Method and system for facilitating installments in an electronic transaction

A method for facilitation of installments for an electronic transaction, comprising:

• storing, in an account database of a processing server in an issuer computing system, an account profile, wherein the account profile includes a standardized data set related to a transaction account including at least an account identifier;
• receiving from an acquirer computing device, by a receiving device of the processing server over a payment network, a transaction message related to an electronic transaction involving the transaction account, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements including at least a first data element configured to store the account identifier, a second data element configured to store a transaction identifier, a third data element configured to store a transaction date, and a fourth data element configured to store a transaction amount;
• storing, in a record database of the processing server, a first transaction record, wherein the first transaction record includes a standardized data set related to the electronic transaction including at least the transaction identifier, the transaction amount, the transaction date, and a due date based on the transaction date;
• receiving, by the receiving device of the processing server over a communication network, a data signal superimposed with an installment request, the installment request including at least data identifying the transaction account, the transaction identifier, and one or more installment options;
• calculating, by an installment calculation module of the processing server, one or more installment terms based on at least one of:
• the one or more installment options, the transaction amount, the transaction date, and the due date, wherein the one or more installment terms and/or the one or more installment options includes at least an installment amount and a number of installments;
• generating, by an installment generation module of the processing server, a plurality of second transaction records, wherein each second transaction record includes a standardized data set related to an installment for the electronic transaction including at least the transaction identifier, the installment amount, and a payment date based on the due date and the number of installments, and wherein a number of transaction records in the plurality of second transaction records is equivalent to the number of installments;
• replacing, by an updating module of the processing server, the first transaction record stored in the record database with the generated plurality of second transaction records;
• and
• electronically transmitting, by a transmitting device of the processing server over the communication network, a data signal superimposed with an installment notification to a mobile computing device associated with a specific device identifier, wherein the installment notification includes at least data identifying the transaction account, the transaction identifier, and at least one of the one or more installment options, wherein
• the data signal superimposed with the installment notification is electronically transmitted to the mobile computing device prior to receiving the data signal superimposed with the installment request,
• the data signal superimposed with the installment request is received from the mobile computing device associated with the specific device identifier, and
• the account profile further includes the specific device identifier.

A method for facilitation of installments for an electronic transaction, comprising,

• storing, in an account database of a processing server in an issuer computing system, an account profile, wherein the account profile includes a standardized data set related to a transaction account including at least an account identifier;
• receiving from an acquirer computing device, by a receiving device of the processing server over a payment network, a transaction message related to an electronic transaction involving the transaction account, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements including at least a first data element configured to store the account identifier, a second data element configured to store a transaction identifier, a third data element configured to store a transaction date, and a fourth data element configured to store a transaction amount;
• storing, in a record database of the processing server, a first transaction record, wherein the first transaction record includes a standardized data set related to the electronic transaction including at least the transaction identifier, the transaction amount, the transaction date, and a due date based on the transaction date;
• sending to a computing device associated with the transaction account, by a transmitting device of the processing server over a communication network when the transaction is approved, a data signal superimposed with an installment notification;
• receiving from the computing device associated with the transaction account, by the receiving device of the processing server over the communication network and in response to the installment notification, a data signal superimposed with an installment request, the installment request including at least data identifying the transaction account, the transaction identifier, and one or more installment options;
• calculating, by an installment calculation module of the processing server, one or more installment terms based on at least one of:
• the one or more installment options, the transaction amount, the transaction date, and the due date, wherein the one or more installment terms and/or the one or more installment options includes at least an installment amount and a number of installments;
• generating, by an installment generation module of the processing server, a plurality of second transaction records, wherein each second transaction record includes a standardized data set related to an installment for the electronic transaction including at least the transaction identifier, the installment amount, and a payment date based on the due date and the number of installments, and wherein a number of transaction records in the plurality of second transaction records is equivalent to the number of installments;
• and
• replacing, by an updating module of the processing server, the first transaction record stored in the record database with the generated plurality of second transaction records, wherein
• the account profile further includes a linked account identifier associated with an alternative transaction account, and
• each of the plurality of transaction records further includes the linked account identifier.

A system for facilitation of installments for an electronic transaction, comprising:

