Systems and methods for automatic tax withholding in a digital payment network
AssigneeWells Fargo Bank, N.A.
InventorTosha Wesley Lyles
Life of this patent
Estimating the term…
Abstract
Systems, apparatuses, methods, and computer program products are disclosed for automatic tax withholding in a digital payment network. An example method includes receiving a digital transaction request. The example method also includes: determining a purchase amount and a tax amount based on a cost amount identifier; generating a modified digital transaction request based on the purchase amount; authenticating the modified digital transaction request; identifying one or more target recipient accounts based on the modified digital transaction request, and automatically causing, based on the modified digital transaction request, at least one transfer of funds to at least one target recipient account of the one or more target recipient accounts.
Claims20
A method comprising:
- receiving, by communications hardware, a digital transaction request for a transaction, wherein the digital transaction request is associated with a digital payment network and comprises a first digital payment network user identifier associated with a business, a second digital payment network user identifier associated with a customer, one or more product identifiers, a tax operation indicator, and a cost amount identifier;
- determining, by transaction management circuitry, a purchase amount and a tax amount based on the cost amount identifier;
- generating, by the transaction management circuitry, a modified digital transaction request based on the purchase amount;
- authenticating, by authentication circuitry, the modified digital transaction request;
- in response to a successful authentication of the modified digital transaction request:
- identifying, by the transaction management circuitry, one or more target recipient accounts based on the modified digital transaction request, and
- automatically causing, by the transaction management circuitry and based on the modified digital transaction request, at least one transfer of funds to at least one target recipient account of the one or more target recipient accounts.
An apparatus comprising:
- communications hardware configured to receive a digital transaction request for a transaction, wherein the digital transaction request is associated with a digital payment network and comprises a first digital payment network user identifier associated with a business, a second digital payment network user identifier associated with a customer, one or more product identifiers, a tax operation indicator, and a cost amount identifier;
- transaction management circuitry configured to:
- determine a purchase amount and a tax amount based on the cost amount identifier, and
- generate a modified digital transaction request based on the purchase amount;
- and
- authentication circuitry configured to authenticate the modified digital transaction request,
- wherein the transaction management circuitry is further configured to, in response to a successful authentication of the modified digital transaction request:
- identify one or more target recipient accounts based on the modified digital transaction request, and
- automatically cause, based on the modified digital transaction request, at least one transfer of funds to at least one target recipient account of the one or more target recipient accounts.
A computer program product comprising at least one non-transitory computer-readable storage medium storing software instructions that, when executed, cause an apparatus to:
- receive a digital transaction request for a transaction, wherein the digital transaction request is associated with a digital payment network and comprises a first digital payment network user identifier associated with a business, a second digital payment network user identifier associated with a customer, one or more product identifiers, a tax operation indicator, and a cost amount identifier;
- determine a purchase amount and a tax amount based on the cost amount identifier;
- generate a modified digital transaction request based on the purchase amount;
- authenticate the modified digital transaction request;
- and
- in response to a successful authentication of the modified digital transaction request:
- identify one or more target recipient accounts based on the modified digital transaction request, and
- automatically cause, based on the modified digital transaction request, at least one transfer of funds to at least one target recipient account of the one or more target recipient accounts.
Dependencies are inferred from the claim text.