METHODS AND SYSTEMS FOR CONTROLLING AND MONITORING TOKEN SPEND

• US 20200134622A1
• Filed: 10/31/2019
• Published: 04/30/2020
• Est. Priority Date: 10/31/2018
• Status: Active Application

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: PANCHOMARTHI, Sangameswara Rao, PINGLE, Monish, PATEL, Parth K., PILLAI, Vinish, KAKARLA, Rajini, CHOI, Domerick Dingming
• Application Number:
  US16/669,778
• Publication Number:
  US 20200134622A1
• Time in Patent Office: Days
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/2295 Parent-child type, e.g. where parent has control on child rights
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/326 Payment applications installed on the mobile devices
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules

Abstract

An embodiment of the present invention is directed to applying token spend controls. A mobile device comprises a microprocessor, coupled to a memory component and an interface, configured to perform the steps of: identifying a payment card associated with the mobile device; generating a unique token based at least in part on a combination of the payment card and the mobile device; identifying one or more spend limits and controls placed on the payment card that is specific to an authorized user of the payment card; tracking the payment card usage by the authorized user; generating and displaying, via the interactive user interface, the payment card usage; and providing a notification when the payment card usage exceeds the one or more spend limits and controls.

Claims

1. A mobile device for applying token spend controls, the mobile device comprising:

a memory component that stores user spend data;

an interactive interface that receives user input and communicates via a communication network; and

a microprocessor, coupled to the memory component and the interactive interface, configured to perform the steps of;

identifying a payment card associated with the mobile device;

generating a unique token based at least in part on a combination of the payment card and the mobile device;

identifying one or more spend limits and controls placed on the payment card that is specific to an authorized user of the payment card;

tracking the payment card usage by the authorized user;

generating and displaying, via the interactive interface, the payment card usage; and

providing a notification when the payment card usage exceeds the one or more spend limits and controls.

2. The mobile device of claim 1, wherein the spend limit comprises a dollar amount limit on spend for a predetermined time period.

3. The mobile device of claim 2, wherein the predetermined time period comprises one of:

one day, a week, and a month.

4. The mobile device of claim 1, wherein the notification is communicated to one or more authorized recipients.

5. The mobile device of claim 1, wherein the spend limits and controls are managed in a spend control database.

6. The mobile device of claim 1, wherein the spend limits and controls are defined by a set of rules defined and managed by a rules engine.

7. The mobile device of claim 6, wherein the set of rules comprises business rules.

8. The mobile device of claim 1, wherein the payment card usage comprises current actual spend, a daily spend limit and a monthly spend limit.

9. The mobile device of claim 8, wherein the payment card usage is for a plurality of users.

10. The mobile device of claim 9, wherein the plurality of users comprise family members.

11. A method for applying token spend controls, the method comprising the steps of:

identifying, via a microprocessor, a payment card and a user device that is associated with the payment card;

generating a unique token based at least in part on the payment card and the user device;

identifying one or more spend limits and controls placed on the payment card that is specific to an authorized user of the payment card;

tracking the payment card usage by the authorized user;

generating and displaying, via an interactive user interface, the payment card usage; and

providing a notification when the payment card usage exceeds the one or more spend limits and controls.

12. The method of claim 11, wherein the spend limit comprises a dollar amount limit on spend for a predetermined time period.

13. The method of claim 12, wherein the predetermined time period comprises one of:

one day, a week, and a month.

14. The method of claim 11, wherein the notification is communicated to one or more authorized recipients.

15. The method of claim 11, wherein the spend limits and controls are managed in a spend control database.

16. The method of claim 11, wherein the spend limits and controls are defined by a set of rules defined and managed by a rules engine.

17. The method of claim 16, wherein the set of rules comprises business rules.

18. The method of claim 11, wherein the payment card usage comprises current actual spend, a daily spend limit and a monthly spend limit.

19. The method of claim 18, wherein the payment card usage is for a plurality of users.

20. The method of claim 19, wherein the plurality of users comprise family members.