DESC:FIELD
[0001] Various embodiments of the present disclosure relate generally to payment transactions. More particularly, various embodiments of the present disclosure relate to facilitation of payment transactions, such as cross-border payment transactions.
BACKGROUND
[0002] In the era of expanding horizons, an increasing number of students are moving abroad to pursue their higher education, drawn by the promise of an enriched academic environment, enhanced career prospects, and increased access to financial aid and scholarships. However, such students are encountering challenges during fee payments to cross-border education institutions as the students do not have access to cross-border payment solutions.
[0003] In light of the foregoing, there is a need for a technical solution that solves the abovementioned problem.
SUMMARY
[0004] Method and system for facilitating payment transactions are provided substantially as shown in and described in connection with, at least one of the figures, as set forth more completely in the claims.
[0005] In an embodiment of the present disclosure, a method for facilitating payment transactions is provided. The method comprises rendering, by a processor of a payment facilitation server, an option to a user, for selection of an aggregator website from a plurality of aggregator websites, on a user device, to perform the payment transaction. The method further comprises extracting, by the processor, a set of values from a first aggregator website of the plurality of aggregator websites. The first aggregator website is selected by the user to perform the payment transaction and the set of values is associated with the payment transaction. The method further comprises detecting, by the processor, a payment option on the first aggregator website upon the extraction of the set of values. The method further comprises generating, by the processor, a virtual card number (VCN) based on a primary account number (PAN) associated with the user and at least one of the extracted set of values, upon detection of the payment option. The method further comprises populating, by the processor, a payment field on the first aggregator website based on the generated VCN. An amount associated with the payment transaction is credited to a payment account of a recipient of the payment transaction based on the population of the payment field on the first aggregator website.
[0006] In another embodiment of the present disclosure, a payment facilitation server is disclosed. The payment facilitation server A payment facilitation server includes a processor. The processor is configured to render an option to a user, for selection of an aggregator website from a plurality of aggregator websites, on a user device, to perform a payment transaction. The processor is further configured to extract a set of values from a first aggregator website of the plurality of aggregator websites. The first aggregator website is selected by the user to perform the payment transaction and the set of values is associated with the payment transaction. Further,
the processor detects a payment option on the first aggregator website upon the extraction of the set of values. The processor is further configured to generate a virtual card number (VCN) based on a primary account number (PAN) associated with the user and at least one of the extracted set of values, upon the detection of the payment option. Additionally, the processor is configured to populate a payment field on the first aggregator website based on the generated VCN. An amount associated with the payment transaction is credited to a payment account of a recipient of the payment transaction based on the population of the payment field on the first aggregator website.
[0007] In some embodiments, the method further comprises generating, by the processor, a VCN generation request based on the PAN associated with the user and at least one of the extracted set of values. The method further comprises transmitting, by the processor, the VCN generation request to a VCN generation server associated with the payment facilitation server. The VCN generation server is further associated with an issuer of the PAN. The method further comprises receiving, by the processor, the VCN from the VCN generation server upon transmitting the VCN generation request. The VCN is generated by the VCN generation server upon receiving the VCN generation request.
[0008] In some embodiments, masked version of the PAN associated with the user is stored in a memory of the payment facilitation server and the masked version of the PAN is used for generation of the VCN.
[0009] In some embodiments, the amount is credited to a payment account of the first aggregator website from a payment account of the user based on the VCN that is populated on the payment field on the first aggregator website. A first aggregator server associated with the first aggregator website credits the amount to the payment account of the recipient of the payment transaction.
[0010] In some embodiments, the method further comprises generating, by the processor, a reconciliation report based on the crediting of the amount to the recipient and the extracted set of values. The method further comprises transmitting, by the processor, the reconciliation report to the user device.
[0011] In some embodiments, the PAN is associated with a payment card of the user, and the payment card is issued by an issuer associated with the payment facilitation server and the VCN generation server.
[0012] In some embodiments, the PAN is associated with a payment card of the user, and the payment card is issued by an issuer associated with the payment facilitation server and the VCN generation server.
[0013] In some embodiments, a masked version of the PAN is stored in a memory of the payment facilitation server by the VCN generation server based on an onboarding request received from an issuer server associated with the issuer of the PAN.
[0014] In some embodiments, the payment transaction is a cross-border payment transaction.
[0015] In some embodiments, each aggregator website of the plurality of aggregator websites corresponds to an education institution aggregator website. A plurality of cross-border education institutions are presented to the user by each education institution aggregator website upon selection of the corresponding education institution aggregator website by the user, to select one of the plurality of cross-border education institutions, to perform a cross-border education institution fee payment transaction. The payment transaction corresponds to the cross-border education institution fee payment transaction. A cross-border education institution of the plurality of the cross-border education institutions that is selected by the user is the recipient of the cross-border education institution fee payment transaction.
[0016] In some embodiments, the cross-border education institution fee payment transaction is associated with a student, and wherein the user is associated with one or more students.
[0017] In some embodiments, the VCN is valid for a one-time use.
[0018] In some embodiments, the set of values comprises at least one of the amount associated with the payment transaction, an identifier of the recipient of the payment transaction, a currency type associated with the payment transaction, or the like.
BRIEF DESCRIPTION OF THE DRAWINGS
[0019] The accompanying drawings illustrate the various embodiments of systems, methods, and other aspects of the disclosure. It will be apparent to a person skilled in the art that the illustrated element boundaries (e.g., boxes, groups of boxes, or other shapes) in the figures represent one example of the boundaries. In some examples, one element may be designed as multiple elements, or multiple elements may be designed as one element. In some examples, an element shown as an internal component of one element may be implemented as an external component in another, and vice versa.
[0020] Various embodiments of the present disclosure are illustrated by way of example, and not limited by the appended figures, in which like references indicate similar elements:
[0021] FIG. 1 is a block diagram that illustrates a system environment for facilitating payment transactions, in accordance with an exemplary embodiment of the present disclosure;
[0022] FIGS. 2A and 2B, collectively illustrate first through third user interface (UI) screens, that are rendered on a user device of the system environment of FIG. 1, in accordance with an embodiment of the present disclosure;
[0023] FIGS. 3A-3F, collectively represent a process flow diagram that illustrates an exemplary method of facilitating the payment transactions, in accordance with an exemplary embodiment of the present disclosure;
[0024] FIGS. 4A-4C, collectively represent a flowchart that illustrates an exemplary method of facilitating the payment transactions by a payment facilitation server of the system environment of FIG. 1, in accordance with an exemplary embodiment of the present disclosure;
[0025] FIG. 5 represents a high-level flowchart that illustrates a method (or process) for facilitating the payment transactions by a payment facilitation server of the system environment of FIG. 1, in accordance with an exemplary embodiment of the present disclosure; and
[0026] FIG. 6 is a block diagram that illustrates a system architecture of a computer system of the system environment of FIG. 1, in accordance with an exemplary embodiment of the present disclosure.
[0027] Further areas of applicability of the present disclosure will become apparent from the detailed description provided hereinafter. It should be understood that the detailed description of exemplary embodiments is intended for illustration purposes only and is, therefore, not intended to necessarily limit the scope of the present disclosure.
DETAILED DESCRIPTION
[0028] The present disclosure is best understood with reference to the detailed figures and description set forth herein. Various embodiments are discussed below with reference to the figures. However, those skilled in the art will readily appreciate that the detailed descriptions given herein with respect to the figures are simply for explanatory purposes as the methods and systems may extend beyond the described embodiments. In one example, the teachings presented and the needs of a particular application may yield multiple alternate and suitable approaches to implement the functionality of any detail described herein. Therefore, any approach may extend beyond the particular implementation choices in the following embodiments that are described and shown.
