Field of the invention
[001] The present invention relates to the domain of electronic payments, and more
particularly to methods, systems and computer program products for enabling payment account sharing and for electronic token based settlement involving shared payment accounts.
Background of the invention
[002] Electronic payment transactions involving payment cards (e.g. a credit card or a
debit card) or involving electronic payment accounts are widely used. Such electronic payment transactions are enabled through electronic payment networks such as the Mastercard®, VISA®, or American Express® payment networks. Payment networks process payments from a payor account to a payee account based on methods involving transaction authorization, transaction clearing and transaction settlement. In brief, (i) transaction authorization involves requesting and receiving from an issuer associated with the payor account, prior authorization for proceeding with a requested payment transaction, (ii) transaction clearing is the process of exchanging transaction data between a processor and an issuer - wherein the clearing messages are exchanged between the payment network and an issuer associated with a payor account and / or an acquirer associated with a payee account, and wherein the clearing messages contain settlement data but do not actually cause exchange or transfer of funds, and (iii) transaction settlement is the last step of the transaction cycle where the actual exchange of funds is carried out between the issuer and the acquirer through the payment network.
[003] The settlement process is carried out periodically (for example at the end of every
day) on an aggregated basis - and not on an individual transaction basis. In brief, the settlement system of a payment network calculates the total amount due to or due from a

customer for a particular settlement day (i.e. the net settlement position) and thereafter initiates the appropriate exchange of funds corresponding to the net settlement position.
[004] Figure 1 illustrates a prior art system environment 100 for implementing
electronic payment transactions. System environment 100 comprises a terminal device 102 (for example POS terminal 102a, computer terminal 102b, or mobile communication device 102c) configured to initiate a payment transaction between a payor payment account and a payee payment account. Terminal device 102 is communicably coupled to payment network 104 and through payment network 104 to acquirer bank 106 (at which the payee account is maintained) and to issuer bank 108 (at which the payor account is maintained).
[005] At the end of each settlement day, payment network 104 aggregates all transactions between payment accounts held by acquirer bank 106 and payment accounts held by issuer bank 108, and determines the aggregated or net settlement position involving the two banks. Thereafter, funds are exchanged between the two banks based on the net value of all cleared financial transactions involving the two banks for that settlement day.
[006] A significant drawback that exists in the state of art is that currently all network fees and cross border transactions are settled in the default regional settlement currency -which is US dollars (USD). Each bank (i.e. each customer availing settlement services of the payment network) therefore needs to have a Nostro USD account opened at a correspondent bank and needs to ensure that the Nostro USD account is sufficiently funded so that the customer's daily settlement position can be honored and settled.
[007] In certain jurisdictions however, regulatory requirements or banking
requirements restrict the types of payment accounts that certain entities can open. For example, in India, certain types of banks - such as payment banks, small banks, prepaid issuers, exchange houses, etc. are permitted to provide banking services (for example issue payment accounts, issue payment cards and / or acquire merchants) - but are not permitted to open Nostro USD accounts. Such entities are therefore precluded from participating in cross border transactions and receiving certain services from payment networks - since they

do not have the necessary Nostro USD account for enabling settlement through the payment networks.
[008] There is accordingly a need for an electronic payment transaction based solution
where banks that are precluded from opening a payment account of a specific account type can still obtain access to such payment accounts under controlled and secure parameters -and thereby avail of the full range of settlement services through international payment networks.
Summary
[009] The invention provides systems, methods and computer program products for
enabling payment account sharing and for electronic token based settlement involving shared payment accounts.
[0010] The invention provides a system for implementing electronic token based transaction settlement through a shared payment account. The system comprises a payment network server associated with a payment network and configured for (i) receiving settlement information for initiating payment settlement with a customer of the payment network, the settlement information comprising at least a unique customer identifier and a settlement amount, (ii) retrieving a first shared bank account number and corresponding first bank identifier information associated with the unique customer identifier, wherein the first shared bank account number and corresponding first bank identifier information correspond to a shared payment account that is configured to implement debit or credit transaction settlements on behalf of a plurality of customers, wherein the plurality of customers includes the customer of the payment network and at least one other customer, (iii) transmitting a first electronic token to a correspondent bank server associated with a correspondent bank at which the shared payment account is held, wherein the first electronic token includes the received settlement information, the unique customer identifier and the first shared bank account number, and (iv) transmitting a second electronic token to a settlement bank server associated with the payment network, wherein (a) the second electronic token includes the received settlement information, the unique customer identifier, the first shared bank account number, and an instruction to initiate a

fund transfer based on the settlement information, and (b) responsive to receiving the second electronic token, the settlement bank server implements a transaction settlement based on the received settlement information at the shared payment account.
[0011] In a system embodiment, a correspondent bank server associated with the shared payment account is configured to (i) receive the first electronic token transmitted by the payment network server, (ii) extract from the received first electronic token the unique customer identifier, the settlement information, and the first shared bank account number, (iii) receive a debit or credit of funds from the settlement bank server pursuant to the implemented transaction settlement, and (iv) determine based on the settlement information extracted from the first electronic token that the received debit or credit of funds into the shared payment account corresponds to the transaction settlement associated with the first electronic token.
[0012] The correspondent bank server may be configured to (i) retrieve a second bank account number and corresponding second bank account identifier information associated with a with the unique customer identifier, wherein the second bank account number and corresponding second bank identifier information correspond to second payment account associated with the customer that is distinct from the first shared payment account, and (ii) re-route the transaction settlement that is implemented at the shared payment account, to the second payment account, wherein re¬routing the transaction settlement to the second payment account comprises transferring to the second payment account, a credit or debit received at the shared payment account pursuant to the transaction settlement
[0013] In a particular embodiment of the system, the first electronic token is an electronic token generated based on a first standardized communication protocol, and an optional data field defined within the first standardized communication protocol is used to record the unique customer identifier within the first electronic token.
[0014] In a specific embodiment of the system, the first standardized communication protocol is the ISO 8583 - 1987 messaging standard.

