SYSTEM AND METHOD FOR DETERMINING A CONSUMER'S LOCATION CODE FROM PAYMENT TRANSACTION DATA
First Claim
1. An apparatus for determining a location code of the residence of a consumer, comprising:
- an electronic processor programmed to execute a set of instructions;
a data storage device coupled to the processor; and
the set of instructions contained in the data storage device, wherein when the set of instructions are executed by the processor, the apparatus determines the location code of the residence of the consumer byaccessing payment transaction data for payment transactions involving the consumer;
determining if the accessed payment transaction data satisfies a threshold criteria for further processing to determine the location code of the residence of the consumer;
filtering the accessed payment transaction data to select a set of payment transaction data corresponding to card present transactions;
filtering the set of payment transaction data corresponding to card present transactions to remove payment transaction data corresponding to transactions conducted with merchants having a specified set of merchant category codes;
processing the remaining payment transaction data to determine a merchant location code for each transaction, the merchant location code corresponding to a location of a merchant that participated in each transaction;
determining one or more of the merchant location codes that occur with the greatest frequency;
applying a decision rule if more than one merchant location code occurs with the greatest frequency; and
assigning the consumer residence location code to be the determined merchant location code that occurs with the greatest frequency or the outcome of applying the decision rule if more than one merchant location code occurs with the greatest frequency.
1 Assignment
0 Petitions
Accused Products
Abstract
A system, apparatus, and method for determining a consumer'"'"'s location code/zip code based on data from payment transactions in which the consumer has participated. Payment transaction data for a consumer is processed to determine the location code/zip code corresponding to the locations in which the majority of transactions occurred. From this information, the most likely location code/zip code for the residence of the consumer is inferred. Based on the inferred location code/zip code for the consumer, demographic data may be accessed and used to infer characteristics of the financial situation or status of the consumer. Such financial situation or status information may include the average net worth, range of income, spending habits, etc. for a consumer residing in the identified location code/zip code. Based on the demographic data, products or services that may be of most interest to a person in the consumer'"'"'s presumed financial situation may be marketed to the consumer.
223 Citations
20 Claims
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1. An apparatus for determining a location code of the residence of a consumer, comprising:
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an electronic processor programmed to execute a set of instructions; a data storage device coupled to the processor; and the set of instructions contained in the data storage device, wherein when the set of instructions are executed by the processor, the apparatus determines the location code of the residence of the consumer by accessing payment transaction data for payment transactions involving the consumer; determining if the accessed payment transaction data satisfies a threshold criteria for further processing to determine the location code of the residence of the consumer; filtering the accessed payment transaction data to select a set of payment transaction data corresponding to card present transactions; filtering the set of payment transaction data corresponding to card present transactions to remove payment transaction data corresponding to transactions conducted with merchants having a specified set of merchant category codes; processing the remaining payment transaction data to determine a merchant location code for each transaction, the merchant location code corresponding to a location of a merchant that participated in each transaction; determining one or more of the merchant location codes that occur with the greatest frequency; applying a decision rule if more than one merchant location code occurs with the greatest frequency; and assigning the consumer residence location code to be the determined merchant location code that occurs with the greatest frequency or the outcome of applying the decision rule if more than one merchant location code occurs with the greatest frequency. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method of determining a location code of the residence of a consumer, comprising:
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accessing payment transaction data for payment transactions involving the consumer; determining if the accessed payment transaction data satisfies a threshold criteria for further processing to determine the location code of the residence of the consumer; filtering the accessed payment transaction data to select a set of payment transaction data corresponding to card present transactions; filtering the set of payment transaction data corresponding to card present transactions to remove payment transaction data corresponding to transactions conducted with merchants having a specified set of merchant category codes; processing the remaining payment transaction data to determine a merchant location code for each transaction, the merchant location code corresponding to a location of a merchant that participated in each transaction; determining one or more of the merchant location codes that occur with the greatest frequency; applying a decision rule if more than one merchant location code occurs with the greatest frequency; and assigning the consumer location code to be the determined merchant location code that occurs with the greatest frequency or the outcome of applying the decision rule if more than one merchant location code occurs with the greatest frequency. - View Dependent Claims (12, 13, 14, 15, 16, 17)
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18. A method of marketing a product or service to a consumer, comprising:
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accessing payment transaction data for an account associated with the consumer; processing the accessed data to identify transaction data for one or more card present transactions; processing the transaction data for the one or more card present transactions to remove data for transactions occurring at merchants associated with a specific merchant category code; determining a location code associated with the greatest number of the one or more card present transactions not removed from the data; assigning the determined location code to be the location code of the residence of the consumer; using the assigned location code to access demographic data for residents residing in that location code; using the accessed demographic data to infer information regarding the financial or socio-economic status of the consumer; and based on the inferred financial or socio-economic status of the consumer, developing a marketing plan for the product or service directed to the consumer. - View Dependent Claims (19, 20)
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Specification