The present disclosure provides a method and refund system for providing automated refunds for RTP. The method includes receiving refund request from a customer and sends the request to payee bank for validation. The method includes receiving a confirmation from payee bank indicating that amount is being deducted from merchant account. Further, a request is transmitted to payor bank for crediting the amount in the customer account. The method includes receiving a confirmation from the payor bank for crediting the amount. Upon receiving the confirmation, the method includes sending a notification to customer device to inform the customer that the refund is successful. Thus, the present disclosure reduces time consumption and provides automated refund for the RTP.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
BHATTACHARYA, SOM MADHAB, "SYSTEM AND METHOD FOR PROVIDING AUTOMATED REFUNDS FOR REAL-TIME PAYEMENTS", Technical Disclosure Commons, (April 27, 2022)