SYSTEMS AND METHODS PROVIDING MULTIPLE ACCOUNT HOLDER FUNCTIONALITY

• US 20100268645A1
• Filed: 04/15/2009
• Published: 10/21/2010
• Est. Priority Date: 04/15/2009
• Status: Active Grant

• Current Assignee: First Data Corporation (Fiserv Incorporated)
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Jackman, Richard J., Martino, Matthew J.
• Granted Patent: US 8,762,275 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• 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

Abstract

Embodiments of the invention may relate to systems and methods providing multiple account holder functionality for stored value accounts. In one embodiment, a method may include executing computer program instructions by one or more processors for receiving a request to create a secondary stored value account for a recipient; creating the secondary stored value account for the recipient; and establishing an association between a primary stored value account and the secondary stored value account. The method may further include establishing transaction rules associated with the secondary stored value account. The transaction rules can include funding rules limiting funding of the secondary stored value account to occur from the primary stored value account, and access rules preventing access to account information associated with the secondary stored value account by a primary account holder associated with the primary stored value account.

Claims

1. A method for establishing a secondary stored value account associated with a primary stored value account, comprising executing computer program instructions by one or more processors for:

in response to receiving a request to create a secondary stored value account for a recipient creating the secondary stored value account for the recipient;

establishing an association between a primary stored value account and the secondary stored value account; and

establishing transaction rules associated with the secondary stored value account, wherein the transaction rules comprise;

funding rules limiting funding of the secondary stored value account to occur from the primary stored value account; and

access rules preventing access to account information associated with the secondary stored value account by a primary account holder associated with the primary stored value account.

2. The method of claim 1, wherein the request to create the secondary stored value account for the recipient further is received from or on behalf of the primary account holder.

3. The method of claim 1, further comprising receiving information associated with the recipient from the primary account holder.

4. The method of claim 1, further comprising:

transmitting, to the recipient, an invitation in response to receiving the request to create the secondary stored value account; and

receiving a response to the invitation from the recipient comprising information associated with the recipient to facilitate creating the secondary stored value account.

5. The method of claim 3, further comprising receiving authentication information to facilitate authenticating the recipient.

6. The method of claim 1, wherein the primary stored value account comprises an employer-funded account.

7. The method of claim 1, further comprising:

receiving, from the primary account holder, a request to fund the secondary stored value account with funds from the primary stored value account, the request indicating a fund amount;

determining that the primary account holder is permitted to fund the secondary stored value account based at least in part on the funding rules; and

debiting the fund amount from the primary stored value account and crediting the fund amount to the secondary stored value account in response to determining that the primary account holder is permitted to fund the secondary stored value account.

8. The method of claim 1, further comprising:

receiving, from the recipient, a request to find the secondary stored value account; and

preventing funding of the secondary stored value account by the recipient based at least in part on the funding rules.

9. The method of claim 1, further comprising, after creating the secondary stored value account, converting the secondary stored value account from a first account type to a second account type, in response to a request from the recipient to convert the secondary stored value account.

10. The method of claim 9, further comprising adjusting the funding rules to permit the recipient to fund the secondary stored value account.

11. The method of claim 1, wherein the primary stored value account is associated with a first account program, and further comprising associating the secondary stored value account with a second account program.

12. The method of claim 1, further comprising assigning an account number to the secondary stored value account that is distinct from an account number assigned to the primary stored value account.

13. The method of claim 1, further comprising issuing a stored value card associated with the secondary stored value account comprising a card number that is distinct from a card number associated with the primary stored value account.

14. The method of claim 1, wherein the secondary stored value account comprises a first secondary stored value account associated with a first recipient, and further comprising:

in response to receiving a request to create a second secondary stored value account for a second recipient, creating the second secondary stored value account for the second recipient;

establishing an association between the primary stored value account and the second secondary stored value account; and

establishing transaction rules associated with the second secondary stored value account, wherein the transaction rules comprise;

funding rules limiting funding of the second secondary stored value account to occur from the primary stored value account; and

access rules preventing access to account information associated with the second secondary stored value account by the primary account holder.

