System and method for processing transactions

1 . A computer-enabled transaction clearinghouse system ( 200 ) for a transaction ( 60 ) involving a plurality of parties ( 100 ), the plurality of parties ( 100 ) including an individual ( 112 ), an organization ( 110 ) with whom the individual ( 112 ) has an association ( 106 ), and a vendor ( 130 ) entering into the transaction ( 60 ) with the individual ( 112 ), said system ( 200 ) comprising:

a plurality of processors ( 222 ) connected to a network ( 260 ), wherein the individual ( 112 ) interacts with the system ( 200 ) through said first processor ( 220 ), wherein the organization ( 110 ) interacts with the system ( 200 ) through a second processor ( 220 ) and vendor ( 130 ) interacts with the system ( 200 ) through a third processor ( 220 );

a ledger ( 500 ) that is selectively accessible to the parties ( 100 ), wherein said ledger ( 500 ) is a blockchain ledger ( 502 ) selectively accessible to said plurality of processors ( 222 );

a transaction subsystem ( 300 ) adapted to execute the transaction ( 60 ) between the individual ( 112 ) and the vendor ( 130 ), wherein the transaction ( 60 ) is recorded on the ledger ( 500 ) that is accessible to the individual ( 112 ) through said first processor ( 220 ), accessible to the organization ( 110 ) through said second processor ( 220 ), and accessible to the vendor ( 130 ) through said third processor ( 220 ); and

a settlement subsystem ( 350 ) adapted to effectuate a settlement ( 80 ) from the organization ( 110 ) to the vendor ( 130 ), wherein the settlement ( 80 ) is enabled by an expense authorization ( 96 ) that is stored on the ledger ( 500 ) that is accessible to the individual ( 112 ) through said first processor ( 220 ), accessible to the organization ( 110 ) through said second processor ( 220 ), and accessible to the vendor ( 130 ) through said third processor ( 220 );

wherein said transaction subsystem ( 300 ) enables the organization ( 110 ) to authorize said transaction ( 60 ) between the individual ( 112 ) and the vendor ( 130 ) before said transaction ( 60 ) is executed between the individual ( 112 ) and the vendor ( 130 );

wherein said settlement subsystem ( 350 ) enables the organization ( 110 ) to directly effectuate a settlement ( 80 ) to the vender ( 130 ) rather than indirectly through a reimbursement to the individual ( 112 );

wherein said blockchain ledger ( 502 ) includes a ledger record ( 520 ) that includes both a transaction record ( 530 ) of said transaction ( 60 ) and a settlement record ( 540 ) of said settlement ( 80 );

wherein said ledger record ( 520 ) is accessible to the individual ( 112 ) through said first processor ( 220 );

wherein said ledger record ( 520 ) is accessible to the organization ( 110 ) through said second processor ( 220 ); and

wherein said ledger record ( 520 ) is accessible to the vendor ( 130 ).

2 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , wherein the transaction subsystem ( 300 ) uses the expense authorization ( 96 ) originated from the organization ( 110 ) through said second processor ( 220 ) as a monetary consideration ( 70 ) for the transaction ( 60 ), wherein the individual ( 112 ), the organization ( 220 ), and the vendor ( 130 ) each have access to both said transaction record ( 530 ) of the transaction ( 60 ) and said settlement record ( 540 ) of said settlement ( 80 ).

3 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , wherein the transaction ( 60 ) does not involve the individual ( 112 ) using a credit authorization ( 77 ) or a debit card authorization ( 78 ) from said first processor ( 220 ).

4 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , wherein a non-monetary consideration ( 62 ) agreed to be provided by the vendor ( 130 ) through said third processor ( 220 ) to the individual ( 112 ) through said second processor ( 220 ) is a business travel service ( 63 ) for the benefit of the organization ( 110 ).

