US 11,734,694 B2
Systems and methods for digital refunds
Raghuram Vudathu, Downingtown, PA (US); Saumya Agrawal, Mumbai (IN); and Himateja Mikkilineni, Middletown, DE (US)
Assigned to JPMORGAN CHASE BANK, N.A., New York, NY (US)
Filed by JPMORGAN CHASE BANK, N.A., New York, NY (US)
Filed on Dec. 10, 2020, as Appl. No. 17/118,174.
Claims priority of application No. 201911053540 (IN), filed on Dec. 23, 2019.
Prior Publication US 2021/0233077 A1, Jul. 29, 2021
Int. Cl. G06Q 20/40 (2012.01); G06F 9/54 (2006.01); G06Q 30/016 (2023.01); G06Q 20/24 (2012.01)
CPC G06Q 20/407 (2013.01) [G06F 9/54 (2013.01); G06Q 20/24 (2013.01); G06Q 30/016 (2013.01)] 4 Claims
OG exemplary drawing
 
1. A method, comprising:
receiving, by a backend computer system and from a customer electronic device, a receipt for a transaction involving a product purchased by a customer from a merchant, wherein the backend computer system comprises at least one processor and a database, and the backend computer system participates in a distributed ledger network in which a merchant aggregator system for a merchant aggregator, a merchant system for the merchant, and a third party merchant system for a third party merchant are also participants;
extracting, by the backend computer system, a product identifier and a purchase price from the receipt;
determining, by the backend computer system, a return period in which the product is eligible for a return to the merchant by retrieving a merchant return policy for the merchant from the merchant aggregator system using an application programmable interface (API), wherein the merchant system submits its return policy to the merchant aggregator system;
retrieving, by the backend computer system and during the return period, a current price for the product from the distributed ledger network, wherein the merchant system and the third party merchant system submit their current prices for the product to the distributed ledger network;
determining, by the backend computer system and during the return period, that the current price for the product is less than the purchase price;
initiating, by the backend computer system and during the return period, a refund to the customer from the merchant for a difference between the current price and the purchase price; and
when the refund is complete, saving, by the backend computer system, the completed refund to the database.