[0015] In another system embodiment, the second electronic token is an electronic token generated based on a second standardized communication protocol, and an optional data field defined within the second standardized communication protocol is used to record the unique customer identifier within the second electronic token.
[0016] In a specific system embodiment, the second standardized communication protocol is the SWIFT (Society for Worldwide Interbank Financial Telecommunication) standard.
[0017] The invention additionally provides a method for implementing electronic token based transaction settlement through a shared payment account The method comprises (i) receiving at a payment network server associated with a payment network, settlement information for initiating payment settlement with a customer of the payment network, the settlement information comprising at least a unique customer identifier and a settlement amount, (ii) retrieving from a first database, a first shared bank account number and corresponding first bank identifier information associated with the unique customer identifier, wherein the first shared bank account number and corresponding first bank identifier information correspond to a shared payment account that is configured to implement debit or credit transaction settlements on behalf of a plurality of customers, wherein the plurality of customers includes the customer of the payment network and at least one other customer, (iii) transmitting a first electronic token to a correspondent bank server associated with a correspondent bank at which the shared payment account is held, wherein the first electronic token includes the received settlement information, the unique customer identifier and the first shared bank account number, and (iv) transmitting a second electronic token to a settlement bank server associated with the payment network, wherein (a) the second electronic token includes the received settlement information, the unique customer identifier, the first shared bank account number, and an instruction to initiate a fund transfer based on the settlement information, and (b) responsive to receiving the second electronic token, implementing at the settlement bank server, a transaction settlement based on the received settlement information at the shared payment account.
[0018] In an embodiment of the method, a correspondent bank server associated with the shared payment account (i) receives the first electronic token transmitted by the payment network server, (ii) extracts from the received first electronic token the unique customer identifier, the settlement

information, and the first shared bank account number, (iii) receives a debit or credit of funds from the settlement bank server pursuant to the implemented transaction settlement, and (iv) determines based on the settlement information extracted from the first electronic token that the received debit or credit of funds into the shared payment account corresponds to the transaction settlement associated with the first electronic token.
[0019] In a particular method embodiment, the correspondent bank server (i) retrieves a second bank account number and corresponding second bank account identifier information associated with a with the unique customer identifier, wherein the second bank account number and corresponding second bank identifier information correspond to second payment account associated with the customer that is distinct from the first shared payment account, and (ii) re-routes the transaction settlement that is implemented at the shared payment account, to the second payment account, wherein re-routing the transaction settlement to the second payment account comprises transferring to the second payment account, a credit or debit received at the shared payment account pursuant to the transaction settlement
[0020] In a method embodiment, the first electronic token is an electronic token generated based on a first standardized communication protocol, and an optional data field defined within the first standardized communication protocol is used to record the unique customer identifier within the first electronic token. The first standardized communication protocol may comprise the ISO 8583 -1987 messaging standard.
[0021] In another method embodiment, the second electronic token is an electronic token generated based on a second standardized communication protocol, and an optional data field defined within the second standardized communication protocol is used to record the unique customer identifier within the second electronic token. The second standardized communication protocol may comprise the SWIFT (Society for Worldwide Interbank Financial Telecommunication) standard.
[0022] The invention also provides a computer program product for implementing electronic token based transaction settlement through a shared payment account, comprising a non-transitory computer usable medium having computer readable program code embodied therein. The computer readable program code comprises instructions for implementing the steps of (i) receiving at a

payment network server associated with a payment network, settlement information for initiating payment settlement with a customer of the payment network, the settlement information comprising at least a unique customer identifier and a settlement amount, (ii) retrieving from a first database, a first shared bank account number and corresponding first bank identifier information associated with the unique customer identifier, wherein the first shared bank account number and corresponding first bank identifier information correspond to a shared payment account that is configured to implement debit or credit transaction settlements on behalf of a plurality of customers, wherein the plurality of customers includes the customer of the payment network and at least one other customer, (iii) transmitting a first electronic token to a correspondent bank server associated with a correspondent bank at which the shared payment account is held, wherein the first electronic token includes the received settlement information, the unique customer identifier and the first shared bank account number, and (iv) transmitting a second electronic token to a settlement bank server associated with the payment network, wherein (a) the second electronic token includes the received settlement information, the unique customer identifier, the first shared bank account number, and an instruction to initiate a fund transfer based on the settlement information, and (b) responsive to receiving the second electronic token, implementing at the settlement bank server, a transaction settlement based on the received settlement information at the shared payment account.
Brief description of the accompanying drawings
[0023] Figure 1 illustrates a prior art system environment within which payment network based transaction settlement is implemented.
[0024] Figure 2 illustrates an exemplary system environment configured in accordance with the teachings of the present invention for enabling payment account sharing.
[0025] Figure 3 is a flowchart illustrating a method for provisioning a customer for payment account sharing within a payment network in accordance with the present invention.

[0026] Figures 4 and 5 illustrate exemplary data record structures that may be used to implement the method of Figure 3.
[0027] Figure 6 is a flowchart illustrating a method for transaction settlement through a shared payment account in accordance with the teachings of the present invention.
[0028] Figure 7 illustrates an exemplary data structure for a first electronic token generated during implementation of the method of Figure 6.
[0029] Figure 8 illustrates an exemplary data structure for a second electronic token generated during implementation of the method of Figure 6.
[0030] Figure 9 is a communication flow diagram illustrating communication flow between system entities involved in implementing the method of Figure 6.
[0031] Figure 10 is a flowchart illustrating a method for re-routing transaction settlement funds received at a shared payment account.
[0032] Figure 11 is a communication flow diagram illustrating communication flow between system entities involved in the method of Figure 10.
[0033] Figure 12 illustrates an exemplary payment network server configured to implement the methods of the present invention.
[0034] Figure 13 illustrates an exemplary settlement bank server configured to implement the methods of the present invention.
[0035] Figure 14 illustrates an exemplary correspondent bank server configured to implement the methods of the present invention.

[0036] Figure 15 illustrates an exemplary computer system according to which various embodiments of the present invention may be implemented.
Detailed description
[0037] The invention provides systems, methods and computer program products for enabling payment account sharing and for electronic token based settlement involving shared payment accounts.
[0038] For the purposes of the present invention, the following terms shall be understood to have the corresponding meanings provided below:
[0039] "Acquirer" shall mean a business (e.g., a financial institution or a merchant bank) that contracts with a merchant to coordinate with the issuer network of a customers' payment card.
[0040] "Acquirer network" shall refer to a communication network, including hardware, software and other equipment used by an acquirer to transmit and process card based transactions and information related to merchants, customers, payment cards and transactions.
[0041] "Correspondent account" shall refer to a payment account (e.g. a Nostro or Vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another entity, individual or customer.
[0042] "Correspondent bank" shall refer to a banking institution or financial institution that contracts with an entity, individual or customer to maintain a correspondent account on behalf of said entity, individual or customer.
[0043] "Customer" shall mean an entity or institution (for example a bank or financial institution) that is utilizing the services of a payment network for transaction settlement.

