Claims:We Claim

1. A computer system comprising:
one or more processors; and
a memory coupled to the one or more processors, the memory for storing instructions which, when executed by the one or more processors, cause the one or more processors to perform a method for handling payment and settlement activities for transaction of goods, the method comprising:

integrating, at a digital transaction system (108), one or more buyers and one or more sellers in real-time on a platform associated with the digital transaction system (108), wherein the digital transaction system (108) performs the integration of the one or more buyers and the one or more sellers by creating a virtual account for each of the one or more buyers and each of the one or more sellers on the digital transaction system (108), wherein each of the virtual account is associated with one or more financial institutions, wherein each of the virtual account has a unique account number corresponding to each of the one or more financial institutions;

receiving, at the digital transaction system (108), a request for initiating a trade between a buyer (114) of the one or more buyers and a seller (118) of the one or more sellers, wherein the digital transaction system (108) initiates the trade between the buyer (114) and the seller (118) in real-time;

creating, at the digital transaction system (108), a trade contract between the buyer (114) and the seller (118) in real-time, wherein the trade contract is created based on one or more terms and conditions agreed upon by the buyer (114) and the seller (118), wherein each of the one or more terms and conditions is defined in a separate container in the trade contract, wherein the one or more terms and conditions are defined in real-time, wherein the trade contract is customizable in real-time;

initiating, at the digital transaction system (108), trade transaction between the buyer (114) and the seller (118) based on the trade contract created by the digital transaction system (108), wherein the trade transaction comprising an inward transaction, wherein the inward transaction comprising transferring funds from third-party account of the buyer (114) to the virtual account associated with the buyer (114) on the digital transaction system (108), wherein the trade transaction is initiated by a payment engine associated with the digital transaction system (108);

calculating, at the digital transaction system (108), settlement amount of payment at a settlement engine associated with the digital transaction system (108), wherein the settlement engine calculates the settlement amount based on fulfilment of the one or more parameters, fulfilment of the one or more terms and conditions mentioned in the trade contract agreed upon by the buyer (114) and the seller (118) and feedback received from the buyer (114) about quality and quantity of the received goods; and

finalizing, at the digital transaction system (108), the trade transaction between the buyer (114) and the seller (118) in real-time, wherein the finalization of the trade transaction comprising wallet to wallet transaction and an outward transaction, wherein the wallet to wallet transaction comprising transferring funds from the virtual account of the buyer (114) to the virtual account of the seller (118), and the outward transaction comprising transferring funds from the virtual account of the seller (118) to third-party account associated with the seller (118) on the digital transaction system (108), wherein the trade transaction is finalized by the payment engine associated with the digital transaction system (108).

2. The computer system as recited in claim 1, further comprising performing, at the digital transaction system (108), the trade transaction using one or more methods, wherein the one or more methods comprising at least one of National Electronic Funds Transfer (NEFT), Real-time Gross Settlement (RTGS), and Immediate Payment Service (IMPS).

3. The computer system as recited in claim 1, further comprising real-time tracking, at the digital transaction system (108), of actual quantity of the goods dispatched through the seller (118) to the buyer (114) based on the trade contract created between the buyer (114) and the seller (118).

4. The computer system as recited in claim 1, further comprising calculating, at the digital transaction system (108), deductions to be performed in the settlement amount to be paid to the seller (118) by the buyer (114), wherein the calculation of the deductions is performed by the settlement engine, wherein the calculation of the deductions is performed based on analysis of the one or more parameters and the feedback received from the buyer (114).

5. The computer system as recited in claim 1, further comprising customizing, at the digital transaction system (108), the trade contract in real-time, wherein the digital transaction system (108) customizes the trade contract based on received feedback from the buyer (114) or the seller (118) in real-time, wherein the feedback is received from the buyer (114) or the seller (118) based on experience of the trade between the buyer (114) and the seller (118).

6. The computer system as recited in claim 1, further comprising sending, at the digital transaction system (108), real-time alerts or notifications to the digital transaction system, wherein the digital transaction system (108) sends out the real-time alerts or notifications for updating an administrator (102) about each and every service performed by the digital transaction system (108), wherein the administrator (102) is associated with the digital transaction system (108).

7. The computer system as recited in claim 1, further comprising selecting, at the digital transaction system (108), the appropriate seller (118) from the one or more sellers, wherein the digital transaction system (108) selects the appropriate seller (118) from the one or more sellers after matching the seller (118) based on mutual consent on the one or more terms and conditions between the buyer (114) and the seller (118) in the trade contract.

