Value processing network and methods

Abstract

Various arrangements for processing a transaction involving at least two parties are provided. Rules may be established that define transaction processing between combinations of a plurality of origination entities and a plurality of destination entities. Transaction information may be received relating to the transaction between the two parties. One of the parties is an origination entity and one of the parties is a destination entity. The transaction information contains at least an identifier from which at least one of the parties may be identified. The transaction information may be used to identify at least one of the parties. The rules may be used to define transaction processing for the at least one party. Processing of the transaction may be at least partially based on the rules.

1 . (canceled) 
     
     
         2 . A method for processing a transaction, the method comprising:
 storing, by a computer system, a plurality of rules that define selectable transaction processing between a plurality of origination entities and a plurality of destination entities, wherein:
 the plurality of rules permit transaction settlement outside of a card association network, 
 each rule of the plurality of rules is based on mutual agreement of a corresponding origination entity and corresponding destination entity, 
 the card association network is used to settle financial transactions, 
 the origination entity is selected from the group consisting of: a merchant, and an acquiring bank, and 
 the destination entity is a bank; 
   receiving, by the computer system, transaction information corresponding to the transaction, wherein:
 the computer system is in communication with a plurality of point-of-sale (POS) devices accessible via one or more networks; 
 the computer system is in communication with a plurality of banking networks; 
 the transaction information is received from a POS device of the plurality of POS devices accessible via the one or more network and corresponds to a transaction instrument issued pursuant to a license from the card association network; 
 the transaction is between an origination entity of the plurality of origination entities and a destination entity of the plurality of destination entities; 
 the transaction comprises a financial transaction involving a financial account linked with an account identifier; and 
 the transaction information comprises the account identifier, which is associated with the destination entity; 
   using, by the computer system, the transaction information to identify the destination entity;   selecting, by the computer system, a rule from the plurality of rules based on an identity of the origination entity and an identity of the destination entity, wherein the identity of the origination entity and the identity of the destination entity are determined based on the received transaction information;   accessing, by the computer system, the selected rule from the plurality of rules that defines transaction processing between the origination entity and the destination entity, wherein the selected rule provides for processing of transactions directly between the origination entity and the destination entity, and not being routed through the card association network; and   processing, by the computer system, the transaction using the selected rule via a banking network of the plurality of banking networks, such that the card association network is not used for settlement of the transaction, thereby more rapidly processing the transaction.   
     
     
         3 . The method for processing the transaction of  claim 2 , further comprising:
 accessing, by the computer system, a second rule that identifies types of transactions that are permitted to be settled outside of the card association network; and   overriding, by the computer system, processing of the transaction outside of the card association network at least partially based on the second rule.   
     
     
         4 . The method for processing the transaction of  claim 2 , wherein the rule defines transaction processing between multiple origination entities and the destination entity, wherein the multiple origination entities comprises the origination entity. 
     
     
         5 . The method for processing the transaction of  claim 2 , wherein the origination entity processes purchase transactions, including the transaction, on behalf of the merchant. 
     
     
         6 . The method for processing the transaction of  claim 2 , wherein the rule that defines transaction processing between the origination entity and the destination entity is directed to particular types of transaction cards issued by the destination entity. 
     
     
         7 . The method for processing the transaction of  claim 2 , wherein the rule defines one or more properties of the transaction selected from the group consisting of:
 routing of the transaction,   fees associated with the transaction,   timing of settlement,   method of settlement,   aggregation and reporting,   dispute resolution,   compliance,   fraud detection, and   risk sharing.   
     
     
         8 . The method for processing the transaction of  claim 2 , wherein the transaction is a type of transaction selected from the group consisting of:
 a credit card transaction, and   a debit card transaction.   
     
     
         9 . The method for processing the transaction of  claim 2 , wherein the transaction is a type of transaction selected from the group consisting of:
 a gift card transaction,   a retail card transaction, and   a stored value card transaction.   
     
     
         10 . The method for processing the transaction of  claim 2 , wherein the transaction is a type of transaction selected from the group consisting of:
 an account withdrawal,   a money transfer,   a negotiable instrument transaction,   a loyalty point transaction   a reward point transaction,   a pre-paid commodities transaction,   an insurance benefits transaction,   a cell-phone minutes transaction, and   a discount certificate transaction.   
     
