Consolidated payment account system and method

• US 20030023549A1
• Filed: 06/21/2002
• Published: 01/30/2003
• Est. Priority Date: 06/27/2001
• Status: Active Grant

• Current Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Glazer, Elliott, Mitchell, Margaret C., Hussain, Sohail, Bishop, Fred, White, Dirk, Sweet, Leah M., Armes, David, Fehlhaber, Jeff, Zoob, Jessica, Fitzgerald, Gabriella P., Breck, Lydia C., Neemann, Trey
• Granted Patent: US 7,783,566 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

The present invention provides a system and method for providing and/or facilitating complete on-line payment services while protecting the privacy of the transaction participants. The comprehensive payment service is based upon a consolidated account used to store value acquired through on-line transactions. The invention provides private payment numbers for protecting the identities of the participants and includes processes for authenticating participants, authorizing transactions, and settling payments. Thus, the present invention enables merchants to effectively accept non-standard forms of payment without changing their current payment infrastructures and enables the provision of value for purchases at any network merchant using any source of value.

Claims

1. A method for providing a payment for an on-line transaction comprising the steps of:

providing a consolidated account configured to store value,

storing the value in the consolidated account, and

making a payment with the stored value.

2. The method of claim 1 further comprising the step of communicating a request for value to one or more value sources.

3. The method of claim 2, said step of communicating performed according to a predetermined schedule.

4. The method of claim 2, said step of communicating performed in response to an occurrence of a triggering event.

5. The method of claim 4, said triggering event comprising an anticipated overdraft of the consolidated account.

6. The method of claim 2, said step of communicating performed in accordance with a predefined rule.

7. The method of claim 6, said rule depending upon one or more interest rate of said one or more value source.

8. The method of claim 6, said rule defined by a user.

9. The method of claim 6, said rule defined by an issuer.

10. The method of claim 1 further comprising the step of providing a statement indicating a quantity of funds stored in the consolidated account.

11. The method of claim 1 further comprising the step of providing a statement indicating payments made from the consolidated account.

12. The method of claim 1 further comprising the step of communicating an offer to the consumer to provide said consolidated account.

13. The method of claim 1 further comprising the step of receiving from a consumer a request for said consolidated account.

14. The method of claim 1 further comprising the step of collecting authentication information from a consumer.

15. The method of claim 14 further comprising the step of verifying the consumer'"'"'s identity.

16. The method of claim 14, said information including demographic information concerning the consumer.

17. The method of claim 1 further comprising the step of identifying the consumer'"'"'s designated value source.

18. The method of claim 1 further comprising the step of receiving value from one or more value source.

19. The method of claim 18, said value source comprising two or more sources of value.

20. The method of claim 18, said value source comprising one or more charge account.

21. The method of claim 18, said value source comprising one or more debit account.

22. The method of claim 18, said value source comprising one or more gift account.

23. The method of claim 18, said value source comprising one or more stored value account.

24. The method of claim 18, said value source comprising one or more telephone account.

25. The method of claim 18, said value source comprising one or more loyalty device.

26. A system for providing a payment for an on-line transaction, the system comprising an account administrator in communication with a transaction administrator and one or more value sources, the transaction administrator configured to perform the steps of providing a consolidated account configured to store value, storing value in the consolidated account, and settling the payment with the stored value.

27. The system of claim 26, the account administrator configured to perform the step of communicating a request for value to one or more value sources.

28. The system of claim 27, said communicating performed according to a predetermined schedule.

29. The method of claim 27, said communicating performed in response to an occurrence of a triggering event.

30. The system of claim 26, said account administrator configured to perform the step of providing a statement indicating funds stored in the consolidated account.

31. The system of claim 26, said account administrator configured to perform the step of providing a statement indicating payments made from the consolidated account.

32. The system of claim 26, the transaction administrator configured to perform the step of communicating an offer to the consumer to provide said consolidated account.

33. The system of claim 26, the transaction administrator configured to perform the step of receiving from a consumer a request for said consolidated account.

34. The system of claim 26, further comprising an authentication engine in communication with the transaction administrator, the authentication engine configured to perform the step of collecting authentication information from a consumer.

35. The system of claim 34, the authentication engine configured to perform the step of verifying the consumer'"'"'s identity.

36. The system of claim 34, said information including demographic information concerning the consumer.

37. The system of claim 26, the transaction administrator configured to perform the step of identifying the consumer'"'"'s designated value source.

38. The system of claim 26, the account administrator configured to perform the step of receiving value from one or more value source.

39. The method of claim 38, said value source comprising two or more sources of value.

40. The method of claim 38, said value source comprising one or more charge account.

41. The method of claim 38, said value source comprising one or more debit account.

42. The method of claim 38, said value source comprising one or more gift account.

43. The method of claim 38, said value source comprising one or more stored value account.

44. The method of claim 38, said value source comprising one or more telephone account.

45. The method of claim 38, said value source comprising one or more loyalty account.

46. The method of claim 38, the account administrator configured to perform the step of communicating a request for value to one or more value source in accordance with a predefined rule.

47. The method of claim 46, said rule depending upon one or more interest rate of said one or more value source.

48. The method of claim 46, said rule defined by a user.

49. The method of claim 46, said rule defined by an issuer.

50. The system of claim 26, said payment comprising value having a form defined a user.

51. The system of claim 26, said payment comprising value having a form defined a merchant.