Abstract

The present disclosure relates to a system for processing recommerce transactions within a payment network. The system includes a transaction messaging module configured to receive a transaction message from a merchant, the transaction message including a recommerce flag identifying the transaction as involving a pre-owned, refurbished, or second-hand good. The system includes a recommerce transaction processing module configured to apply predefined rules and protocols specific to recommerce transactions, and a global database storing product information including product identifiers, condition data, maintenance history, and ownership records. The system includes an artificial intelligence and machine learning fraud detection module configured to assess risk, fraud, and authenticity in real time using machine learning models trained on recommerce transaction data, a recommerce transaction authorization module configured to perform verification steps to ensure authenticity and legitimacy of the recommerce product, and a transaction authorization and settlement module configured to authorize and settle the transaction upon successful verification.

Creative Commons License

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.

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