US-20260127599-A1 - METHOD AND SYSTEM FOR PAYMENT RECIPIENT MANAGEMENT ACROSS INSTITUTIONS

US20260127599A1US 20260127599 A1US20260127599 A1US 20260127599A1US-20260127599-A1

Abstract

A method and a system for managing and accessing recipient information between institutions are provided. The method includes: receiving a request from an entity to transfer data associated with a recipient between a first financial institution and a second financial institution; authenticating an identity of the entity with the first financial institution; verifying permission to respond to the request with the first financial institution; determining whether the second financial institution is registered for a transfer; generating a first token that is shared with the first financial institution; transmitting the first token to the second financial institution for executing the transfer with the second financial institution; replicating the first data within the second financial institution; and assigning the first data to a first account within the second financial institution associated with the entity.

Inventors

Tushar Vishnupant RAJE
Harish Pramod AGRAWAL

Assignees

JPMORGAN CHASE BANK, N.A.

Dates

Publication Date: 20260507
Application Date: 20241104

Claims (20)

1 . A method for managing and accessing recipient information between institutions, the method being implemented by at least one processor, the method comprising: receiving, by the at least one processor, a request from an entity to transfer first data associated with a recipient between a first financial institution and a second financial institution; authenticating, by the at least one processor, an identity of the entity with the first financial institution by connecting with the first financial institution to verify that the entity has authorization for initiating the transfer; when the identity of the entity is authenticated, verifying, by the at least one processor, permission to respond to the request with the first financial institution; when the permission is verified, determining, by the at least one processor, whether the second financial institution is registered for a transfer; when a determination is made that the second financial institution is registered, generating, by the at least one processor, a first blockchain token that is shared with the first financial institution, wherein the first blockchain token includes a first client identifier that is recognized by the first financial institution and the second financial institution; transmitting, by the at least one processor, the first blockchain token to the second financial institution for executing the transfer with the second financial institution, wherein the second financial institution identifies the first client identifier to start the executing of the transfer; when the first blockchain token is received by the second financial institution, replicating, by the at least one processor, the first data within the second financial institution; and assigning, by the at least one processor, the first data to a first account within the second financial institution associated with the entity.
2 . The method of claim 1 , further comprising: displaying, by the at least one processor via a graphical user interface (GUI), the first data, wherein the first data is modifiable via the GUI, and wherein a modification to the first data is synchronized between the first financial institution and the second financial institution.
3 . The method of claim 1 , further comprising: adding, by the at least one processor, transaction metadata to the first blockchain token to be used for assessing a validity and a possibility of a potential risk during the executing of the transfer.
4 . The method of claim 1 , wherein the first blockchain token is shared with the entity, and wherein the entity transmits the first blockchain token and an identity credential to the second financial institution for the executing of the transfer.
5 . The method of claim 1 , further comprising: generating, by the at least one processor, a notification upon completion of at least one from among the transmitting, the replicating, and the assigning, wherein the notification is transmitted to at least one from among the entity, the first financial institution, and the second financial institution.
6 . The method of claim 1 , further comprising: generating, by the at least one processor, an invitation for the recipient to register and provide at least one detail associated with the recipient, wherein the at least one detail includes at least one from among account information associated with the recipient and transmittal information associated with the recipient.
7 . The method of claim 1 , wherein the first data includes information regarding a preferred mode of transmitting payment, wherein the preferred mode of transmitting payment is selected from among an electronic money transfer across an automated clearing house (ACH), a wire transfer, and a real-time payments (RTP) electronic money transfer.
8 . The method of claim 1 , further comprising: controlling, by the at least one processor, access of the first data to a network gateway via an application programming interface (API), wherein the network gateway is in connection with a security application that assigns authorization access based on a series of predetermined rules for accessing the first data, when the security application assigns authorization access to the first financial institution and the second financial institution, transmitting, by the at least one processor, a payment from the first account to a second account associated with the recipient based on the first data.
9 . The method of claim 1 , further comprising: offering, by the at least one processor, to provide at least one from among a dedicated data tenancy and a shared data tenancy to at least one from among the first financial institution and the second financial institution.
