SYSTEM AND METHOD FOR AUTOMATIC RECONCILIATION OF TRANSACTION ACCOUNT SPEND

• US 20070083444A1
• Filed: 12/14/2006
• Published: 04/12/2007
• Est. Priority Date: 03/07/2000
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Bishop, Fred, Matthews, Bradley
• Granted Patent: US 8,121,941 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 10/04 Forecasting or optimisation specially adapted for administrative or management purposes, e.g. linear programming or "cutting stock problem" market predictions or forecasting for commercial activities G06Q30/0202
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• 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 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/409 Device specific authentication in transaction processing
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A system and method for facilitating automatic reconciliation of transaction card transactions is disclosed, wherein a user may request single-use account codes via the Internet. The system comprises various hardware and software systems to enable a card member, program administrator, or any other designated third-party to request one or more single-use account codes. The requestor may further assign a descriptor for each of the one or more account codes. After receiving a requested account code, the requester may communicate the account code to a merchant to facilitate a purchase transaction. The system retrieves a list of transactions from the card issuer at regular intervals, matches the account codes in the list to an account code and associated descriptor, and records the reconciled transaction within a database.

Claims

1. A computer-implemented method for reconciling transaction account transactions, said method including:

receiving an account code request from a client, wherein said request includes a transaction descriptor;

associating said transaction descriptor with said account code to create an account code record;

communicating said account code to said client;

receiving transaction details from a transaction processor, wherein said transaction details includes said account code; and

,

matching said account code to said account code record to create a reconciled account code record.

2. The method of claim 1, further including creating a reconciliation report including said descriptors on a monthly basis.

3. The method of claim 1, wherein said account code request further includes at least one of a cancellation date, a transaction limit, and a use limit.

4. The method of claim 3, wherein said use limit comprises at least one of a list of authorized service establishments, authorized locations, authorized product types, authorized manufacturers, authorized industry, and authorized transaction dates.

5. The method of claim 1, wherein said account code is a transaction card account code associated with at least one of said client and a corporate line of credit.

6. The method of claim 1, wherein said account code is communicated to a service establishment by way of at least one of verbal, telephone, facsimile, purchase order, email, sales contract, web page, and personal digital assistant.

7. The method of claim 1, wherein said transaction details further include at least one of a transaction amount, transaction time, service establishment identifier, and service establishment location.

8. The method of claim 1, wherein said reconciled account code record further includes at least one of a transaction amount, transaction time, service establishment identifier, and service establishment location.

9. The method of claim 1, wherein said account code is limited to a single use.

10. The method of claim 1, further comprising at least one of a partial and complete use of said account code outside of the use limits.

11. The method of claim 1, further comprising said account code causing a decline, a partial decline, a request to use personal funds, a request to use another account, a request for additional authentication credentials, a decline based upon the cardholder status, a request to use loyalty points, a request to charge at least a portion of said transaction to another company, and a request to charge at least a portion of said transaction to a vendor.

12. The method of claim 1, further comprising retrieving said account code from an account issuer.

13. The method of claim 1, further comprising retrieving, from an account issuer, a plurality of said account codes associated with said client.

14. The method of claim 1, further comprising reporting said reconciled account code record to said client.

15. The method of claim 1, wherein said reconciled account code record includes said descriptor.

16. A machine-readable medium having stored thereon a plurality of instructions for automatically reconciling transaction account transactions, said plurality of instructions when executed by a processor, cause said processor to perform a method comprising the steps of:

receiving an account code request from a client, wherein said request includes a transaction descriptor;

associating said transaction descriptor with said account code to create an account code record;

communicating said account code to said client;

receiving transaction details from a transaction processor, wherein said transaction details includes said account code; and

,

matching said account code to said account code record to create a reconciled account code record.