SYSTEMS AND METHODS FOR CONTROLLING PAYMENT PROCESSING

• US 20110184857A1
• Filed: 01/21/2011
• Published: 07/28/2011
• Est. Priority Date: 01/22/2010
• Status: Active Grant

• Current Assignee: Verient Incorporated
• Original Assignee: Verient Incorporated
• Inventors: SHAKKARWAR, Rajesh G.
• Granted Patent: US 10,719,876 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A computer-implemented method for generating a financial product that is configured to be used for one or more payment transactions. The method includes receiving a selection of a plurality of core accounts for providing financial backing for the financial product, and generating the financial product based on one or more control parameters that define use restrictions for the financial product.

Claims

1. A computer-implemented method for generating a financial product that is configured to be used for one or more payment transactions, the method comprising:

receiving a selection of a core account and a credit card account for providing financial backing for the financial product;

associating a rule with the financial product, wherein the rule causes payment transactions involving the financial product to be funded by the credit card account;

generating the financial product;

receiving a payment transaction involving the financial product;

identifying the rule associated with the financial product;

debiting, from the credit card account, a first amount of funds to satisfy the payment transaction; and

scheduling an automatic transfer of the first amount of funds from the core account to the credit card account.

2. The method of claim 1, wherein the financial product includes a card number that is the same as a number associated with the credit card account.

3. The method of claim 1, wherein the automatic transfer is scheduled to occur at a time relative to the time at which the first amount of funds is debited from the credit card account.

4. The method of claim 1, wherein the automatic transfer is scheduled to occur after the first amount of funds is debited from the credit card account.

5. The method of claim 1, wherein the core account comprises a checking account, a savings account, a home equity account, a money market account, a debit card account, a prepaid card account, a gift card account, a healthcare savings account, an educational savings account, a credit card account, an employee benefits account, a rewards account, a billing account, or a promotion fund account.

6. A computer-readable storage medium storing instructions that, when executed by a processor, cause a computer system to generate a financial product that is configured to be used for one or more payment transactions, by performing the steps of:

receiving a selection of a core account and a credit card account for providing financial backing for the financial product;

associating a rule with the financial product, wherein the rule causes payment transactions involving the financial product to be funded by the credit card account;

generating the financial product;

receiving a payment transaction involving the financial product;

identifying the rule associated with the financial product;

debiting, from the credit card account, a first amount of funds to satisfy the payment transaction; and

scheduling an automatic transfer of the first amount of funds from the core account to the credit card account.

7. The computer-readable storage medium of claim 6, wherein the financial product includes a card number that is the same as a number associated with the credit card account.

8. The computer-readable storage medium of claim 6, wherein the automatic transfer is scheduled to occur at a time relative to the time at which the first amount of funds is debited from the credit card account.

9. The computer-readable storage medium of claim 6, wherein the automatic transfer is scheduled to occur after the first amount of funds is debited from the credit card account.

10. The computer-readable storage medium of claim 6, wherein the core account comprises a checking account, a savings account, a home equity account, a money market account, a debit card account, a prepaid card account, a gift card account, a healthcare savings account, an educational savings account, a credit card account, an employee benefits account, a rewards account, a billing account, or a promotion fund account.

11. A computer system, comprising:

a processor; and

a memory storing instructions that when executed by the processor cause the computer system to generate a financial product that is configured to be used for one or more payment transactions, by performing the steps of;

receiving a selection of a core account and a credit card account for providing financial backing for the financial product;

associating a rule with the financial product, wherein the rule causes payment transactions involving the financial product to be funded by the credit card account;

generating the financial product;

receiving a payment transaction involving the financial product;

identifying the rule associated with the financial product;

debiting, from the credit card account, a first amount of funds to satisfy the payment transaction; and

scheduling an automatic transfer of the first amount of funds from the core account to the credit card account.

12. The computer system of claim 11, wherein the financial product includes a card number that is the same as a number associated with the credit card account.

13. The computer system of claim 11, wherein the automatic transfer is scheduled to occur at a time relative to the time at which the first amount of funds is debited from the credit card account.

14. The computer system of claim 11, wherein the automatic transfer is scheduled to occur after the first amount of funds is debited from the credit card account.

15. The computer system of claim 11, wherein the core account comprises a checking account, a savings account, a home equity account, a money market account, a debit card account, a prepaid card account, a gift card account, a healthcare savings account, an educational savings account, a credit card account, an employee benefits account, a rewards account, a billing account, or a promotion fund account.

16. A computer-implemented method for generating a financial product that is configured to be used for one or more payment transactions, the method comprising:

receiving a selection of a core account and a credit card account for providing financial backing for the financial product;

generating the financial product;

receiving a payment transaction involving the financial product;

debiting, from the credit card account, a first amount of funds to satisfy the payment transaction;

receiving, from a user via a user interface, a selection of the payment transaction; and

scheduling, based on the selection of the payment transaction, an automatic transfer of the first amount of funds from the core account to the credit card account.

17. The method of claim 16, wherein the financial product includes a card number that is the same as a number associated with the credit card account.