[0029] References to “an embodiment”, “another embodiment”, “yet another embodiment”, “one example”, “another example”, “yet another example”, “for example”, and so on, indicate that the embodiment(s) or example(s) so described may include a particular feature, structure, characteristic, property, element, or limitation, but that not every embodiment or example necessarily includes that particular feature, structure, characteristic, property, element, or limitation. Furthermore, repeated use of the phrase “in an embodiment” does not necessarily refer to the same embodiment.
OVERVIEW
[0030] Conventionally, students who do not have access to cross-border payment solutions for performing fee payments to cross-border institutions seek assistance of education consultants or facilitation agents to perform the fee payments. An education consultant receives the fee from the students domestically, and performs the fee payment to the cross-border institutions on behalf of the student. The consultant uses a payment card such as a credit card or a debit card to perform cross-border payments. As a result, there exists potential security threats due to the exposure of the details of the payment card while performing cross-border transactions on various websites. Additionally, the conventional cross-border payments by the education consultants are time consuming.
[0031] Various embodiments of the present disclosure provide a method and a system that solve the above-mentioned problem by facilitating cross-border payment transactions. A payment facilitation server renders an option on a device of a consultant for selection of an aggregator website among multiple aggregator websites to perform a cross-border payment transaction. Upon selection of the desired aggregator website, an option to select a desired cross-border education institution is provided to the consultant. Further, data required for the cross-border payment transaction is provided by the consultant on the selected aggregator website. The payment facilitation server generates a virtual card number (VCN) based on a primary account number associated with the consultant and the data provided by the consultant upon detection of a payment option on the selected aggregator website. Further, the payment facilitation server populates the generated VCN on a payment field on the selected aggregator website. An amount associated with the cross-border payment transaction is credited to a payment account of the selected cross-border education institution based on the population of the VCN.
[0032] As the VCN is utilized for the cross-border payment, the PAN associated with the user is secured from any protentional threats.
TERMS DESCRIPTION (in addition to plain and dictionary meaning)
[0033] Server is a physical or cloud data processing system on which a server program runs. A server may be implemented in hardware or software, or a combination thereof. In one embodiment, the server is implemented as a computer program that is executed on programmable computers, such as personal computers, laptops, or a network of computer systems. The server may correspond to a secure server, an acquirer server, a payment network server, or an issuer server.
[0034] Issuer server ensures payment for approved transactions in accordance with various payment network regulations and local legislation.
[0035] Issuer is associated with a financial institution, such as a bank, where accounts of several users are established and maintained. The issuer maintains the issuer server. In one embodiment, the issuer issues a payment card to the user.
[0036] Cross-border refers to activities or transactions that involve movement, interaction, or coordination across national borders or boundaries. Thus, a cross-border education institution refers to an education institution that is across national borders to a student.
[0037] Encryption refers to a process of converting plaintext into ciphertext using an algorithm and a key. The purpose of encryption is to secure the information and prevent unauthorized access. A recipient, who is authorized to access the data, may decrypt the ciphertext back into its original form using a decryption key.
[0038] Tokenization refers to a process of replacing sensitive data with a unique identifier or token. The token has no inherent meaning and is useless to anyone who doesn't have access to the mapping or tokenization system.
[0039] Payment option refers to an indication on the first education institution aggregator website that indicates the user to perform the payment transaction (such as the cross-border education fee payment transaction). In an example, the payment option may refer to a “make payment” field that is displayed on the first education institution aggregator website.
[0040] An API call refers to a process of making a request to an API to perform a specific operation. APIs are sets of rules and protocols that allow different software applications to communicate with each other.
[0041] A reconciliation report is a financial document that is used to ensure accuracy and consistency of payments
[0042] FIG. 1 is a block diagram that illustrates a system environment 100 for facilitating payment transactions, in accordance with an exemplary embodiment of the present disclosure. The system environment 100 includes a user 102, a user device 104, an issuer server 106, a virtual card number (VCN) generation server 108, a payment facilitation server 110, a plurality of aggregator servers 112, a plurality of recipients 114, a payment network server 116, and an acquirer server 118. The user device 104, the issuer server 106, the VCN generation server 108, the payment facilitation server 110, the plurality of aggregator servers 112, the acquirer server 118, and the payment network server 116 may communicate with each other by way of a communication network 120 or through a separate communication channel established therebetween. The plurality of aggregator servers 112 may include a first aggregator server 112a, a second aggregator server 112b, and so on up to an nth aggregator server 112n. Additionally, the plurality of recipients 114 may include a first recipient 114a, a second recipient 114a, and so on up to an nth recipient 114n.
[0043] The user 102 is an account holder of a first payment account maintained at a financial institution, such as an issuer (not shown). Examples of the first payment account may include a savings account, a checking account, a demand account, a transactional account, a debit account, a credit account, or the like. The user 102 may request the issuer for a payment card that can be used to transfer funds from the first payment account to any other payment accounts. A payment card is a financial instrument that allows the user 102 to perform payment transactions. In response to the request for the payment card, a payment card 105 is issued by the issuer where the first payment account of the user 102 is maintained. The payment card 105 is associated with the first payment account of the user maintained at the issuer. Examples of the payment card include, but are not limited to, a credit card, a debit card, a pre-paid card, or the like.
[0044] The payment card 105 is associated with a primary account number (PAN). The PAN is a unique identifier that is used for identifying the first payment account of the user 102. Thus, the PAN of the payment card 105 is associated with the user 102. Further, the PAN may indicate details of the issuer associated with the payment card.
[0045] The user device 104 is a computing device of the user 102. The user 102 may be registered on a payment facilitation platform that is provided by the payment facilitation server 110. The user 102 may be registered on the payment facilitation platform via the user device 104. In an embodiment, the payment facilitation platform is a web application that is hosted on the Internet by the payment facilitation server 110. In another embodiment, the payment facilitation platform is a software application that is installed on the user device 104. A software application is a computer program that is installed on the user device 104 to perform a specific function or a set of specific functions. In an example, the payment facilitation platform may be preinstalled on the user device 104. In another example, the payment facilitation platform is installed on the user device 104 by the user 102. Examples of the user device 104 may include, but are not limited to, a mobile phone, a computer, a laptop, a smartphone, a tablet, and a phablet.
[0046] A username and a password are generated during the registration of the user 102 on the payment facilitation platform. Further, the user device 104 is used by the user 102 to transmit a first request to the issuer server 106 for addition of the payment card 105 to the payment facilitation platform. In response, a masked version of the PAN of the payment card 105 is added to the payment facilitation platform. Further, the user 102 may login to the payment facilitation platform to perform payment transactions. The facilitation of payment transactions via the payment facilitation platform is explained in detail in the forthcoming description.
[0047] In one embodiment, the user 102 is a consultant or a facilitation agent and may be an individual or an entity. In such an embodiment, the user 102 facilitates one or more students to perform fee payment to cross-border education institutions. Cross-border refers to activities or transactions that involve movement, interaction, or coordination across national borders or boundaries. Thus, a cross-border education institution refers to an education institution that is across national borders to a student. The user 102 receives the fee payment from a student along with student data and cross-border education institution data. The student data may include at least one of a name of the student, an address of the student, educational qualification of the student, date of birth of the student, citizenship of the student, or the like, Further, the cross-border education institution data may include a name of the cross-border education institution, a course that is to be opted for by the student, duration of the course, choice of intake (such as fall semester and spring semester). The user 102 may receive the fee payment from the student in the form of one of cash, electronic fund transfer, wire transfer, or the like. Further, the user 102 may perform the fee payment to a cross-border education institution through the payment facilitation platform. It is assumed that the user 102 is a consultant in the present disclosure.
[0048] The issuer server 106 is a server arrangement that includes suitable logic, circuitry, interface, and/or code, executable by the circuitry, for facilitating payment transactions. The issuer server 106 is operated by the issuer associated with the first payment account of the user 102. The issuer is a financial institution that manages one or more payment accounts of various users, such as the user 102. The issuer server 106 maintains the first payment account of the user 102. Additionally, the issuer server 106 facilitates crediting of funds into the first payment account and debiting of funds from the first payment account.
