Methods and systems for IoT enabled payments

1. A method of processing a payment transaction for an order for one or more products, comprising:

receiving, by a network server from a server of a first financial institution, an authorization request message for authorization of a payment transaction concerning an order for one or more products from a smart storage device comprising one or more sensors, the authorization request message comprising a token primary account number (PAN) associated with a payment account at a second financial institution;

determining, by the network server based on the token PAN, that the payment transaction should be processed according to a delayed clearing protocol, wherein the delayed clearing protocol involves delaying payment processing until the order is successfully received by the smart storage device, by:

accessing a database comprising a plurality of token PANs associated with the delayed clearing protocol, and

determining that the token PAN is one of the plurality of token PANs in the database;

receiving, by the network server from the server of the first financial institution, a clearing presentment file comprising at least one clearing presentment message, the clearing presentment message comprising details of the payment transaction;

determining, by the network server, that a receipt message from the smart storage device has not been received, wherein receipt messages from the smart storage device indicate the presence of products corresponding to respective orders as being detected by the one or more sensors of the smart storage device;

transmitting, by the network server, an error message to the first financial institution server indicating that the clearing presentment message has been rejected;

receiving, by the network server, a receipt message from the smart storage device indicating detection of the presence of the one or more products;

sending, by the network server to the server of the first financial institution, a confirmation message requesting that the payment transaction be included in a further clearing presentment message;

receiving, by the network server from the server of the first financial institution, a further clearing presentment file comprising the further clearing presentment message, wherein the further clearing presentment message comprises details of the payment transaction; and

sending, by the network server, the further clearing presentment file to a server of the second financial institution for settlement.

2. The method of claim 1 , further comprising, subsequent to

receiving, by the network server, the receipt message from the smart storage device indicating that the sensor has detected the presence of the order for the one or more products:

sending, by the network server, the clearing presentment message to the server of the second financial institution.

3. A system for processing a payment transaction for an order for one or more products, comprising:

a network server comprising at least one processor and a memory;

a first financial institution server operably connected to the network server;

a second financial institution server operably connected to the network server;

a smart storage device comprising one or more sensors, the smart storage device operably connected to the network server; and

a database operably connected to the network server, wherein the database comprises a plurality of token primary account numbers (PANs) associated with a delayed clearing protocol;

wherein the memory of the network server comprises instructions which when executed cause the processor of the network server to:

receive an authorization request message from the first financial institution server for authorization of a payment transaction concerning an order for one or more products by the smart storage device, the authorization request message comprising a token primary account number (PAN) associated with a payment account at the second financial institution;

determine, based on the token PAN, that the payment transaction should be processed according to a delayed clearing protocol, wherein the delayed clearing protocol involves delaying payment processing until the order is successfully received by the smart storage device, by:

accessing the database comprising the plurality of token PANs associated with the delayed clearing protocol, and

determining that the token PAN matches one of the plurality of token PANs in the database;

receive a clearing presentment file from the server of the first financial institution, the clearing presentment file comprising at least one clearing presentment message comprising details of the payment transaction;

determine that a receipt message from the smart storage device has not been received, wherein receipt messages from the smart storage device indicate the presence of products corresponding to respective orders as being detected by the one or more sensors of the smart storage device;

transmit an error message to the first financial intuition indicating that the clearing presentment message has been rejected;

receive a receipt message from the smart storage device indicating detection of the presence of the products;

send a confirmation message to the server of the first financial institution, the confirmation message requesting that the payment transaction be included in a further clearing presentment message;

receive a further clearing presentment file comprising the further clearing presentment message from the server of the first financial institution, wherein the further clearing presentment message comprises details of the payment transaction; and

send the further clearing presentment file to a server of the second financial institution for settlement.

4. The system of claim 3 , wherein the memory of the network server comprises further instructions, subsequent to the instructions for receiving

the receipt message from the smart storage device indicating that the sensor has detected the presence of the one or more products:

send the clearing presentment message to the server of the second financial institution.