[0044] "Payor", or "Cardholder" shall mean an authorized payment card user who is making a purchase or effecting an electronic transaction with a payment card.
[0045] "Payment network" shall refer to the intermediary between the merchant's acquirer and the customer's issuer (for example, Mastercard® or Visa®). The payment network primarily coordinates payment card transactions between acquirers and issuers, and additionally coordinates clearing and settlement services to transfer payments from issuers to merchants.
[0046] "Issuer" shall mean a financial institution that issues payment cards and maintains a contract with a customer or card holder for repayment or settlement of purchases made on the payment card.
[0047] "Issuer network" shall refer to a communication network, including hardware, software and other equipment used by an issuer to transmit and process payment card transactions and information related to customers, payment cards and transactions.
[0048] "Merchant" or "Payee" shall mean an authorized acceptor of payment cards for the payment of goods or services sold by the merchant.
[0049] "Payment card" shall mean a card associated with a payment account that may be provided to a merchant in order to fund a financial transaction via the associated payment account. Payment cards may include credit cards, debit cards, charge cards, stored-value cards, prepaid cards, fleet cards, virtual payment numbers, virtual card numbers, controlled payment numbers, etc.
[0050] "Payment account" shall mean any account that may be used for the purposes of effecting an electronic payment or electronic transaction, and shall include any electronic transaction account, payment card account, bank account or electronic wallet account.

[0051] Figure 2 illustrates an exemplary system environment 200 configured in accordance with the teachings of the present invention for enabling payment account sharing. System environment 200 comprises payment network server 202, settlement bank server 204, correspondent bank server 206 and customer bank server 208 all communicably coupled through network 210.
[0052] Payment network server 202 is configured to implement the payment transaction related functionality of a payment network and in various embodiments may be configured to implement one or more of transaction authorization, transaction clearing and transaction settlement functionality. The configuration of payment network server 202 is illustrated and discussed subsequently and in more detail in connection with Figure 12.
[0053] Settlement bank server 204 is a server maintained or operated by or on behalf of a bank or financial institution that the payment network utilizes for actual transaction settlement - i.e. for initiating transfer of settlement funds between banks at the end of the settlement day or settlement period. The configuration of settlement bank server 204 is illustrated and discussed subsequently and in more detail in connection with Figure 13.
[0054] Correspondent bank server 206 is a server maintained or operated by or on behalf of a correspondent bank - and may for the purposes of the present invention be configured to enable a correspondent account that is maintained with the correspondent bank, to be shared between a plurality of customers for effecting transaction settlement in respect of each of the plurality of customers. The configuration of correspondent bank server 206 is illustrated and discussed subsequently and in more detail in connection with Figure 13.
[0055] Customer bank server 208 is a server maintained or operated by or on behalf of a bank that is an issuer of a second bank account that is associated with a customer who has been authorized to use the services of correspondent bank server 206 - for the purposes of sharing a correspondent account. As discussed in more detail below, the second bank account is used to re-route transaction settlements that are intended for the customer and which have been directed into the shared correspondent account of the correspondent bank

[0056] Network 210 may comprise any data network (for example any communication network, local area network, wide area network, internetwork such as the internet, or any other network) that is configured to enable data transmission between the system entities 202, 204, 206 and 208 connected therewith.
[0057] The configuration, operation and functionality of each of payment network server 202, settlement bank server 204, correspondent bank server 206 and customer bank server 208, for the purposes of implementing the present invention, is discussed in more detail below.
[0058] Figure 3 is a flowchart illustrating a method for provisioning a customer for payment account sharing (through a shared correspondent account at a correspondent bank) within a payment network in accordance with the present invention. The method of Figure 3 is implementable in response to a customer (such as a bank or financial institution) requiring and requesting, for the purposes of transaction settlement, access to the facilities associated with a payment account of a type that the requesting customer does not have authorization to open or maintain in its own name. Figure 3 accordingly enables access to such facilities by authorizing the requesting customer to participate in transaction settlement through a correspondent account that is already opened in the name of another customer - and by enabling shared access to the facilities offered by that correspondent account. In an embodiment, the steps of the method illustrated in the flowchart of Figure 3 may be entirely or partially implemented at payment network server 202 or correspondent bank server 206, or a combination of both.
[0059] At step 302, a request for providing a first customer with access to a shared payment account is received. It would be understood that the shared payment account is a payment account of a type that the first customer is not entitled or authorized to open or obtain in its own capacity. In a particular embodiment, the shared payment account is a correspondent account maintained at a correspondent bank, and in a more specific embodiment is a correspondent account for receiving and transacting in the default regional settlement currency of the payment network. In one embodiment, the shared payment

account is a Nostro USD correspondent account. The request for providing access to the shared payment account may in an embodiment be received from the first customer at payment network server 202. The first customer may comprise an existing customer of the payment network that is associated with payment network server 202, or alternatively may comprise a new customer seeking to be registered for services provided by the payment network.
[0060] At step 304, a unique customer identifier associated with the first customer is obtained. The unique customer identifier comprises any identifier that is uniquely associated with the first customer in the records of the payment network. In an embodiment where the first customer is an existing customer of the payment network associated with payment network server 202, the unique customer identifier may comprise an identifier already assigned to the customer by the payment network, and which is retrieved from a database accessible by payment network server 202. In another embodiment, where the first customer is a new customer seeking to be onboarded with the payment network, step 304 may include generating the unique customer identifier and associating the generated unique customer identifier with the first customer, by payment network server 202. In a particular embodiment, where the payment network is the Mastercard ® payment network, the unique customer identifier is an Interbank Card Association value that is assigned by the payment network to the requesting customer.
[0061] Step 306 comprises obtaining first bank account identifier information associated with a first bank account held by the first customer. The first bank account comprises a bank account held, maintained or operated in the name of the first customer at a customer bank associated with customer bank server 208. First bank account identifier information may in an embodiment include one or more of bank account number, bank name and / or branch information, and any other identifier information necessary to enable electronic payment transactions to be implemented using the first bank account.
[0062] Step 308 involves identifying a second bank account held by a second customer, wherein the second bank account has an access sharing permission associated with it. In a

particular embodiment, the second bank account is a correspondent account held by the second customer at a correspondent bank - and which correspondent account has an associated access sharing permission. In an embodiment, step 308 may additionally involve ascertaining that the second bank account is of the same account type that the first customer requires and has requested shared access at step 302. It will be understood that in various embodiments, the second bank account may be held or maintained at a correspondent bank associated with correspondent bank server 206. The identification at step 308 may include querying correspondent bank server 206 to identify and obtain details of a correspondent account for which the correspondent bank has obtained or will obtain requisite sharing permissions or sharing authorizations.
[0063] Step 310 comprises obtaining second bank account identifier information associated with the second bank account (i.e. with the correspondent account having shared access permissions that has been identified at step 306). The second bank account identifier information may in an embodiment include one or more of bank account number, bank name and / or branch information, and any other identifier information necessary to enable electronic payment transactions to be implemented using the second bank account.
[0064] Step 312 comprises generating a first data record associating the unique customer identifier (obtained at step 304) with the first bank account identifier information (obtained at step 306) and with the second bank account identifier information (obtained at step 310).
[0065] Figure 4 illustrates an exemplary first data record structure 400 that may be used for generating the first data record at step 312. As shown in Figure 4, first data record structure 400 comprises (i) a first data field 402 configured to retrievably store a unique customer identifier, (ii) a second data field 404 configured to retrievably store a first bank account number associated with the first bank account, (iii) a third data field 406 configured to retrievably store any other items or data that form a part of the first bank account identifier information, (iv) a fourth data field 408 configured to retrievably store a second bank account number associated with the second bank account, and (v) a fifth data field 410