[0049] The issuer server 106 is configured to receive the first request for adding the payment card 105 to the payment facilitation platform, from the user device 104. Upon receiving the first request, the issuer server 106 transmits an onboarding request to the VCN generation server 108. The onboarding request includes the PAN associated with the payment card 105 and a request to add the payment card 105 to the payment facilitation platform.
[0050] The VCN generation server 108 is a server arrangement that includes suitable logic, circuitry, interface, and/or code, executable by the circuitry, for facilitating generation of VCNs. The VCN generation server 108 is configured to receive the onboarding request from the issuer server 106. Further, the VCN generation server 108 generates a masked version of the PAN in response to the onboarding request. In an example, the VCN generation server 108 encrypts the PAN of the payment card 105 to generate the masked version of the PAN. In another example, the VCN generation server 108 generates the masked version of the PAN by tokenization. In yet another example, the VCN generation server 108 generates the masked version of the PAN by PAN aliasing.
[0051] Encryption refers to a process of converting plaintext into ciphertext using an algorithm and a key. The purpose of encryption is to secure the information and prevent unauthorized access. A recipient, who is authorized to access the data, may decrypt the ciphertext back into its original form using a decryption key. Tokenization refers to a process of replacing sensitive data with a unique identifier or a token. The token has no inherent meaning and is useless to anyone who doesn't have access to the mapping or tokenization system. The original sensitive data is stored in a secure environment, and only the token is used in transactions or other processes. PAN aliasing refers to a practice of using a substitute identifier for the PAN. In PAN aliasing, the masked version of the PAN is a randomly generated number that is linked to the PAN in a secure way.
[0052] The VCN generation server 108 further transmits a second request to the payment facilitation server 110. The second request includes the masked version of the PAN, and a request to add the masked version of the PAN to the payment facilitation platform. The VCN generation server 108 is further configured to store a mapping between the masked version of the PAN and the PAN in a memory (not shown) associated with the VCN generation server 108. Further, the VCN generation server 108 may be configured to receive a VCN generation request from the payment facilitation server 110. A VCN is a temporary, randomly generated numerical identifier that is associated with a PAN. VCNs aim to enhance security by minimizing the exposure of the actual PAN. The VCN generation request includes the masked version of the PAN of the payment card 105, an amount associated with the payment transaction, and a request to generate the VCN based on the same.
[0053] Upon receiving the VCN generation request, the VCN generation server 108 retrieves the PAN associated with the masked version of the PAN, based on the mapping between the masked version of the PAN and the PAN. Further, the VCN generation server 108 generates the VCN based on the retrieved PAN. The VCN generation server 108 may transmit the generated VCN to the payment facilitation server 110. The generated VCN is valid for one-time use. The VCN generation server 108 may further generate an expiry date and card verification value (CVV) associated with the VCN. The VCN generation server 108 may further transmit the generated expiry date and CVV, along the VCN to the payment facilitation server 110. In an example, the VCN generation server 108 is maintained by a payment network such as MasterCard®.
[0054] The payment facilitation server 110 is a server arrangement that includes suitable logic, circuitry, interface, and/or code, executable by the circuitry, for facilitating payment transactions. The payment facilitation server 110 provides the payment facilitation platform to the user 102 to facilitate payments. In particular, the payment facilitation platform is rendered on the user device 104 by the payment facilitation server 110. The payment facilitation server 110 may include a processor 122, a memory 124, and a network interface 126.
[0055] The processor 122 may include suitable logic, circuitry, interface, and/or code, executable by the circuitry, for facilitating payment transactions. Examples of the processor 122 may include, but are not limited to, an application-specific integrated circuit (ASIC) processor, a reduced instruction set computer (RISC) processor, a complex instruction set computer (CISC) processor, a field programmable gate array (FPGA), a central processing unit (CPU), or the like.
[0056] The processor 122 is configured to generate the username and the password for the registration of the user 102 on the payment facilitation platform. The processor 122 may be further configured to store the username and the password associated with the user 102 in the memory 124. Further, the processor 122 may be configured to receive the second request from the VCN generation server 108. In response to the second request, the processor 122 adds the masked version of the PAN of the user 102 as a payment card of the user 102 on the payment facilitation platform. In other words, the processor 122 stores the masked version of the PAN of the user 102 in the memory 124. Additionally, the masked version of the PAN of the user 102 is mapped to the user 102 in the payment facilitation server 110.
[0057] The user 102 may login to the payment facilitation platform using the username and the password through the user device 104 to perform a payment transaction. The processor 122 renders a plurality of aggregator websites on the user device 104 upon successful login of the user 102 to the payment facilitation platform. An aggregator website includes an option for the user 102 to select one recipient from a plurality of recipients 114 to perform the payment transaction. Upon selection of one of the plurality of the aggregator websites by the user 102, the processor 122 redirects the user 102 to the selected aggregator website. It is assumed that a first aggregator website of the plurality of aggregator websites is selected by the user 102. Further, the first aggregator website is hosted at the first aggregator server 112a of the plurality of aggregator servers 112. Each aggregator server of the plurality of aggregator servers 112 is configured to perform operations associated with a corresponding aggregator website of the plurality of aggregator websites.
[0058] As it is assumed that the user 102 is a consultant, the payment transaction corresponds to a cross-border fee payment transaction. Further, the plurality of aggregator websites correspond to a plurality of education institution aggregator websites. Thus, the first aggregator website corresponds to a first education institution aggregator website. Additionally, the plurality of aggregator servers 112 correspond to a plurality of education institution aggregator servers. Also, the plurality of recipients 114 correspond to a plurality of cross-border education institutions 114. Thus, the plurality of cross-border education institutions include a first cross-border education institution 114a, a second cross-border education institution 114a, and so on, up to an nth cross-border education institution 114n.
[0059] The plurality of cross-border education institutions 114 are rendered on the first education institution aggregator website upon the selection of the first education institution aggregator website by the user 102. Additionally, an option is presented to the user 102 to select one of the plurality of cross-border education institutions 114 to perform the cross-border fee payment transaction. Upon selection of one of the plurality of cross-border education institutions, the user 102 is presented with an option to populate a plurality of values on at least two fields of a plurality of fields on the first education institution aggregator website. In an exemplary scenario, it is assumed that the first cross-border education institution 114a is selected by the user 102. Each value of the plurality of values is associated with the cross-border fee payment transaction. The plurality of values may include the name of the student, the address of the student, educational qualification of the student, date of birth of the student, citizenship of the student, the name of the cross-border education institution, the course that is to be opted by the student, the duration of the course, choice of intake (such as fall semester and spring semester), an application number of the student, or the like.
[0060] In an embodiment, the plurality of values may further include an amount associated with the cross-border fee payment transaction. In another embodiment, upon the population of the plurality of fields by the user 102, the amount associated with the cross-border fee payment transaction may appear on one of the plurality of fields on the first education institution aggregator website. Further, the processor 122 of the payment facilitation server 110 may extract a set of values from the first education institution aggregator website. In other words, the processor 122 extracts one or more of the plurality of values from the plurality of fields on the first education institute aggregator website. In an example, web scraping is used for extracting the set of values from the first education institution aggregator website. Web scraping is the process of extracting information or data from websites. Web scraping involves using automated tools, scripts, or programs to gather data from web pages by sending requests to web servers, receiving the hyper-text markup language (HTML) content in response, and then parsing and extracting the desired information.
[0061] The processor 122 is further configured to detect a payment option on the first education institution aggregator website upon extraction of the set of values. Payment option refers to an indication on the first education institution aggregator website for the user 102 to perform the payment transaction (such as the cross-border education fee payment transaction). In an example, the payment option may refer to a “make payment” field that is displayed on the first education institution aggregator website. In another example, the payment option may refer to “go to payment page” option that is displayed on the first education institution aggregator website.
