Automatic optimal payment type determination systems

An automatic payment method selection system, comprising:

• one or more processors;
• and
• a memory in communication with the one or more processors and storing instructions that, when executed by the one or more processors, are configured to cause the system to:
• receive payor payment preferences associated with a payor, the payor payment preferences comprising a preferred payment composition comprising a debit portion associated with a payment made from payor cash holdings and a credit portion associated with a payment made against payor available credit;
• receive a payment request comprising data representative of:
• a payment amount;
• an identification of the payor;
• and
• an identification of a payee;
• determine, payor cash holdings and payor available credit further comprising:
• identifying a payor financial institution;
• and
• receiving, via an API, data representative of the payor cash holdings and payor available credit;
• transmit a payor authentication request message to a payor device;
• receive, from a payee device associated with the payee, data representative of payee approved payment methods;
• determine, based on the payee approved payment methods and the preferred payment composition, one or more payment instruments, wherein determining the one or more payment instruments comprises:
• comparing the payor payment preferences with the payee approved payment methods according to a rule hierarchy, wherein the rule hierarchy enables a payment instrument by the payor only if the payment instrument conforms to the payee approved payment methods;
• and
• responsive to the payor payment preferences being consistent with the payee approved payment methods, execute a payment, wherein executing the payment comprises:
• conveying the payment amount to the payee in a form of the one or more payment instruments, wherein each of the one or more payment instruments is dissociated from the payment composition such that each of the one or more determined payment instruments are selectively applied to both the credit portion and the debit portion of the payment composition in accordance with the preferred payment composition, wherein conveying the payment amount to the payee in the form of the one or more payment instruments comprises:
• receiving a merchant identifier associated with a preexisting payee account;
• determining, based on a machine learning trained algorithm, that the identification of the payee corresponds to the merchant identifier;
• and
• transmitting, to a payor device, a payment verification request comprising a request to authenticate the payor, the request to authenticate the payor comprising a request for the payor device to obtain payor biometric data associated with the payor;
• receiving, from the payor device, a payment verification response comprising biometric data obtained by one or more sensors of the payor device responsive to receiving the payment verification request;
• verifying the authenticity of the payment request in response to determining that the received biometric data matches stored biometric data associated with the payor beyond a predetermined confidence threshold;
• conveying at least a portion of the payment amount to the preexisting payee account;
• and
• funding the payment amount, in accordance with the payment composition, from the payor by:
• debiting the payor cash holdings an amount equal to the debit portion;
• and
• crediting an amount equal to the credit portion against the payor available credit.

An automatic payment method selection system, comprising:

• one or more processors;
• and
• a memory in communication with the one or more processors and storing instructions that, when executed by the one or more processors, are configured to cause the system to:
• receive payor payment preferences associated with a payor, the payor payment preferences comprising a preferred payment composition comprising a debit portion associated with a payment made from payor cash holdings and a credit portion associated with a payment made against payor available credit;
• receive a payment request comprising data representative of:
• a payment amount;
• an identification of the payor;
• and
• an identification of a payee;
• determine payor cash holdings and payor available credit by:
• identifying a payor financial institution associated with the payor;
• transmitting, to the payor financial institution and via an API, a request for payor financial information;
• and
• receiving, via the API, data representative of the payor cash holdings and/or payor available credit;
• receive, from a payee device associated with the payee, data representative of payee approved payment methods;
• and
• execute a payment consisting of one or more payment instruments, wherein executing the payment comprises:
• conveying the payment amount to the payee in a form of the one or more payment instruments in accordance with a payment composition by debiting the payor cash holdings an amount equal to the debit portion and crediting an amount equal to the credit portion against the payor available credit, wherein each of the one or more payment instruments is dissociated from the payment composition such that each of the one or more determined payment instruments are selectively applied to both the credit portion and the debit portion of the payment composition in accordance with the preferred payment composition, wherein conveying the payment amount to the payee in the form of the one or more payment instruments comprises:
• receiving a merchant identifier associated with a preexisting payee account;
• determining, based on a machine learning trained algorithm, that the identification of the payee corresponds to the merchant identifier;
• transmitting, to a payor device, a payment verification request comprising a request to authenticate the payor, the request to authenticate the payor comprising a request for the payor device to obtain payor biometric data associated with the payor;
• receiving, from the payor device, a payment verification response comprising biometric data obtained by one or more sensors of the payor device responsive to receiving the payment verification request;
• verifying the authenticity of the payment request in response to determining that the received biometric data matches stored biometric data associated with the payor beyond a predetermined confidence threshold;
• and
• conveying at least a portion of the payment amount to the preexisting payee account.