System for routing of process authorization and settlement to a user in process data network based on specified parameters

US10318938B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Darrell Johnsrud · Loveland, US
• Manu Kurian · Dallas, US
• Michael Wuehler · New York, US

Key dates

• Filing date: Feb 22, 2016
• Grant date: Jun 11, 2019
• Expiry date: Sep 19, 2037

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04L2209/56
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Embodiments enable a system operatively connected with a block chain distributed network to use the block chain for routing of process authorization and settlement based on specified parameters. Embodiments receive a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount; access a distributed ledger stored in the memory device, wherein the distributed ledger is updated based on communications from a block chain distributed network; determine, using the accessed distributed ledger, one or more preferences associated with the payee of the transaction data; and route at least one of the process authorization and transaction settlement based on the accessed one or more preferences. In some cases, the preferences include a settlement routing preference and the transaction settlement is routed based on the settlement routing preference.