System and method for implementing an interbank information network
The invention relates to creating a secure, decentralized, cloud-based network or physical/virtual infrastructure that enables the payments industry to redefine payment processing and information sharing. The innovative network addresses key pain points by reducing payment delays and touch points, realizing faster and comprehensive payment tracking, real-time sanctions, AML and fraud management tools.
1 . A method for implementing a blockchain-based interbank clearing and settlement network that securely optimizes interbank communications, the method comprising:
providing a first blockchain node, a second blockchain node, and an interbank blockchain network that comprises a permissioned shared distributed ledger that stores confidential banking data;
deploying the first blockchain node within a first virtual private network (VPN) that comprises a first bank server infrastructure of the first blockchain node;
deploying the second blockchain node within a second VPN that comprises a second bank server infrastructure of the second blockchain node;
receiving, in real-time, by the first blockchain node, a payment request to send a payment amount, from a remitter account that belongs to the first bank server infrastructure, to a beneficiary account that belongs to the second bank server infrastructure;
validating, by the interbank blockchain network, the remitter account and the payment amount of the payment request;
recording, by the first blockchain node, a first inquiry activity;
hashing, the first inquiry activity;
publishing, in real-time, by the first blockchain node, the hashed first inquiry activity to the permissioned shared distributed ledger;
determining, that the first inquiry activity pertains to the beneficiary account;
establishing, by the second blockchain node, a direct communication channel to the first blockchain node from the second blockchain node;
validating, by the interbank blockchain network, the beneficiary account;
generating, by the second blockchain node, a validation response based on the validating of the beneficiary account;
separately transmitting at least one decryption key to at least one from among the first blockchain node and the second blockchain node;
encrypting, by the second blockchain node, the validation response; and
transmitting, in real-time, by the second blockchain node, via the direct communication channel, the encrypted validation response to the first blockchain node.
2 . The method of claim 1 , further comprising:
replicating, over the direct communication channel, by the second blockchain node, the first inquiry activity that is published by the first blockchain node.
3 . The method of claim 1 , wherein the generating the validation response comprises:
performing, by the second blockchain node, at least one from among a fraud check, payment tracking, a sanction search, and validation processing.
4 . The method of claim 1 , wherein the generating the validation response comprises:
leveraging, by the second blockchain node, at least one from among a network-wide fraudster list and a sanction list.
5 . The method of claim 4 , wherein the sanction list comprises a plurality of portions, and wherein each blockchain node within the interbank blockchain network comprises a respectively corresponding portion from among the plurality of portions.
6 . The method of claim 1 , further comprising:
prior to receiving a validation request by the second blockchain node, pushing, from the second blockchain node, to the first blockchain node, a preemptive response that has been populated with data that pertains to the validation request.
7 . The method of claim 1 , further comprising:
based on the validation response, confirming, by the first blockchain node, that the beneficiary account has been verified by the second blockchain node; and
forwarding, by the first blockchain node, the payment from the remitter account to the beneficiary account.
8 . The method of claim 1 , wherein an administrator blockchain node controls interbank blockchain network access and permissions.
9 . A system for implementing a blockchain-based interbank clearing and settlement network that securely optimizes interbank communications, the system comprising:
at least one processor; and
memory storing instructions that, when executed by the at least one processor, cause the at least one processor to perform operations comprising:
providing a first blockchain node, a second blockchain node, and an interbank blockchain network that comprises a permissioned shared distributed ledger that stores confidential banking data;
deploying the first blockchain node within a first virtual private network (VPN) that comprises a first bank server infrastructure of the first blockchain node;
deploying the second blockchain node within a second VPN that comprises a second bank server infrastructure of the second blockchain node;
receiving, in real-time, by the first blockchain node, a payment request to send a payment amount, from a remitter account that belongs to the first bank server infrastructure, to a beneficiary account that belongs to the second bank server infrastructure;
validating, by the interbank blockchain network, the remitter account and the payment amount of the payment request;
generating, by the first blockchain node, a first inquiry activity;
hashing the first inquiry activity;
publishing, in real-time, by the first blockchain node, the hashed first inquiry activity to the permissioned shared distributed ledger;
determining that the first inquiry activity pertains to the beneficiary account;
establishing, by the second blockchain node, a direct communication channel to the first blockchain node from the second blockchain node;
validating, by the interbank blockchain network, the beneficiary account;
generating, by the second blockchain node, a validation response based on the validating of the beneficiary account;
separately transmitting at least one decryption key to at least one from among the first blockchain node and the second blockchain node;
encrypting, by the second blockchain node, the validation response; and
transmitting, in real-time, by the second blockchain node, via the direct communication channel, the encrypted validation response to the first blockchain node.