[0062] Upon detection of the payment option on the first education institution aggregator website, the processor 122 generates the virtual card number (VCN) based on the PAN associated with the user 102 and at least one of the extracted set of values. The generation of the VCN further includes generation of the VCN generation request by the processor 122, based on the PAN associated with the user 102 and at least one of the extracted set of values. In other words, the processor 122 fetches the masked version of the PAN stored in the memory 124 and further utilizes one or more of the extracted set of values to generate the VCN generation request. Thus, the VCN generation request includes the masked version of the PAN of the payment card 105, one or more of the extracted set of values, and a request to generate the VCN based on the masked version of the PAN and the one or more of the extracted set of values. The one or more of the extracted set of values always include the amount associated with the cross-border fee payment transaction. In an example, the VCN generation request may include the masked version of the PAN associated with the user 102, the amount associated with the cross-border fee payment transaction, and a request to generate the VCN based on the same. In another example, the VCN generation request may include the masked version of the PAN associated with the user 102, the amount associated with the cross-border fee payment transaction, a currency type (such as Dollar, Rupee, Euro, or the like), and a request to generate the VCN based on the same.
[0063] The processor 122 further transmits the VCN generation request to the VCN generation server 108. In an example, the processor 122 initiates an application programming interface (API) call to transmit the VCN generation request. An API call refers to a process of requesting an API to perform a specific operation. APIs are sets of rules and protocols that allow different software applications to communicate with each other. Further, the processor 122 receives the VCN from the VCN generation server 108 upon transmitting the VCN generation request. In other words, the processor 122 receives the VCN from the VCN generation server 108 in response to the VCN generation request. The VCN received by the processor 122 is valid to perform the payment transaction of the amount mentioned in the VCN generation request only. In an embodiment, the processor 122 may receive the expiry date associated with the VCN and the CVV associated with the VCN, along with the VCN, in response to the VCN generation request.
[0064] The processor 122 populates a payment field of the plurality of fields on the first education institution aggregator website based on the generated VCN. In other words, the processor 122 populates the payment field with the generated VCN. In an embodiment, the processor 122 may further populate the payment field with the expiry date associated with the VCN and the CVV associated with the VCN. In an example, the processor 122 populates the payment field by utilizing robotic process automation (RPA) and browser extension functionality. RPA is a technology that uses software robots to automate repetitive and rule-based tasks within business processes. RPA systems mimic the actions of a human user interacting with digital systems, such as software applications or websites, to execute specific tasks. A browser extension functionality refers to a set of features and capabilities that an extension adds to a web application for enhancing functionality (such as RPA).
[0065] Upon the population of the payment field by the processor 122, the user 102 may select an option to proceed with the payment transaction (such as the cross-border fee payment transaction). The amount associated with the payment transaction is credited to a payment account of the first cross-border education institution 114a based on the population of the payment field on the first education institution aggregator website.
[0066] In an embodiment, the processor 122 may be further configured to generate a reconciliation report based on credit of the amount to the recipient (such as the first cross-border education institution) and the extracted set of values. A reconciliation report is a financial document that is used to ensure accuracy and consistency of payments. In such an embodiment, the processor 122 further transmits the reconciliation report to the user device 104.
[0067] The memory 124 includes suitable logic, circuitry, and/or interfaces to store a set of instructions, which when executed by the processor 122, causes the processor 122 to perform various operations for facilitating payment transactions. The memory 124 may be further configured to store the mapping between the masked version of the PAN and the PAN. The memory 124 may be further configured to store the username and password of the user 102. Examples of the memory 124 may include a random-access memory (RAM), a read-only memory (ROM), a programmable ROM (PROM), an erasable PROM (EPROM), a removable storage drive, a hard disk drive (HDD), a flash memory, a solid-state memory, or the like.
[0068] The network interface 126 includes suitable logic, circuitry, interfaces, and/or code, executable by the circuitry, to transmit and receive data over the communication network 120 using one or more communication network protocols. The network interface 126 transmits and receives communication requests and responses from various elements (such as the user device 104, VCN generation server 108, and the plurality of aggregator servers 112) in the system environment 100 through the communication network 120. Examples of the network interface 126 may include, but are not limited to, an antenna, a radio frequency network interface, a wireless network interface, a Bluetooth network interface, an ethernet port, a Universal Serial Bus (USB) port, or any other device configured to transmit and receive data.
[0069] Each of the plurality of aggregator servers 112 may include suitable logic, circuitry, interface, and/or code, executable by the circuitry, for facilitating payment transactions. Each of the plurality of aggregator servers 112 provides a corresponding aggregator website that enables the user 102 to perform the payment transaction. As it is assumed that the payment transaction is the cross-border education institution fee payment transaction, the plurality of aggregator servers 112 are hereinafter referred to as “the plurality of education institution aggregator servers 112”. Thus, the plurality of aggregator websites are hereinafter referred to as “the plurality of education institution aggregator websites.”
[0070] The first education institution aggregator server 112a may be configured to aggregate the plurality of cross-border education institutions 114 to enable cross-border fee payments. The first education institution aggregator server 112a consumes the VCN populated on the payment field of the first education institution aggregator website. Upon consumption of the VCN, the amount associated with the cross-border education institution fee payment transaction is credited to a second payment account of the first education institution aggregator server 112. In other words, the first education institution aggregator server 112a transmits a first payment request to the payment network server 116 based on the consumed VCN. Thus, the first payment request includes the VCN, and the amount associated with the cross-border fee payment transaction. The amount associated with the cross-border education institution fee payment transaction is credited to the second payment account based on the first payment request. The second payment account is maintained at the acquirer server 118 associated with an acquirer (not shown). Further, the first education institution aggregator server 112 credits the amount associated with the cross-border education institution fee payment transaction to a third payment account of the first cross-border education institution, based on the plurality of values provided by the user 102. In other words, the first education institution aggregator server 112 transmits a second payment request to the acquirer server 118 to credit the amount associated with the cross-border education institution fee payment transaction to the third payment account. In an exemplary scenario, it is assumed that the third payment account is maintained at the acquirer server 118.
[0071] The payment network server 116 may include suitable logic, circuitry, interfaces, and/or code, executable by the circuitry for processing payment transactions. The payment network server 116 is operated by a payment network such as MasterCard®, American Express®, VISA®, Discover®, Diners Club®, and the like. The payment network server 116 represents an intermediate entity between the issuer server 106 and the acquirer server 118 for processing the payment transactions. The payment network server 116 receives the first payment request from the first education institution aggregator server 112. Further, based on the VCN present in the first payment request, the payment network server 116 identifies the issuer server 106 associated with the VCN. The payment network server 116 transmits the first payment request to the issuer server 106. The issuer server 106 identifies the first payment account associated with the VCN upon receiving the first payment request. Further, the issuer server 106 identifies whether the first payment account has sufficient funds to perform the payment transaction based on the amount mentioned in the first payment request. The issuer server 106 approves the payment transaction upon the identification of sufficient funds in the first payment account and declines the payment transaction upon the identification of insufficient funds in the first payment account.
[0072] The issuer server 106 further debits the amount mentioned in the first payment request upon approval of the payment transaction. Further, the issuer server transmits a payment response to the payment network server 116. The payment response indicates one of the approval and declination of the payment transaction. When the payment response indicates the approval of the payment transaction, the payment network server 116 transmits the first payment request to the acquirer server 118.
