SYSTEM AND METHOD FOR A SUPPLIER TO SUPPLIER PAYMENT SYSTEM TO PROCESS A TRANSACTION
Dynamically enabling and facilitating supplier to supplier facilitated customer transactions. A prepaid value account is issued to a customer by a first supplier for use at participating suppliers. A customer interacts with a second supplier of an item (e.g., goods or services), selects an item for purchase, and provides the supplier with payment criteria associated with the prepaid value account. The supplier interacts directly with the payment systems holding the prepaid value to partially or fully process payment for the transaction.
1 . A method, comprising:
receiving, by a computer based system for facilitating processing of supplier payment system transactions and via a second supplier, a request for a transaction and a first supplier issued transaction account for payment;
locating, by the computer based system, a payment system associated with the first supplier issued transaction account;
querying, by the computer based system, the located payment system for a determination of sufficient funds;
receiving, by the computer based system, determination of sufficient funds; and
processing, by the computer based system, the transaction based on an affirmative response to the determination of sufficient funds, wherein the transaction is processed without interacting with an issuing or an acquiring bank.
2 . The method of claim 1 , wherein the locating is performed by the second supplier system.
3 . The method of claim 1 , further comprising receiving a first supplier issued transaction instrument; wherein the transaction instrument is issued by the first supplier without an issuing or an acquiring bank.
4 . The method of claim 3 , wherein the transaction instrument is at least one of a virtual transaction instrument, a card, and mobile computing device application.
5 . The method of claim 1 , wherein a customer receives value at the first supplier for use at participating suppliers in the supplier payment system based on a deposit.
6 . The method of claim 5 , wherein value is issued in exchange for at least one of cash, credit, charge, debit, clearing house or wire transfer, trade of goods, promise to pay, barter, and non-currency trade.
7 . The method of claim 5 , wherein value is issued in exchange for at least one of the purchase of cell phone minutes and cell phone minutes.
8 . The method of claim 1 , further comprising transmitting, by the computer based system, transaction details to a database for reconciliation.
9 . The method of claim 1 , further comprising authenticating, by the computer based system, an identification of a customer associated with the transaction.
10 . The method of claim 1 , further comprising reconciling the transaction between the first supplier and the second supplier without use of a payment system.
11 . The method of claim 10 , further comprising reconciling an aggregation of transactions on a periodic basis to reduce at least one of a value of a settlement between suppliers or a number of settlements between suppliers.
12 . The method of claim 10 , wherein reconciling comprises settlement between members of the supplier payment system.
13 . The method of claim 1 , wherein the first supplier issues the transaction account to a customer for use in the transaction, regardless of involvement of the issuing bank.
14 . The method of claim 1 , wherein the first supplier holds a stored value account for the second supplier.
15 . The method of claim 1 , wherein the transaction is partially funded through a combination of a traditional payment network and the supplier payment system.
16 . The method of claim 1 , wherein the transaction is funded through a combination of supplier issued transaction accounts.
17 . The method of claim 1 , wherein reconciliation comprises settlement between a combination of supplier issued transaction accounts.
18 . The method of claim 1 , wherein funds may be added to the second supplier issued transaction account by the first supplier.
19 . A system comprising:
a second supplier communication device configured to transmit a request for a transaction;
a first supplier issued transaction account for payment;
a payment system associated with the first supplier issued transaction account,
wherein the request comprises locating a payment system associated with the first supplier issued transaction account, and wherein the request comprises querying the located payment system for a determination of sufficient funds;
the second supplier communication device configured to receive the determination of sufficient funds; and
the second supplier communication device configured to process the transaction based on an affirmative response to the determination of sufficient funds, wherein the transaction is processed without interacting with an issuing or an acquiring bank.
20 . An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a computer based system for facilitating processing of supplier payment system transactions, cause the computer-based system to perform operations comprising:
receiving, by the computer based system, via a second supplier, a request for a transaction and a first supplier issued transaction account for payment;
locating, by the computer based system, a payment system associated with the first supplier issued transaction account;
querying, by the computer based system, the located payment system for a determination of sufficient funds;
receiving, by the computer based system, determination of sufficient funds; and processing, by the computer based system, the transaction based on an affirmative response to the determination of sufficient funds, wherein the transaction is processed without interacting with an issuing or an acquiring bank.