claims 12, 14, and 15, wherein the first country-side processor or the second country-side processor pre-stores the social identifier of the payee in a database for identifying the payee's account by at least one social identifier of the payee.

20. The method according to any one of claims 11 or 13, wherein at least one processor stores the message in a database to assign an electronic payment processing identifier to the message and provide the data of the message or a part of the data in response to a request.

Images