[0073] The acquirer server 118 is a server arrangement that includes suitable logic, circuitry, interface, and/or code, executable by the circuitry, for processing various payment transactions. The acquirer server 118 is operated by an acquirer associated with the first education institution aggregator server 112a. The acquirer may be a financial institution, such as a bank. Thus, the second payment account of the first education institution aggregator server 112a is maintained at the acquirer server 118. The acquirer server 118 receives the first payment request from the payment network server 116 based on the approval of the payment transaction. Further, the acquirer server 118 credits the amount associated with the cross-border education institution fee payment transaction to the second payment account. Further, the acquirer server 118 receives the second payment request from the first education institution aggregator server 112a to credit the amount associated with the cross-border education institution fee payment transaction to the third payment account. The acquirer server 118 may debit the amount associated with the cross-border education institution fee payment transaction from the second payment account of the first education institution aggregator server 112a to credit the same to the third payment account of the first cross-border education institution based on the second payment request. Additionally, the third payment account of the first cross-border education institution 114a may be maintained at the acquirer server 118.
[0074] Examples of the issuer server 106, the VCN generation server 108, the payment facilitation server 110, each of the plurality of education institution aggregator servers 112, the acquirer server 118, and the payment network server 116 may include, but are not limited to, computers, laptops, mini-computers, mainframe computers, any non-transient and tangible machines that may execute a machine-readable code, cloud-based servers, distributed server networks, a network of computer systems, or a combination thereof.
[0075] The communication network 120 may be a medium through which content and messages are transmitted between the user device 104, the issuer server 106, the VCN generation server 108, the payment facilitation server 110, the plurality of aggregator servers 112, the plurality of education institutions 114, the acquirer server 118, and the payment network server 116, and other entities that are pursuant to one or more standards for the interchange of payment transactions, such as the ISO8583 standard. Examples of the communication network 120 may include, but are not limited to, a wireless fidelity (Wi-Fi) network, a light fidelity (Li-Fi) network, a local area network (LAN), a wide area network (WAN), a metropolitan area network (MAN), a satellite network, the Internet, a fiber optic network, a coaxial cable network, an infrared (IR) network, a radio frequency (RF) network, and combinations thereof. Various entities in the system environment 100 may connect to the communication network 120 in accordance with various wired and wireless communication protocols, such as Transmission Control Protocol and Internet Protocol (TCP/IP), User Datagram Protocol (UDP), Long Term Evolution (LTE) communication protocols, or any combination thereof.
[0076] Although, the present disclosure mentions that the user 102 is associated with one payment card (such as the payment card 105), the scope of the present disclosure is not limited to it. In various other embodiments, the user 102 may be associated with two or more payment cards. In such an embodiment, masked version of PANs of corresponding two or more payment cards may be added to the payment facilitation server 110.
[0077] In some embodiments, when the user 102 is a consultant and further, the consultant is an entity, the payment facilitation platform that is provided by the payment facilitation server 110 may be accessed by one or more individuals that are associated with the entity. In such an embodiment, an administrator associated with the entity may be provided with an access to register the entity on the payment facilitation platform and request for addition of payment cards to the payment facilitation platform. Additionally, the one or more individuals may be provided with access to perform payment transactions.
[0078] Although it is mentioned in the present disclosure that one user (such as the user 102) utilizes the payment facilitation platform to perform payment transactions, the scope of the present disclosure is not limited to it. In other embodiments, a plurality of users may register and utilize the payment facilitation platform for performing payment transactions.
[0079] Although it is mentioned in the present disclosure that the third payment account of the first cross-border education institution is maintained at the acquirer server 118 that is associated with the acquirer, the scope of the present disclosure is not limited to it. In other embodiments, the third payment account may be maintained at any other financial institution.
[0080] Although it is mentioned in the present disclosure that the user device 104 is utilized by the user 102 to perform the payment transaction. The scope of the present disclosure is not limited to it. In other embodiments, any computing device associated with the user 102 may be utilized to perform the payment transaction.
[0081] Although it is mentioned in the present disclosure that the username and password are generated by the payment facilitation server 110 for the registration of the user 102 on the payment facilitation platform, the scope of the present disclosure is not limited to it. In other embodiments, the username and the password may be created by the user 102 to register on the payment facilitation platform.
[0082] In some embodiments, the VCN generation server 108 may be further configured to generate a transaction report based on the VCN generation request and the generated VCN. The transaction report may include a timestamp of the VCN generation, the amount associated with the VCN, the name of the cross-border university, the type of currency, the name of the selected aggregator website, or the like. Further, the generated transaction report may be transmitted to the payment facilitation server 110 by the VCN generation server 108. The payment facilitation server 110 may transmit the received transaction report to the user device 104.
[0083] In operation, the user 102 requests the issuer associated with the issuer server 106 for the payment card 105. In response, the issuer associated with the issuer server 106 issues the payment card 105 to the user 102. Further, the user 102 is registered on the payment facilitation platform that is provided by the payment facilitation server 110 via the user device 104. Upon the registration of the user 102 on the payment facilitation platform, the user 102 utilizes the user device 104 to transmit the first request to the issuer server 106 to add the payment card 105 to the payment facilitation platform. Upon receiving the first request from the user device 104, the issuer server 106 transmits the onboarding request to the VCN generation server 108 for addition of the payment card 105 to the payment facilitation platform. The VCN generation server 108 generates the masked version of the PAN associated with the payment card 105 upon receiving the onboarding request from the issuer server 106. Further, the VCN generation server 108 stores the mapping between the masked version of the PAN and the PAN, in the memory associated with the VCN generation server 108. The VCN generation server 108 further transmits the second request for addition of the masked version of the PAN to the payment facilitation server 110. In response, the processor 122 of the payment facilitation platform adds the masked version of the PAN to the payment facilitation platform.
[0084] The user 102 logs in to the payment facilitation platform by using the username and the password that is generated during the registration, to perform the cross-border education institution fee payment transaction. The processor 122 of the user facilitation server 110 renders the option to the user 102 to select one of the plurality of education institution aggregator websites when the user 102 logs in to the payment facilitation platform. The option is rendered on the user device 104 of the user 102. The user 102 selects the first education institution aggregator website from the plurality of education institution aggregator websites. Upon the selection of the first education institution aggregator website, the processor 122 redirects the user 102 to the first education institution aggregator website.
[0085] The first education institution aggregator server 112a hosts and maintains the first education institution aggregator website. The first education institution aggregator server 112a provides the option to the user 102 to select one of the plurality of cross-border education institutions 114 to perform the cross-border fee payment transaction on the user device 104. The user 102 selects the first cross-border education institution 114a. Upon the selection of the first cross-border education institution 114a, the first education institution aggregator server 112a presents another option to the user 102 to populate the plurality of values on the plurality of fields on the first education institution aggregator website. The plurality of values may include the name of the student, the address of the student, educational qualification of the student, date of birth of the student, citizenship of the student, the name of the cross-border education institution, the course that is to be opted by the student, the duration of the course, choice of intake (such as fall semester and spring semester), an application number of the student, or the like.
[0086] Upon the population of the plurality of fields by the user 102 via the user device 104, the processor 122 extracts the set of values from the first education institution aggregator website. The set of values include at least one of amount associated with the payment transaction, an identifier of the recipient (such as the first cross-border education institution 114a) of the payment transaction, an identifier of the first education institution aggregator website, or the like. The processor 122 further detects the payment option on the first education institution aggregator website. Upon detection of the payment option, the processor 122 generates the VCN generation request based on the masked version of the PAN stored in the memory 124 and at least one of the set of values. The processor 122 further transmits the VCN generation request to the VCN generation server 108.
[0087] The VCN generation server 108 receives the VCN generation request and in response retrieves the PAN from the memory based on the mapping between the masked version of the PAN and the PAN associated with the payment card 105. Further, the VCN generation server 108 generates the VCN based on the PAN. The VCN generation server 108 further transmits the generated VCN to the processor 122. In an embodiment, the VCN generation server 108 further generates the expiry date associated with the VCN and the CVV associated with the VCN. In such an embodiment, the VCN generation server 108 transmits the expiry date associated with the VCN and the CVV associated with the VCN along with the generated VCN.
