Payment Processing Platform
First Claim
1. A computer-implemented method for generating a child product that is linked to a core account, the method comprising:
- receiving a selection of control parameters from a user, wherein the control parameters define use restrictions for the child product;
receiving a selection of the core account from the user, wherein the core account provides financial backing for the child product;
generating the child product to be used for payment transactions within the use restrictions defined by the control parameters;
storing a record of the child product as well as the use restrictions defined by the control parameters within a memory of a computing device; and
delivering the child product to the user.
1 Assignment
0 Petitions
Accused Products
Abstract
A method for generating a child product that is linked to a core account. A payment processing platform receives a user selection of control parameters that define use restrictions for the child product and the core account that provides financial backing for the child product. The child product is generated and may be used for payment transactions within the use restrictions defined by the control parameters. The child product is delivered to a recipient as a physical card or as a virtual card or both as a physical card and a virtual card. Advantageously, the financial institution needs to modify its legacy payment processing infrastructure minimally in order to process payment transactions made using the child product. From a user perspective, child products protect consumers from fraud or identity theft and limit a customer'"'"'s exposure when child products are lost or stolen.
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Citations
47 Claims
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1. A computer-implemented method for generating a child product that is linked to a core account, the method comprising:
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receiving a selection of control parameters from a user, wherein the control parameters define use restrictions for the child product; receiving a selection of the core account from the user, wherein the core account provides financial backing for the child product; generating the child product to be used for payment transactions within the use restrictions defined by the control parameters; storing a record of the child product as well as the use restrictions defined by the control parameters within a memory of a computing device; and delivering the child product to the user. - 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)
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24. A computer-readable medium storing instructions that, when executed by a processor, cause a payment processing platform to generate a child product that is linked to a core account, by performing the steps of:
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receiving a selection of control parameters from a user, wherein the control parameters define use restrictions for the child product; receiving a selection of the core account from the user, wherein the core account provides financial backing for the child product; generating the child product to be used for payment transactions within the use restrictions defined by the control parameters; and delivering the child product to the user. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46)
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47. A computer system for generating a child product that is linked to a core account, the computer system comprising:
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a processor; and a memory storing instructions that, when executed by the processor, cause the computer system to; receive a selection of control parameters from a user, wherein the control parameters define use restrictions for the child product, receive a selection of the core account from the user, wherein the core account provides financial backing for the child product, generate the child product to be used for payment transactions within the use restrictions defined by the control parameters, and deliver the child product to the user.
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Specification