METHOD AND SYSTEM FOR RECOMMENDING RELEVANT MERCHANTS FOR A CONSUMER AT A GIVEN GEOGRAPHICAL LOCATION BY EVALUATING THE STRENGTH OF THE INTERSECT BETWEEN CONSUMER VECTORS AND MERCHANT VECTORS
First Claim
1. A method for recommending relevant merchants for a consumer at a given geographical location, the method comprising:
- identifying transactions processed over at least one payment device network as being associated with a payment network account of a consumer;
parsing the identified transactions to extract ISO 8583 formatted data, wherein the ISO 8583 formatted data representing, where present, for each of the identified transactions, at least an associated merchant category code, an associated merchant category name, an associated merchant name, an associated merchant address and an associated transaction amount;
aggregating, using a computing processing unit, the associated transaction amounts for the identified transactions for each of the associated merchant categories, wherein all of the identified transactions for each of the associated merchant categories occurred in a predetermined time period;
comparing, using the computing processing unit, the aggregated amount for each of the associated merchant categories with a predetermined total threshold purchase amount of a respective merchant category of the consumer and wherein, for each of the aggregated amounts being less than the predetermined total threshold purchase amount, identifying the associated merchant category as a target merchant category;
determining geographical location of the consumer via a global positioning system (GPS) receiver of a mobile device of the consumer;
identifying, using the computing processing unit, merchants of each of the identified associated merchant categories within a predetermined distance to the geographical location of the consumer; and
transmitting, using a transmitting unit, an alert including a list of the identified merchants to the mobile device of the consumer.
1 Assignment
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Accused Products
Abstract
A method is provided for recommending relevant merchants for a consumer at a given geographical location. The method generally includes identifying, using a computing processing unit, transactions processed over at least one payment device network as being associated with a payment network account of a consumer. The identified transactions are then parsed to extract ISO 8583 formatted data. By evaluating the extracted ISO 8583 formatted data and determining a location of the consumer, a list containing merchant that are available for more purchases and within a predetermined distance to a geographical location of the consumer are determined. Furthermore, the list may be refined by evaluating the strength of the intersect between a plurality of consumer vectors and a plurality of merchant vectors.
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Citations
23 Claims
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1. A method for recommending relevant merchants for a consumer at a given geographical location, the method comprising:
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identifying transactions processed over at least one payment device network as being associated with a payment network account of a consumer; parsing the identified transactions to extract ISO 8583 formatted data, wherein the ISO 8583 formatted data representing, where present, for each of the identified transactions, at least an associated merchant category code, an associated merchant category name, an associated merchant name, an associated merchant address and an associated transaction amount; aggregating, using a computing processing unit, the associated transaction amounts for the identified transactions for each of the associated merchant categories, wherein all of the identified transactions for each of the associated merchant categories occurred in a predetermined time period; comparing, using the computing processing unit, the aggregated amount for each of the associated merchant categories with a predetermined total threshold purchase amount of a respective merchant category of the consumer and wherein, for each of the aggregated amounts being less than the predetermined total threshold purchase amount, identifying the associated merchant category as a target merchant category; determining geographical location of the consumer via a global positioning system (GPS) receiver of a mobile device of the consumer; identifying, using the computing processing unit, merchants of each of the identified associated merchant categories within a predetermined distance to the geographical location of the consumer; and transmitting, using a transmitting unit, an alert including a list of the identified merchants to the mobile device of the consumer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A non-transitory machine-readable recording medium storing thereon a program of instruction which, when executed by a processor, cause the processor to:
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identify transactions processed over at least one payment device network as being associated with a payment network account of a consumer; parse the identified transactions to extract ISO 8583 formatted data, wherein the ISO 8583 formatted data representing, where present, for each of the identified transactions, at least an associated merchant category code, an associated merchant category name, an associated merchant name, an associated merchant address and an associated transaction amount; aggregate, using a computing processing unit, the associated transaction amounts for the identified transactions for each of the associated merchant categories, wherein all of the identified transactions for each of the associated merchant categories occurred in a predetermined time period; compare, using the computing processing unit, the aggregated amount for each of the associated merchant categories with a predetermined total threshold purchase amount of a respective merchant category of the consumer and wherein, for each of the aggregated amounts being less than the predetermined total threshold purchase amount, identifying the associated merchant category as a target merchant category; determine geographical location of the consumer via a global positioning system (GPS) receiver of a mobile device of the consumer; identify, using the computing processing unit, merchants of each of the identified associated merchant categories within a predetermined distance to the geographical location of the consumer; and transmit, using a transmitting unit, an alert including a list of the identified merchants to the mobile device of the consumer. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A system for recommending relevant merchants for a consumer at a given geographical location, the system comprising:
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one or more computing processing units configured to monitor financial transactions being transmitted over one or more payment device networks and to execute a plurality of algorithm models; a member unit configured to provide a graphical user interface to the consumer for registering to the system, creating a user account profile and inputting user preference data; one or more database management systems, each of the one or more database management systems including; a user account database configured to store data associated with the consumer, a transaction database configured to store financial transactions identified by the one or more computing processing units, and a merchant database configured to store data structures corresponding to a relevant merchant profile, a plurality of consumer vectors and a plurality of merchant vectors; and a transmitting unit configured to transmit an alert including a list of merchants in the relevant merchant profile to the consumer.
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Specification