Transaction device and processing system

• US 20130080270A1
• Filed: 09/23/2011
• Published: 03/28/2013
• Est. Priority Date: 09/23/2011
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Ronca, James G., Zanzot, Mark D., Griggs, Christopher R., Gibson, Lisa
• Granted Patent: US 9,111,269 B2
• Time in Patent Office: Days
• US Class Current: 705/16
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/3278 RFID or NFC payments by means of M-devices

Abstract

According to some embodiments, a transaction device for performing a transaction between a customer and a merchant comprises an account selection engine and a communication link. The account selection engine operable to receive information identifying at least one characteristic of a proposed transaction, identify a plurality of accounts associated with the customer, and select a first account from among the plurality of accounts based on the at least one characteristic. The communication link is operable to transmit identification of the first account to a point of sale interface of a transaction device, the point of sale interface operable to transmit a transaction request to a point of sale receiver associated with the merchant, the transaction request comprising an account number associated with the first account.

Claims

1. A transaction processing system for selecting an account for a transaction between a customer and a merchant, comprising:

an account selection engine operable to;

receive information identifying at least one characteristic of a proposed transaction;

identify a plurality of accounts associated with the customer; and

select a first account from among the plurality of accounts based on the at least one characteristic; and

a communication link operable to transmit identification of the first account to a point of sale interface of a transaction device, the point of sale interface operable to transmit a transaction request to a point of sale receiver associated with the merchant, the transaction request comprising an account number associated with the first account.

2. The transaction processing system of claim 1, wherein the account selection engine and the communication link are housed within the transaction device.

3. The transaction processing system of claim 1, wherein the at least one characteristic is selected from the group consisting of transaction amount, name of the merchant, category of the merchant, name of products or services to be purchased as part of the transaction, and category of products or services to be purchased as part of the transaction.

4. The transaction processing system of claim 1, the account selection engine being operable to select the first account based on criteria selected from the group consisting of an amount of rewards associated with using the first account, an amount of fees the customer will owe by using the first account, and an amount of interest the customer will owe by using the first account.

5. The transaction processing system of claim 1, wherein the plurality of accounts is associated with a plurality of account requirements, the account selection mechanism being operable to:

receive a plurality of account statuses of the customer for the plurality of accounts; and

select the first account by comparing the plurality of account statuses with the plurality of account requirements.

6. The transaction processing system of claim 5, wherein the plurality of account requirements comprises at least one of the following requirements:

minimum account balance, maximum account balance, and amount of time between the time of the transaction and a time payment is due.

7. The transaction device of claim 1, wherein the plurality of accounts comprises the first account and a second account, the first account is associated with a first financial institution, and the second account is associated with a second financial institution different from the first financial institution.

8. A system comprising:

a memory operable to store information identifying;

at least one characteristic of a proposed transaction between a customer and a merchant; and

a plurality of accounts associated with the customer; and

a processor coupled to the memory, the memory including executable instructions that upon execution cause the system to;

select a first account from among the plurality of accounts based on the at least one characteristic; and

transmit identification of the first account to a point of sale interface of a transaction device, the point of sale interface operable to transmit a transaction request to a point of sale receiver associated with the merchant, the transaction request comprising an account number associated with the first account.

9. The system of claim 8, wherein the memory and the processor are housed within the transaction device.

10. The system of claim 8, wherein the at least one characteristic is selected from the group consisting of transaction amount, name of the merchant, category of the merchant, name of products or services to be purchased as part of the transaction, and category of products or services to be purchased as part of the transaction.

11. The system of claim 8, the memory further comprising instructions that upon execution cause the system to select the first account based on criteria selected from the group consisting of an amount of rewards associated with using the first account, an amount of fees the customer will owe by using the first account, and an amount of interest the customer will owe by using the first account.

12. The system of claim 8, wherein the plurality of accounts is associated with a plurality of account requirements, the memory further comprising instructions that upon execution cause the system to:

receive a plurality of account statuses of the customer for the plurality of accounts; and

select the first account by comparing the plurality of account statuses with the plurality of account requirements.

13. The system of claim 12, wherein the plurality of account requirements comprises at least one of the following requirements:

minimum account balance, maximum account balance, and amount of time between the time of the transaction and a time payment is due.

14. The system of claim 8, wherein the plurality of accounts comprises the first account and a second account, the first account is associated with a first financial institution, and the second account is associated with a second financial institution different from the first financial institution.

15. A computerized method for selecting an account for a transaction between a customer and a merchant, comprising:

receiving information identifying at least one characteristic of a proposed transaction between the customer and the merchant;

identifying a plurality of accounts associated with the customer;

selecting a first account from among the plurality of accounts based on the at least one characteristic; and

transmitting identification of the first account to a point of sale interface of a transaction device, the point of sale interface operable to transmit a transaction request to a point of sale receiver associated with the merchant, the transaction request comprising an account number associated with the first account.

16. The computerized method of claim 15, wherein the at least one characteristic is selected from the group consisting of transaction amount, name of the merchant, category of the merchant, name of products or services to be purchased as part of the transaction, and category of products or services to be purchased as part of the transaction.

17. The computerized method of claim 15, further comprising selecting the first account based on criteria selected from the group consisting of an amount of rewards associated with using the first account, an amount of fees the customer will owe by using the first account, and an amount of interest the customer will owe by using the first account.

18. The computerized method of claim 15, wherein the plurality of accounts is associated with a plurality of account requirements, further comprising:

receiving a plurality of account statuses of the customer for the plurality of accounts; and

selecting the first account by comparing the plurality of account statuses with the plurality of account requirements.

19. The computerized method of claim 18, wherein the plurality of account requirements comprises at least one of the following requirements:

minimum account balance, maximum account balance, and amount of time between the time of the transaction and a time payment is due.

20. The computerized method of claim 15, wherein the plurality of accounts comprises the first account and a second account, the first account is associated with a first financial institution, and the second account is associated with a second financial institution different from the first financial institution.