System and method for facilitating a subsidiary card account
First Claim
1. A method for facilitating the administration of a subsidiary account comprising the steps of:
- receiving a request from a parent for a subsidiary account, said parent identifying a parent account, said parent account being a financial account associated with the parent, the parent account having a parent spending power;
establishing a subsidiary account having a subsidiary spending capacity; and
reducing said parent spending power by an amount less than said subsidiary spending capacity;
wherein said parent account is established by a first institution and said subsidiary account is at least partially maintained by a second institution.
6 Assignments
0 Petitions
Accused Products
Abstract
The present invention provides a system and method for providing a flexible limit subsidiary account that may be issued by a Foreign Financial Institution. In particular, the present provides a system and method for allowing a parent to provide funds to a subsidiary and to control the spending of subsidiary or spending capacity. The card account may be issued at the request of the parent who may retain the ability to define, modify, and/or terminate the spending and/or debt accumulation limits for the subsidiary card account as well as other features as described in the attached disclosure. The system may be configured to provide the ability for parent to eliminate risks associated with fluctuations in currency exchange rates by committing to fixed automatic long-term charges at a fixed foreign exchange rate for a fixed term.
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Citations
61 Claims
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1. A method for facilitating the administration of a subsidiary account comprising the steps of:
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receiving a request from a parent for a subsidiary account, said parent identifying a parent account, said parent account being a financial account associated with the parent, the parent account having a parent spending power;
establishing a subsidiary account having a subsidiary spending capacity; and
reducing said parent spending power by an amount less than said subsidiary spending capacity;
wherein said parent account is established by a first institution and said subsidiary account is at least partially maintained by a second institution. - View Dependent Claims (2, 3, 4, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61)
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5. A method for facilitating the administration of a subsidiary account comprising the steps of:
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receiving a request from a parent for a subsidiary account, said parent identifying a parent account, said parent account being a financial account controlled by the parent, the parent account having a parent spending power;
establishing a subsidiary account having a subsidiary spending capacity; and
reducing said parent spending power by an amount less than said subsidiary spending capacity;
wherein said second institution is situated in the same country as the country of said first financial institution. - View Dependent Claims (6, 7, 8)
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24. A method for providing a plurality of subsidiary accounts comprising the steps of:
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receiving a request from a parent for a plurality of subsidiary accounts, each of said subsidiary accounts having a subsidiary spending capacity, said parent identifying a financial account controlled by a parent, the financial account having a parent spending power; and
reducing said parent spending power by an amount less than the sum of said subsidiary spending capacities of each of said subsidiary accounts;
wherein a subsidiary spending capacity is determined according to a predetermined currency exchange rate. - View Dependent Claims (25)
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- 26. A system for administering a subsidiary account having a subsidiary spending capacity, the system comprising an account administrator in communication with a transaction administrator, a settler, and a statement generator, the account administrator configured to receive a request from a parent having a parent account and to facilitate the establishment of one or more subsidiary account, the transaction administrator configured to facilitate transactions consuming said subsidiary spending capacity, the settler configured to facilitate providing a settling payment to a merchant, the statement generator configured to facilitate generating a parent account statement, the parent account being established by a first institution, and the subsidiary account being at least partially maintained by a second institution.
Specification