| CPC G06Q 20/3678 (2013.01) [G06Q 20/0658 (2013.01); G06Q 20/102 (2013.01); G06Q 20/3676 (2013.01); G06Q 20/405 (2013.01); G06Q 30/0215 (2013.01)] | 20 Claims |
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1. A system, comprising:
a non-transitory memory; and
one or more hardware processors coupled with the non-transitory memory and configured to read instructions from the non-transitory memory to cause the system to perform operations comprising:
receiving, from an electronic payment tool associated with a first user and via a first network, transaction information associated with an electronic transaction between the first user and a merchant, wherein the transaction information comprises transaction data specific to the electronic transaction including a monetary amount associated with the electronic transaction;
receiving, via a payment network different from the first network, a first digital token corresponding to the electronic payment tool associated with the first user;
in response to receiving the first digital token, accessing a digital wallet associated with the electronic payment tool, wherein the digital wallet is linked to a plurality of financial instruments associated with the first user;
determining, from the plurality of financial instruments, a first financial instrument for processing the electronic transaction;
processing the electronic transaction using the digital wallet without transferring first funds from a funding account of the first financial instrument, wherein the processing the electronic transaction comprises:
creating a receivable record in an account database for storing the transaction information associated with the electronic transaction based on the first digital token received via the payment network, wherein the receivable record comprises allocation data indicating an initial allocation of the monetary amount associated with the electronic transaction to the first financial instrument associated with the digital wallet, and purchase data indicating at least one of an MCC code associated with the electronic transaction, a purchase category associated with the electronic transaction, or a merchant identifier of the merchant;
transmitting second funds from an account associated with the system in the monetary amount to the merchant; and
transmitting, to a merchant server associated with the merchant, a message indicating a successful processing of the electronic transaction;
subsequent to the processing the electronic transaction, determining a second financial instrument, from the plurality of financial instruments, for use in the electronic transaction;
in response to determining the second financial instrument for use in the electronic transaction, re-processing the electronic transaction using the second financial instrument via a series of commands transmitted within the payment network, wherein the re-processing the electronic transaction using the second financial instrument comprises charging at least a portion of the monetary amount to the second financial instrument for repaying the at least the portion of the monetary amount to the account associated with the system, wherein the charging comprises transmitting the series of commands to the payment network for transferring the at least the portion of the monetary amount from the second financial instrument to the account associated with the system and communicating the purchase data stored in the receivable record to an issuer host associated with the second financial instrument via the payment network;
updating the receivable record based on the re-processing of the electronic transaction using the second financial instrument; and
transmitting, to a user device associated with the first user, a notification indicating a completion of the re-processing of the electronic transaction using the second financial instrument.
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