Methods, Systems, Networks, And Media For Collecting Funds Via Virtual Account Numbers

• US 20180357620A1
• Filed: 06/13/2017
• Published: 12/13/2018
• Est. Priority Date: 06/13/2017
• Status: Abandoned Application

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Inventors: Gjondrekaj, Amarildo, Ottulich, Lauren, Berger, Benjamin M.
• Application Number:
  US15/621,641
• Publication Number:
  US 20180357620A1
• Time in Patent Office: Days
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/351 Virtual cards
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

An apparatus for collecting funds can include a payment processor configured to receive, from a user device, a request to collect funds for a specified purpose. The payment processor can transmit, to the user device, an authorization code for payment authorization and a link to share with one or more contributors through which funds can be collected for the specified purpose in a virtual account associated with the specified purpose and a user of the user device. In response to receiving a request from a merchant-side processor for payment, the payment processor can determine that the merchant-side processor is requesting payment for the specified purpose, request the user device to authorize payment to the merchant-side processor using the authorization code, and instruct a financial institution-side processor to transfer a requested amount to the merchant from the virtual account.

Claims

1. A computer-implemented method for collecting funds, comprising:

receiving, at a payment processor and from a user device, a request to collect funds for a specified purpose;

transmitting, by the payment processor and to the user device, an authorization code for payment authorization and a link to share with one or more contributors through which funds can be collected for the specified purpose in a virtual account associated with the specified purpose and a user of the user device; and

in response to receiving a request from a merchant for payment;

determining, by the payment processor, that the merchant is requesting payment for the specified purpose;

requesting, by the payment processor, the user device to authorize payment to the merchant using the authorization code; and

instructing, by the payment processor, a financial institution-side processor to transfer a requested amount to the merchant from the virtual account.

2. The computer-implemented method of claim 1, further comprising:

instructing, by the payment processor, the financial institution-side processor to generate the virtual account for the specified purpose.

3. The computer-implemented method of claim 1, wherein the user is prevented from withdrawing funds in the virtual account.

4. The computer-implemented method of claim 1, wherein funds in the virtual account can be used to pay merchants at one or more institutions that are associated with the specified purpose associated with the virtual account.

5. The computer-implemented method of claim 1, further comprising transmitting, by the payment processor and to the user device, instructions for contributing funds for the specified purpose to the virtual account to the one or more contributors, wherein the user device is configured to provide, to the one or more contributors, the instructions and the link to contribute funds to the virtual account.

6. The computer-implemented method of claim 1, further comprising:

determining, by the payment processor, that funds in the account have not been withdrawn by the merchant within a predetermined amount of time;

in response to the determining, providing, by the payment processor, instructions to the financial institution-side processor to refund the one or more contributors with their respective contributions to the virtual account; and

providing, by the payment processor, instructions to the financial institution-side processor to terminate the virtual account once the funds in the virtual account have been refunded to the one or more contributors.

7. The computer-implemented method of claim 1, further comprising:

in response to receiving the request to collect funds from the user device, transmitting, by the payment processor and to the user device, an incident identifier associated with the specified purpose for which funds are to be collected in the virtual account.

8. The computer-implemented method of claim 7, wherein the one or more contributors are provided with the incident identifier by the user device, and wherein upon receiving funds from the one or more contributors, the financial institution-side processor is configured to identify the virtual account to which to deposit the received funds using the incident identifier received from the one or more contributors in addition to the funds.

9. The computer-implemented method of claim 7, wherein upon receiving the incident identifier from the user, a merchant-side processor transmits a request for payment to the payment processor including the incident identifier received from the user, and wherein upon receiving the request including the incident identifier from the merchant-side processor, the payment processor identifies the virtual account number associated with the incident identifier and instructs the financial institution-side processor to transmit the requested payment to the merchant-side processor.

10. The computer-implemented method of claim 1, further comprising providing, by the payment processor, updates to the user device when funds are deposited into the virtual account from the one or more contributors.

11. An apparatus for collecting funds, comprising:

a payment processor configured to communicate with a user device, a merchant-side processor, and a financial institution-side processor, the payment processor configured to;

receive, from the user device, a request to collect funds for a specified purpose;

transmit, to the user device, an authorization code for payment authorization and a link to share with one or more contributors through which funds can be collected for the specified purpose in a virtual account associated with the specified purpose and a user of the user device; and

in response to receiving a request from the merchant-side processor for payment;

determine that the merchant-side processor is requesting payment for the specified purpose;

request the user device to authorize payment to the merchant-side processor using the authorization code; and

instruct the financial institution-side processor to transfer a requested amount to the merchant from the virtual account.

12. The apparatus of claim 11, wherein the payment processor is further configured to:

instruct the financial institution-side processor to generate the virtual account for the specified purpose.

13. The apparatus of claim 11, wherein the payment processor is further configured to:

prevent the user from withdrawing funds in the virtual account.

14. The apparatus of claim 11, wherein funds in the virtual account can be used to pay merchants at one or more institutions that are associated with the specified purpose associated with the virtual account.

15. The apparatus of claim 11, wherein the payment processor is further configured to transmit, to the user device, instructions for contributing funds for the specified purpose to the virtual account to the one or more contributors, and wherein the user device is configured to provide, to the one or more contributors, the instructions and the link to contribute funds to the virtual account.

16. The apparatus of claim 11, wherein the payment processor is further configured to:

determine that funds in the account have not been withdrawn by the merchant-side processor within a predetermined amount of time;

in response to the determining, provide instructions to the financial institution-side processor to refund the one or more contributors with their respective contributions to the virtual account; and

provide instructions to the financial institution-side processor to terminate the virtual account once the funds in the virtual account have been refunded to the one or more contributors.

17. The apparatus of claim 11, wherein the payment processor is further configured to:

in response to receiving the request to collect funds from the user device, transmit, to the user device, an incident identifier associated with the specified purpose for which funds are to be collected in the virtual account.

18. The apparatus of claim 17, wherein the one or more contributors are provided with the incident identifier by the user device, and wherein upon receiving funds from the one or more contributors, the financial institution-side processor is configured to identify the virtual account to which the deposit the received funds using the incident identifier received from the one or more contributors in addition to the funds.

19. The apparatus of claim 17, wherein upon receiving the incident identifier from the user, a merchant-side processor transmits a request for payment to the payment processor including the incident identifier received from the user, and wherein upon receiving the request including the incident identifier from the merchant-side processor, the payment processor is configured to identify the virtual account number associated with the incident identifier and instruct the financial institution-side processor to transmit the requested payment to the merchant-side processor.

20. The apparatus of claim 11, wherein the payment processor is further configured to provide updates to the user device when funds are deposited into the virtual account from the one or more contributors.