18101046. PAYMENT NETWORK TRANSACTION SCHEDULER simplified abstract (American Express Travel Related Services Company, Inc.)

PAYMENT NETWORK TRANSACTION SCHEDULER

Organization Name

American Express Travel Related Services Company, Inc.

Inventor(s)

Benjamin J. Cane of Phoenix AZ (US)

Sunil Patel of Phoenix AZ (US)

Prakasam Duraisamy of Phoenix AZ (US)

PAYMENT NETWORK TRANSACTION SCHEDULER - A simplified explanation of the abstract

This abstract first appeared for US patent application 18101046 titled 'PAYMENT NETWORK TRANSACTION SCHEDULER

The abstract describes a patent application for implementing scheduled transactions within a payment network. A computing device identifies triggers for scheduled transactions, determines recipient and participant identifiers, and generates payment requests for the transactions.

• Computing device determines triggers for scheduled transactions
• Identifies network and participant identifiers for recipients
• Determines recipient association with a second payment network
• Generates payment requests representing scheduled transactions
• Forwards payment requests to a global transaction router

Potential Applications: - Streamlining scheduled transactions within payment networks - Enhancing efficiency and accuracy of payment processing - Facilitating cross-network transactions

Problems Solved: - Simplifying the process of executing scheduled transactions - Improving interoperability between different payment networks - Enhancing security and reliability of transaction routing

Benefits: - Increased automation and efficiency in payment processing - Seamless integration of scheduled transactions across networks - Enhanced security and accuracy in transaction routing

Commercial Applications: Title: "Efficient Scheduled Transaction Processing in Payment Networks" This technology can be utilized by financial institutions, payment processors, and e-commerce platforms to streamline scheduled transaction processing, improve cross-network interoperability, and enhance overall payment system efficiency.

Questions about Scheduled Transactions: 1. How does this technology improve the security of scheduled transactions? 2. What are the potential challenges in implementing cross-network scheduled transactions?

Frequently Updated Research: Stay updated on the latest advancements in payment network technologies, interoperability solutions, and transaction routing protocols to enhance the efficiency and security of scheduled transactions.

Original Abstract Submitted

Disclosed are various embodiments for implementing scheduled transactions within a payment network. A computing device first determines that a trigger has occurred for a scheduled transaction for a first payment network. Then, the computing device identifies a network identifier for the recipient and a participant identifier for a recipient of the scheduled transaction. Next, the computing device determines, based at least in part on the network identifier, that the recipient of the scheduled transaction is associated with a second payment network. Subsequently, the computing device generates a payment request representing the scheduled transaction, the payment request comprising the network identifier for the recipient and the participant identifier for the recipient. Then, the computing device forwards the payment request to a global transaction router of a supernetwork.