5 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , said plurality of processors ( 220 ) including a fourth processor ( 220 ) through which a financial services organization ( 150 ) interacts with the system ( 200 ), wherein the settlement ( 80 ) originates from an account ( 158 ) that the organization ( 110 ) has at financial services organization ( 150 ) that is controlled from said fourth processor ( 220 ), and wherein said ledger record ( 520 ) is accessible the financial services organization ( 150 ) through said fourth processor ( 220 ).

6 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , said plurality of processors ( 220 ) including a fourth processor through which a financial services organization ( 150 ) interacts with the system ( 200 ), wherein the settlement ( 80 ) is sent to an account ( 158 ) that the vendor ( 130 ) has at a financial services organization ( 150 ) that is controlled from said forth processor ( 220 ), and wherein said ledger record ( 520 ) is accessible the financial services organization ( 150 ) through said fourth processor ( 220 ).

7 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , wherein said first processor ( 220 ) provides for receiving a plurality of search criteria from the individual ( 112 ), wherein said search results generated by said search criteria are selectively influenced by a project ( 109 ) established by the organization ( 110 ) through said second processor ( 220 ).

8 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , wherein the settlement ( 80 ) is a real-time settlement ( 81 ) that is recorded on said blockchain ledger ( 502 ) where it is accessible to the individual ( 112 ), the organization ( 110 ), a financial services organization ( 150 ) and the vendor ( 130 ).

9 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , wherein the individual ( 112 ) is an employee of the organization ( 110 ) issuing the expense authorization ( 96 ) that is validated from said second processor ( 220 ) before it is issued from said first processor ( 220 ) and wherein the expense authorization ( 96 ) is validated before the individual ( 112 ) is able to execute said transaction ( 60 ).

10 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , wherein no expense report ( 360 ) is submitted by individual ( 112 ) from said first processor ( 220 ) to organization ( 110 ) at said second processor ( 220 ) because the payment to the vendor ( 130 ) is made directly by the organization ( 110 ).

11 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , said plurality of processors ( 220 ) including a fourth processor ( 220 ) operated by a customer ( 122 ) of the organization ( 110 ), wherein the plurality of parties ( 100 ) includes a customer ( 122 ) of the organization ( 110 ), wherein the organization ( 110 ) is an employer of the individual ( 112 ), and wherein the expense authorization ( 96 ) for the settlement ( 80 ) for the vendor ( 130 ) originates from the customer ( 122 ) though said fourth processor ( 220 ), and wherein said ledger record ( 520 ) is accessible the customer ( 122 ) through said fourth processor ( 220 ).

12 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 1 , wherein each said expense authorization ( 96 ) is associated with an expense code ( 97 ) that is defined by the organization ( 110 ) through the operation of said second processor ( 220 ), and wherein said expense code ( 97 ) is recorded on said ledger record ( 520 ).

13 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 12 , wherein said expense authorization ( 96 ) and said expense code ( 97 ) are recorded on said ledger record ( 520 ) with the transaction ( 60 ) at the same time as when the transaction ( 60 ) is entered into between the individual ( 112 ) from said first processor ( 220 ) and the vendor ( 130 ) from said third processor ( 220 ).

14 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 13 , wherein the use of the non-monetary consideration ( 62 ) is recorded on said ledger record ( 520 ), and wherein the entry of said non-monetary consideration ( 62 ) on said ledger record ( 520 ).

15 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 13 , wherein a credit ( 88 ) is associated with an unused consideration ( 66 ) retained by the organization ( 110 ), and wherein said credit ( 88 ) is recorded on said ledger record ( 520 ).

16 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 15 wherein said transaction clearinghouse system ( 200 ) generates a prohibition ( 280 ) against the unauthorized use of the credit ( 88 ) by the individual ( 112 ) accessing the system ( 200 ) through said first processor ( 220 ), wherein said prohibition ( 280 ) is generated by said second processor ( 220 ).