     
         11 . A system for processing a transaction, the system comprising:
 a processor; and   a memory communicatively coupled with and readable by the processor and having stored therein processor-readable instructions which, when executed by the processor, cause the processor to:   cause a plurality of rules that define selectable transaction processing between a plurality of origination entities and a plurality of destination entities to be stored, wherein:
 the plurality of rules permit transaction settlement outside of a card association network, 
 each rule of the plurality of rules is based on mutual agreement of a corresponding origination entity and corresponding destination entity, 
 the card association network is used to settle financial transactions, 
 the origination entity is selected from the group consisting of: a merchant, an acquiring bank, and a stored-value card processor, and 
 the destination entity is a bank; 
   receive transaction information relating to the transaction, wherein:
 the processor is in communication with a plurality of point-of-sale (POS) devices accessible via one or more networks; 
 the processor is in communication with a plurality of banking networks; 
 the transaction information is received from a POS device of the plurality of POS devices accessible via the one or more network and corresponds to a transaction instrument issued pursuant to a license from the card association network; 
 the transaction is between an origination entity of the plurality of origination entities and a destination entity of the plurality of destination entities; 
 the transaction comprises a financial transaction involving a financial account corresponding to an account identifier, and 
 the transaction information comprises the account identifier, which is associated with the destination entity; 
   use the transaction information to identify the destination entity;   select a rule from the plurality of rules based on an identity of the origination entity and an identity of the destination entity, wherein the identity of the origination entity and the identity of the destination entity are determined based on the received transaction information;   access the selected rule from the plurality of rules that defines transaction processing between the origination entity and the destination entity, wherein the selected rule provides for processing of transactions directly between the origination entity and the destination entity, and not being routed through the card association network; and   process the transaction using the selected rule via a banking network of the plurality of banking networks, such that the card association network is not used for settlement of the transaction, thereby more rapidly processing the transaction.   
     
     
         12 . The system for processing the transaction of  claim 11 , wherein the processor-readable instructions are configured to cause the processor to:
 access a second rule that identifies types of transactions that are permitted to be settled outside of the card association network; and   override processing of the transaction outside of the card association network at least partially based on the second rule.   
     
     
         13 . The system for processing the transaction of  claim 11 , wherein the rule defines transaction processing between multiple origination entities and the destination entity, wherein the multiple origination entities comprises the origination entity. 
     
     
         14 . The system for processing the transaction of  claim 11 , wherein the origination entity processes purchase transactions, including the transaction, on behalf of the merchant. 
     
     
         15 . A computer program product residing on a non-transitory processor-readable medium for processing a transaction, the computer program product comprising processor-readable instructions configured to cause a processor of a computer system to:
 cause a plurality of rules that define selectable transaction processing between a plurality of origination entities and a plurality of destination entities to be stored, wherein:
 the plurality of rules permit transaction settlement outside of a card association network, 
 each rule of the plurality of rules is based on mutual agreement of a corresponding origination entity and corresponding destination entity, 
 the card association network is used to settle financial transactions, 
 the origination entity is selected from the group consisting of: a merchant, an acquiring bank, and a stored-value card processor, and 
 the destination entity is a bank; 
   receive transaction information corresponding to the transaction; wherein:
 the computer system is in communication with a plurality of point-of-sale (POS) devices accessible via one or more networks; 
 the computer system is in communication with a plurality of banking networks; 
 the transaction information is received from a POS device of the plurality of POS devices accessible via the one or more network and corresponds to a transaction instrument issued pursuant to a license from the card association network; 
 the transaction is between an origination entity of the plurality of origination entities and a destination entity of the plurality of destination entities; 
 the transaction comprises a financial transaction involving a financial account linked with an account identifier; and 
 the transaction information comprises the account identifier, which is associated with the destination entity; 
   use the transaction information to identify the destination entity;   select a rule from the plurality of rules based on an identity of the origination entity and an identity of the destination entity, wherein the identity of the origination entity and the identity of the destination entity are determined based on the received transaction information;   access the selected rule from the plurality of rules that defines transaction processing between the origination entity and the destination entity, wherein the selected rule provides for processing of transactions directly between the origination entity and the destination entity, and not being routed through the card association network; and   process the transaction using the selected rule via a banking network of the plurality of banking networks, such that the card association network is not used for settlement of the transaction, thereby more rapidly processing the transaction.   
     
     
         19 . The computer program product for processing the transaction of  claim 15 , the computer program product further comprising processor-readable instructions configured to cause the processor to:
 access a second rule that identifies types of transactions that are permitted to be settled outside of the card association network; and   override processing of the transaction outside of the card association network at least partially based on the second rule.   
     
     
         20 . The computer program product for processing the transaction of  claim 15 , wherein the rule defines transaction processing between multiple origination entities and the destination entity, wherein the multiple origination entities comprises the origination entity. 
     
     
         21 . The computer program product for processing the transaction of  claim 15 , wherein the origination entity processes purchase transactions, including the transaction, on behalf of the merchant.