[0088] The processor 122 receives the generated VCN from the VCN generation server 108. Further, the processor 122 populates the payment field on the first education institution aggregator website. Upon population of the payment field, the first education institution aggregator server 112a provides an option to the user 102 to proceed with the cross-border fee payment transaction. The first education institution aggregator server 112a consumes the VCN when the user 102 selects the option to proceed with the cross-border fee payment transaction. Upon consumption of the VCN by the first education institution aggregator server 112a, the issuer server 106 debits the amount associated with the cross-border education institution fee payment transaction from the first payment account of the user 102. Further, the acquirer server 118 credits the amount associated with the cross-border education institution fee payment transaction to the second payment account associated with the first education institution aggregator server 112a. The payment network server 116 integrates the issuer server 106 and the acquirer server 118 to facilitate the debiting and the crediting of the amount associated with the cross-border education institution fee payment transaction.
[0089] The first education institution aggregator server 112a further credits the amount associated with the cross-border education institution fee payment transaction to the third payment account associated with the first cross-border education institution 114a. Upon the crediting of the amount associated with the cross-border education institution fee payment transaction to the third payment account, the first cross-border education institution 114a may create an application number for the student. The first education institution aggregator server 112a may further indicate that the cross-border education institution fee payment transaction is performed successfully, on the first education institution aggregator website. The payment facilitation server 110 may detect that the cross-border education institution fee payment transaction is performed successfully and in response may further generate the reconciliation report. Further, the reconciliation report is transmitted to the user device 104 of the user 102 by the processor 122.
[0090] FIGS. 2A and 2B, collectively illustrate first through third user interface (UI) screens 202-206, that are rendered on the user device 104, in accordance with an embodiment of the present disclosure.
[0091] In an exemplary scenario, the user 102 is a cross-border educational consultant. The user 102 intends to login to the payment facilitation platform to perform the cross-border education institution fee payment transaction through the user device 104. The payment facilitation server 110 renders the first UI screen 202 on the user device 104 to facilitate the user 102 to login to the payment facilitation platform. At the first UI screen 202, the user 102 is prompted to enter the username and password by way of a first field 208 and a second field 210, respectively. The UI screen 202 further includes a first submit button 212. The user 102 thus enters the username in the first field 208, the password in the second field 210, and clicks on the first submit button 212. The payment facilitation server 110 authenticates the user 102 based on stored authentication information (such as by comparing the received username and password with the stored username and password in the memory 124). When the authentication is successful, the payment facilitation server 110 renders the second UI screen 204 on the user device 104.
[0092] The second UI screen 204 displays a first set of selectable options that includes a first selectable option 214, a second selectable option 216, and a third selectable option 218 to select a preferred education aggregator website to perform the payment transaction. The first through third selectable options 214-219 represent ‘Aggregator Website-1’, ‘Aggregator Website -2’, and ‘Aggregator Website-3’, respectively. In an exemplary scenario, it is assumed that the user 102 selects the first selectable option 214 (i.e., ‘Aggregator Website-1’). In various other scenarios, the user 102 may select any of the second selectable option 216 and the third selectable option 218.
[0093] The payment facilitation server 110 redirects the user 102 to the ‘Aggregator Website-1’ (such as the first education institution aggregator website). Further, the third UI screen 206 is rendered on the user device 104. The user 102 is prompted to enter student details in the fields provided on the third UI screen 206. The third UI screen 206 includes the first through fifth fields 220-228, namely Name, Institute, Course, Fee Amount, and Card Number, respectively. The third UI screen 206 further includes a second submit button 240. The user 102 thus inputs corresponding values to the first through fifth fields 220-228. The user 102, upon entering the student details selects the submit button 240. Further, the payment field (not shown) is populated based on the VCN to perform the cross-border education institution payment transaction.
[0094] FIGS. 3A-3F collectively represent a process flow diagram 300 that illustrates an exemplary method of facilitating the payment transactions, in accordance with an exemplary embodiment of the present disclosure.
[0095] Referring to FIG. 3A, the user 102 by way of the user device 104, requests the issuer server 106 to issue the payment card 105 (as shown by arrow 302). The first payment account of the user 102 is maintained at the issuer server 106. The issuer server 106 issues the payment card 105 to the user 102 in response to the request by the user 102 (as shown by arrow 304). The PAN is associated with the payment card 105. The user 102 is registered on the payment facilitation platform that is provided by the payment facilitation server 110. The user 102 is registered on the payment facilitation platform via the user device 104 (as shown by arrow 308). The payment facilitation server 110 generates the username and the password during registration (as shown by arrow 310). Further, the payment facilitation server 110 transmits the username and the password to the user device 104 (as shown by arrow 312).
[0096] Further, the user 102 by way of the user device 104 transmits the first request to the issuer server 106 for addition of the payment card 105 to the payment facilitation platform (as shown by arrow 314). Upon receiving the first request, the issuer server 106 transmits the onboarding request to the VCN generation server 108 (as shown by arrow 316). The onboarding request includes the PAN associated with the payment card 105 and the request to add the payment card 105 to the payment facilitation platform. Upon receiving the onboarding request, the VCN generation server 108 generates the masked version of the PAN of the payment card 105 (as shown by arrow 318). Further, the VCN generation server 108 transmits the second request to the payment facilitation server 110 (as shown by arrow 320). The second request includes the masked version of the PAN and the request to add the masked version of the PAN to the payment facilitation platform.
[0097] Referring to FIG. 3B, the processor 122 of the payment facilitation server 110 adds the masked version of the PAN to the memory 124 upon receiving the second request (as shown by arrow 321). In other words, the masked version of the PAN is added to the payment facilitation server 110. Further, the user 102 by way of the user device 104 logs in to the payment facilitation platform using the username and the password to perform a payment transaction (as shown by arrow 322). The processor 122 of the payment facilitation server 110 renders the option to the user 102 to select one of the plurality of education institution aggregator websites on the user device 104 upon successful login of the user 102 to the payment facilitation platform (as shown by arrow 324). The user 102 selects the first education institution aggregator website from the plurality of education institution aggregator websites by way of the user device 104 (as shown by arrow 326). Further, the payment facilitation server 110 receives an indication of selection of the first education institution aggregator website from the user device 104 (as shown by arrow 328). Upon receiving the indication of selection of the first education institution aggregator website from the user device 104, the processor 122 redirects the user 102 to the first education institution aggregator website (as shown by arrow 330). In other words, the user 102 is redirected to the first education institution aggregator server 112a that provides and hosts the first education institution aggregator website. Further, the first education institution aggregator server 112a renders the option to select one of the plurality of cross-border education institutions 114 to the user 102 on the user device 104 to perform the cross-border fee payment transaction (as shown by arrow 332). The user 102 selects the first cross-border education institution 114a by way of the user device 104 (as shown by arrow 334). Further, the first education institution aggregator server 112a receives an indication of the selection of the first cross-border education institution 114a from the user device 104 (as shown by arrow 336).
[0098] Referring now to FIG. 3C, the first education institution aggregator server 112a presents the option to the user 102 to populate the plurality of values on at least two of the plurality of fields on the first education institution aggregator website (as shown by arrow 338) by way of the user device 104 (as shown by arrow 340). Further, the first education institution aggregator server 112a receives the plurality of values populated by the user 102 from the user device 104 (as shown by arrow 342). Further, the payment facilitation server 110 extracts a set of values from the first education institution aggregator website (as shown by arrow 344). In other words, the payment facilitation server 110 extracts one or more of the plurality of values from the plurality of fields on the first education institute aggregator website. The payment facilitation server 110 further detects the payment option on the first education institution aggregator website upon extraction of the set of values (as shown by arrow 346). Further, the payment facilitation server 110 generates the VCN generation request (as shown by arrow 348). The VCN generation request includes the masked version of the PAN of the payment card 105, one or more of the extracted set of values, and the request to generate the VCN based on the masked version of the PAN and the one or more of the extracted set of values. The payment facilitation server 110 further transmits the VCN generation request to the VCN generation server 108 (as shown by arrow 350).