17 . A computer-enabled transaction clearinghouse system ( 200 ) for a transaction ( 60 ) involving a plurality of parties ( 100 ), the plurality of parties ( 100 ) including an individual ( 112 ), the organization ( 110 ) with whom the individual ( 112 ) has an association, and a vendor ( 130 ) entering into the transaction ( 60 ) with the individual ( 112 ), said system ( 200 ) comprising:

a plurality of processors ( 222 ) connected to a network ( 260 ), wherein the individual ( 112 ) interacts with the system ( 200 ) through said first processor ( 220 ), wherein the organization ( 110 ) interacts with the system ( 200 ) through a second processor ( 220 ) and vendor ( 130 ) interacts with the system ( 200 ) through a third processor ( 220 );

a ledger ( 500 ) that is selectively accessible to the parties ( 100 ), wherein said ledger ( 500 ) is a blockchain ledger ( 502 ) selectively accessible to said plurality of processors ( 222 );

a transaction subsystem ( 300 ) adapted to execute the transaction ( 60 ) between the individual ( 112 ) and the vendor ( 130 ), wherein the transaction ( 60 ) is recorded on the ledger ( 500 ) that is accessible to the individual ( 112 ) through said first processor ( 220 ), accessible to the organization ( 110 ) through said second processor ( 220 ), and accessible to the vendor ( 130 ) through said third processor ( 220 ); and wherein an expense authorization ( 96 ) by the organization is used by the individual ( 112 ) as monetary consideration ( 70 ) for the transaction ( 60 ), wherein the transaction ( 60 ) includes non-monetary consideration ( 62 ) in the form of a business travel service ( 63 ) provided by the vendor ( 130 ) to the individual ( 112 ); and

a settlement subsystem ( 350 ) adapted to effectuate a settlement ( 80 ) from the organization ( 110 ) to the vendor ( 130 ), wherein the settlement ( 80 ) is enabled by an expense authorization ( 96 ) stored on the ledger ( 500 ) that is accessible to the individual ( 112 ) through said first processor ( 220 ), accessible to the organization ( 110 ) through said second processor ( 220 ), and accessible to the vendor ( 130 ) through said third processor ( 220 ), and wherein the settlement ( 80 ) does not involve a credit authorization ( 77 ) or a debit card authorization ( 78 )

wherein said blockchain ledger ( 502 ) includes a ledger record ( 520 ) that includes both a transaction record ( 530 ) of said transaction ( 60 ) and a settlement record ( 540 ) of said settlement ( 80 );

wherein said ledger record ( 520 ) is accessible to the individual ( 112 ) through said first processor ( 220 );

wherein said ledger record ( 520 ) is accessible to the organization ( 110 ) through said second processor ( 220 ); and

wherein said ledger record ( 520 ) is accessible to the vendor ( 130 ) through said third processor.

18 . The computer-enabled transaction clearinghouse system ( 200 ) of claim 17 , said plurality of processors ( 220 ) including a fourth processor ( 220 ) controlled by a first financial services company ( 150 ) and a fifth processor ( 220 ) controlled by a second financial services company ( 150 ), wherein the settlement ( 80 ) originates from a first account ( 158 ) that the organization ( 110 ) has at a first financial services company ( 150 ) controlled by said fourth processor ( 220 ) and wherein the settlement ( 80 ) arrives at a second account ( 158 ) that the organization ( 110 ) has at a second financial services organization ( 150 ) controlled by said fifth processor ( 220 ), wherein the settlement ( 80 ) is a real-time settlement ( 81 ), wherein the expense authorization ( 96 ) is associated with the individual ( 112 ) prior to the formation of the transaction ( 60 ), wherein no separate expense report ( 360 ) is submitted by individual ( 112 ) to organization ( 110 ), wherein each said expense authorization ( 96 ) is associated with an expense code ( 97 ) that is recorded on said ledger ( 500 ) and accessible to the organization ( 110 ) through said second processor ( 220 );

wherein said ledger record ( 520 ) is accessible to the first financial services company ( 150 ) through said fourth processor ( 220 ); and

wherein said ledger record ( 520 ) is accessible to the second financial services company ( 150 ) through said fifth processor ( 220 ).