8. The computer system as recited in claim 1, wherein the one or more parameters comprising at least one of number of transactions on day to day basis, percentage of payment upfront, base price value of each of the goods tradable on the digital transaction system (108), quantity of the goods and quality parameters of the goods.

9. The computer system as recited in claim 1, further comprising creating, at the digital transaction system (108), a new container for each new term and condition to be added in the one or more terms and conditions, wherein the digital transaction system (108) enables the buyer (114) or the seller (118) to add the new term and condition in real-time.

10. The computer system as recited in claim 1, wherein the digital transaction system (108) is associated with a dispute resolution mechanism, wherein the dispute resolution mechanism facilitates solving of one or more disputes between the buyer (114) and the seller (118), wherein the one or more disputes arises based on at least one of violation of the trade contract from either the buyer (114) or the seller (118), inappropriate quality of the goods received from the seller (118), and inappropriate quantity of the goods received from the buyer (114), and refusal from either the buyer (114) or the seller (118) on the settlement amount calculated by the digital transaction system.

Description:SYSTEM FOR HANDLING PAYMENT AND SETTLEMENT ACTIVITIES FOR TRANSACTION OF GOODS

TECHNICAL FIELD

[0001] The present disclosure relates to the field of payment and settlement system. More particularly, the present disclosure relates to a method for handling payment and settlement activities for transaction of goods.

BACKGROUND

[0002] Over the last few years, there has been a rapid increase in the number of online transactions that occur in a day. The online transactions include transaction of funds for transaction of goods, merchandise, commodities, and the like. Most of the financial institutions have shifted towards the use of online transactions as they provide users the comfort of performing the transactions at click of a button while sitting at their home. Conventionally, the transactions involving physical commodities are still traded based on personal contact basis such as though mobile phone, e-mail, messages, and the like. In an example, the physical commodities include commodities such as wheat, maize, castor oil, aluminum, gold, silver, and so on. In addition, the online transactions that occur between a buyer and a seller are manually noted in a trade contract. The trade contract contains necessary details about the transaction between the buyer and the seller. However, the trading of physical commodities through physical contact is labor intensive. Further, the trading of physical commodities through physical contact is inefficient because many processes such as transferring of goods from warehouse of the seller to the warehouse of the buyer is performed manually. Furthermore, the seller may send inappropriate quantity or quality of the goods to the buyer after receiving the funds. Moreover, the buyer may deny to send payment to the seller after receiving the goods from the seller.

OBJECT OF THE DISCLOSURE

[0003] A primary object of the present disclosure is to provide an integrated payment mechanism to perform fund transactions in real-time.

[0004] Another object of the present disclosure is to provide an integrated settlement mechanism to perform complete and accurate settlement of goods.

[0005] Yet another object of the present disclosure is to provide an easy and convenient transaction platform.

[0006] Yet another object of the present disclosure is to facilitate settlement of transactions securely.

[0007] Yet another object of the present disclosure is to allow users to perform transactions at a very low error rate.

[0008] Yet another object of the present disclosure is to provide an easily accessible digital wallet to the users.

SUMMARY

[0009] In an aspect, the present disclosure provides a computer system. The computer system includes one or more processors. The computer system includes a memory. The memory is coupled to the one or more processors. The memory stores instructions. The instructions are executed by the one or more processors. The execution of instructions causes the one or more processors to perform a method for handling payment and settlement activities for transaction of goods. The method includes a first step of integrating one or more buyers and one or more sellers in real-time on a platform associated with a digital transaction system. The method includes yet another step of receiving a request for initiating a trade between a buyer of the one or more buyers and a seller of the one or more sellers. The method includes yet another step of creating a trade contract between the buyer and the seller in real-time. The method includes yet another step of initiating trade transaction between the buyer and the seller based on the trade contract created by the digital transaction system. The method includes yet another step of calculating settlement amount of payment at a settlement engine associated with the digital transaction system. The method includes yet another step of finalizing the trade transaction between the buyer and the seller in real-time. The digital transaction system performs the integration of the one or more buyers and the one or more sellers by creating a virtual account for each of the one or more buyers and each of the one or more sellers on the digital transaction system. Each of the virtual account is associated with one or more financial institutions. Each of the virtual account has a unique account number corresponding to each of the one or more financial institutions. The digital transaction system initiates the trade between the buyer and the seller in real-time. The trade contract is created based on one or more terms and conditions agreed upon by the buyer and the seller. Each of the one or more terms and conditions is defined in a separate container in the trade contract. The one or more terms and conditions are defined in real-time. The trade contract is customizable in real-time. The trade transaction includes an inward transaction. The inward transaction includes transferring funds from third-party account of the buyer to the virtual account associated with the buyer on the digital transaction system. The trade transaction is initiated by a payment engine associated with the digital transaction system. The settlement engine calculates the settlement amount based on fulfilment of the one or more parameters, fulfilment of the one or more terms and conditions mentioned in the trade contract agreed upon by the buyer and the seller and feedback received from the buyer about quality and quantity of the received goods. The finalization of the trade transaction includes wallet to wallet transaction and an outward transaction. The wallet to wallet transaction includes transferring funds from the virtual account of the buyer to the virtual account of the seller. The outward transaction includes transferring funds from the virtual account of the seller to third-party account associated with the seller on the digital transaction system. The trade transaction is finalized by the payment engine associated with the digital transaction system.

