Transaction switch and a method for use thereof

1. A method of handling a financial transaction in a transaction switch, the method comprising the steps of:

receiving a primary transaction request from an initiator;

identifying a host from a routing table for receiving the primary transaction request based on details provided in the primary transaction request;

transmitting the primary transaction request to the identified host;

receiving a response from the identified host,

determining a need for transmitting the primary transaction request to another host;

interpreting the response received and transmitting a final outcome back to the initiator;

recording each transmission between the initiator, the transaction switch and the host and assigning a unique identifier to each transmission;

receiving a secondary transaction containing a reference to the primary transaction request;

retrieving a transaction history using the unique identifier; and

transmitting a request to a host contained in the transaction history for reversing the primary transaction.

2. The method according to claim 1 , wherein the step of receiving the primary transaction request comprises the step of receiving the primary transaction request in an XML format.

3. The method of claim 1 , wherein the determining a need for transmitting the primary transaction request to another host comprises:

determining the need for transmitting the primary transaction request to the another host based on at least one of a payment type in the primary transaction request, a transaction type in the primary transaction request and a response code in the response received from the identified host.

4. A method of handling a composite financial transaction in a transaction switch, the steps comprising:

receiving a primary transaction request from an initiator;

identifying the transaction as a composite transaction wherein the composite transaction comprises a transaction type and a payment type;

preparing a plurality of transaction packets for transmission to a plurality of hosts based on the transaction type and the payment type;

receiving a plurality of responses at the switch from the plurality of hosts,

interpreting the plurality of responses and transmitting a final outcome to the initiator;

determining from the plurality of responses a need for transmitting the request to another host;

recording each transmission between the initiator, the transaction switch and the plurality of hosts and assigning a unique identifier to each transmission;

receiving a secondary transaction containing a reference to the primary transaction request;

retrieving a transaction history using the unique identifier; and

transmitting a request to hosts contained in the transaction history for reversing the primary transaction.

5. The method according to claim 4 , wherein the step of receiving the primary transaction request comprises the step of receiving the primary transaction request in an XML format.

6. A transaction switch comprising:

means for processing a transaction request;

means for identifying the transaction as multi-host, wherein a multi-host transaction is a transaction that has to be routed to multiple hosts;

means for identifying the transaction as composite, wherein a composite transaction comprises a plurality of transactions, each to be transmitted to a different host, and the plurality of transactions have different payment types and transaction types;

means for identifying the transaction as both multi-host and composite;

means for identifying a first host for processing the transaction; and

means for interpreting a response from the host after processing the transaction and determining a need for further processing.

7. The switch according to claim 6 , wherein the means for interpreting a response further includes means for identifying a second host for processing the transaction.

8. The switch according to claim 6 further includes means for preparing a plurality of transaction packets for a transaction identified as composite and identifying the payment and transaction types for each of the plurality of transaction packets.

9. A financial transaction handling system comprising:

an initiator for initiating a primary transaction request;

a transaction switch in communication with the initiator; and

at least one host in communication with the transaction switch for processing the transaction request;

wherein the transaction switch comprises:

means for processing the primary transaction request;

means for identifying the primary transaction request as multi-host, wherein a multi-host transaction is a transaction that has to be routed to multiple hosts;

means for identifying the transaction as composite, wherein a composite transaction comprises a plurality of transactions, each to be transmitted to a different host, and the plurality of transactions have different payment types and transaction types;

means for identifying the transaction as both multi-host and composite;

means for identifying the at least one host for sending the primary transaction request thereto; and

means for interpreting a response from the at least one host and determining a need for further processing.

10. The system according to claim 9 , wherein the primary transaction request is in an XML format.

11. The system according to claim 9 , wherein the means for identifying the at least one host comprises means for identifying the at least one host from a routing table based on details provided in the primary transaction request.

12. The system according to claim 9 , wherein the transaction switch further comprises means for recording each transmission between the initiator, the transaction switch and the at least one host and assigning a unique identifier to each transmission.

13. The system according to claim 12 , wherein the transaction switch further comprising:

means for processing a secondary transaction request from the initiator, the secondary transaction request containing a reference to the primary transaction request;

means for retrieving a transaction history using the unique identifier; and

means for transmitting a request to the least one host contained in the transaction history for reversing the primary transaction.

14. A program storage medium readable by a computer, tangibly embodying a program of instructions executable by the computer to perform method steps for handling a financial transaction in a transaction switch, the method steps comprising the steps of

receiving a primary transaction request from an initiator;

identifying a host from a routing table for receiving the primary transaction request based on details provided in the primary transaction request;

transmitting the primary transaction request to the identified host;

receiving a response from the identified host;

determining a need for transmitting the primary transaction request to another host;

interpreting the response received and transmitting a final outcome back to the initiator;

recording each transmission between the initiator, the transaction switch and the host and assigning a unique identifier to each transmission;

receiving a secondary transaction containing a reference to the primary transaction request;

retrieving a transaction history using the unique identifier; and

transmitting a request to a host contained in the transaction history for reversing the primary transaction.