19 . A computer-enabled transaction clearinghouse method ( 900 ) for a transaction ( 70 ) involving a plurality of parties ( 100 ) interacting with each other and a ledger ( 500 ) from a plurality of processors ( 220 ), the plurality of parties ( 100 ) including an individual ( 112 ) utilizing a first processor ( 220 ), the organization ( 110 ) with whom the individual ( 112 ) has an association utilizing a second processor ( 220 ), and a vendor ( 130 ) entering into the transaction ( 60 ) with the individual ( 112 ) utilizing a third processor ( 220 ), said method ( 900 ) comprising:

recording a transaction ( 60 ) between an individual ( 112 ) from said first processor ( 220 ) and a vendor ( 130 ) from said third processor ( 220 ) onto a blockchain ledger ( 502 ) that is selectively assessable to the individual ( 112 ) from said first processor ( 220 ), the organization ( 110 ) from said second processor ( 220 ), and the vendor ( 130 ) from said third processor ( 220 ), wherein the transaction ( 60 ) includes a monetary consideration ( 70 ) in the form of an expense authorization ( 96 ) from the organization ( 110 ) associated with the individual ( 112 ) and a non-monetary consideration ( 62 ) provided by the vendor ( 130 ) to the individual ( 112 ), wherein the expense authorization ( 96 ) is generated from said second processor ( 220 ), and wherein non-monetary consideration ( 62 ) provided by the vendor ( 130 ) is specified through said third processor ( 220 ); and

settling the transaction ( 60 ) by a settlement subsystem ( 350 ) adapted to effectuate a settlement ( 80 ) from the organization ( 110 ) utilizing said second processor ( 220 ) to the vendor ( 130 ) utilizing said third processor ( 220 ), wherein the settlement ( 80 ) is enabled by an expense authorization ( 96 ) stored on the blockchain ledger ( 502 ), and wherein the settling of the transaction ( 60 ) is further recorded onto the blockchain ledger ( 502 );

wherein said transaction subsystem ( 300 ) enables the organization ( 110 ) to selectively authorize said transaction ( 60 ) between the individual ( 112 ) and the vendor ( 130 ) before said transaction ( 60 ) is executed; and

where said settlement subsystem ( 350 ) enable the organization ( 110 ) to directly effectuate a settlement ( 80 ) to the vendor ( 130 ).

20 . The computer-enabled transaction clearinghouse method ( 900 ) of claim 19 , wherein the non-monetary consideration ( 62 ) in the form of a business travel service ( 63 ) provided by the vendor ( 130 ) to the individual ( 112 ), wherein the settlement ( 80 ) does not involve a credit authorization ( 77 ) or a debit card authorization ( 78 ), wherein the settlement ( 80 ) originates from a first account ( 158 ) that the organization ( 110 ) has at a first financial services organization ( 150 ) and wherein the settlement ( 80 ) arrives at a second account ( 158 ) that the organization ( 110 ) has at a financial services organization ( 150 ), wherein the settlement ( 80 ) is a real-time settlement ( 81 ), wherein the expense authorization ( 96 ) is associated with the individual ( 112 ) prior to the formation of the transaction ( 60 ), wherein no expense report ( 360 ) is submitted by the individual ( 112 ) from said first processor ( 220 ) to said second processor ( 220 ) operated by the organization ( 110 ), wherein each said expense authorization ( 96 ) is associated with an expense code ( 97 );

wherein said blockchain ledger ( 502 ) includes a ledger record ( 520 ) that includes both a transaction record ( 530 ) of said transaction ( 60 ) and a settlement record ( 540 ) of said settlement ( 80 );

wherein said ledger record ( 520 ) is accessible to the individual ( 112 ) through said first processor ( 220 );

wherein said ledger record ( 520 ) is accessible to the organization ( 110 ) through said second processor ( 220 ); and

wherein said ledger record ( 520 ) is accessible to the vendor ( 130 ).