System for routing of process authorization and settlement to a user in process data network based on specified parameters

A method for execution on a system operatively connected with a block chain distributed network, the method for using the block chain distributed network for routing of process authorization and settlement based on specified parameters, the method comprising:

• receiving, by the system, a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount;
• accessing, by the system, a distributed ledger stored in the memory device, wherein the distributed ledger is updated based on communications from a block chain distributed network;
• determining, by the system, using the accessed distributed ledger, one or more process authorization and transaction settlement preferences associated with the payee of the transaction data;
• determining, by the system, based on the process authorization preference, an authorization route comprising a plurality of authorization nodes operatively connected with the block chain distributed network;
• determine, by the system, based on the transaction settlement preference, a payment settlement route comprising a plurality of network payment rails operatively connected between the system and a payee system;
• and
• routing, by the system, the process authorization according to the determined authorization route and the transaction settlement according to the determined payment settlement route.

A computer program product for execution on a system operatively connected with a block chain distributed network, the computer program product for using the block chain distributed network for routing of process authorization and settlement based on specified parameters, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

• an executable portion configured to receive a transaction record associated with a payment transaction, wherein the transaction record comprises transaction data indicating a payor, a payee and an amount;
• an executable portion configured to access a distributed ledger stored in the memory device, wherein the distributed ledger is updated based on communications from a block chain distributed network;
• an executable portion configured to determine, using the accessed distributed ledger, one or more process authorization and transaction settlement preferences associated with the payee of the transaction data;
• an executable portion configured to determine, based on the process authorization preferences, an authorization route comprising a plurality of authorization nodes operatively connected with the block chain distributed network;
• an executable portion configured to determine, based on the transaction settlement preferences, a payment settlement route comprising a plurality of network payment rails operatively connected between the system and a payee system;
• and
• an executable portion configured to route the process authorization according to the determined authorization route and the transaction settlement according to the determined payment settlement route.