Systems, methods and computer program products for orchestrating payment systems for cross-border payments

A method for orchestrating financial transfer systems, comprising:

• receiving, by a cross-border settlement orchestrator, an electronic payment message (MSG-1) from a first financial transfer system, the electronic payment message (MSG-1) including a first amount of a first payment in a first currency;
• sending the electronic payment message (MSG-1) to a first facilitator system;
• converting the electronic payment message (MSG-1) to a converted electronic payment message (CMSG-1) according to an exchange rate between the first currency and a second currency, the converted electronic payment message (CMSG-1) including a second amount of a converted payment in the second currency and the converted electronic payment message (CMSG-1) to be communicated to a destination account provider system;
• sending the converted electronic payment message (CMSG-1) to a second facilitator system;
• receiving a first electronic response message (RMSG-1) from the first facilitator system and a second electronic response message (RMSG-2) from the second facilitator system, the first electronic response message (RMSG-1) responding to the electronic payment message (MSG-1) sent to the first facilitator system and the second electronic response message (RMSG-2) responding to the converted electronic payment message (CMSG-1) sent to the second facilitator system;
• when the first electronic response message (RMSG-1) includes information accepting the electronic payment message (MSG-1) and the second electronic response message (RMSG-2) includes information accepting the converted electronic payment message (CMSG-1), sending the converted electronic payment message (CMSG-1) to a second financial transfer system;
• receiving a third electronic response message (RMSG-3) from the second financial transfer system in response to the converted electronic payment message (CMSG-1);
• sending a second electronic confirmation message (CONF-2) to the second facilitator system, the second electronic confirmation message (CONF-2) confirming that the second financial transfer system has settled the converted payment;
• sending the third electronic response message (RMSG-3) to the first financial transfer system, the third electronic response message (RMSG-3) to be communicated to the source account provider system;
• receiving a first electronic confirmation message (CONF-1) from the first financial transfer system, the first electronic confirmation message (CONF-1) confirming that the first financial transfer system (104) has settled the first payment;
• and
• sending the first electronic confirmation message (CONF-1) to the first facilitator system

A non-transitory computer-readable medium having stored thereon one or more sequences of instructions, which when executed by one or more processors, cause the one or more processors to perform:

• receiving, by a cross-border settlement orchestrator, an electronic payment message (MSG-1) from a first financial transfer system, the electronic payment message (MSG-1) including a first amount of a first payment in a first currency;
• sending the electronic payment message (MSG-1) to a first facilitator system;
• converting the electronic payment message (MSG-1) to a converted electronic payment message (CMSG-1) according to an exchange rate between the first currency and a second currency, the converted electronic payment message (CMSG-1) including a second amount of a converted payment in the second currency and the converted electronic payment message (CMSG-1) to be communicated to a destination account provider system;
• sending the converted electronic payment message (CMSG-1) to a second facilitator system;
• receiving a first electronic response message (RMSG-1) from the first facilitator system and a second electronic response message (RMSG-2) from the second facilitator system, the first electronic response message (RMSG-1) responding to the electronic payment message (MSG-1) sent to the first facilitator system and the second electronic response message (RMSG-2) responding to the converted electronic payment message (CMSG-1) sent to the second facilitator system;
• when the first electronic response message (RMSG-1) includes information accepting the electronic payment message (MSG-1) and the second electronic response message (RMSG-2) includes information accepting the converted electronic payment message (CMSG-1), sending the converted electronic payment message (CMSG-1) to a second financial transfer system;
• receiving a third electronic response message (RMSG-3) from the second financial transfer system in response to the converted electronic payment message (CMSG-1);
• sending a second electronic confirmation message (CONF-2) to the second facilitator system, the second electronic confirmation message (CONF-2) confirming that the second financial transfer system has settled the converted payment;
• sending the third electronic response message (RMSG-3) to the first financial transfer system, the third electronic response message (RMSG-3) to be communicated to the source account provider system;
• receiving a first electronic confirmation message (CONF-1) from the first financial transfer system, the first electronic confirmation message (CONF-1) confirming that the first financial transfer system has settled the first payment;
• and sending the first electronic confirmation message (CONF-1) to the first facilitator system.