STATEMENT OF THE DISCLOSURE

[0010] The present disclosure provides a computer system. The computer system includes one or more processors. The computer system includes a memory. The memory is coupled to the one or more processors. The memory stores instructions. The instructions are executed by the one or more processors. The execution of instructions causes the one or more processors to perform a method for handling payment and settlement activities for transaction of goods. The method includes a first step of integrating one or more buyers and one or more sellers in real-time on a platform associated with a digital transaction system. The method includes yet another step of receiving a request for initiating a trade between a buyer of the one or more buyers and a seller of the one or more sellers. The method includes yet another step of creating a trade contract between the buyer and the seller in real-time. The method includes yet another step of initiating trade transaction between the buyer and the seller based on the trade contract created by the digital transaction system. The method includes yet another step of calculating settlement amount of payment at a settlement engine associated with the digital transaction system. The method includes yet another step of finalizing the trade transaction between the buyer and the seller in real-time. The digital transaction system performs the integration of the one or more buyers and the one or more sellers by creating a virtual account for each of the one or more buyers and each of the one or more sellers on the digital transaction system. Each of the virtual account is associated with one or more financial institutions. Each of the virtual account has a unique account number corresponding to each of the one or more financial institutions. The digital transaction system initiates the trade between the buyer and the seller in real-time. The trade contract is created based on one or more terms and conditions agreed upon by the buyer and the seller. Each of the one or more terms and conditions is defined in a separate container in the trade contract. The one or more terms and conditions are defined in real-time. The trade contract is customizable in real-time. The trade transaction includes an inward transaction. The inward transaction includes transferring funds from third-party account of the buyer to the virtual account associated with the buyer on the digital transaction system. The trade transaction is initiated by a payment engine associated with the digital transaction system. The settlement engine calculates the settlement amount based on fulfilment of the one or more parameters, fulfilment of the one or more terms and conditions mentioned in the trade contract agreed upon by the buyer and the seller and feedback received from the buyer about quality and quantity of the received goods. The finalization of the trade transaction includes wallet to wallet transaction and an outward transaction. The wallet to wallet transaction includes transferring funds from the virtual account of the buyer to the virtual account of the seller. The outward transaction includes transferring funds from the virtual account of the seller to third-party account associated with the seller on the digital transaction system. The trade transaction is finalized by the payment engine associated with the digital transaction system.

BRIEF DESCRIPTION OF FIGURES

[0011] Having thus described the invention in general terms, reference will now be made to the accompanying drawings, which are not necessarily drawn to scale, and wherein:

[0012] FIG. 1 illustrates a general overview of an interactive computing environment method for handling payment and settlement activities for transaction of goods, in accordance with various embodiments of the present disclosure; and

[0013] FIG. 2 illustrates a block diagram of a computing device, in accordance with various embodiments of the present disclosure.

[0014] It should be noted that the accompanying figures are intended to present illustrations of exemplary embodiments of the present disclosure. These figures are not intended to limit the scope of the present disclosure. It should also be noted that accompanying figures are not necessarily drawn to scale.

DETAILED DESCRIPTION

[0015] In the following description, for purposes of explanation, numerous specific details are set forth in order to provide a thorough understanding of the present technology. It will be apparent, however, to one skilled in the art that the present technology can be practiced without these specific details. In other instances, structures and devices are shown in block diagram form only in order to avoid obscuring the present technology.