[0099] Referring now to FIG. 3D, the VCN generation server 108 generates the VCN upon receiving the VCN generation request (as shown by arrow 352). Further, the VCN generation server 108 transmits the VCN to the payment facilitation server 110 (as shown by arrow 354). Upon receiving the VCN, the payment facilitation server 110 populates the payment field of the plurality of fields on the first education institution aggregator website based on the received VCN (as shown by arrow 356). The first education institution aggregator server 112a consumes the VCN populated on the payment field of the first education institution aggregator website (as shown by arrow 358).
[00100] Upon the consumption of the VCN, the first education institution aggregator server 112 transmits the first payment request to the payment network server 118 (as shown by arrow 360). The first payment request includes the VCN, and the amount associated with the cross-border fee payment transaction. The payment network server 118 identifies the issuer server 106 based on the VCN upon receiving the first payment request (as shown by arrow 362). The payment network server 118 further transmits the first payment request to the issuer server 106 (as shown by arrow 364). The issuer server 106, upon receipt of the first payment request from the payment network server 118, approves the payment transaction and debits the amount from the first account of the user 102 (as shown by arrow 366).
[00101] Now referring to FIG. 3E, the issuer server 106 transmits the payment response to the payment network server 118 (as shown by arrow 368). The payment response indicates the approval of the payment transaction. Further, the payment network server transmits the first payment request to the acquirer server 118 (as shown by arrow 370). The acquirer server 118 credits the amount associated with the cross-border education institution fee payment transaction to the second payment account based on the first payment request (as shown by arrow 372).
[00102] Further, the acquirer server 118 receives the second payment request from the first education institution aggregator server 112a to credit the amount associated with the cross-border education institution fee payment transaction to the third payment account (as shown by arrow 374). The acquirer server 118 debits the amount associated with the cross-border education institution fee payment transaction from the second payment account of the first education institution aggregator server 112a (as shown by arrow 376). Further, the acquirer server 118 credits the amount debited from the second payment account to the third payment account of the first cross-border education institution based on the second payment request (as shown by arrow 378).
[00103] Now referring to the FIG. 3F, the payment facilitation server 110 generates the reconciliation report upon the credit of the amount to the third payment account (as shown by arrow 380). Further, the payment facilitation server transmits the generated reconciliation report to the user device 104 so that user 102 may review the details of the payment transactions (as shown by arrow 382).
[00104] FIGS. 4A-4C, collectively represent a flowchart 400 that illustrates an exemplary method of facilitating the payment transactions by the payment facilitation server 110 of the system environment 100 of FIG. 1, in accordance with an exemplary embodiment of the present disclosure.
[00105] At step 402, the processor 122 of the payment facilitation server 110 renders the option to the user 102 to select one of the plurality of aggregator websites on the user device 104 to perform the payment transaction. The option is rendered upon successful login of the user 102 to the payment facilitation platform. Upon the selection of one of the plurality of the aggregator websites by the user 102, the processor 122 redirects the user 102 to the selected aggregator website. In an example, it is assumed that the user 102 selects the first aggregator website. Further, the user 102 is presented with the option to select one of the plurality of recipients 114 on the first aggregator website. Upon selection of one of the plurality of recipients 114, the user 102 is presented with the option to populate the plurality of values on the plurality of fields on the first aggregator website. At step 404, the set of values is extracted from the first aggregator website by the processor 122 of the payment facilitation server 110. In other words, the payment facilitation server 110 extracts one or more of the plurality of values from the plurality of fields on the first aggregator website. At step 406, the payment option on the first aggregator website is detected by the processor 122 upon the extraction of the set of values.
[00106] Referring now to FIG. 4B, at step 408, the VCN is generated by the processor 122 based on the PAN associated with the user 102 and at least one of the extracted set of values. The generation of the VCN by the processor 122 is shown in FIG. 4C. Referring now to FIG. 4C, at step 408a, the VCN generation request is generated by the processor 122, based on the PAN associated with the user 102 and at least one of the extracted set of values. At step 408b, the VCN generation request is transmitted to the VCN generation server 108 by the processor 122. At step 408c, the VCN is received from the VCN generation server 108, by the processor 122. Upon execution of step 408c, the process 400 proceeds to step 410.
[00107] Referring again to FIG. 4B, at step 410, the payment field of the plurality of fields on the first aggregator website is populated by the processor 122 based on the generated VCN. In other words, the processor 122 populates the payment field with the generated VCN. The amount associated with the payment transaction is credited to the payment account (such as the third payment account) of the recipient (such as the first cross-border education institution 114a) of the payment transaction based on the population of the payment field on the first aggregator website. At step 410, the processor 122 generates a reconciliation report based on the crediting of the amount to the recipient (such as the first cross-border education institution 114a) and the extracted set of values. At step 412, the processor 122 further transmits the reconciliation report to the user device 104.
[00108] FIG. 5 represents a high-level flowchart 500 that illustrates a method (or process) for facilitating the payment transactions by the processor 122 of the payment facilitation server 110 of the system environment 100 of FIG. 1, in accordance with an exemplary embodiment of the present disclosure.
[00109] The process may start at step 502. At step 502, the processor 122 of the payment facilitation server 110 renders the option to the user 102 to select one of the plurality of aggregator websites on the user device 104 to perform the payment transaction. The option is rendered upon successful login of the user 102 to the payment facilitation platform. It is assumed that the first aggregator website is selected by the user 102. Further, the user 102 is presented with the option to select one of the plurality of recipients 114 on the first aggregator website. Upon the selection of one of the plurality of recipients 114, the user 102 is presented with the option to populate the plurality of values on the plurality of fields on the first aggregator website. At step 504, the set of values is extracted from the first aggregator website by the processor 122 of the payment facilitation server 110. In other words, the payment facilitation server 110 extracts one or more of the plurality of values from the plurality of fields on the first aggregator website. At step 506, the payment option on the first aggregator website is detected by the processor 122 upon extraction of the set of values.
[00110] At step 508, the VCN is generated by the processor 122 based on the PAN associated with the user 102 and at least one of the extracted set of values. At step 510, the payment field of the plurality of fields on the first aggregator website is populated by the processor 122 based on the generated VCN. In other words, the processor 122 populates the payment field with the generated VCN. The amount associated with the payment transaction is credited to the payment account (such as the third payment account) of the recipient (such as the first cross-border education institution 114a) of the payment transaction based on the population of the payment field on the first aggregator website.
[00111] FIG. 6 is a block diagram that illustrates a system architecture of a computer system 600 of the system environment 100 of FIG. 1, in accordance with an exemplary embodiment of the present disclosure. An embodiment of disclosure, or portions thereof, may be implemented as computer-readable code on the computer system 600. In one example, the user device 104, the issuer server 106, the VCN generation server 108, the payment facilitation server the plurality of aggregator servers 112, the payment network server 116, and the acquirer server 118, may be implemented as the computer system 600. Hardware, software, or any combination thereof may embody modules and components used to implement the methods of FIGS. 4A-4C and 5. The computer system 600 may include a processor 602, a communication infrastructure 604, a main memory 606, a secondary memory 608, an input/output (I/O) interface 610, and a communication interface 612.
[00112] The processor 602 may be a special-purpose or a general-purpose processing device. The processor 602 may be a single processor, multiple processors, or combinations thereof. Further, the processor 602 may be connected to the communication infrastructure 604, such as a bus, message queue, multi-core message-passing scheme, and the like. In an example, the processor 122 corresponds to the processor 602.
[00113] The main memory 606 may be configured to store instructions that facilitate various operations described in conjunction with FIGS. 4A-4C and 5. Examples of the main memory 606 may include a RAM, a ROM, and the like. The secondary memory 608 may include an HDD or a removable storage drive, such as a floppy disk drive, a magnetic tape drive, a compact disc, an optical disk drive, a flash memory, and the like. In an embodiment, the removable storage drive may be a non-transitory computer-readable medium. In an example, the memory 124 corresponds to the main memory 606.