configured to retrievably store any other items or data that form a part of the second bank account identifier information.
[0066] At step 314, the generated first data record is stored in a first database communicatively coupled with correspondent bank server 206.
[0067] Step 316 comprises generating a second data record associating the unique customer identifier with the second bank account identifier information.
[0068] Figure 5 illustrates an exemplary second data record structure 500 that may be used for generating the second data record at step 316. As shown in Figure 5, second data record structure 500 comprises (i) a first data field 502 configured to retrievably store a unique customer identifier, (ii) a second data field 504 configured to retrievably store a second bank account number associated with the second bank account, and (iii) a third data field 506 configured to retrievably store any other items or data that form a part of the second bank account identifier information.
[0069] At step 318, the generated second data record is stored in a second database communicatively coupled with the payment network server 202.
[0070] Implementation of the method of Figure 3 essentially results in generation at payment network server 202, of an association between the requesting first customer and the shared bank account (correspondent account having access sharing permissions) maintained at a correspondent bank. The method further results in generation of an association between the first customer, the shared bank account maintained at the correspondent bank, and a second bank account maintained by the first customer at customer bank server 208 - at correspondent bank server 206. As explained in more detail below, the associations generated through Figure 3 enable settlement transactions involving the requesting first customer to be routed to the first customer's second bank account, through the shared bank account maintained at the correspondent bank.

[0071] Figure 6 is a flowchart illustrating a method for transaction settlement through a shared payment account in accordance with the teachings of the present invention. In an embodiment of the invention, the method steps of Figure 6 may be implemented partially or entirely at payment network server 202 within system environment 200.
[0072] Step 602 comprises receiving settlement information for initiating payment settlement with a customer. The settlement information comprises (i) a unique customer identifier associated with the customer, (ii) a settlement amount, (iii) type of settlement -e.g. credit settlement or debit settlement, and (iv) entities involved in the settlement (i.e. the two entities between whom the settlement transaction is being carried out). The settlement information may be generated at or provided to payment network server 202 as an outcome of a transaction clearing process implemented by a transaction clearinghouse or by the payment network server itself.
[0073] Step 604 comprises retrieving from a database associated with the payment network (for example a database within or communicatively coupled with payment network server 202), a shared bank account number and corresponding bank identifier information associated with the unique customer identifier received at step 602. In an embodiment of the invention, the received shared bank account number and corresponding bank identifier information relates to a shared bank account (i.e. a correspondent account having access sharing permissions) maintained at a correspondent bank - and in respect of which a customer associated with the unique customer identifier has been granted shared access permission in accordance with the method of Figure 3 described above. In a further embodiment, the shared bank account number and corresponding bank identifier information are retrieved from a data record associated with the unique customer identifier, which data record that has been generated and stored in accordance with method steps 316 and 318 of Figure 3.
[0074] Step 606 comprises transmitting a first electronic token to a correspondent bank server associated with a correspondent bank at which the shared bank account is held. The correspondent bank may be identified based on the bank identifier information retrieved at

step 604. The first electronic token includes (i) the settlement information received at step 602, (iii) the unique customer identifier received at step 602, and (iii) the shared bank account number associated with the unique customer identifier that has been retrieved at step 604. The first electronic token is configured in a manner that informs the correspondent bank or correspondent bank server 206 of the settlement process under implementation.
[0075] In an embodiment of the invention, the first electronic token is transmitted from payment network server 202 to correspondent bank server 206. Correspondent bank server 206 may be configured to extract information from the transmitted first electronic token and accordingly receive notification that (i) the settlement process is being carried out between the entities identified in the settlement information received at step 602, (ii) the settlement process involves credit or debit of the settlement amount specified in the settlement information received at step 602 between the specified entities, and (iii) for the specific entity that is identified by the unique customer identifier, the settlement transaction is to be routed through the shared correspondent bank account that is identified by the shared bank account number specified within the first electronic token.
[0076] Step 608 comprises transmitting a second electronic token to a settlement bank server 204 associated with the payment network. The second electronic token includes (i) the settlement information, (ii) the unique customer identifier, (iii) the shared bank account number and the corresponding bank identifier information associated with the unique customer identifier, and (iv) an instruction to initiate a fund transfer based on the settlement information.
[0077] In an embodiment, the second electronic token is transmitted from payment network server 202 to settlement bank server 204. Settlement bank server 204 may be configured to extract information from the transmitted second electronic token and accordingly obtain a notification that (i) the settlement process is being carried out between the entities identified in the settlement information received at step 602, (ii) the settlement involves credit or debit of the settlement amount specified in the settlement information received at step 602 between the specified entities, and (iii) for the specified entity that is

identified by the unique customer identifier, the settlement transaction is to be routed to the correspondent bank account identified by the shared bank account number specified within the second electronic token.
[0078] The settlement bank server 204 may thereafter use the information extracted from the second electronic token to implement the settlement by crediting or debiting the settlement amount into or from the correspondent bank account identified by the shared bank account number specified within the second electronic token.
[0079] A critical requirement of the invention is that the first and second electronic tokens are electronic tokens that are generated according to electronic communication protocols or formats that are understood and recognized within the standardized communication protocols of the payment networks and banking networks. Unless the invention enables use of such communication protocols, the invention would not be implementable within the existing payment frameworks. At the same time, the first and second electronic tokens incorporate new information and processes that have not been previously addressed within the standardized communication protocols of payment networks and banking networks - to ensure that the receiving entity is able to extract and logically interpret the information within the received electronic token(s). To address this requirement, the first and second electronic tokens of Figure 6 comprise electronic tokens that have been generated according to standardized communication protocols, with certain modifications that enable transmission of the new information and processes, but at the same time remaining compliant with the standardized communication protocols.
[0080] In one embodiment, the first electronic token is generated based on a first standardized transaction message communication protocol that is used for communicating settlement information. In a specific embodiment, the first electronic token is generated based on a first transaction message format that is defined by the ISO 8583 - 1987 messaging standard - wherein one or more optional (i.e. non-mandatory) data fields within the first transaction message format are used to represent the unique customer identifier that is included within the first electronic token.

