Payment vehicle with on and off function

• US 20100114768A1
• Filed: 12/18/2008
• Published: 05/06/2010
• Est. Priority Date: 10/31/2008
• Status: Abandoned Application

• Current Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Original Assignee: Wachovia Corporation (Wells Fargo & Company)
• Inventors: Nolan, Dean Patrick, Duke, Michael T.
• Application Number:
  US12/316,996
• Publication Number:
  US 20100114768A1
• Time in Patent Office: Days
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• 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 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 20/42 Confirmation, e.g. check or permission by the legal debtor of payment
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A computer-based network system and method for using a payment vehicle having an on and off function. The system comprises a payment vehicle comprising an on and off function to enable or to disable the payment vehicle in the computer-based network for processing an electronic payment transaction, a holder of the payment vehicle, and a computer payment network wherein the computer payment network comprises a transaction engine for enabling or for disabling the payment vehicle at a request of the holder of the payment vehicle.

Claims

1. A payment vehicle comprising an on and off function to enable or to disable the payment vehicle in a computer-based network for processing an electronic payment transaction.

2. The payment vehicle according to claim 1, wherein the payment vehicle is enabled or disabled prior to the electronic payment transaction.

3. The payment vehicle according to claim 1, wherein the payment vehicle is enabled or disabled pursuant to an instruction from a holder of the payment vehicle.

4. The payment vehicle according to claim 3, wherein the instruction is sent as a short message service (sms), a phone recording, or an email.

5. The payment vehicle according to claim 1, wherein the payment vehicle is selected from the group consisting of a debit card, credit card, pre-paid card, stored value card, automated teller machine (ATM), wire, automated clearinghouse (ACH), online banking, online bill pay, and internet payment account.

6. A computer-based network system comprising:

a payment vehicle having an on and off function,

a holder of the payment vehicle, and

a computer-based payment network wherein the computer-based payment network comprises a transaction engine for enabling or for disabling the payment vehicle at a request of the holder of the payment vehicle.

7. The computer-based network system according to claim 6, wherein the computer-based payment network system further comprises a funding source.

8. The computer-based network system according to claim 6, wherein the computer-based payment network system further comprises an issuer of the payment vehicle.

9. A method of using a payment vehicle in a computer-based payment network, the method comprising:

receiving a message from a payment vehicle holder to enable a payment vehicle of the payment vehicle holder, and

enabling the payment vehicle by removing a block placed on the payment vehicle by a transaction engine in the computer-based payment network.

10. The method of using a payment vehicle according to claim 9, the method further comprising issuing a payment vehicle having an on and off function to enable or to disable the payment vehicle.

11. The method of using a payment vehicle according to claim 9, the method further comprising confirming removal of block placed on the payment vehicle by electronically sending a notice to the payment vehicle holder.

12. The method of using a payment vehicle according to claim 11, wherein the notice is sent electronically to the payment vehicle holder over the internet.

13. The method of using a payment vehicle according to claim 11, wherein the transaction engine disables the payment vehicle.

14. The method of using a payment vehicle according to claim 13, wherein the transaction engine resides in a computer-based network of the issuer of the payment vehicle.

15. A method of using a payment vehicle in a computer-based payment network, the method comprising:

receiving a message from a payment vehicle holder to disable a payment vehicle of the payment vehicle holder, and

disabling the payment vehicle by placing a block on the payment vehicle by a transaction engine in the computer-based payment network.

16. The method of using a payment vehicle according to claim 15, wherein the method further comprises issuing a payment vehicle having an on and off function to enable or to disable the payment vehicle.

17. The method of using a payment vehicle according to claim 15, wherein the method further comprises confirming block placed on the payment vehicle by electronically sending a notice to the payment vehicle holder.

18. The method of using a payment vehicle according to claim 17, wherein the notice is sent electronically to the payment vehicle holder over the internet.

19. The method of using a payment vehicle according to claim 15, wherein the transaction engine enables the payment vehicle.

20. The method of using a payment vehicle according to claim 19, wherein the transaction engine resides in a computer-based payment network of the issuer of the payment vehicle.

21. A method of using a payment vehicle, the method comprising:

receiving a request from a user to use a payment vehicle of a payment vehicle holder for an electronic payment transaction in a computer-based payment network,

checking by the computer-based payment network to see if a block has been placed or removed by the payment vehicle holder on the payment vehicle, and

terminating the electronic payment transaction in the computer-based payment network if the block has been placed on the payment vehicle.

22. The method of using a payment vehicle according to claim 21, wherein the payment vehicle is selected from the group consisting of a debit card, credit card, pre-paid card, stored value card, automated teller machine (ATM), wire, automated clearinghouse (ACH), online banking, online bill pay, and internet payment account.

23. The method of using a payment vehicle according to claim 22, wherein the payment vehicle is a credit card or a debit card.

24. The method of using a payment vehicle according to claim 22, wherein the payment vehicle is an online bill pay or online banking account.

25. The method of using a payment vehicle according to claim 21, wherein the payment vehicle holder set rules as to when to enable or disable the payment vehicle.

26. The method of using a payment vehicle according to claim 25, wherein the rules are set by time period.

27. The method of using a payment vehicle according to claim 25, wherein the rules are set by merchant category code.

28. The method of using a payment vehicle according to claim 25, wherein the rules are set by country code.