15. The method of claim 1, wherein the at least one processor comprises a plurality of processors.

16. A system for processing stored value account transactions, comprising,

a communications interface operable to connect with a network;

a memory comprising instructions to process stored value account transactions;

at least one processor in communication with the memory and the communications interface, and operable to execute the instructions to;

create the secondary stored value account for the recipient in response to receiving, via the communications interface, a request to create a secondary stored value account for a recipient;

store in the memory an association between a primary stored value account and the secondary stored value account;

limit funding of the secondary stored value account to occur from the primary stored value account; and

prevent access to account information associated with the secondary stored value account by a primary account holder associated with the primary stored value account.

17. The system of claim 16, wherein the at least on processor is further operable to receive the request to create the secondary stored value account from the primary account holder.

18. The system of claim 16, wherein the at least one processor is further operable to execute the instructions to receive, via the communications interface from the primary account holder, information associated with the recipient.

19. The system of claim 16, wherein the at least one processor is further operable to execute the instructions to:

transmit, via the communications interface to the recipient, an invitation in response to receiving the request from the primary account holder; and

receive, via the communications interface from the recipient, a response to the invitation comprising information associated with the recipient to facilitate creating the secondary stored value account.

20. The system of claim 16, wherein the primary stored value account comprises an employer-funded account.

21. The system of claim 16, wherein the at least one processor is further operable to execute the instructions to:

receive, via the communications interface from the primary account holder, a request to fund the secondary stored value account with funds from the primary stored value account, the request indicating a fund amount;

determine that the primary account holder is permitted to fund the secondary stored value account, and

debit the fund amount from the primary stored value account and credit the fund amount to the secondary stored value account in response to determining that the primary account holder is permitted to fund the secondary stored value account.

22. The system of claim 16, wherein the at least one processor is further operable to execute the instructions to create at least one additional secondary stored value account associated with the primary stored value account.

23. The system of claim 16, wherein the at least one processor is further operable to execute the instructions to convert the secondary stored value account to a demand deposit account in response to a request from the recipient.

24. The system of claim 23, wherein the at least one processor is further operable to execute the instructions to permit the recipient to fund the secondary stored value account after conversion to a demand deposit account.

25. The system of claim 16, wherein the primary stored value account is associated with a first account program and the secondary stored value account is associated with a second account program

26. A method for facilitating stored value account transactions, comprising executing computer program instructions by one or more processors for:

receiving, from a third party, instructions to deposit a first value to a primary stored value account;

depositing the first value to the primary stored value account;

creating a secondary stored value account, wherein the secondary stored value account is associated in the transaction processing system to the primary stored value account;

funding the secondary stored value account by debiting a second value from the primary stored value account and crediting the second value to the secondary stored value account, wherein funding of the secondary stored value account from the primary stored value account is permitted; and

transmitting, to a secondary account holder associated with the secondary stored value account, account information associated with the secondary stored value account, wherein transmission of the account information associated with the secondary stored value account to a primary account holder associated with the primary stored value account is prevented.

27. The method of claim 26, further comprising:

receiving, from the primary account holder, a request to fund the secondary stored value account;

determining that the primary account holder is permitted to fund the secondary stored value account based at least in part on transaction rules; and

funding the secondary stored value account based on the determination.

28. The method of claim 26, further comprising:

receiving, from the secondary account holder, a request to fund the secondary stored value account;

determining that the secondary account holder is not permitted to fund the secondary stored value account based at least in part on transaction rules; and

preventing funding of the secondary stored value account based on the determination.

29. The method of claim 26, further comprising:

receiving, from the primary account holder, a request to access account information associated with the secondary stored value account;

determining that the primary account holder is not permitted to access account information associated with the secondary stored value account; and

not transmitting account information to the primary account holder based on the determination.

30. The method of claim 26, further comprising:

receiving, from the secondary account holder, a request to access account information associated with the secondary stored value account;

determining that the secondary account holder is permitted to access account information associated with the secondary stored value account; and

transmitting, to the secondary account holder, account information based on the determination.