[0016] Reference in this specification to “one embodiment” or “an embodiment” means that a particular feature, structure, or characteristic described in connection with the embodiment is included in at least one embodiment of the present technology. The appearance of the phrase “in one embodiment” in various places in the specification are not necessarily all referring to the same embodiment, nor are separate or alternative embodiments mutually exclusive of other embodiments. Moreover, various features are described which may be exhibited by some embodiments and not by others. Similarly, various requirements are described which may be requirements for some embodiments but not other embodiments.

[0017] Reference will now be made in detail to selected embodiments of the present disclosure in conjunction with accompanying figures. The embodiments described herein are not intended to limit the scope of the disclosure, and the present disclosure should not be construed as limited to the embodiments described. This disclosure may be embodied in different forms without departing from the scope and spirit of the disclosure. It should be understood that the accompanying figures are intended and provided to illustrate embodiments of the disclosure described below and are not necessarily drawn to scale. In the drawings, like numbers refer to like elements throughout, and thicknesses and dimensions of some components may be exaggerated for providing better clarity and ease of understanding.

[0018] It should be noted that the terms "first", "second", and the like, herein do not denote any order, quantity, or importance, but rather are used to distinguish one element from another. Further, the terms "a" and "an" herein do not denote a limitation of quantity, but rather denote the presence of at least one of the referenced item.

[0019] FIG. 1 illustrates a general overview of an interactive computing environment 100 for handling payment and settlement activities for transaction of goods, in accordance with various embodiments of the present disclosure. The interactive computing environment 100 includes an administrator 102, a computing device 104, a communication network 106, and a digital transaction system 108. In addition, the interactive computing environment 100 includes a server 110 and a database 112. Further, the digital transaction system 108 includes a payment engine and a settlement engine. Furthermore, the digital transaction system 108 includes a buyer 114, a first communication device 116, a seller 118, and a second communication device 120.

[0020] The interactive computing environment 100 includes the administrator 102. In an embodiment of the present disclosure, the administrator 102 is a person that is responsible for maintenance and upkeep of the digital transaction system 108. In another embodiment of the present disclosure, the administrator 102 is any person that is responsible for troubleshoot of the digital transaction system 108 in case of any error or bugs.

[0021] The interactive computing environment 100 includes the computing device 104. The computing device 104 is associated with the administrator 102. The administrator 102 utilizes the computing device 104 to operate the digital transaction system 108. In an embodiment of the present disclosure, the computing device 104 is any smart device that mainly comprises a display, camera and network connectivity.

[0022] The interactive computing environment 100 includes the communication network 108. The communication network 108 provides medium to the computing device 104 to connect to the digital transaction system 108. Also, the communication network 108 provides network connectivity to the computing device 104. In an example, the communication network 108 uses protocol to connect the computing device 104 to the digital transaction system 108. The communication network 108 connects the computing device 104 to the digital transaction system 108 using a plurality of methods. The plurality of methods used to provide network connectivity to the computing device 104 includes 2G, 3G, 4G, 5G, Wifi and the like.

[0023] The administrator 102 utilizes the computing device 104 to connect to the digital transaction system 108 using the communication network 108. The digital transaction system 108 performs a method to handle payment and settlement activities for transaction of the goods. In an example, the goods includes commodities, agri commodities, merchandise, currency and the like.

[0024] The digital transaction system 108 integrates one or more buyers and one or more sellers in real-time on a platform associated with the digital transaction system 108. In an embodiment of the present disclosure, each of the one or more buyers is any client willing to pay to buy the goods from the one or more sellers. In an embodiment of the present disclosure, each of the one or more sellers is any client willing to sell the goods to the one or more buyers. The digital transaction system 108 creates a virtual account for each of the one or more buyers and each of the one or more sellers on the digital transaction system 108 to perform the integration of the one or more buyers and the one or more sellers. Each of the virtual account is associated with one or more financial institutions. Each of the virtual account has a unique account number corresponding to each of the one or more financial institutions.

[0025] In an embodiment of the present disclosure, the digital transaction system 108 integrates the virtual account of each of the one or more buyers and each of the one or more sellers with the one or more financial institutions. In an example, the one or more financial institutions include DBS Bank, and IndusInd Bank. A buyer B has a virtual account V associated with the digital transaction system 108. The virtual account V has an account number A1 associated with DBS Bank. In addition, the virtual account V has an account number A2 associated with IndusInd Bank.

[0026] The digital transaction system 108 receives a request to initiate a trade between the buyer 114 of the one or more buyers and the seller 118 of the one or more sellers. The digital transaction system 108 initiates the trade between the buyer 114 and the seller 118 in real-time. The digital transaction system 108 allows each of the one or more buyers to buy the goods from any of the one or more sellers.