[0081] Figure 7 illustrates an exemplary transaction message format 700 defined based on the ISO 8583-1987 format that has been modified to generate first electronic tokens in accordance with the method of Figure 6. As illustrated, transaction message format 700 has a plurality of data fields (data fields 1 to 27) - of which some are mandatory data fields (M) and others are optional data fields (O). In the illustration of Figure 7, data field 14 - which is an optional data field configured to hold data corresponding to an Interbank Card Association value, may be used to represent and transmit the unique customer identifier within the first electronic token. In one embodiment, the unique customer identifier value is substituted into the optional data field. In another embodiment, since the Interbank Card Association value is itself a unique identifier generated and associated for each unique customer of a payment network, in certain embodiments of the invention, the Interbank Card Association value assigned to a customer by the payment network may itself be used as the unique customer identifier for each customer.
[0082] Likewise, the second electronic token of Figure 6 may be generated based on a second standardized transaction message communication protocol that is used for initiating a fund settlement or a fund transfer. In a specific embodiment, the second electronic token is generated based on a second transaction message format that is defined by the SWIFT (Society for Worldwide Interbank Financial Telecommunication) messaging standard -wherein one or more optional (i.e. non-mandatory) data fields within the second transaction message format are used to represent the unique customer identifier that is included within the second electronic token.
[0083] Figure 8 illustrates an exemplary transaction message format 800 defined based on the SWIFT message format that has been modified to generate second electronic tokens in accordance with the method of Figure 6. As illustrated, transaction message format 800 has a plurality of data fields (data fields 1 to 23) - of which some are mandatory data fields (M) and others are optional data fields (O). In the illustration of Figure 8, data field 5 - which is an optional data field configured to hold data corresponding to an Account Service Institution value, may be used to represent and transmit the unique customer identifier

within the first electronic token. In an embodiment, the unique customer identifier is substituted into the selected optional data field. In a particular embodiment where the Interbank Card Association value generated by a payment network is itself a unique identifier for each customer, the Interbank Card Association value assigned to a customer by the payment network may itself be used as the unique customer identifier for each customer within the second electronic token - and may for example be transmitted within data field 5 instead of the optional "account servicing institution" value that would be ordinarily transmitted in data field 5.
[0084] Figure 9 is a communication flow diagram illustrating communication flow between system entities involved in implementing the method of Figure 6.
[0085] At step 9002, payment network server 902 receives settlement information for initiating payment settlement with a customer. The settlement information comprises (i) a unique customer identifier associated with the customer, (ii) a settlement amount, (iii) type of settlement - e.g. credit settlement or debit settlement, and (iv) entities involved in the settlement (i.e. the two entities between whom the settlement transaction is being carried out). The settlement information may be generated at or provided to payment network server 902 as an outcome of a transaction clearing process implemented by a transaction clearinghouse or by the payment network service itself.
[0086] At step 9004, payment network server 902 requests from payment network server database 904, shared bank account identifier information that is associated with the unique customer identifier received at step 9002. At step 9006, payment network server database 904 transmits the requested shared bank account identifier information back to payment network server 902. The shared bank account identifier information requested and transmitted at steps 9004 and 9006 includes a shared bank account number and corresponding bank identifier information associated with the unique customer identifier in a data record stored within payment network server database 904. The shared bank account number and corresponding bank identifier information relate to a shared correspondent account maintained at a correspondent bank - and in respect of which a customer associated

with the unique customer identifier has been granted shared access permission in accordance with the method of Figure 3. In a further embodiment, the shared bank account number and corresponding bank identifier information are retrieved from a data record associated with the unique customer identifier that has been generated and stored in accordance with method steps 316 and 318 of Figure 3.
[0087] Based on the data received at step 9006, payment network server 902 generates a first electronic token and at step 9008 transmits the first electronic token to correspondent bank server 906. Correspondent bank server 906 comprises a server associated with a correspondent bank at which the shared bank account (i.e. shared correspondent account) is held. The correspondent bank may be identified based on the bank identifier information received by payment network server 902 at step 9006.
[0088] As discussed above, the first electronic token may include (i) the settlement information received at step 9002, (iii) the unique customer identifier received at step 9002, and (iii) the shared bank account number associated with the unique customer identifier that has been received at step 9006. The first electronic token is configured in a manner that informs correspondent bank server 906 of the settlement process under implementation.
[0089] Correspondent bank server 906 may be configured to extract information from the transmitted first electronic token and accordingly receive notification that (i) the settlement process is being carried out between the entities identified in the settlement information received at step 9002, (ii) involves credit or debit of the settlement amount specified in the settlement information received at step 9002 between the specified entities, (iii) for the specified entity that is identified by the unique customer identifier, the settlement transaction is to be routed through the correspondent bank account identified by the shared bank account number specified within the first electronic token.
[0090] Based on the data received at step 9006, payment network server 902 also generates a second electronic token and at step 9010, transmits the second electronic token to a settlement bank server 908 that is associated with or communicably coupled with

payment network server 902. The second electronic token includes (i) the settlement information, (ii) the unique customer identifier, (iii) the shared bank account number and the corresponding bank identifier information associated with the unique customer identifier, and (iv) an instruction to initiate a fund transfer based on the settlement information.
[0091] Settlement bank server 908 may be configured to extract information from the transmitted second electronic token and accordingly receive notification that (i) the settlement process is being carried out between the entities identified in the settlement information received at step 9002, (ii) involves credit or debit of the settlement amount specified in the settlement information received at step 9002 between the specified entities, (iii) for the specified entity that is identified by the unique customer identifier, the settlement transaction is to be routed to the correspondent bank account identified by the shared bank account number specified within the second electronic token.
[0092] Settlement bank server 908 may thereafter use the information extracted from the second electronic token to implement the settlement by crediting or debiting the settlement amount into or from the correspondent bank account identified by the shared bank account number specified within the second electronic token.
[0093] It would be understood that the first electronic token and second electronic token of Figure 9 may be generated according to the detailed embodiments discussed previously in connection with Figures 6 to 8.
[0094] Figure 10 is a flowchart illustrating a method for re-routing transaction settlement funds received at a shared payment account. In an embodiment, the steps of the method illustrated in the flowchart of Figure 10 may be entirely or partially implemented at correspondent bank server 206.
[0095] Step 1002 comprises receiving from a payment network server 202 associated with the payment network, an electronic token configured to notify a correspondent bank

