System and method for real-time three-party transaction processing

Abstract

A method of intermediating transactions includes, at an intermediation server: receiving invoice data defining a price payable to a vendor for supplying a product to a customer; extracting, from the invoice data, a vendor identifier corresponding to the vendor; determining, in association with the invoice data, a customer identifier corresponding to the customer; retrieving a payer identifier corresponding to a payer associated with the customer; retrieving, based on at least the payer identifier, a transaction policy; according to the retrieved transaction policy, allocating an eligible portion of the price to the payer identifier, and allocating a remaining portion of the price to the customer identifier; and generating and transmitting payment data for initiating a payment of the eligible portion from the payer to the vendor.

1 . A method of transaction processing, the method comprising, at a server:
 receiving, via a network, (i) invoice data from a vendor computing device associated with a vendor, the invoice data defining a price payable to the vendor for supplying a product to a customer associated with a customer computing device, and (ii) a virtual card number (VON) corresponding to the customer and associated with a payer identifier;   prior to initiation of a payment to the vendor for supplying the product:
 determining, from the invoice data, a vendor identifier corresponding to the vendor; 
 retrieving a transaction policy corresponding to the payer identifier; 
 according to the retrieved transaction policy, allocating an eligible portion of the price to the VON; and 
   initiating a payment of the eligible portion to the vendor using the VON.   
     
     
         2 . The method of  claim 1 , wherein determining the vendor identifier comprises performing optical character recognition on the invoice data. 
     
     
         3 . The method of  claim 1 , further comprising:
 when the remaining portion is non-zero, transmitting a notification to the customer computing device, the notification containing an indication of the remaining portion.   
     
     
         4 . A server comprising:
 a communications interface; and   a processor interconnected with the communications interface, the processor configured to:
 receive, via a network, (i) invoice data from a vendor computing device associated with a vendor, the invoice data defining a price payable to the vendor for supplying a product to a customer associated with a customer computing device, and (ii) a virtual card number (VCN) corresponding to the customer and associated with a payer identifier; 
 prior to initiation of a payment to the vendor for supplying the product:
 determine, from the invoice data, a vendor identifier corresponding to the vendor; 
 retrieve a transaction policy corresponding to the payer identifier; 
 according to the retrieved transaction policy, allocate an eligible portion of the price to the VON; and 
 
 initiate a payment of the eligible portion to the vendor using the VCN. 
   
     
     
         5 . The server of  claim 4 , wherein the processor is configured to determine the vendor identifier by performing optical character recognition on the invoice data. 
     
     
         6 . The server of  claim 4 , wherein the processor is configured to:
 when the remaining portion is non-zero, transmit a notification to the customer computing device, the notification containing an indication of the remaining portion.   
     
     
         7 . A system for real-time three-party transaction processing, comprising:
 (i) a vendor computing device associated with a vendor, and configured to generate and transmit invoice data defining a price payable to the vendor for supplying a product to a customer associated with a customer computing device;   (ii) a customer computing device associated with the customer, the customer computing device configured to:
 receive a virtual card number (VON) via a network; and 
 present the VON for receipt by the vendor computing device; 
   (iii) a server configured to:
 receive, via a network, (a) invoice data from the vendor computing device associated with a vendor, the invoice data defining a price payable to the vendor for supplying a product to a customer associated with a customer computing device, and (b) the VON corresponding to the customer and associated with a payer identifier; 
 prior to initiation of a payment to the vendor for supplying the product:
 determine, from the invoice data, a vendor identifier corresponding to the vendor; 
 retrieve a transaction policy corresponding to the payer identifier; 
 according to the retrieved transaction policy, allocate an eligible portion of the price to the VON; and 
 
 initiate a payment of the eligible portion to the vendor using the VON. 
   
     
     
         8 . The system of  claim 7 , wherein the server is configured to determine the vendor identifier by performing optical character recognition on the invoice data. 
     
     
         9 . The system of  claim 7 , wherein the server is further configured to:
 when the remaining portion is non-zero, transmit a notification to the customer computing device, the notification containing an indication of the remaining portion.