[0027] In an embodiment of the present disclosure, the digital transaction system 108 receives the request from the buyer 114 to initiate the trade. The buyer 114 sends request to the digital transaction system 118 using the first communication device 116. The first communication device 116 is associated with the buyer 114. The first communication device 116 is identical to the computing device 104.

[0028] In another embodiment of the present disclosure, the digital transaction system 108 receives the request from the seller 118 to initiate the trade. The seller 118 sends request to the digital transaction system 118 using the second communication device 120. The second communication device 120 is associated with the seller 118. The second communication device 120 is identical to the computing device 104. The first communication device 116 and the second communication device 120 connects with the digital transaction system 118 using the communication network 106.

[0029] The digital transaction system 108 creates a trade contract between the buyer 114 and the seller 118 in real-time. The trade contract is created based on one or more terms and conditions agreed upon by the buyer 114 and the seller 118 before performing transaction. Each of the one or more terms and conditions is defined in a separate container in the trade contract. The one or more terms and conditions are defined in real time. The trade contract is customizable in real-time.

[0030] In an embodiment of the present disclosure, the digital transaction system 108 customizes the trade contract based on one or more parameters. In another embodiment of the present disclosure, the buyer 114 customizes the trade contract. In yet another embodiment of the present disclosure, the seller 118 customizes the trade contract. In yet another embodiment of the present disclosure, the administrator 102 customizes the trade contract.

[0031] The terms and conditions include data such as percentage of labor charges bearable by the buyer 114 or the seller 118, percentage of transportation charges bearable by the buyer 114 or the seller 118, medium of payment of labor charges, medium of payment of transportation charges, type of lorry receipt, warehouse location where the goods are to be delivered, and the like.

[0032] The digital transaction system 108 initiates a trade transaction between the buyer 114 and the seller 118 based on the trade contract created by the digital transaction system 108. The trade transaction includes an inward transaction. The inward transaction includes transferring funds from third-party account of the buyer 114 to the virtual account associated with the buyer 114 on the digital transaction system 108. The trade transaction is initiated by a payment engine associated with the digital transaction system 108.

[0033] The digital transaction system 108 performs the trade transaction using one or more methods. The one or more methods includes at least one of National Electronic Funds Transfer (NEFT), Real-time Gross Settlement (RTGS), and Immediate Payment Service (IMPS). NEFT is a nation-wide payment system that facilitates one to one funds transfer electronically. RTGS is a specialized funds transfer system that allows instantaneous transfer of money and securities on a “real-time” and “gross” basis. IMPS is an instant payment inter-bank electronic funds transfer system through mobile devices in India.

[0034] In an example, the inward transaction includes transfer of funds from third party account (say bank account) of the buyer B to the virtual account V of the buyer B. The digital transaction system 108 receives the funds in the account number A1 associated with the DBS Bank. In addition, the digital transaction system 108 transfers the funds from the account number A1 to the account number A2 associated with the IndusInd Bank. Further, the digital transaction system 108 maps the account number A1 to the account number A2. Furthermore, the digital transaction system 108 transfers information such as the account number A2, name of the buyer B1, date, time, amount of the funds and the like.

[0035] The digital transaction system 108 calculates settlement amount of payment at a settlement engine associated with the digital transaction system 108. The settlement engine calculates the settlement amount based on the one or more parameters, fulfilment of the one or more terms and conditions mentioned in the trade contract agreed upon by the buyer 114 and the seller 118 and feedback received from the buyer 114 about quality and quantity of the received goods.

[0036] The one or more parameters includes at least one of number of transactions on day to day basis, percentage of payment upfront, base price value of each of the goods tradable on the digital transaction system 108, quantity of the goods and quality parameters of the goods. In an embodiment of the present disclosure, the quality parameters are different for different goods.

[0037] In an example, the quality parameters for agri commodities such as wheat and barley are moisture, foreign matter and the like. In another example, the quality parameters for agri commodities such as ground nut is moisture, oil content and the like.

[0038] The digital transaction system 108 calculates deductions to be performed in the settlement amount to be paid to the seller 118 by the buyer 114. The settlement engine associated with the digital transaction system 108 performs the calculation of the deductions. The calculation of the deductions is performed based on analysis of the one or more parameters and the feedback received from the buyer 114 in real-time.