associated with correspondent bank server 206 at which a first shared bank account is held (i.e. at which the shared correspondent account is held), of a settlement transaction that involves the first shared bank account and which transaction is under implementation. The electronic token received from the payment network server may comprise the first electronic token from step 606 of Figure 6.
[0096] Step 1004 comprises extracting from the received electronic token, (i) a unique customer identifier, (ii) settlement information, and (iii) a first shared bank account number - all associated with the settlement transaction under implementation
[0097] Step 1006 comprises receiving from a settlement bank server 204 associated with the payment network, a settlement corresponding to the settlement transaction under implementation. In an embodiment, receiving the settlement at step 1006 comprises receiving at the shared bank account corresponding to the first shared bank account number, a credit or debit of the settlement amount.
[0098] Step 1008 comprises correlating the settlement, and the corresponding credit or debit of funds, that is received from settlement bank server 204 with the settlement information extracted from the electronic token received at step 1004 and as a result, confirming or determining that the received settlement in fact corresponds to the settlement notification provided via the electronic token.
[0099] Step 1010 comprises retrieving from a database associated with correspondent bank server 206, a data record associated with the extracted unique customer identification number. Second bank account identifier information (which includes a second bank account number and corresponding bank identifier information) associated with a second bank account held by the customer is thereafter extracted from the retrieved data record. In an embodiment, the second bank account is a bank account that is different from the first shared bank account - and may be held either at the correspondent bank itself or at another bank. In a particular embodiment, the second bank account is a bank account solely associated with the customer corresponding to the unique customer identifier.

[00100] Step 1010 comprises re-routing the settlement received from the payment network server to the identified second bank account, and comprises transferring the credit or debit received at step 1006 from the first shared bank account to the identified second bank account.
[00101] Figure 11 is a communication flow diagram illustrating communication flow between system entities involved in the method of Figure 10.
[00102] Step 11002 comprises transmitting from payment network server 1102 to correspondent bank server 1106, an electronic token configured to notify a correspondent bank associated with correspondent bank server 1106 at which a first shared bank account is held (i.e. at which a shared correspondent account is held), of a settlement transaction that involves the first shared bank account, and that is under implementation. The electronic token received from the payment network server may comprise the first electronic token that is transmitted at step 606 of Figure 6.
[00103] Correspondent bank server 1106 extracts from the electronic token received at step 11002, (i) a unique customer identifier, (ii) settlement information, and (iii) a first shared bank account number - all associated with the settlement transaction under implementation.
[00104] Meanwhile step 11004 comprises transmitting from payment network server 1102 to settlement bank server 1104, an instruction to commence transaction settlement. At step 11006, settlement bank server 1104 transmits to correspondent bank server 1106, a data message implementing a settlement at the first shared bank account identified in the electronic token that has been received by correspondent bank server 1106 at step 11002.
[00105] Correspondent bank server 1106 correlates the settlement received from settlement bank server 1104 (as a result of the data message received at step 11006) with the settlement information extracted from the electronic token received at step 11002 and

accordingly confirms or determines that the received settlement in fact corresponds to the settlement notification provided via the electronic token.
[00106] At step 11008 correspondent bank server 1106 retrieves from a correspondent bank server database communicatively coupled therewith, a data record associated with the unique customer identification number extracted from the received electronic token. Second bank account identifier information associated with a second bank account held by the customer associated with the unique customer identification number is thereafter extracted by correspondent bank server 1106 from the retrieved data record. In an embodiment, the second bank account is a bank account that is different from the first shared bank account -and may be held either at the correspondent bank itself or at another bank. In a particular embodiment, the second bank account is a shared bank account solely associated with the customer corresponding to unique customer identifier.
[00107] Correspondent bank server 1106 then identifies an issuer server 1110 associated with a second bank account - wherein the second bank account is identified based on the extracted second bank account identifier information.
[00108] Step 11010 comprises re-routing the settlement received through settlement bank server 1104, from correspondent bank server 1106 to the identified second bank account. Said re-routing may comprise transmission of one or more fund transfer data messages from correspondent bank server 1106 to an issuer server 1110 - wherein said issuer server is maintained or operated by an issuer of the second bank account. In a particular embodiment, re-routing the settlement comprises transferring a credit or debit received at step 11006 from through settlement bank server 1104, from the first shared bank account to the identified second bank account.
[00109] Figure 12 illustrates an exemplary payment network server configured to implement the methods of the present invention.

[00110] Payment network server 1200 may comprise any processor based server system configured for data processing operations and network based communication. In specific embodiments, payment network server 1200 may comprise one or more servers. Payment network server 1200 may include (i) an operator interface 1202 configured to enable an operator to configure or control the payment network server 1200, (ii) processor 1204 configured for data processing operations within payment network server 1200, (iii) transceiver 1206 configured for enabling network communication to and from payment network server 1200, and (iv) memory 1208, which memory 1208 may include transitory memory and / or non-transitory memory.
[00111] In an exemplary embodiment, memory 1208 may have stored therewithin, (i) an operating system 1210 configured for managing device hardware and software resources and that provides common services for software programs implemented within payment network server 1200, (ii) payment network server database interface 1212 configured to enable processor 1204 to interface with, and retrieve data from or store data to a payment network server database that is configured to store data records generated and stored in accordance with steps 316 and 318 of Figure 3, (iii) shared account registration controller 1214 comprising a processor implemented controller configured to implement one or more of the method steps of Figure 3 provisioning a customer for payment account sharing within a payment network, (iv) first token generation controller 1216 comprising a processor implemented token generator configured to generate a first electronic token in accordance with the teachings of Figure 3 and / or Figure 4, and (v) second token generation controller 1218 comprising a processor implemented token generator configured to generate a first electronic token in accordance with the teachings of Figure 3 and / or Figure 4.
[00112] It will be understood that payment network server 1200 may be configured to implement one or more of the methods steps and process flows discussed above in connection with Figures 3 to 11.

[00113] Figure 13 illustrates an exemplary settlement bank server 1300 configured to implement the methods of the present invention.
[00114] Settlement bank server 1300 may comprise any processor based server system configured for data processing operations and network based communication. In specific embodiments, settlement bank server 1300 may comprise one or more servers. Settlement bank server 1300 may include (i) an operator interface 1302 configured to enable an operator to configure or control the settlement bank server 1300, (ii) processor 1304 configured for data processing operations within settlement bank server 1300, (iii) transceiver 1306 configured for enabling network communication to and from settlement bank server 1300, and (iv) memory 1308, which memory 1308 may include transitory memory and / or non-transitory memory.
[00115] In an exemplary embodiment, memory 1308 may have stored therewithin, (i) an operating system 1310 configured for managing device hardware and software resources and that provides common services for software programs implemented within settlement bank server 1300, (ii) payment network server interface 1312 configured to enable settlement bank server 1300 to interface with, and receive instructions from a payment network server (for example payment network server 202, 1200), and (iii) settlement controller 1314 comprising a processor implemented controller configured to implement one or more of the method steps of Figure 6 for effecting a transaction settlement with one or more payment accounts held at correspondent banks or issuer banks.
[00116] It will be understood that settlement bank server 1300 may be configured to implement one or more of the methods steps and process flows discussed above in connection with Figures 3 to 11.
[00117] Figure 14 illustrates an exemplary correspondent bank server 1400 configured to implement the methods of the present invention.

