DYNAMIC DETERMINATION OF APPROPRIATE PAYMENT ACCOUNT

• US 20120221420A1
• Filed: 02/25/2011
• Published: 08/30/2012
• Est. Priority Date: 02/25/2011
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Ross, Erik Stephen
• Granted Patent: US 9,047,636 B2
• Time in Patent Office: Days
• US Class Current: 705/16
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Embodiments of the invention are directed to a system, method, or computer program product for dynamically determining an appropriate payment account for a transaction. Embodiments of the invention allow a user to receive a transaction request and subsequently the transaction is applied to the appropriate payment account. Applying the transaction to the appropriate payment account is based on the type of transaction, the payment accounts available to the user, financial institution considerations, financial plans of the user, customer plans of the user, etc. This invention allows a user to make a purchase at a point-of-sale and have confidence that the transaction will be implemented to the payment account that provides the best promotional benefits for the customer based on the customer'"'"'s individual needs.

Claims

1. A method comprising:

receiving a request to enter into a financial transaction;

determining a type of financial transaction from the request to enter into the financial transaction;

determining a payment account for a customer from two or more payment accounts based at least in part on the type of financial transaction in order to apply the financial transaction to the payment account that provides promotions that the customer desires, through the use of a processing device; and

applying the financial transaction to the payment account.

2. The method of claim 1, wherein determining the payment account for the customer is based at least in part on a financial plan.

3. The method of claim 2, wherein the financial plan comprises financial goals and payment strategies of the customer.

4. The method of claim 1, further comprising receiving a request to set up a financial plan.

5. The method of claim 1, wherein determining the payment account for the customer is based at least in part on a customer plan.

6. The method of claim 5, wherein the customer plan comprises vacation planning, job loss planning, emergency planning, or tax planning.

7. The method of claim 1, further comprising receiving a request to set up a customer plan.

8. The method of claim 1, wherein determining the payment account for the customer is based at least in part on financial institution considerations.

9. The method of claim 8, wherein the financial institution considerations comprise a status of the funds in the payment account.

10. The method of claim 1, further comprising receiving a request to set up the financial institution considerations.

11. The method of claim 1, further comprising determining the customer creating the request to enter into the financial transaction.

12. The method of claim 1, further comprising determining the payment accounts that are available to make the financial transaction.

13. The method of claim 1, wherein the payment request is received from a customer system.

14. The method of claim 1, wherein the payment request is received from a point of sale system at a merchant.

15. The method of claim 1, further comprising sending a confirmation request to the customer on a customer system;

and receiving a confirmation or a denial of the financial transaction.

16. The method of claim 1, wherein determining a payment account is done to maximize the cash equivalent of the promotions.

17. The method of claim 1, wherein the financial transaction can be a purchase of a product, a payment, or a transfer of funds.

18. The method of claim 1, wherein the payment accounts comprise one or more of a credit card account, a debit card account, a line of credit account, a retail card, a savings account, or an investment account.

19. The method of claim 1, further comprising receiving a request to rate customer goals;

and wherein determining the payment account for the financial transaction is based at least in part on the customer goals rating.

20. The method of claim 1, wherein determining the payment account for the financial transaction is based at least in part on the transaction history of the customer for similar financial transactions.

21. A system comprising:

a memory device;

a communication device; and

a processing device operatively coupled to the memory device and the communication device, wherein the processing device is configured to execute computer-readable program code to;

receive a request to enter into a financial transaction;

determine a type of financial transaction from the request to enter into the financial transaction;

determine a payment account for a customer from two or more payment accounts based at least in part on the type of financial transaction in order to apply the financial transaction to the payment account that provides promotions that the customer desires; and

apply the financial transaction to the payment account.

22. The system of claim 21, wherein the processing device configured to execute computer-readable program code to determine the payment account for the customer is based at least in part on a financial plan.

23. The system of claim 22, wherein the financial plan comprises financial goals and payment strategies of the customer.

24. The system of claim 21, wherein the processing device is further configured to execute computer-readable program code to receive a request to set up a financial plan.

25. The system of claim 21, wherein the processing device configured to execute computer-readable program code to determine the payment account for the customer is based at least in part on a customer plan.

26. The system of claim 25, wherein the customer plan comprises vacation planning, job loss planning, emergency planning, or tax planning.

27. The system of claim 21, wherein the processing device is further configured to execute computer-readable program code to receive a request to set up a customer plan.

28. The system of claim 21, wherein determining the payment account for the customer is based at least in part on financial institution considerations.

