System and method for bank-hosted payments

A computing system comprising a processor and memory, the memory storing computer-executable instructions which when executed cause the computing system to perform a method, the method comprising:

• at a payer client provided by a bank, receiving a client identifier from the bank;
• receiving at least one payment token from the bank;
• setting an offline transaction limit for the payer client;
• determining a client transaction account balance based on a balance of a suspense account maintained by the bank;
• authenticating access to the payer client;
• using the at least one payment token, conducting an offline transaction with a payee client provided by the bank to make a payment for a payment amount;
• based on the payment amount, updating the client transaction account balance;
• while online with the bank, communicating transaction information to the bank to transfer funds from the suspense account to a payee account maintained by the bank;
• and
• while online with the bank, synchronizing the client transaction account balance with the balance of the suspense account.

A computing system comprising a processor and memory, the memory storing computer-executable instructions which when executed cause the computing system to perform a method, the method comprising:

• at a bank, maintaining a payee account, a payer account, and a suspense account;
• assigning a client identifier to a software client;
• generating at least one payment token;
• issuing the at least one payment token to the software client;
• transferring funds from the at least one payer account to the at least one suspense account;
• receiving transaction information for an offline transaction, the transaction information comprising a payment amount, received payment token, and an issuer identifier;
• using at least a portion of the transaction information, performing transaction authentication;
• and
• based at least in part on the transaction authentication, transferring funds from the at least one suspense account, or denying a funds transfer.

A computer-readable storage medium storing computer-executable instructions that when executed cause a computing system to perform a method, the method comprising;

• at a bank, maintaining at least one payee account, at least one payer account, and at least one suspense account;
• activating a software client from the bank;
• associating the software client with the at least one suspense account;
• assigning a client identifier to the software client;
• generating at least one payment token;
• issuing the at least one payment token to the software client;
• setting an offline transaction limit;
• transferring funds from the at least one payer account to the at least one suspense account based on the offline transaction limit;
• enforcing the offline transaction limit;
• conducting an offline transaction using the payment token;
• receiving transaction information for an offline transaction from the software client when the software client comes online, the transaction information comprising a payment amount, received payment token, and an issuer identifier;
• using at least a portion of the transaction information, performing transaction authentication;
• and
• based at least in part on the transaction authentication, transferring funds to the at least one payee account from the at least one suspense account, or denying a funds transfer.