[00114] The input/output (I/O) interface 610 includes various input and output devices that are configured to communicate with the processor 602. Examples of the input devices may include a keyboard, a mouse, a joystick, a touchscreen, a microphone, and the like. Examples of the output devices may include a display screen, a speaker, headphones, and the like. The communication interface 612 may be configured to allow data to be transferred between the computer system 600 and various devices that are communicatively coupled to the computer system 600. Examples of the communication interface 612 may include a modem, a network interface, i.e., an Ethernet card, a communication port, and the like. Data transferred via the communication interface 612 may correspond to signals, such as electronic, electromagnetic, optical, or other signals as will be apparent to a person skilled in the art.
[00115] The present invention may be implemented in numerous ways including as a method or a computer program product such as a computer-readable storage medium or a computer network wherein programming instructions are communicated from a remote location.
[00116] In various other embodiments, the present disclosure may suitably be embodied as a computer program product for use with the computer system 600. The method described herein is typically implemented as a computer program product that includes a non-transitory computer-readable medium. The non-transitory computer-readable medium stores instructions that are executed or translated by the computer system 600 or any other similar device. In other words, the instructions stored in the non-transitory computer-readable medium are translatable by the processor 122 of the payment facilitation server 110 to perform operations for facilitating payment transactions. The instructions may be a series of computer-readable codes stored on a tangible medium that may be the non-transitory computer-readable medium. The tangible medium may be a computer-readable storage medium (such as the main memory 606 or the secondary memory 608), for example, diskette, Compact Disc-Read Only Memory (CD-ROM), ROM, flash drives or hard disk, or transmittable to the computer system 600, via a modem or other interface device, over either a tangible medium, including but not limited to optical or analogue communication interface. The implementation of the disclosure as a computer program product may be in an intangible form using wireless techniques, including but not limited to microwave, infrared, Bluetooth, or other transmission techniques. These instructions can be preloaded into a system or recorded on a storage medium such as a CD-ROM, or made available for downloading over a network such as the Internet or a mobile telephone network. The series of computer-readable instructions may embody all or part of the functionality previously described herein.
[00117] Embodiments of the present disclosure provide the payment facilitation server 110 for facilitating payment transactions. The payment facilitation server 110 provides a secure payment environment for consultants to facilitate cross-border payments. Additionally, data associated with the payment card 105 is not exposed during the payment transactions, as the one-time valid VCN is utilized instead of the PAN. Further, the payment facilitation platform additionally provides real-time reconciliation report to the consultant (such as the user 102).
[00118] Techniques consistent with the present disclosure provide, among other features, systems and methods for facilitating payment transactions. In the claims, the words ‘comprising’, ‘including’ and ‘having’ do not exclude the presence of other elements or steps then those listed in a claim. The terms “a” or “an,” as used herein, are defined as one or more than one. Unless stated otherwise, terms such as “first” and “second” are used to arbitrarily distinguish between the elements such terms describe. Thus, these terms are not necessarily intended to indicate temporal or other prioritization of such elements. The fact that certain measures are recited in mutually different claims does not indicate that a combination of these measures cannot be used to advantage.
[00119] While various embodiments of the present disclosure have been illustrated and described, it will be clear that the present disclosure is not limited to these embodiments only. Numerous modifications, changes, variations, substitutions, and equivalents will be apparent to those skilled in the art, without departing from the spirit and scope of the present disclosure, as described in the claims.
,CLAIMS:We claim:
1. A method for facilitating payment transactions, the method comprising:
rendering, by a processor of a payment facilitation server, an option to a user, for selection of an aggregator website from a plurality of aggregator websites, on a user device, to perform a payment transaction;
extracting, by the processor, a set of values from a first aggregator website of the plurality of aggregator websites, wherein the first aggregator website is selected by the user to perform the payment transaction, and wherein the set of values is associated with the payment transaction;
detecting, by the processor, a payment option on the first aggregator website upon the extraction of the set of values;
generating, by the processor, a virtual card number (VCN) based on a primary account number (PAN) associated with the user and at least one of the extracted set of values, upon the detection of the payment option; and
populating, by the processor, a payment field on the first aggregator website based on the generated VCN, wherein an amount associated with the payment transaction is credited to a payment account of a recipient of the payment transaction based on the population of the payment field on the first aggregator website.

2. The method as claimed in claim 1, wherein the generation of the VCN by the processor comprises:
generating, by the processor, a VCN generation request based on the PAN associated with the user and at least one of the extracted set of values;
transmitting, by the processor, the VCN generation request to a VCN generation server associated with the payment facilitation server, wherein the VCN generation server is further associated with an issuer of the PAN; and
receiving, by the processor, the VCN from the VCN generation server upon transmitting the VCN generation request, wherein the VCN is generated by the VCN generation server upon receiving the VCN generation request.

3. The method as claimed in claim 1, wherein a masked version of the PAN associated with the user is stored in a memory of the payment facilitation server, and wherein the masked version of the PAN is used for the generation of the VCN.

4. The method as claimed in claim 1, wherein the amount is credited to a payment account of the first aggregator website from a payment account of the user based on the VCN that is populated on the payment field on the first aggregator website, and wherein a first aggregator server associated with the first aggregator website credits the amount to the payment account of the recipient of the payment transaction.

5. The method as claimed in claim 1, comprising:
generating, by the processor, a reconciliation report based on the crediting of the amount to the recipient and the extracted set of values; and
transmitting, by the processor, the reconciliation report to the user device.

6. The method as claimed in claim 1, wherein the PAN is associated with a payment card of the user, and the payment card is issued by an issuer associated with the payment facilitation server and the VCN generation server.

7. The method as claimed in claim 6, wherein a masked version of the PAN is stored in a memory of the payment facilitation server by the VCN generation server based on an onboarding request received from an issuer server associated with the issuer of the PAN.

8. The method as claimed in claim 1, wherein the payment transaction is a cross-border payment transaction.

9. The method as claimed in claim 1, wherein each aggregator website of the plurality of aggregator websites corresponds to an education institution aggregator website, wherein a plurality of cross-border education institutions are presented to the user by each education institution aggregator website upon selection of the corresponding education institution aggregator website by the user, to select one of the plurality of cross-border education institutions, to perform a cross-border education institution fee payment transaction, where the payment transaction corresponds to the cross-border education institution fee payment transaction, and wherein a cross-border education institution of the plurality of the cross-border education institutions that is selected by the user is the recipient of the cross-border education institution fee payment transaction.

10. The method as claimed in claim 9, wherein the cross-border education institution fee payment transaction is associated with a student, and wherein the user is associated with one or more students.

11. The method as claimed in claim 1, wherein the VCN is valid for a one-time use.

12. The method as claimed in claim 1, wherein the set of values comprises at least one of the amount associated with the payment transaction, an identifier of the recipient of the payment transaction, a currency type associated with the payment transaction, or the like.

13. A payment facilitation server, comprising:
a processor that is configured to:
render an option to a user, for selection of an aggregator website from a plurality of aggregator websites, on a user device, to perform a payment transaction;
extract a set of values from a first aggregator website of the plurality of aggregator websites, wherein the first aggregator website is selected by the user to perform the payment transaction, and wherein the set of values is associated with the payment transaction;
detect a payment option on the first aggregator website upon the extraction of the set of values;
generate a virtual card number (VCN) based on a primary account number (PAN) associated with the user and at least one of the extracted set of values, upon the detection of the payment option; and
populate a payment field on the first aggregator website based on the generated VCN, wherein an amount associated with the payment transaction is credited to a payment account of a recipient of the payment transaction based on the population of the payment field on the first aggregator website.