System and method for providing instant-decision, financial network-based payment cards

• US 20050097036A1
• Filed: 07/23/2004
• Published: 05/05/2005
• Est. Priority Date: 07/25/2003
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Sabharwal, Mohit, White, Brigette A., Levinson, Ronald
• Granted Patent: US 7,668,777 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/355 Personalisation of cards for use
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A system and method for issuance of a financial network-based payment card (generally known as a “credit card”) almost instantaneously after application, wherein an applicant applies for a credit card by entering data into a data entry system, advantageously by filling in a plurality of predefined forms in a computer-based data entry system. The applicant'"'"'s data is sent via a data network to a central decision center, which approves or disapproves the application. If the application is approved, data is generated and delivered to a card production system, which embosses and magnetically encodes a card blank. The card is then delivered to the applicant.

Claims

1. A method for issuing a payment card recognized by one or more financial networks on site to an applicant:

prompting the applicant for personal data at the site;

inputting the personal data;

sending the personal data from the site to a decision system;

determining at the decision system, whether to issue the payment card based on information comprising the personal data and financial information regarding the applicant;

sending unique identifying information to an imprinting device at the site responsive to a determination to issue the payment card to the applicant;

imprinting a blank payment card with the unique identifying information; and

issuing the payment card to said applicant.

2. A method in accordance with claim 1 wherein the financial information regarding the applicant comprises a credit score and the determining is based on information further comprising a result of a fraud screening.

3. A method in accordance with claim 1 wherein the determining results in a decision, and the method further comprises:

sending the decision to a database that is accessible to personnel involved with issuing the payment card to the applicant.

4. A method in accordance with claim 1 further comprising:

providing a credit line and annual percentage rate information to the applicant.

5. A method in accordance with claim 1 further comprising:

activating the payment card throughout said one or more financial networks.

6. A method in accordance with claim 1 further comprising:

activating the payment card in a limited area.

7. A method in accordance with claim 1 further comprising:

activating the payment card for use at a single merchant.

8. A method in accordance with claim 1 wherein prompting the applicant for personal data comprises prompting the applicant for personal data on an interactive electronic device.

9. A method in accordance with claim 8 further comprising:

sending a result of the decision system to the interactive electronic device.

10. A method in accordance with claim 8 wherein inputting the personal data comprises:

inputting the personal data on the interactive electronic device.

11. A method in accordance with claim 10 wherein the interactive electronic device communicates wirelessly and wherein sending the personal data comprises:

communicating personal data between the interactive electronic device and a local wireless network and forwarding the personal data through said wireless network to the central decision system.

12. A method in accordance with claim 1 wherein imprinting a blank card with the unique identifying information further comprises:

encoding a portion of said information on a machine readable strip.

13. A system for issuing a payment card accepted by one or more financial networks comprising:

an input device configured to prompt for and receive personal data from an applicant;

a decision system configured to process the personal data;

a data network communicatively connecting the input device and the decision system; and

a card encoding system communicating with the data network configured to receive credit card information from the decision system and to imprint the credit card information on a blank card.

14. A system in accordance with claim 13 wherein said input device comprises a tablet computer system.

15. A system in accordance with claim 13 wherein said input device comprises a personal digital assistant.

16. A system in accordance with claim 13 wherein said input device comprises a laptop computer.

17. A system in accordance with claim 13,

wherein said input device includes a wireless network interface and the network includes a wireless network portion;

and

wherein the wireless network interface and the wireless network portion are configured to communicate with each other.

18. A system in accordance with claim 17 wherein the wireless network interface and the wireless network portion are configured to communicate via WiFi.

19. A system in accordance with claim 13 wherein the input device is configured to prompt the user using a plurality of input screens and accept input entered onto said screens.

20. A system in accordance with claim 19 wherein at least a portion of the input entered onto said screens is required.

21. A system in accordance with claim 13 wherein the input device is configured to encrypt data prior to transmission to said decision system.

22. A system in accordance with claim 13 wherein the decision system is configured to perform actions comprising:

receiving the personal data from the network;

determining credit worthiness of the applicant based upon at least the personal data; and

generating credit card information responsive to determining that the applicant is credit worthy.

23. A system in accordance with claim 22 wherein the decision system is configured to perform actions further comprising:

transmitting the credit card information to the input device.