[00118] Correspondent bank server 1400 may comprise any processor based server system configured for data processing operations and network based communication. In specific embodiments, correspondent bank server 1400 may comprise one or more servers. Correspondent bank server 1400 may include (i) an operator interface 1402 configured to enable an operator to configure or control the correspondent bank server 1400, (ii) processor 1404 configured for data processing operations within correspondent bank server 1400, (iii) transceiver 1406 configured for enabling network communication to and from correspondent bank server 1400, and (iv) memory 1408, which memory 1308 may include transitory memory and / or non-transitory memory.
[00119] In an exemplary embodiment, memory 1408 may have stored therewithin, (i) an operating system 1410 configured for managing device hardware and software resources and that provides common services for software programs implemented within correspondent bank server 1400, (ii) correspondent bank server database interface 1412 configured to enable processor 1404 to interface with, and retrieve data from or store data to a correspondent bank server database that is configured to store data records generated and stored in accordance with steps 312 and 314 of Figure 3, (iii) settlement transaction controller 1414 comprising a processor implemented controller configured to implement and complete settlement transactions initiated by a settlement bank server 1300 on the instructions of a payment network server 1200, (iv) electronic token parser 1416 configured to extract information from first electronic tokens that are generated and transmitted from a payment network server in accordance with the teachings of Figure 6, and (v) settlement re-routing controller 1418, comprising a processor implemented controller configured for re-routing a settlement received at a shared bank account maintained at the correspondent bank server 1400, from a settlement bank server 1300, to a second bank account, in accordance with the step 1012 of Figure 10.
[00120] It will be understood that correspondent bank server 1400 may be configured to implement one or more of the methods steps and process flows discussed above in connection with Figures 3 to 11.

[00121] Figure 15 illustrates an exemplary computer system according to which various embodiments of the present invention may be implemented.
[00122] System 1500 includes computer system 1502 which in turn comprises one or more processors 1504 and at least one memory 1506. Processor 1504 is configured to execute program instructions - and may be a real processor or a virtual processor. It will be understood that computer system 1502 does not suggest any limitation as to scope of use or functionality of described embodiments. The computer system 1502 may include, but is not limited to, one or more of a general-purpose computer, a programmed microprocessor, a micro-controller, an integrated circuit, and other devices or arrangements of devices that are capable of implementing the steps that constitute the method of the present invention. Exemplary embodiments of a computer system 1502 in accordance with the present invention may include one or more servers, desktops, laptops, tablets, smart phones, mobile phones, mobile communication devices, phablets and personal digital assistants. In an embodiment of the present invention, the memory 1506 may store software for implementing various embodiments of the present invention. The computer system 1502 may have additional components. For example, the computer system 1502 may include one or more communication channels 1508, one or more input devices 1510, one or more output devices 1512, and storage 1514. An interconnection mechanism (not shown) such as a bus, controller, or network, interconnects the components of the computer system 1502. In various embodiments of the present invention, operating system software (not shown) provides an operating environment for various softwares executing in the computer system 1502 using a processor 1504, and manages different functionalities of the components of the computer system 1502.
[00123] The communication channel(s) 1508 allow communication over a
communication medium to various other computing entities. The communication medium provides information such as program instructions, or other data in a communication media. The communication media includes, but is not limited to, wired or wireless methodologies implemented with an electrical, optical, RF, infrared, acoustic, microwave, Bluetooth or other transmission media.

[00124] The input device(s) 1510 may include, but is not limited to, a touch screen, a
keyboard, mouse, pen, joystick, trackball, a voice device, a scanning device, or any another device that is capable of providing input to the computer system 1502. In an embodiment of the present invention, the input device(s) 1510 may be a sound card or similar device that accepts audio input in analog or digital form. The output device(s) 1512 may include, but not be limited to, a user interface on CRT, LCD, LED display, or any other display associated with any of servers, desktops, laptops, tablets, smart phones, mobile phones, mobile communication devices, phablets and personal digital assistants, printer, speaker, CD/DVD writer, or any other device that provides output from the computer system 1502.
[00125] The storage 1514 may include, but not be limited to, magnetic disks, magnetic
tapes, CD-ROMs, CD-RWs, DVDs, any types of computer memory, magnetic stripes, smart cards, printed barcodes or any other transitory or non-transitory medium which can be used to store information and can be accessed by the computer system 1502. In various embodiments of the present invention, the storage 1514 may contain program instructions for implementing any of the described embodiments.
[00126] In an embodiment of the present invention, the computer system 1502 is part
of a distributed network or a part of a set of available cloud resources.
[00127] The present invention may be implemented in numerous ways including as a
system, 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.
[00128] The present invention may suitably be embodied as a computer program
product for use with the computer system 1502. The method described herein is typically implemented as a computer program product, comprising a set of program instructions that is executed by the computer system 1502 or any other similar device. The set of program instructions may be a series of computer readable codes stored on a tangible medium, such

as a computer readable storage medium (storage 1514), for example, diskette, CD-ROM, ROM, flash drives or hard disk, or transmittable to the computer system 1502, via a modem or other interface device, over either a tangible medium, including but not limited to optical or analogue communications channel(s) 1508. The implementation of the invention 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.
[00129] Based on the above, it would be apparent that the present invention offers significant advantages - in particular, by enabling electronic payment transactions where banks that are precluded from opening a payment account of a specific account type can still obtain access to such payment accounts under controlled and secure parameters - and thereby avail of the full range of settlement services through international payment networks.
[00130] While the exemplary embodiments of the present invention are described and illustrated herein, it will be appreciated that they are merely illustrative. It will be understood by those skilled in the art that various modifications in form and detail may be made therein without departing from or offending the spirit and scope of the invention as defined by the appended claims. Additionally, the invention illustratively disclose herein suitably may be practiced in the absence of any element which is not specifically disclosed herein - and in a particular embodiment that is specifically contemplated, the invention is intended to be practiced in the absence of any one or more element which are not specifically disclosed herein.