[0039] The digital transaction system 108 calculates the deductions in the settlement amount based on violations in the trade contract. In an embodiment of the present disclosure, the digital transaction system 108 calculates the deductions in the trade contract if quality of the goods received by the buyer 114 is not appropriate as decided in the trade contract between the buyer 114 and the seller 118. In another embodiment of the present disclosure, the digital transaction system 108 calculates the deductions in the trade contract if quantity of the goods received by the buyer 114 is not appropriate as decided in the trade contract between the buyer 114 and the seller 118.

[0040] The digital transaction system 108 customizes the trade contract in real-time. The digital transaction system 108 customizes the trade contract based on received feedback from the buyer 114 or the seller 118 in real-time. The feedback is received from the buyer 114 or the seller 118 based on experience of the trade between the buyer 114 and the seller 118.

[0041] In an example, the buyer B1 agrees to receive 100 grams of gold of 22 carat purity in the trade contract with the seller S1. The seller S1 sends 100 grams of gold of 18 carat purity to the buyer B1. The seller S1 violates the terms and conditions agreed upon by both the buyer B1 and the seller S1. The buyer B1 provides feedback to the digital transaction system 108 about the violations of the trade contract by the seller S1. The digital transaction system 108 calculates the settlement amount to be paid by the buyer B1 to the seller S1 based on the received feedback from the buyer B1.

[0042] The digital transaction system 108 is associated with a dispute resolution mechanism. The dispute resolution mechanism facilitates solving of one or more disputes between the buyer 114 and the seller 118. The one or more disputes arises based on at least one of violation of the trade contract from either the buyer 114 or the seller 118, inappropriate quality of the goods received from the seller 118, inappropriate quantity of the goods received from the buyer 114, refusal from either the buyer 114 or the seller 118 on the settlement amount calculated by the digital transaction system 108 and the like.

[0043] In an embodiment of the present disclosure, the digital transaction system 108 connects with one or more laboratories to test quality of the goods received from the seller 118. In addition, the digital transaction system 108 connects with the one or more laboratories to assure that the goods received by the buyer 114 are as per the terms and conditions agreed upon in the trade contract.

[0044] In an example, the seller S1 does not agree to receive the settlement amount calculated by the digital transaction system 108. The digital transaction system connects with the dispute resolution mechanism. Further, the dispute resolution mechanism connects with the one or more laboratories to perform testing of the goods.

[0045] In an example, the buyer B1 provides feedback to the digital transaction system 108 that the seller S1 has violated the trade contract. The digital transaction system 108 searches for nearby laboratory out of the one or more laboratories. The digital transaction system 108 selects the nearby laboratory and connects with the laboratory. The laboratory quotes price to the digital transaction system 108 to perform testing of the goods. The digital transaction system 108 receives funds from the buyer B1 equal to quote price of the selected laboratory to perform testing of the goods.

[0046] The selected laboratory perform the testing of the goods and provides reports of the testing to the digital transaction system 108. The digital transaction system 108 sends the reports to the buyer B1. The digital transaction system 108 sends the funds to the selected laboratory. Also, the digital transaction system 108 customizes the final settlement amount based on the reports received from the laboratory.

[0047] The digital transaction system 108 finalizes the trade transaction between the buyer 114 and the seller 118 in real-time. The finalization of the trade transaction includes wallet to wallet transaction and an outward transaction. The wallet to wallet transaction includes transferring funds from the virtual account of the buyer 114 to the virtual account of the seller 118. The outward transaction includes transferring funds from the virtual account of the seller 118 to third-party account associated with the seller 118 on the digital transaction system 108. The payment engine associated with the digital transaction system 108 finalizes the trade transaction.

[0048] The digital transaction system 108 transfers funds from the wallet associated with the buyer 114 to the wallet associated with the seller 118. In addition, the digital transaction system 108 stores information such as the virtual account of the buyer 114, the virtual account of the seller 118, amount of funds to be transferred, time to transfer the funds, and the like. The digital transaction system 108 receives withdraw request in real-time. The digital transaction system 108 has information such as name of the seller 118, the virtual account of the seller 118, name of the seller 118, amount of funds to be withdrawn, and the like.

[0049] The digital transaction system 108 performs real-time tracking of actual quantity of the goods dispatched through the seller 118 to the buyer 114 based on the trade contract created between the buyer 114 and the seller 118. The digital transaction system 108 sends real-time alerts or notifications. The digital transaction system 108 sends out the real-time alerts or notifications to update the administrator 102 about each and every service performed by the digital transaction system 108. The administrator 102 is associated with the digital transaction system 108.