10 . A computing apparatus for managing and accessing recipient information between institutions, the computing apparatus comprising: a processor; a memory; and a communication interface coupled to each of the processor and the memory, wherein the processor is configured to: receive, via the communication interface, a request from an entity to transfer first data associated with a recipient between a first financial institution and a second financial institution; authenticate an identity of the entity with the first financial institution by connecting with the first financial institution to verify that the entity has authorization for initiating the transfer; when the identity of the entity is authenticated, verify permission to respond to the request with the first financial institution; when the permission is verified, determine whether the second financial institution is registered for a transfer; when a determination is made that the second financial institution is registered, generate a first blockchain token that is shared with the first financial institution, wherein the first blockchain token includes a first client identifier that is recognized by the first financial institution and the second financial institution; transmit, via the communication interface, the first blockchain token to the second financial institution for executing the transfer with the second financial institution, wherein the second financial institution identifies the first client identifier to start the executing of the transfer; when the first blockchain token is received by the second financial institution, replicate the first data within the second financial institution; and assign the first data to a first account within the second financial institution associated with the entity.
11 . The computing apparatus of claim 10 , wherein the processor is further configured to: display, via a graphical user interface (GUI), the first data, wherein the first data is modifiable via the GUI, and wherein a modification to the first data is synchronized between the first financial institution and the second financial institution.
12 . The computing apparatus of claim 10 , wherein the processor is further configured to: add transaction metadata to the first blockchain token to be used for assessing a validity and a possibility of a potential risk during the executing of the transfer.
13 . The computing apparatus of claim 10 , wherein the first blockchain token is shared with the entity, and wherein the entity transmits, via the communication interface, the first blockchain token and an identity credential to the second financial institution for the executing of the transfer.
14 . The computing apparatus of claim 10 , wherein the processor is further configured to: generate a notification upon completion of at least one from among the transmitting, the replicating, and the assigning, wherein the notification is transmitted to at least one from among the entity, the first financial institution, and the second financial institution.
15 . The computing apparatus of claim 10 , wherein the processor is further configured to: generate an invitation for the recipient to register and provide at least one detail associated with the recipient, wherein the at least one detail includes at least one from among account information associated with the recipient and transmittal information associated with the recipient.
16 . The computing apparatus of claim 10 , wherein the first data includes information regarding a preferred mode of transmitting payment, wherein the preferred mode of transmitting payment is selected from among an electronic money transfer across an automated clearing house (ACH), a wire transfer, and a real-time payments (RTP) electronic money transfer.
17 . The computing apparatus of claim 10 , wherein the processor is further configured to: control access of the first data to a network gateway via an application programming interface (API), wherein the network gateway is in connection with a security application that assigns authorization access based on a series of predetermined rules for accessing the first data, when the security application assigns authorization access to the first financial institution and the second financial institution, transmit, via the communication interface, a payment from the first account to a second account associated with the recipient based on the first data.
18 . The computing apparatus of claim 10 , wherein the processor is further configured to: offer to provide at least one from among a dedicated data tenancy and a shared data tenancy to at least one from among the first financial institution and the second financial institution.
19 . A non-transitory computer readable storage medium storing instructions for managing and accessing recipient information between institutions, the storage medium comprising executable code which, when executed by a processor, causes the processor to: receive a request from an entity to transfer first data associated with a recipient between a first financial institution and a second financial institution; authenticate an identity of the entity with the first financial institution by connecting with the first financial institution to verify that the entity has authorization for initiating the transfer; when the identity of the entity is authenticated, verify permission to respond to the request with the first financial institution; when the permission is verified, determine whether the second financial institution is registered for a transfer; when a determination is made that the second financial institution is registered, generate a first blockchain token that is shared with the first financial institution, wherein the first blockchain token includes a first client identifier that is recognized by the first financial institution and the second financial institution; transmit the first blockchain token to the second financial institution for executing the transfer with the second financial institution, wherein the second financial institution identifies the first client identifier to start the executing of the transfer; when the first blockchain token is received by the second financial institution, replicate the first data within the second financial institution; and assign the first data to a first account within the second financial institution associated with the entity.
20 . The storage medium of claim 19 , wherein when executed by the processor, the executable code further causes the processor to: display, via a graphical user interface (GUI), the first data, wherein the first data is modifiable via the GUI, and wherein a modification to the first data is synchronized between the first financial institution and the second financial institution.

