Systems and processes for digital credit over real-time payment rails

A system comprising:

• a processor;
• and
• a memory on which are stored machine-readable instructions that when executed by the processor, cause the processor to:
• transmit a scannable computer readable media to an electronic computing device operated by a user, wherein the scannable computer readable media comprises a user identification number encoded within the scannable computer readable media, the user identification number corresponding to a payment account belonging to the user at a financial institution;
• in response to a merchant device scanning the scannable computer readable media from the electronic computing device, receive, from the merchant device, an approved payment amount, a merchant identification number, and the user identification number;
• generate payment request parameters based on the approved payment amount, the merchant identification number, and the user identification number, wherein the payment request parameters are further based on an open banking application programming interface (API) corresponding to the financial institution and real-time payment rails operatively connected to the financial institution;
• transmit a request for payment authorization to the financial institution, wherein the request for payment authorization comprises an open banking API call comprising the payment request parameters;
• receive, from the financial institution, real-time payment rails metadata comprising a payment status corresponding to an outcome of the request for payment authorization;
• and
• transmit the payment status to the electronic computing device, wherein the electronic computing device is operatively configured to provide the payment status to the merchant device.

A non-transitory computer readable medium comprising instructions, that when read by a processor, cause the processor to perform:

• transmitting a scannable computer readable media to an electronic computing device operated by a user, wherein the scannable computer readable media comprises a user identification number encoded within the scannable computer readable media, the user identification number corresponding to a payment account belonging to the user at a financial institution;
• in response to a merchant device scanning the scannable computer readable media from the electronic computing device, receiving, from the merchant device, an approved payment amount, a merchant identification number, and the user identification number;
• generating payment request parameters based on the approved payment amount, the merchant identification number, and the user identification number, wherein the payment request parameters are further based on an open banking application programming interface (API) corresponding to the financial institution and real-time payment rails operatively connected to the financial institution;
• transmitting a request for payment authorization to the financial institution, wherein the request for payment authorization comprises an open banking API call comprising the payment request parameters;
• receiving, from the financial institution, real-time payment rails metadata comprising a payment status corresponding to an outcome of the request for payment authorization;
• and
• transmitting the payment status to the electronic computing device, wherein the electronic computing device is operatively configured to provide the payment status to the merchant device.