VALUE PROCESSING NETWORK AND METHODS
Various arrangements for processing a transaction involving at least two parties are provided. Rules may be established that define transaction processing between combinations of a plurality of origination entities and a plurality of destination entities. Transaction information may be received relating to the transaction between the two parties. One of the parties is an origination entity and one of the parties is a destination entity. The transaction information contains at least an identifier from which at least one of the parties may be identified. The transaction information may be used to identify at least one of the parties. The rules may be used to define transaction processing for the at least one party. Processing of the transaction may be at least partially based on the rules.
1 . (canceled)
2 . A method for processing a transaction, the method comprising:
storing, by a computer system, a rule that defines transaction processing between an origination entity and a destination entity, wherein:
the rule permits transaction settlement outside of a card association network, and
the card association network is used to settle financial transactions;
receiving, by the computer system, transaction information corresponding to the transaction, wherein:
the transaction is between the origination entity and the destination entity;
the transaction comprises a financial transaction involving a financial account linked with an account identifier; and
the transaction information comprises the account identifier, which is associated with the destination entity;
using, by the computer system, the transaction information to identify the destination entity;
accessing, by the computer system, the rule that defines transaction processing between the origination entity and the destination entity; and
processing, by the computer system, the transaction using the rule, such that the card association network is not used for settlement of the transaction.
3 . The method for processing the transaction of claim 2 , wherein:
storing, by the computer system, the rule that defines transaction processing between the origination entity and the destination entity comprises storing a plurality of rules, wherein the plurality of rules defines transaction processing between a plurality of origination entities and a plurality of destination entities.
4 . The method for processing the transaction of claim 2 , further comprising:
accessing, by the computer system, a second rule that identifies types of transactions that are permitted to be settled outside of the card association network; and
overriding, by the computer system, processing of the transaction outside of the card association network at least partially based on the second rule.
5 . The method for processing the transaction of claim 2 , wherein the rule defines transaction processing between a plurality of origination entities and the destination entity, wherein the plurality of origination entities comprises the origination entity.
6 . The method for processing the transaction of claim 2 , wherein the origination entity processes purchase transactions, including the transaction, on behalf of a merchant.
7 . The method for processing the transaction of claim 2 , wherein the rule that defines transaction processing between the origination entity and the destination entity is directed to particular types of transaction cards issued by the destination entity.
8 . The method for processing the transaction of claim 2 , wherein the rule defines one or more of:
routing of the transaction,
fees associated with the transaction,
timing of settlement,
method of settlement,
aggregation and reporting,
dispute resolution,
compliance,
fraud detection, and
risk sharing.
9 . The method for processing the transaction of claim 2 , wherein the transaction is a type of transaction selected from the group consisting of:
a credit card transaction, and
a debit card transaction.
10 . The method for processing the transaction of claim 2 , wherein the transaction is a type of transaction selected from the group consisting of:
a gift card transaction,
a retail card transaction, and
a stored value card transaction.
11 . The method for processing the transaction of claim 2 , wherein the transaction is a type of transaction selected from the group consisting of:
an account withdrawal,
a money transfer,
a negotiable instrument transaction,
a loyalty point transaction
a reward point transaction,
a pre-paid commodities transaction,
an insurance benefits transaction,
a cell-phone minutes transaction, and
a discount certificate transaction.
12 . A system for processing a transaction, the system comprising:
a processor; and
a memory communicatively coupled with and readable by the processor and having stored therein processor-readable instructions which, when executed by the processor, cause the processor to:
cause a rule that defines transaction processing between an origination entity and a destination entity to be stored, wherein:
the rule permits transaction settlement outside of a card association network, and
the card association network is used to settle financial transactions;
receive transaction information relating to the transaction, wherein:
the transaction is between the origination entity and the destination entity;
the transaction comprises a financial transaction involving a financial account corresponding to an account identifier, and
the transaction information comprises the account identifier, which is associated with the destination entity;
use the transaction information to identify the destination entity;
access the rule that defines transaction processing between the origination entity and the destination entity; and
process the transaction using the rule, such that the card association network is not used for settlement of the transaction.
13 . The system for processing the transaction of claim 12 , wherein the processor-readable instructions, which when executed by the processor, cause the processor to cause the rule that defines transaction processing between the origination entity and the destination entity to be stored comprises storing a plurality of rules, wherein the plurality of rules defines transaction processing between a plurality of origination entities and a plurality of destination entities.
14 . The system for processing the transaction of claim 12 , wherein the processor-readable instructions are configured to cause the processor to:
access a second rule that identifies types of transactions that are permitted to be settled outside of the card association network; and
override processing of the transaction outside of the card association network at least partially based on the second rule.
15 . The system for processing the transaction of claim 12 , wherein the rule defines transaction processing between a plurality of origination entities and the destination entity, wherein the plurality of origination entities comprises the origination entity.
16 . The system for processing the transaction of claim 12 , wherein the origination entity processes purchase transactions, including the transaction, on behalf of a merchant.
17 . A computer program product residing on a non-transitory processor-readable medium for processing a transaction, the computer program product comprising processor-readable instructions configured to cause a processor to:
cause a rule that defines transaction processing between an origination entity and a destination entity to be stored, wherein:
the rule permits transaction settlement outside of a card association network, and
the card association network is used to settle financial transactions;
receive transaction information corresponding to the transaction; wherein:
the transaction is between the origination entity and the destination entity;
the transaction comprises a financial transaction involving a financial account linked with an account identifier; and
the transaction information comprises the account identifier, which is associated with the destination entity;
use the transaction information to identify the destination entity;
access the rule that defines transaction processing between the origination entity and the destination entity; and
process the transaction using the rule, such that the card association network is not used for settlement of the transaction.
18 . The computer program product for processing the transaction of claim 17 , wherein the processor-readable instructions, which when executed by the processor, cause the processor to cause the rule that defines transaction processing between the origination entity and the destination entity to be stored comprises storing a plurality of rules, wherein the plurality of rules defines transaction processing between a plurality of origination entities and a plurality of destination entities.
19 . The computer program product for processing the transaction of claim 17 , the computer program product further comprising processor-readable instructions configured to cause the processor to:
access a second rule that identifies types of transactions that are permitted to be settled outside of the card association network; and
override processing of the transaction outside of the card association network at least partially based on the second rule.
20 . The computer program product for processing the transaction of claim 17 , wherein the rule defines transaction processing between a plurality of origination entities and the destination entity, wherein the plurality of origination entities comprises the origination entity.
21 . The computer program product for processing the transaction of claim 17 , wherein the origination entity processes purchase transactions, including the transaction, on behalf of a merchant.