[0050] In an embodiment of the present disclosure, the digital transaction system 108 sends the real-time alerts or notifications with respect to the inward transaction, the wallet to wallet transaction, and the outward transaction for each trade. In another embodiment of the present disclosure, the digital transaction system 108 sends the real-time alerts or notifications for each wrong inward transaction. In yet another embodiment of the present disclosure, the digital transaction system 108 sends the real-time alerts or notifications for each wrong outward transaction or fund reversal. In yet another embodiment of the present disclosure, the digital transaction system 108 sends the real-time alerts or notifications as reminders for payment due date to the one or more buyers.

[0051] In yet another embodiment of the present disclosure, the digital transaction system 108 sends the real-time alerts or notifications for each API failure at back-end functionality of any of the one or more financial institutions. In yet another embodiment of the present disclosure, the digital transaction system 108 sends the real-time alerts or notifications for failure at the server 110.

[0052] The digital transaction system 108 selects the appropriate seller 118 from the one or more sellers. The digital transaction system 108 selects the appropriate seller 118 from the one or more sellers after matching the seller 118 based on mutual consent on the one or more terms and conditions between the buyer 114 and the seller 118 in the trade contract. The digital transaction system 108 creates a new container for each new term and condition to be added in the one or more terms and conditions. The digital transaction system 108 enables the buyer 114 or the seller 118 to add the new term and condition in real-time.

[0053] In an embodiment of the present disclosure, the digital transaction system 108 stores details of delivery of the goods, invoices of the goods sold, acknowledgement receipts of proper delivery of the goods to the buyer 114, and the like. In addition, the digital transaction system 108 stores information of each of the one or more buyers and each of the one or more sellers. The information includes data such as name of the one or more buyers, name of the one or more sellers, GSTIN number of the one or more buyers and the one or more sellers, the virtual account of the one or more buyers, the virtual account of the one or more sellers, date of the trade contract, time of the trade contract, and the like.

[0054] In an embodiment of the present disclosure, the digital transaction system 108 includes a dedicated ledger. The dedicated ledger performs fund management and book keeping. The dedicated ledger is responsible for invoicing needs of the digital transaction system 108. In an embodiment of the present disclosure, the digital transaction system 108 performs the trade transaction based on initial digits of the virtual account of the one or more buyers and the one or more sellers.

[0055] The digital transaction system 108 includes a reconciliation account. The digital transaction system 108 withdraws funds from correct account of the buyer 114 or deposits money in correct account of the seller 118 even if last few digits of the virtual account of the buyer 114 or the seller 118 are missing or incorrect. The digital transaction system 108 sends payment in the reconciliation account if ending digits of the virtual account of the buyer 114 or the seller 118 are incorrect or missing. Moreover, the digital transaction system 108 withdraws funds from correct account of the buyer 114 or deposits money in correct account of the seller 118 based on first few digits of the virtual account of the buyer 114 or the seller 118.

[0056] In an embodiment of the present disclosure, the digital transaction system 108 allows onboarding of one or more transporters, one or more mandi board members, and the like. Further, the digital transaction system 108 allows the buyer 114 and the seller 118 to create the trade contract based on amount to be paid to the one or more transporters, one or more mandi board members, and the like. The digital transaction system 108 allows creation of the virtual account of each of the one or more transporters, virtual account of the one or more mandi members and the like. Furthermore, the digital transaction system 108 allows free flow of payment to the one or more transporters, the one or more mandi members directly from the virtual account of the buyer 114 or the seller 118.

[0057] The interactive computing environment 100 includes the server 110. The digital transaction system 108 is associated with the server 110. In general, server is a computer program that provides service to another computer programs. In addition, server may provide various functionalities or services, such as sharing data or resources among multiple clients, performing computation for a client and the like. In an embodiment of the present disclosure, the server 110 is at least one of dedicated server, cloud server, network server, virtual private server and the like. However, the server 110 is not limited to above mentioned servers.

[0058] In addition, the server 110 includes the database 112. In general, database is a collection of information that is organized so that it can be easily accessed, managed and updated. In an embodiment of the present disclosure, the database 112 is at least one of at least hierarchical database, network database, relational database, object-oriented database and the like. The database 112 provides storage location to the data of the one or more buyers, data of the one or more sellers, data of the trade contract between the buyer 114 and the seller 118, data associated with the digital transaction system 108, and the like. In an embodiment of the present disclosure, the database 112 provides storage location to all the data and information required by the digital transaction system 108. In an example, the server 110 stores data in the database 112. The server 110 interacts with the database 112 to retrieve the stored data.

