System and method for interoperable mobile wallet

A computer-implemented method for processing a mobile wallet transaction between a merchant and a payor, the method comprising:

• receiving a request for a dynamic token on behalf of the payor;
• routing the request to a first financial institution computing system;
• receiving a message from a second financial institution computing system, the message including a merchant identifier associated with the merchant and the dynamic token, the dynamic token including a code associated with account information of the payor;
• identifying the first financial institution computing system based on the code;
• routing the dynamic token and the merchant identifier to the first financial institution computing system;
• receiving, from the first financial institution computing system, the account information of the payor based on the dynamic token;
• and
• routing the account information of the payor to the second financial institution computing system to process a payment from an account of the payor to an account of the merchant as part of the mobile wallet transaction.

A computer-implemented method performed by a computer system to process a mobile wallet transaction between a payor and a merchant, the method comprising:

• receiving a request for a dynamic token on behalf of the payor;
• routing the request to a first financial institution computing system;
• receiving a message from a second financial institution computing system, the message including a merchant identifier associated with the merchant and the dynamic token, the dynamic token including a code including encoded account information of the payor;
• decoding the code included with the dynamic token;
• matching the decoded code with information that identifies the first financial institution computing system;
• identifying the first financial institution computing system based on the matching;
• after identifying the first financial institution computing system, routing the dynamic token and the merchant identifier to the first financial institution computing system;
• receiving, from the first financial institution computing system, account information of the payor based on the dynamic token;
• and
• routing the account information of the payor to the second financial institution computing system to process a payment from an account of the payor to an account of the merchant as part of the mobile wallet transaction.