SYSTEM AND METHOD FOR AUCTIONING A FIRST-IN-WALLET PAYMENT ACCOUNT STATUS

• US 20140279473A1
• Filed: 03/12/2014
• Published: 09/18/2014
• Est. Priority Date: 03/12/2013
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Financial Corporation
• Inventors: HAMMOCK, Luke A., NICZYPORUK, Janusz Michael
• Granted Patent: US 11,200,555 B2
• Time in Patent Office: Days
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/36 using electronic wallets or electronic money safes
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

A system and method in accordance with exemplary embodiments may include systems and methods for providing first-in-wallet payment account auctioning. In an exemplary embodiment, a method for providing first-in-wallet payment account auctioning includes, receiving, via a network, consumer preference data, current consumer financial situation data associated with a plurality of payment accounts, and account terms associated with each of the plurality of payment accounts; scoring each of the plurality of payment accounts based on the consumer preference data, the current consumer financial situation data, and the account terms and determining an optimal payment account to be the first-in-wallet account out of the plurality of payment accounts based on the scoring.

Claims

1. A first-in-wallet payment account auctioning system, the system comprising:

at least one processor comprising;

an input/output device, the input/output device having an interface;

a consumer module that receives, via the input/output device, consumer preference data and current consumer financial situation data associated with a plurality of payment accounts;

an account module that receives, via the input/output device, account terms associated with the plurality of payment accounts; and

an auctioning module configured to calculate on the at least one processor a score for each of the payment accounts in the plurality of payment accounts and determine one payment account out of the plurality of payment accounts as the optimal payment account based on at least the calculated scores.

2. The system of claim 1, wherein consumer preference data comprises a preference associated with at least one of:

speed of payment, merchant discount rate, purchase history, length of repayment, level of interest in improving a credit score, level of acceptance of potential financing charges or interest rates, customer service, level of account loyalty, account rewards, account terms, rewards terms, interest rates, late fees, current account status, and fees associated with the account.

3. The system of claim 1, wherein current consumer financial situation data comprises at least one of:

demand deposit account data, funding availability data, bill payments due, purchase history associated with the bill payments due, credit score, expected date of a new deposit, expected date of new withdrawal, payment account provider ratings, and payment account provider reviews.

4. The system of claim 1, wherein the auctioning module calculates a score for each of the payment accounts using weighed account terms of each of the payment accounts, wherein the weighting of account terms is based on at least one of:

the consumer preference data and the current consumer financial situation data.

5. The system of claim 4, wherein the weights associated with each account term is adjusted based on consumer input.

6. The system of claim 1, wherein the auction module is configured to calculate the score for each of the payment accounts at a predetermined time.

7. The system of claim 1, wherein the one or more processors further comprise:

a transaction module configured to receive current transaction data from a merchant system, the current transaction data including a merchant name, merchant location, and transaction amount.

8. The system of claim 7, wherein the auction module is configured to calculate the score for each of the payment accounts at a trigger event, and wherein a trigger event is at least one of:

a request by a consumer, receipt of transaction data, receipt of transaction data from a predefined merchant, receipt of transaction at a predefined location, receipt of transaction data during a predefined date range, receipt of transaction data during a predefined time range, and receipt of transaction data exceeding a predefined threshold.

9. The system of claim 1, wherein the auctioning module further determines the optimal account based on an offer related to a current transaction, wherein the offer may include at least one of:

a discount, a coupon, and a reward.

10. The system of claim 9, wherein the offer is based on at least one of:

a consumer transaction history with a particular merchant, a consumer transaction frequency associated with a particular merchant, and consumer transaction location data associated with a particular merchant.

11. A first-in-wallet payment account auctioning method comprising:

receiving, via an input/output device that includes an interface, consumer preference data;

receiving, via the input/output device, current consumer financial situation data associated with a plurality of payment accounts;

receiving, via the input/output device, account terms associated with each of the plurality of payment accounts;

calculating, on at least on processor, a score for each of the plurality of payment accounts, wherein the score is based on the consumer preference data, the current consumer financial situation data, and the account terms;

determining, on the at least one processor, one optimal payment account out of the plurality of payment accounts based on the calculated scores; and

transmitting, via the input/output device and interface, the optimal payment account.

12. The method of claim 11, wherein consumer preference data comprises a preference associated with at least one of:

speed of payment, merchant discount rate, purchase history, length of repayment, level of interest in improving a credit score, level of acceptance of potential financing charges or interest rates, customer service, level of account loyalty, account rewards, account terms, rewards terms, interest rates, late fees, current account status, and fees associated with the account.

13. The method of claim 11, wherein current consumer financial situation data comprises at least one of:

demand deposit account data, funding availability data, bill payments due, purchase history associated with the bill payments due, credit score, expected date of a new deposit, expected date of new withdrawal, payment account provider ratings, and payment account provider reviews.

14. The method of claim 11, wherein the step of calculating the score for each of the payment accounts includes weighting the account terms of each of the payment accounts based on at least one of:

the consumer preference data and the current consumer financial situation data.

15. The method of claim 14, wherein the weighting of the account terms is adjusted based on consumer input.

16. The method of claim 11, wherein calculating the score for each of the payment accounts occurs at a predetermined time.

17. The method of claim 11, further comprising:

receiving current transaction data from a merchant system including, merchant name, merchant location, and transaction amount.

18. The method of claim 17, wherein the step of calculating the score for each of the payment accounts occurs at a trigger event, and wherein a trigger event is at least one of:

a request by a consumer, receipt of transaction data, receipt of transaction data from a predefined merchant, receipt of transaction at a predefined location, receipt of transaction data during a predefined date range, receipt of transaction data during a predefined time range, and receipt of transaction data exceeding a predefined threshold.

19. The method of claim 11, wherein determining the optimal account is based on an offer related to a current transaction, wherein the offer may include at least one of:

a discount, a coupon, and a reward.

20. The method of claim 19, wherein the offer is based on at least one of:

a consumer transaction history with a particular merchant, a consumer transaction frequency associated with a particular merchant, and consumer transaction location data associated with a particular merchant.