• an account database of a processing server in a computing system of an issuer configured to store an account profile, wherein the account profile includes a standardized data set related to a transaction account including at least an account identifier;
• a receiving device of the processing server configured to receive from an acquirer computing device over a payment network a transaction message related to an electronic transaction involving the transaction account, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements including at least a first data element configured to store the account identifier, a second data element configured to store a transaction identifier, a third data element configured to store a transaction date, and a fourth data element configured to store a transaction amount;
• a record database of the processing server configured to store a first transaction record, wherein the first transaction record includes a standardized data set related to the electronic transaction including at least the transaction identifier, the transaction amount, the transaction date, and a due date based on the transaction date;
• and
• an installment calculation module, an installment generation module, and an updating module of the processing server, wherein
• a transmitting device of the processing server configured to send to a computing device associated with the transaction account over a communication network, a data signal superimposed with an installment notification, when the transaction is approved;
• the receiving device of the processing server is further configured to receive from the computing device associated with the transaction account and in response to the installment notification a data signal superimposed with an installment request, the installment request including at least data identifying the transaction account, the transaction identifier, and one or more installment options,
• the installment calculation module of the processing server is configured to calculate one or more installment terms based on at least one of:
• the one or more installment options, the transaction amount, the transaction date, and the due date, wherein the one or more installment terms and/or the one or more installment options includes at least an installment amount and a number of installments,
• the installment generation module of the processing server is configured to generate a plurality of second transaction records, wherein each second transaction record includes a standardized data set related to an installment for the electronic transaction including at least the transaction identifier, the installment amount, and a payment date based on the due date and the number of installments, and wherein a number of transaction records in the plurality of second transaction records is equivalent to the number of installments,
• the updating module of the processing server is configured to replace the first transaction record stored in the record database with the generated plurality of second transaction records,
• the receiving device of the processing server is further configured to receive a second transaction message related to a second electronic transaction involving the transaction account from the payment network, wherein the second transaction message is formatted based on the one or more standards and includes a plurality of data elements including at least a first data element configured to store the account identifier, a second data element configured to store a second transaction identifier, a third data element configured to store a second transaction date, and a fourth data element configured to store a second transaction amount, and
• the installment request further includes the second transaction identifier.

A system for facilitation of installments for an electronic transaction, comprising:

• an account database of a processing server in a computing system of an issuer configured to store an account profile, wherein the account profile includes a standardized data set related to a transaction account including at least an account identifier;
• a receiving device of the processing server configured to receive over a payment network from a computing device of an acquirer a transaction message related to an electronic transaction involving the transaction account, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements including at least a first data element configured to store the account identifier, a second data element configured to store a transaction identifier, a third data element configured to store a transaction date, and a fourth data element configured to store a transaction amount;
• a record database of the processing server configured to store a first transaction record, wherein the first transaction record includes a standardized data set related to the electronic transaction including at least the transaction identifier, the transaction amount, the transaction date, and a due date based on the transaction date;
• an installment calculation module, an installment generation module, and an updating module of the processing server;
• and
• a transmitting device of the processing server configured to electronically transmit a data signal superimposed with an installment notification to a mobile computing device associated with a specific device identifier, wherein the installment notification includes at least data identifying the transaction account, the transaction identifier, and at least one of the one or more installment options, wherein
• the data signal superimposed with the installment notification is electronically transmitted to the mobile computing device over a communication network prior to receiving the data signal superimposed with the installment request,
• the data signal superimposed with the installment request is received, over the communication network, from the mobile computing device associated with the specific device identifier,
• the account profile further includes the specific device identifier,
• the receiving device of the processing server is further configured to receive a data signal superimposed with an installment request, the installment request including at least data identifying the transaction account, the transaction identifier, and one or more installment options,
• the installment calculation module of the processing server is configured to calculate one or more installment terms based on at least one of:
• the one or more installment options, the transaction amount, the transaction date, and the due date, wherein the one or more installment terms and/or the one or more installment options includes at least an installment amount and a number of installments,
• the installment generation module of the processing server is configured to generate a plurality of second transaction records, wherein each second transaction record includes a standardized data set related to an installment for the electronic transaction including at least the transaction identifier, the installment amount, and a payment date based on the due date and the number of installments, and wherein a number of transaction records in the plurality of second transaction records is equivalent to the number of installments, and
• the updating module of the processing server is configured to replace the first transaction record stored in the record database with the generated plurality of second transaction records.

A system for facilitation of installments for an electronic transaction, comprising:

• an account database of a processing server in a computing system of an issuer, the processing server configured to store an account profile, wherein the account profile includes a standardized data set related to a transaction account including at least an account identifier;
• a receiving device of the processing server configured to receive from a computing device of an acquirer over a payment network a transaction message related to an electronic transaction involving the transaction account, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements including at least a first data element configured to store the account identifier, a second data element configured to store a transaction identifier, a third data element configured to store a transaction date, and a fourth data element configured to store a transaction amount;
• a record database of the processing server configured to store a first transaction record, wherein the first transaction record includes a standardized data set related to the electronic transaction including at least the transaction identifier, the transaction amount, the transaction date, and a due date based on the transaction date;
• and
• an installment calculation module, an installment generation module, and an updating module of the processing server, wherein
• the receiving device of the processing server is further configured to receive over a communication network a data signal superimposed with an installment request, the installment request including at least data identifying the transaction account, the transaction identifier, and one or more installment options,
• the installment calculation module of the processing server is configured to calculate one or more installment terms based on at least one of:
• the one or more installment options, the transaction amount, the transaction date, and the due date, wherein the one or more installment terms and/or the one or more installment options includes at least an installment amount and a number of installments,
• the installment generation module of the processing server is configured to generate a plurality of second transaction records, wherein each second transaction record includes a standardized data set related to an installment for the electronic transaction including at least the transaction identifier, the installment amount, and a payment date based on the due date and the number of installments, and wherein a number of transaction records in the plurality of transaction records is equivalent to the number of installments,
• the updating module of the processing server is configured to replace the first transaction record stored in the record database with the generated plurality of second transaction records,
• the account profile further includes a linked account identifier associated with an alternative transaction account, and
• each of the plurality of second transaction records further includes the linked account identifier.