Description

BACKGROUND 1. Field of the Disclosure This technology generally relates to methods and systems for managing and accessing recipient information between institutions, and more particularly to methods and systems for easily transferring, accessing, and managing recipient details across multiple financial institutions. 2. Background Information As a financial institution (FI) or FI client (either consumer or corporate), accessing and managing recipient details across payments rails (i.e., real-time payment systems) is not readily available. FIs, their clients, and their recipients do not have a centralized system to manage cross FI recipient details and customize the payment rails. Ultimately, this lack of integration discourages clients and prospective clients from opening new accounts, as there is not a centralized way to transfer and manage payment and recipient information between accounts at separate FIs. The problem is also noticed during merger and acquisitions, where a considerable amount of time and money needs to be invested to figure out recipient association to client identifiers. Looking at recipients (i.e., counter parties) as purely beneficiary tenants for FIs and their clientele, there is opportunity to make the recipient as a shared tenant across multiple FIs and their clientele for better reach and simplification of the payment rails. Thus, current technological systems lack the ability to solve these recipient data migration issues and result in inefficient system resource usage issues due to the lack of integration among different FIs. Accordingly, there is a need for easily transferring, accessing, and managing recipient details across multiple financial institutions. SUMMARY The present disclosure, through one or more of its various aspects, embodiments, and/or specific features or sub-components, provides, inter alia, various systems, servers, devices, methods, media, programs, and platforms for easily transferring, accessing, and managing recipient details across multiple financial institutions. According to an aspect of the present disclosure, a method for managing and accessing recipient information between institutions is provided. The method may be implemented by at least one processor. The method may include: receiving, by the at least one processor, a request from an entity to transfer first data associated with a recipient between a first financial institution and a second financial institution; authenticating, by the at least one processor, an identity of the entity with the first financial institution; when the identity of the entity is authenticated, verifying, by the at least one processor, permission to respond to the request with the first financial institution; when the permission is verified, determining, by the at least one processor, whether the second financial institution is registered for a transfer; when a determination is made that the second financial institution is registered, generating, by the at least one processor, a first token that is shared with the first financial institution; transmitting, by the at least one processor, the first token to the second financial institution for executing the transfer with the second financial institution; when the first token is received by the second financial institution, replicating, by the at least one processor, the first data within the second financial institution; and assigning, by the at least one processor, the first data to a first account within the second financial institution associated with the entity. The method may further include displaying, by the at least one processor via a graphical user interface (GUI), the recipient data. The recipient data may be modifiable via the GUI. A modification to the recipient data may be synchronized between the first financial institution and the second financial institution. The method may further include adding, by the at least one processor, transaction metadata to the first token to be used for assessing a validity and a possibility of a potential risk during the executing of the transfer. The first token may be shared with the entity, and the entity may transmit the first token and an identity credential to the second institution for the executing of the transfer. The method may further include generating, by the at least one processor, a notification upon completion of at least one from among the transmitting, the replicating, and the assigning. The notification may be transmitted to at least one from among the entity, the first financial institution, and the second financial institution. The method may further include generating, by the at least one processor, an invitation for the recipient to register and provide at least one detail associated with the recipient. The at least one detail may include at least one from among account information associated with the recipient and transmittal information associated with the recipient. The first data may include informat