Real-time issuer bidding to compete for use of electronic payment instrument by consumer
First Claim
1. A computer-implemented method for real-time electronic bidding by issuers to select an electronic payment instrument to be utilized by a consumer to complete a pending transaction for purchase of an item by the consumer from a merchant, the method comprising:
- an intermediate bid analysis computer, in communication through respective communication networks with a mobile communication device of the consumer and respective computers of respective issuers of respective electronic payment instruments available to the consumer, receiving electronic transaction data for an item selected for purchase by the consumer, the electronic transaction data being received from the mobile communication device in real-time during a pending transaction, after the pending transaction has been initiated to purchase the item, and before the pending transaction has been completed, the mobile communication device comprising data of respective electronic payment instruments available for use by the consumer and being operable as a mobile wallet, each electronic payment instrument being governed according to default contract terms to which the consumer previously agreed to use the electronic payment instrument;
the intermediate bid analysis computer transmitting the electronic transaction data and respective bid requests to respective issuer computers, respective bid requests comprising a response time restriction such that a response must be received by the intermediate bid analysis computer from an issuer computer within a pre-determined time to be considered by the intermediate bid analysis computer;
the intermediate bid analysis computer receiving respective responses from respective issuer computers, comparing the pre-determined time and respective response times of respective issuer computers and selecting responses that were received within the pre-determined time,each selected response comprising an offer by an issuer that would apply if the electronic instrument of the issuer is utilized to complete the pending transaction, a first selected response comprising a first offer comprising default terms governing a first electronic payment instrument issued to the consumer by the first issuer, and a second selected response comprising a second offer comprising proposed terms that differ from default terms governing a second electronic payment instrument issued to the consumer by the second issuer; and
the intermediate bid analysis computer comparing the respective offers comprising the first offer and the second offer, an electronic payment instrument being selected to complete the pending transaction based at least in part upon the comparison.
1 Assignment
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Accused Products
Abstract
Issuers of electronic payment instruments can bid or submit competing offers to consumers in real-time during a transaction to influence consumers selecting their electronic payment instruments to complete a pending electronic transaction. Requests for bids, issuer responses with offers or proposed terms (e.g., annual percentage rate, miles, points, cash back, etc.), analysis of competing issuer offers, and selection of an electronic payment instrument based on the offer analysis occur in real-time such as while the consumer is at an electronic payment device of a merchant. An electronic payment instrument may be selected for the consumer, e.g., the instrument associated with an offer that confers the greatest benefit to the consumer compared to other offers, or the offer data can be presented to the consumer such as in the form of a ranking or list so that the consumer can select the electronic payment to be utilized to complete the transaction.
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Citations
27 Claims
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1. A computer-implemented method for real-time electronic bidding by issuers to select an electronic payment instrument to be utilized by a consumer to complete a pending transaction for purchase of an item by the consumer from a merchant, the method comprising:
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an intermediate bid analysis computer, in communication through respective communication networks with a mobile communication device of the consumer and respective computers of respective issuers of respective electronic payment instruments available to the consumer, receiving electronic transaction data for an item selected for purchase by the consumer, the electronic transaction data being received from the mobile communication device in real-time during a pending transaction, after the pending transaction has been initiated to purchase the item, and before the pending transaction has been completed, the mobile communication device comprising data of respective electronic payment instruments available for use by the consumer and being operable as a mobile wallet, each electronic payment instrument being governed according to default contract terms to which the consumer previously agreed to use the electronic payment instrument; the intermediate bid analysis computer transmitting the electronic transaction data and respective bid requests to respective issuer computers, respective bid requests comprising a response time restriction such that a response must be received by the intermediate bid analysis computer from an issuer computer within a pre-determined time to be considered by the intermediate bid analysis computer; the intermediate bid analysis computer receiving respective responses from respective issuer computers, comparing the pre-determined time and respective response times of respective issuer computers and selecting responses that were received within the pre-determined time, each selected response comprising an offer by an issuer that would apply if the electronic instrument of the issuer is utilized to complete the pending transaction, a first selected response comprising a first offer comprising default terms governing a first electronic payment instrument issued to the consumer by the first issuer, and a second selected response comprising a second offer comprising proposed terms that differ from default terms governing a second electronic payment instrument issued to the consumer by the second issuer; and the intermediate bid analysis computer comparing the respective offers comprising the first offer and the second offer, an electronic payment instrument being selected to complete the pending transaction based at least in part upon the comparison. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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Specification