Transaction device and processing system

• US 20130080271A1
• 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 9,105,020 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 processing system for evaluating transactions between a customer and a merchant comprises a transaction tracker, an account selection engine, and a performance module. The transaction tracker is operable to identify a transaction executed by a customer using a transaction device, the transaction device being operable to execute a transaction with a point of sale receiver associated with the merchant by providing an account number for a first account of the plurality of accounts. The account selection engine is operable to receive information identifying at least one characteristic of the transaction and select a recommended account based on the at least one characteristic. The performance module is operable to compare the first account with the recommended account to determine whether the customer would have received a financial benefit by executing the transaction using the recommended account instead of the first account.

Claims

1. A transaction processing system for evaluating transactions between a customer and a merchant, the customer being associated with a plurality of accounts, the system comprising:

a transaction tracker operable to identify a transaction executed by a customer using a transaction device, the transaction device being operable to execute a transaction with a point of sale receiver associated with the merchant by providing an account number for a first account of the plurality of accounts;

an account selection engine operable to;

receive information identifying at least one characteristic of the transaction; and

select a recommended account based on the at least one characteristic; and

a performance module operable to compare the first account with the recommended account to determine whether the customer would have received a financial benefit by executing the transaction using the recommended account instead of the first account.

2. The transaction processing system of claim 1, wherein the recommended account is selected from the plurality of accounts associated with the customer.

3. The transaction processing system of claim 1, wherein the plurality of accounts associated with the customer does not include the recommended account, the performance module being further operable to suggest the recommended account to the customer.

4. The transaction processing system of claim 1, wherein the recommended account is the first account, the performance module being further operable to propose a change to the first account if the customer would have received a financial benefit by accepting the change to the first account prior to executing the transaction.

5. 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.

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

7. 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 recommended account by comparing the plurality of account statuses with the plurality of account requirements, the plurality of account requirements comprising 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.

8. A system comprising:

a memory operable to store information identifying;

a transaction executed by a customer using a transaction device, the customer being associated with a plurality of accounts, the transaction device being operable to execute a transaction with a point of sale receiver associated with the merchant by providing an account number for a first account of the plurality of accounts; and

at least one characteristic of the transaction; and

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

select a recommended account based on the at least one characteristic; and

compare the first account with the recommended account to determine whether the customer would have received a financial benefit by executing the transaction using the recommended account instead of the first account.

9. The system of claim 8, wherein the recommended account is selected from the plurality of accounts associated with the customer.

10. The system of claim 8, wherein the plurality of accounts associated with the customer does not include the recommended account, the performance module being further operable to suggest the recommended account to the customer.

11. The system of claim 8, wherein the recommended account is the first account, the memory further comprising instructions that upon execution cause the system to propose a change to the first account if the customer would have received a financial benefit by accepting the change to the first account prior to executing the transaction.

12. 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.

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

14. 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 recommended account by comparing the plurality of account statuses with the plurality of account requirements, the plurality of account requirements comprising 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.

15. A computerized method for evaluating transactions between a customer and a merchant, the customer being associated with a plurality of accounts, the method comprising:

identifying a transaction executed by a customer using a transaction device, the transaction device being operable to execute a transaction with a point of sale receiver associated with the merchant by providing an account number for a first account of the plurality of accounts;

identifying at least one characteristic of the transaction;

selecting a recommended account based on the at least one characteristic; and

comparing the first account with the recommended account to determine whether the customer would have received a financial benefit by executing the transaction using the recommended account instead of the first account.

16. The computerized method of claim 15, wherein the recommended account is selected from the plurality of accounts associated with the customer.

17. The computerized method of claim 15, wherein the plurality of accounts associated with the customer does not include the recommended account, the performance module being further operable to suggest the recommended account to the customer.

18. 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.

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

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

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

selecting the recommended account by comparing the plurality of account statuses with the plurality of account requirements, the plurality of account requirements comprising 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.