LIMITING TOKEN COLLABORATION NETWORK USAGE BY TOKEN

• US 20150254658A1
• Filed: 03/04/2014
• Published: 09/10/2015
• Est. Priority Date: 03/04/2014
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Bondesen, Laura Corinne, Blackhurst, Jason P., Harkey, Scott Lee, Belchee, William Blakely, Brunswig, Tammy L.
• Application Number:
  US14/196,373
• Publication Number:
  US 20150254658A1
• Time in Patent Office: Days
• US Class Current: 1/1
• 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 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules

Abstract

The present invention includes an apparatus, method, and computer program product for use in a token based financial transaction system, whereby the apparatus applies transaction sensitive limits to a proposed financial transaction for purposes of approving, denying, or partially funding a token based financial transaction. The present invention is configured to: determine one or more limits associated with the token, wherein the one or more limits define which financial transactions will be authorized; process a request to execute a transaction, wherein processing the request includes determining if the one or more limits associated with the user are met based on transaction information; allow the transaction in response to determining when the one or more limits are met; and deny the transaction in response to determining when the one or more limits fail to be met.

Claims

1. An apparatus for use in a token based financial transaction system, whereby the apparatus applies transaction sensitive limits to a proposed financial transaction for purposes of approving or denying the proposed financial transaction, whereby the transaction sensitive limits are associated with a token used to enter into the proposed financial transaction, the apparatus comprising:

a memory;

a computing processor; and

a module stored in memory, said module comprising instruction code executable by one or more computing processors, and configured to cause the one or more computing processors to;

receive from a user a request to execute a financial transaction using the token as a replacement for account information from which funds are provided to pay for the financial transaction;

receive transaction information associated with the request to execute the financial transaction;

determine one or more limits associated with the token, wherein the one or more limits define which financial transactions will be authorized;

process the request to execute the transaction, wherein processing the request includes determining if the one or more limits associated with the token are met based on the transaction information;

allow the transaction in response to determining when the one or more limits are met; and

deny the transaction in response to determining when the one or more limits fail to be met.

2. The apparatus of claim 1, wherein the one or more limits associated with the token comprises at least one global limit, at least one group or subgroup limit, or at least one individual limit, wherein the at least one global limit, the at least one group or subgroup, and the at least individual limit are configured to be ordered in a hierarchal manner of limits.

3. The apparatus of claim 1, wherein the token is at least one of statically and dynamically assigned to the account information.

4. The apparatus of claim 1, wherein when the token is misappropriated, the token is replaced by a replacement token and automatically associating the one or more limits with the replacement token.

5. The apparatus of claim 1, wherein the one or more limits are associated with the one or more tokens, and wherein adding a limit to the user comprises providing the token associated with a user account and with the limit to the user.

6. The apparatus of claim 1, wherein the one or more limits are associated with the one or more tokens, and wherein removing a limit from the user comprises removing the token associated with a user account and with the limit from the user.

7. The apparatus of claim 1, wherein the transaction information is received from the merchant.

8. The apparatus of claim 1, wherein the transaction information is received from the user through a payment device associated with the user.

9. The apparatus of claim 1, wherein the transaction information is received from the user through an application that stores the token for use in transactions.

10. The apparatus of claim 1, wherein the token is an individual token from a group of tokens that are associated with an account that are utilized by a collaborative group of users, and the limits are global limits on the collaborative group of users through the group of individual tokens, and individual user limits on users through each of the individual tokens within the group of tokens.

11. The apparatus of claim 1, wherein the module stored in memory, is executable by the processor, and further configured to enable an administrator to select, modify, add, and delete limits associated with the user, and wherein the limits are stored by a client, a financial institution of the client, or a tokenization service utilized by the client.

12. The apparatus of claim 1, wherein the token is a shared token utilized by a collaborative group of users, and the limits are global limits on the token associated with users in the collaborative group of users and individual user limits on the users within the collaborative group of users.

13. The apparatus of claim 1, wherein the account information includes at least one of an account name, an account number, an account balance, a routing number, and at least one security credential associated with an account.

14. The apparatus of claim 1, wherein the transaction information includes at least one of a transaction number, a transaction amount, a merchant name, a date, a time, an itemized invoice, and a customer number.

15. The apparatus of claim 1, wherein the one or more limits are defined by at least one of a transaction amount, a transaction time, a transaction frequency, and a number of transactions;

at least one of a merchant name, a merchant category, and a merchant location; and

at least one of a product name and a product category.

16. The apparatus of claim 1, wherein the one or more limits are defined by a geographic location associated with at least one of the user, an apparatus associated with the user, the request to execute the transaction, a merchant location, a city, a state, a region, a county, a radius, and a proximity.

17. The apparatus of claim 1, wherein the module stored in memory, is executable by the processor, and further configured to:

determine one or more limits associated with the user; and

wherein processing the request to execute the transaction further includes determining if the one or more limits associated with the user are met based on the transaction information;

wherein denying the transaction comprises canceling the transaction.

19. The apparatus of claim 1, wherein the one or more limits associated with the token comprises at least one global limit, at least one group or subgroup limit, or at least one individual limit, wherein the at least one global limit, the at least one group or subgroup, and the at least individual limit are configured to be ordered in a hierarchal manner of limits.

18. An computer program product for use in a token based financial transaction system, whereby the apparatus applies transaction sensitive limits to a proposed financial transaction for purposes of approving or denying the proposed financial transaction, whereby the transaction sensitive limits are associated with a token used to enter into the proposed financial transaction, the computer program product comprising at least one non-transitory computer-readable medium having computer program code portions comprising:

an executable portion configured for receiving from a user a request to execute a financial transaction using a token as a replacement for account information from which funds are provided to pay for the financial transaction;

an executable portion configured for receiving transaction information associated with the request to execute the financial transaction;

an executable portion configured for determining one or more limits associated with the token, wherein the one or more limits define which financial transactions will be authorized;

an executable portion configured for processing the request to execute the transaction, wherein processing the request includes determining if the one or more limits associated with the user are met based on the transaction information;

an executable portion configured for allowing the transaction in response to determining when the one or more limits are met; and

an executable portion configured for denying the transaction in response to determining when the one or more limits fail to be met.

20. A method for use in a token based financial transaction system, whereby the apparatus applies transaction sensitive limits to a proposed financial transaction for purposes of approving or denying the proposed financial transaction, whereby the transaction sensitive limits are associated with a token used to enter into the proposed financial transaction, the method comprising:

receiving from a user, by a processing device, a request to execute a financial transaction using the token as a replacement for account information from which funds are provided to pay for the financial transaction;

receiving, by the processing device, transaction information associated with the request to execute the financial transaction;

determining, by the processing device, one or more limits associated with the token, wherein the one or more limits define which financial transactions will be authorized;

processing, by the processing device, the request to execute the transaction, wherein processing the request includes determining if the one or more limits associated with the token are met based on the transaction information;

allowing, by the processing device, the transaction in response to determining when the one or more limits are met; and

denying, by the processing device, the transaction in response to determining when the one or more limits fail to be met.