29. The system of claim 28, wherein the financial institution considerations comprise a status of the funds in the payment account.

30. The system of claim 21, wherein the processing device is further configured to execute computer-readable program code to receive a request to set up the financial institution considerations.

31. The system of claim 21, wherein the processing device is further configured to execute computer-readable program code to determine the customer creating the request to enter into the financial transaction.

32. The system of claim 21, wherein the processing device is further configured to execute computer-readable program code to determine the payment accounts that are available to make the financial transaction.

33. The system of claim 21, wherein the processing device is further configured to execute computer-readable program code to receive the payment request from a customer system.

34. The system of claim 21, wherein the processing device is further configured to execute computer-readable program code to receive the payment request from a point of sale system at a merchant.

35. The system of claim 21, wherein the processing device is further configured to execute computer-readable program code to send a confirmation request to the customer on a customer system;

and receive a confirmation or a denial of the financial transaction.

36. The system of claim 21, wherein the processing device configured to execute computer-readable program code to determine a payment account is done to maximize the cash equivalent of the promotions.

37. The system of claim 21, wherein the financial transaction can be a purchase of a product, a payment, or a transfer of funds.

38. The system of claim 21, wherein the payment accounts comprise one or more of a credit card account, a debit card account, a line of credit account, a retail card, a savings account, or an investment account.

39. The system of claim 21, wherein the processing device is further configured to execute computer-readable program code to receive a request to rate customer goals;

and wherein the processing device configured to execute computer-readable program code to the payment account for the financial transaction is based at least in part on the customer goals rating.

40. The system of claim 21, wherein the processing device is further configured to execute computer-readable program code to determine the payment account for the financial transaction is based at least in part on the transaction history of the customer for similar financial transactions.

41. A computer program product, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured for receiving a request to enter into a financial transaction;

an executable portion configured for determining a type of financial transaction from the request to enter into the financial transaction;

an executable portion configured for determining a payment account for a customer from two or more payment accounts based at least in part on the type of financial transaction in order to apply the financial transaction to the payment account that provides promotions that the customer desires, through the use of a processing device; and

an executable portion configured for applying the financial transaction to the payment account.

42. The computer program product of claim 41, wherein the executable portion configured for determining the payment account for the customer is based at least in part on a financial plan.

43. The computer program product of claim 42, wherein the financial plan comprises financial goals and payment strategies of the customer.

44. The computer program product of claim 41, further comprising an executable portion configured for receiving a request to set up a financial plan.

45. The computer program product of claim 41, wherein the executable portion configured for determining the payment account for the customer is based at least in part on a customer plan.

46. The computer program product of claim 45, wherein the customer plan comprises vacation planning, job loss planning, emergency planning, or tax planning.

47. The computer program product of claim 41, further comprising an executable portion configured for receiving a request to set up a customer plan.

48. The computer program product of claim 41, wherein the executable portion configured for determining the payment account for the customer is based at least in part on financial institution considerations.

49. The computer program product of claim 48, wherein the financial institution considerations comprise a status of the funds in the payment account.

50. The computer program product of claim 41, further comprising receiving a request to set up the financial institution considerations.

51. The computer program product of claim 41, further comprising an executable portion configured for determining the customer creating the request to enter into the financial transaction.

52. The computer program product of claim 41, further comprising an executable portion configured for determining the payment accounts that are available to make the financial transaction.

53. The computer program product of claim 41, wherein the payment request is received from a customer system.

54. The computer program product of claim 41, wherein the payment request is received from a point of sale system at a merchant.

55. The computer program product of claim 41, further comprising an executable portion configured for sending a confirmation request to the customer on a customer system;

and an executable portion configured for receiving a confirmation or a denial of the financial transaction.

56. The computer program product of claim 41, wherein the executable portion configured for determining a payment account is done to maximize the cash equivalent of the promotions.

57. The computer program product of claim 41, wherein the financial transaction can be a purchase of a product, a payment, or a transfer of funds.

58. The computer program product of claim 41, wherein the payment accounts comprise one or more of a credit card account, a debit card account, a line of credit account, a retail card, a savings account, or an investment account.

59. The computer program product of claim 41, further comprising an executable portion configured for receiving a request to rate customer goals;

and wherein the executable portion configured for determining the payment account for the financial transaction is based at least in part on the customer goals rating.

60. The computer program product of claim 41, wherein the executable portion configured for determining the payment account for the financial transaction is based at least in part on the transaction history of the customer for similar financial transactions.