[0059] In an embodiment of the present disclosure, the digital transaction system 108 stores data of the one or more buyers, data of the one or more sellers, data of the trade contract between the buyer 114 and the seller 118, data associated with the digital transaction system 108 in the database 112. The digital transaction system 108 performs storing in real-time. In an embodiment of the present disclosure, the digital transaction system 108 updates data of the one or more buyers, data of the one or more sellers, data of the trade contract between the buyer 114 and the seller 118, data associated with the digital transaction system 108 in the database 112 associated with the digital transaction system 108. The digital transaction system 108 performs updating in real-time.

[0060] FIG. 2 illustrates a block diagram of a computing device 200, in accordance with various embodiments of the present disclosure. The computing device 200 represents internal hardware components of the computing device 104. The computing device 200 includes a bus 202 that directly or indirectly couples the following devices: memory 204, one or more processors 206, one or more presentation components 208, one or more input/output (I/O) ports 210, one or more input/output components 212, and an illustrative power supply 214. The bus 202 represents what may be one or more busses (such as an address bus, data bus, or combination thereof). Although the various blocks of FIG. 2 are shown with lines for the sake of clarity, in reality, delineating various components is not so clear, and metaphorically, the lines would more accurately be grey and fuzzy. For example, one may consider a presentation component such as a display device to be an I/O component. Also, processors have memory. The inventors recognize that such is the nature of the art, and reiterate that the diagram of FIG. 2 is merely illustrative of an exemplary computing device 200 that can be used in connection with one or more embodiments of the present invention. The distinction is not made between such categories as “workstation,” “server,” “laptop,” “hand-held device,” etc., as all are contemplated within the scope of FIG. 2 and reference to “communication device.”

[0061] The computing device 200 typically includes a variety of computer-readable media. The computer-readable media can be any available media that can be accessed by the computing device 200 and includes both volatile and nonvolatile media, removable and non-removable media. By way of example, and not limitation, the computer-readable media may comprise computer readable storage media and communication media. The computer readable storage media includes volatile and nonvolatile, removable and non-removable media implemented in any method or technology for storage of information such as computer-readable instructions, data structures, program modules or other data.

[0062] The computer-readable storage media with memory 204 includes, but is not limited to, non-transitory computer readable media that stores program code and/or data for longer periods of time such as secondary or persistent long term storage, like RAM, ROM, EEPROM, flash memory or other memory technology, CD-ROM, digital versatile disks (DVD) or other optical disk storage, magnetic cassettes, magnetic tape, magnetic disk storage or other magnetic storage devices, or any other medium which can be used to store the desired information and which can be accessed by the computing device 200. The computer-readable storage media associated with the memory 204 and/or other computer-readable media described herein can be considered computer readable storage media for example, or a tangible storage device. The communication media typically embodies computer-readable instructions, data structures, program modules or other data in a modulated data signal such as a carrier wave or other transport mechanism and in such a includes any information delivery media. The term “modulated data signal” means a signal that has one or more of its characteristics set or changed in such a manner as to encode information in the signal. By way of example, and not limitation, communication media includes wired media such as a wired network or direct-wired connection, and wireless media such as acoustic, RF, infrared and other wireless media. Combinations of any of the above should also be included within the scope of computer-readable media. The computing device 200 includes one or more processors that read data from various entities such as the memory 204 or I/O components 212. The one or more presentation components 208 present data indications to a user or other device. Exemplary presentation components include a display device, speaker, printing component, vibrating component, etc. The one or more I/O ports 210 allow the computing device 200 to be logically coupled to other devices including the one or more I/O components 212, some of which may be built in. Illustrative components include a microphone, joystick, game pad, satellite dish, scanner, printer, wireless device, etc.

[0063] The foregoing descriptions of specific embodiments of the present technology have been presented for purposes of illustration and description. They are not intended to be exhaustive or to limit the present technology to the precise forms disclosed, and obviously many modifications and variations are possible in light of the above teaching. The embodiments were chosen and described in order to best explain the principles of the present technology and its practical application, to thereby enable others skilled in the art to best utilize the present technology and various embodiments with various modifications as are suited to the particular use contemplated. It is understood that various omissions and substitutions of equivalents are contemplated as circumstance may suggest or render expedient, but such are intended to cover the application or implementation without departing from the spirit or scope of the claims of the present technology.

[0064] While several possible embodiments of the invention have been described above and illustrated in some cases, it should be interpreted and understood as to have been presented only by way of illustration and example, but not by limitation. Thus, the breadth and scope of a preferred embodiment should not be limited by any of the above-described exemplary embodiments.