10 . The system of claim 9 , wherein when executed, the instructions cause the at least one processor to perform further operations comprising:
replicating, over the direct communication channel, by the second blockchain node, the first inquiry activity that is published by the first blockchain node.
11 . The system of claim 9 , wherein when the instructions are executed by the at least one processor, the generating the validation response comprises:
performing, by the second blockchain node, at least one from among a fraud check, payment tracking, a sanction search, and validation processing.
12 . The system of claim 9 , wherein when the instructions are executed by the at least one processor, the generating the validation response comprises:
leveraging, by the second blockchain node, at least one from among a network-wide fraudster list and a sanction list.
13 . The system of claim 12 , wherein when the instructions are executed by the at least one processor, the sanction list comprises a plurality of portions, and wherein each blockchain node within the interbank blockchain network comprises a respectively corresponding portion from among the plurality of portions.
14 . The system of claim 9 , wherein when executed, the instructions cause the at least one processor to perform further operations comprising:
prior to receiving a validation request by the second blockchain node, pushing, from the second blockchain node, to the first blockchain node, a preemptive response that has been populated with data that pertains to the validation request.
15 . The system of claim 9 , wherein when executed, the instructions cause the at least one processor to perform further operations comprising:
based on the validation response, confirming, by the first blockchain node, that the beneficiary account has been verified by the second blockchain node; and
forwarding, by the first blockchain node, the payment from the remitter account to the beneficiary account.
16 . The system of claim 9 , wherein when the instructions are executed by the at least one processor, an administrator blockchain node controls interbank blockchain network access and permissions.
17 . A non-transitory computer-readable medium for implementing a blockchain-based interbank clearing and settlement network that securely optimizes interbank communications, the computer-readable medium storing instructions that, when executed by at least one processor, cause the at least one processor to perform operations comprising:
providing a first blockchain node, a second blockchain node, and an interbank blockchain network that comprises a permissioned shared distributed ledger that stores confidential banking data;
deploying the first blockchain node within a first virtual private network (VPN) that comprises a first bank server infrastructure of the first blockchain node;
deploying the second blockchain node within a second VPN that comprises a second bank server infrastructure of the second blockchain node;
receiving, in real-time, by the first blockchain node, a payment request to send a payment amount, from a remitter account that belongs to the first bank server infrastructure, to a beneficiary account that belongs to the second bank server infrastructure;
validating, by the interbank blockchain network, the remitter account and the payment amount of the payment request;
generating, by the first blockchain node, a first inquiry activity;
hashing the first inquiry activity;
publishing, in real-time, by the first blockchain node, the hashed first inquiry activity to the permissioned shared distributed ledger;
determining that the first inquiry activity pertains to the beneficiary account;
establishing, by the second blockchain node, a direct communication channel to the first blockchain node from the second blockchain node;
validating, by the interbank blockchain network, the beneficiary account;
generating, by the second blockchain node, a validation response based on the validating of the beneficiary account;
separately transmitting at least one decryption key to at least one from among the first blockchain node and the second blockchain node;
encrypting, by the second blockchain node, the validation response; and
transmitting, in real-time, by the second blockchain node, via the direct communication channel, the encrypted validation response to the first blockchain node.
18 . The computer-readable medium of claim 17 , wherein when the instructions are executed by the at least one processor, the generating the validation response comprises:
leveraging, by the second blockchain node, a sanction list that comprises a plurality of portions, and
wherein each blockchain node within the interbank blockchain network comprises a respectively corresponding portion from among the plurality of portions.
19 . The computer-readable medium of claim 17 , wherein when executed, the instructions cause the at least one processor to perform further operations comprising:
prior to receiving a validation request by the second blockchain node, pushing, from the second blockchain node, to the first blockchain node, a preemptive response that has been populated with data that pertains to the validation request.
20 . The computer-readable medium of claim 17 , wherein when executed, the instructions cause the at least one processor to perform further operations comprising:
based on the validation response, confirming, by the first blockchain node, that the beneficiary account has been verified by the second blockchain node; and
forwarding, by the first blockchain node, the payment from the remitter account to the beneficiary account.