Aggregator server and method for generating unique identifiers for processing payments from different payment instruments

1. A computer-implemented method, comprising:

receiving, by an aggregator server, a standing instruction request from an acquirer server associated with a merchant, the standing instruction request comprising a plurality of unique data fields representing setting up of a recurring payment transaction from a payment instrument of a user to a merchant account of the merchant;

upon receipt of the standing instruction request comprising the plurality of unique data fields, generating and storing, by the aggregator server, a unique identifier corresponding to the standing instruction request;

transmitting, by the aggregator server, the standing instruction request along with the unique identifier to an issuer server associated with the payment instrument to authorize the standing instruction request;

receiving an authorization response message, by the aggregator server, in response to successful authorization of the standing instruction request by the issuer server; and

transmitting, by the aggregator server, the authorization response message along with the unique identifier to the acquirer server representing a setup of a standing instruction for the recurring payment transaction from the payment instrument of the user to the merchant account of the merchant,

wherein the aggregator server, the acquirer server and the issuer server are different servers.

2. The computer-implemented method as claimed in claim 1 , further comprising:

receiving, by the aggregator server, a payment transaction request for a subsequent recurring payment transaction from the acquirer server;

checking if the payment transaction request comprises the plurality of unique data fields generated in accordance with an already setup standing instruction for the recurring payment transaction from the payment instrument to the merchant account;

determining, by the aggregator server, validity of the plurality of unique data fields present in the payment transaction request to determine that the payment transaction request is associated with the standing instruction for the recurring payment transaction;

upon successful validation, accessing a database linked with the aggregator server, to retrieve the unique identifier associated with the recurring payment transaction; and

sending, by the aggregator server, the payment transaction request appended with the unique identifier to the issuer server, wherein the issuer server processes the subsequent recurring payment transaction from the payment instrument to the merchant account without additional authentication of the user by matching the unique identifier received from the aggregator server with a stored unique identifier accessible to the issuer server.

3. The computer-implemented method as claimed in claim 2 , wherein the aggregator server is communicably linked with a plurality of payment networks, and wherein

when the payment instrument is a first payment instrument associated with a first payment network, receiving the payment transaction request from the acquirer server comprises receiving the payment transaction request via a payment server of the first payment network, the payment transaction request processed at least in the first payment network, or

when the payment instrument is a second payment instrument associated with a second payment network, receiving the payment transaction request from the acquirer server comprises receiving the payment transaction request via a payment server of the second payment network, the payment transaction request processed at least in the second payment network,

wherein the first payment instrument is different from the second payment instrument, and the first payment network is different from the second payment network.

4. The method as claimed in claim 3 , further comprising generating one or more additional unique identifiers for a pair of the payment instrument and the merchant account, where the one or more additional unique identifiers are generated based at least on a combination of the merchant account, the payment instrument and one or more transaction amounts.

5. The computer-implemented method as claimed in method 2 , wherein the plurality of unique data fields is included in reserved bits of the payment transaction request received from the acquirer server, and wherein the plurality of unique data fields comprises at least one field indicating a variation in a transaction amount for the standing instruction.

6. The computer-implemented method as claimed in claim 1 , wherein the standing instruction request is part of a first recurring payment request and the method further comprising:

performing an authentication of the user through a second factor authentication prior to generation of the standing instruction request; and

transmitting an authentication response to the acquirer server associated with the merchant in response to successful authentication of the user through the second factor authentication which provides permission to the merchant to initiate instructions for the recurring payment transaction from the payment instrument of the user to the merchant account of the merchant.

7. The computer-implemented method as claimed in claim 1 , further comprising:

receiving, by the aggregator server, a standing instruction cancellation request appended with the unique identifier from the acquirer server, wherein the standing instruction cancellation request is initiated by the acquirer server based upon a user input for terminating the recurring payment transaction from the payment instrument of the user to the merchant account;

identifying, by the aggregator server, the unique identifier associated with the recurring payment transaction between the payment instrument and merchant account from a database linked with the aggregator server; and

sending the standing instruction cancellation request to the issuer server for blocking the unique identifier associated with the recurring payment transaction from the payment instrument to the merchant account.

8. An aggregator server for processing standing instructions payments, the aggregator server comprising:

a communication interface;

a memory comprising executable instructions; and

a processor communicatively coupled to the communication interface and configured to execute the instructions to cause the aggregator server to at least

receive a standing instruction request from an acquirer server associated with a merchant, the standing instruction request comprising a plurality of unique data fields representing setting up of a recurring payment transaction from a payment instrument of a user to a merchant account of the merchant,

generate and store a unique identifier corresponding to the standing instruction request associated with a pair of the payment instrument and the merchant account,

transmit the standing instruction request along with the unique identifier to an issuer server associated with the payment instrument to authorize the standing instruction request,

receive an authorization response message in response to successful authorization of the standing instruction request by the issuer server, and

transmit the authorization response message along with the unique identifier to the acquirer server representing a setup of a standing instruction for the recurring payment transaction from the payment instrument of the user to the merchant account,

wherein the aggregator server, the acquirer server and the issuer server are different servers.

9. The aggregator server as claimed in claim 8 , further caused at least in part to:

receive a payment transaction request for a subsequent recurring payment transaction from the acquirer server;

check if the payment transaction request comprises the plurality of unique data fields generated in accordance with an already setup standing instruction for the recurring payment transaction from the payment instrument to the merchant account;

determine validity of the plurality of unique data fields present in the payment transaction request to determine that the payment transaction request is associated with the standing instruction for the recurring payment transaction;

upon successful validation, access a database linked with the aggregator server, to retrieve the unique identifier associated with the recurring payment transaction; and

send the payment transaction request appended with the unique identifier to the issuer server, wherein the issuer server processes the subsequent recurring payment transaction from the payment instrument to the merchant account without additional authentication of the user by matching the unique identifier received from the aggregator server with a stored unique identifier accessible to the issuer server.

10. A computer-implemented method, comprising:

receiving, by an aggregator server associated with a payment network, a payment transaction request from an acquirer server associated with a merchant for performing a recurring payment transaction from a payment instrument of a user to a merchant account of the merchant;

checking if the payment transaction request comprises a plurality of unique data fields representing the recurring payment transaction based on a standing instruction;

checking, by the aggregator server, validity of the plurality of unique data fields to determine if the payment transaction request is associated with the recurring payment transaction based on the standing instruction that is already setup, wherein the validity of the plurality of unique data fields is determined based on matching values of the plurality of unique data fields with corresponding values stored in a database linked with the aggregator server;

upon successful validation, accessing the database linked with the aggregator server, to retrieve a unique identifier associated with the recurring payment transaction from the payment instrument to the merchant account; and

sending, by the aggregator server, the payment transaction request including the unique identifier to an issuer server, wherein the issuer server processes the recurring payment transaction from the payment instrument to the merchant account without performing additional authentication of the user by matching the unique identifier received from the aggregator server with a stored unique identifier available with the issuer server,

wherein the aggregator server is linked with a plurality of payment networks, and the payment instrument is associated with any of the plurality of payment networks.