We Claim

1.A system for implementing electronic token based transaction settlement
through a shared payment account, the system comprising a payment network server associated with a payment network and configured for:
receiving settlement information for initiating payment settlement with a customer of the payment network, the settlement information comprising at least a unique customer identifier and a settlement amount;
retrieving a first shared bank account number and corresponding first bank identifier information associated with the unique customer identifier, wherein the first shared bank account number and corresponding first bank identifier information correspond to a shared payment account that is configured to implement debit or credit transaction settlements on behalf of a plurality of customers, wherein the plurality of customers includes the customer of the payment network and at least one other customer;
transmitting a first electronic token to a correspondent bank server associated with a correspondent bank at which the shared payment account is held, wherein the first electronic token includes the received settlement information, the unique customer identifier and the first shared bank account number; and
transmitting a second electronic token to a settlement bank server associated with the payment network, wherein:
the second electronic token includes the received settlement information, the unique customer identifier, the first shared bank account number, and an instruction to initiate a fund transfer based on the settlement information; and

responsive to receiving the second electronic token, the settlement bank server implements a transaction settlement based on the received settlement information at the shared payment account.
2. The system as claimed in claim 1, wherein a correspondent bank server
associated with the shared payment account is configured to:
receive the first electronic token transmitted by the payment network server;
extract from the received first electronic token the unique customer identifier, the settlement information, and the first shared bank account number;
receive a debit or credit of funds from the settlement bank server pursuant to the implemented transaction settlement; and
determine based on the settlement information extracted from the first electronic token that the received debit or credit of funds into the shared payment account corresponds to the transaction settlement associated with the first electronic token.
3. The system as claimed in claim 2, wherein the correspondent bank server is
configured to:
retrieve a second bank account number and corresponding second bank account identifier information associated with a with the unique customer identifier, wherein the second bank account number and corresponding second bank identifier information correspond to second payment account associated with the customer that is distinct from the first shared payment account; and
re-route the transaction settlement that is implemented at the shared payment account, to the second payment account, wherein re-routing the transaction settlement to the second payment account comprises transferring to the second payment account, a

credit or debit received at the shared payment account pursuant to the transaction settlement.
4. The system as claimed in claim 1, wherein the first electronic token is an electronic token generated based on a first standardized communication protocol, and wherein an optional data field defined within the first standardized communication protocol is used to record the unique customer identifier within the first electronic token.
5. The system as claimed in claim 4, wherein the first standardized communication protocol is the ISO 8583 - 1987 messaging standard.
6. The system as claimed in claim 1, wherein the second electronic token is an electronic token generated based on a second standardized communication protocol, and wherein an optional data field defined within the second standardized communication protocol is used to record the unique customer identifier within the second electronic token.
7. The system as claimed in claim 6, wherein the second standardized communication protocol is a SWIFT (Society for Worldwide Interbank Financial Telecommunication) standard.
8. A method for implementing electronic token based transaction settlement through a shared payment account, the method comprising:
receiving at a payment network server associated with a payment network, settlement information for initiating payment settlement with a customer of the payment network, the settlement information comprising at least a unique customer identifier and a settlement amount;

retrieving from a first database, a first shared bank account number and corresponding first bank identifier information associated with the unique customer identifier, wherein the first shared bank account number and corresponding first bank identifier information correspond to a shared payment account that is configured to implement debit or credit transaction settlements on behalf of a plurality of customers, wherein the plurality of customers includes the customer of the payment network and at least one other customer;
transmitting a first electronic token to a correspondent bank server associated with a correspondent bank at which the shared payment account is held, wherein the first electronic token includes the received settlement information, the unique customer identifier and the first shared bank account number; and
transmitting a second electronic token to a settlement bank server associated with the payment network, wherein:
the second electronic token includes the received settlement information, the unique customer identifier, the first shared bank account number, and an instruction to initiate a fund transfer based on the settlement information; and
responsive to receiving the second electronic token, implementing at the settlement bank server, a transaction settlement based on the received settlement information at the shared payment account.
9. The method as claimed in claim 8, wherein a correspondent bank server
associated with the shared payment account:
receives the first electronic token transmitted by the payment network server;
extracts from the received first electronic token the unique customer identifier, the settlement information, and the first shared bank account number;

receives a debit or credit of funds from the settlement bank server pursuant to the implemented transaction settlement; and
determines based on the settlement information extracted from the first electronic token that the received debit or credit of funds into the shared payment account corresponds to the transaction settlement associated with the first electronic token.
10. The method as claimed in claim 9, wherein the correspondent bank server:
retrieves a second bank account number and corresponding second bank account identifier information associated with a with the unique customer identifier, wherein the second bank account number and corresponding second bank identifier information correspond to second payment account associated with the customer that is distinct from the first shared payment account; and
re-routes the transaction settlement that is implemented at the shared payment account, to the second payment account, wherein re-routing the transaction settlement to the second payment account comprises transferring to the second payment account, a credit or debit received at the shared payment account pursuant to the transaction settlement.
11. The method as claimed in claim 8, wherein the first electronic token is an electronic token generated based on a first standardized communication protocol, and wherein an optional data field defined within the first standardized communication protocol is used to record the unique customer identifier within the first electronic token.
12. The method as claimed in claim 11, wherein the first standardized communication protocol is the ISO 8583 - 1987 messaging standard.

13. The method as claimed in claim 8, wherein the second electronic token is an electronic token generated based on a second standardized communication protocol, and wherein an optional data field defined within the second standardized communication protocol is used to record the unique customer identifier within the second electronic token.
14. The method as claimed in claim 13, wherein the second standardized communication protocol is a SWIFT (Society for Worldwide Interbank Financial Telecommunication) standard.
15. A computer program product for implementing electronic token based transaction settlement through a shared payment account, comprising a non-transitory computer usable medium having computer readable program code embodied therein, the computer readable program code comprising instructions for implementing the steps of:
receiving at a payment network server associated with a payment network, settlement information for initiating payment settlement with a customer of the payment network, the settlement information comprising at least a unique customer identifier and a settlement amount;
retrieving from a first database, a first shared bank account number and corresponding first bank identifier information associated with the unique customer identifier, wherein the first shared bank account number and corresponding first bank identifier information correspond to a shared payment account that is configured to implement debit or credit transaction settlements on behalf of a plurality of customers, wherein the plurality of customers includes the customer of the payment network and at least one other customer;
transmitting a first electronic token to a correspondent bank server associated with a correspondent bank at which the shared payment account is held, wherein the first

electronic token includes the received settlement information, the unique customer identifier and the first shared bank account number; and
transmitting a second electronic token to a settlement bank server associated with the payment network, wherein:
the second electronic token includes the received settlement information, the unique customer identifier, the first shared bank account number, and an instruction to initiate a fund transfer based on the settlement information; and
responsive to receiving the second electronic token, implementing at the settlement bank server, a transaction settlement based on the received settlement information at the shared payment account.