Method and system for approving of financial transactions
First Claim
1. A method for approving a plurality of financial transactions, comprising:
- receiving, using a processor on a computer, a plurality of consumer-defined policies defined by a consumer for a financial account, wherein each the plurality of consumer-defined policies comprises a pair of rule sets, each rule set comprising a parameter specifying a merchant a limit specifying a maximum amount and an identifier of the financial account, and wherein each of the plurality of consumer-defined policies is used to notify the consumer of the existence of one of the plurality of financial transactions prior to completion of the one of the plurality of financial transactions;
receiving, using the processor, first transaction information related to a first transaction of the plurality of financial transactions, wherein the first transaction information violates a first rule set of the pair of rule sets;
after receiving the one of the plurality of consumer-defined policies, wherein the first rule set of the pair of rule sets is active and a second rule set of the pair of rule sets is inactive, using the processor for;
accessing the one of the plurality of consumer-defined policies for the financial account based on a context of the first financial transaction;
triggering a first approval request based on a determination that a merchant of the first financial transaction matches the parameter set by the first rule set consumer defined policy and that an amount of the first financial transaction is greater than the limit set by the first rule setsending the first approval request to a mobile device of the consumer;
receiving a first approval response based on the first approval request from the mobile device of the consumer; and
approving the first financial transaction based on the first approval response;
in response to approving the first transaction that violates the first rule set, activating the second rule set and deactivating the first rule set based on a set of consumer-defined rules;
receiving, using the processor, second transaction information related to the second financial transaction, wherein the second transaction information violates the second rule set;
after receiving the one of the plurality of consumer-defined policies, wherein the second rule set is active and wherein the first rule set is inactive, using the processor for;
accessing the one of the plurality of consumer-defined policies for the financial account based on a context of the second financial transaction;
triggering a second approval request based on a determination that the merchant matches the parameter set by the second rule set and that an amount of the second financial transaction is greater than the limit set by the second rule set;
sending the second approval request to the mobile device of the consumer;
receiving a second approval response based on the second approval request from the mobile device of the consumer; and
approving the second financial transaction based on the second approval response.
1 Assignment
0 Petitions
Accused Products
Abstract
A method for approving of a financial transaction, that includes receiving transaction information related to the financial transaction, wherein the transaction information comprises identification of a financial account controlled by a consumer and an amount of the financial transaction, accessing a policy for the financial account based on a context of the financial transaction, wherein the policy is defined by the consumer, triggering an approval request based on a determination that the amount is above a limit set by the policy, sending the approval request to a mobile device of the consumer, receiving an approval response based on the approval request from the mobile device of the consumer, and approving the transaction based on the approval response.
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Citations
21 Claims
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1. A method for approving a plurality of financial transactions, comprising:
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receiving, using a processor on a computer, a plurality of consumer-defined policies defined by a consumer for a financial account, wherein each the plurality of consumer-defined policies comprises a pair of rule sets, each rule set comprising a parameter specifying a merchant a limit specifying a maximum amount and an identifier of the financial account, and wherein each of the plurality of consumer-defined policies is used to notify the consumer of the existence of one of the plurality of financial transactions prior to completion of the one of the plurality of financial transactions; receiving, using the processor, first transaction information related to a first transaction of the plurality of financial transactions, wherein the first transaction information violates a first rule set of the pair of rule sets; after receiving the one of the plurality of consumer-defined policies, wherein the first rule set of the pair of rule sets is active and a second rule set of the pair of rule sets is inactive, using the processor for; accessing the one of the plurality of consumer-defined policies for the financial account based on a context of the first financial transaction; triggering a first approval request based on a determination that a merchant of the first financial transaction matches the parameter set by the first rule set consumer defined policy and that an amount of the first financial transaction is greater than the limit set by the first rule set sending the first approval request to a mobile device of the consumer; receiving a first approval response based on the first approval request from the mobile device of the consumer; and approving the first financial transaction based on the first approval response; in response to approving the first transaction that violates the first rule set, activating the second rule set and deactivating the first rule set based on a set of consumer-defined rules; receiving, using the processor, second transaction information related to the second financial transaction, wherein the second transaction information violates the second rule set; after receiving the one of the plurality of consumer-defined policies, wherein the second rule set is active and wherein the first rule set is inactive, using the processor for;
accessing the one of the plurality of consumer-defined policies for the financial account based on a context of the second financial transaction;triggering a second approval request based on a determination that the merchant matches the parameter set by the second rule set and that an amount of the second financial transaction is greater than the limit set by the second rule set; sending the second approval request to the mobile device of the consumer; receiving a second approval response based on the second approval request from the mobile device of the consumer; and approving the second financial transaction based on the second approval response. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A mobile device for approving a plurality of financial transactions, the mobile device comprising:
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a user interface configured to display approval of each of the plurality of financial transactions; memory configured to store software instructions; and a processor configured to execute the software instructions for interacting with the user interface, the user interface comprising;
an amount field associated with each of the plurality of financial transactions comprised in an approval request; anda merchant field associated with each of the plurality of financial transactions comprised in the approval request, wherein a first approval request for a first financial transaction of the plurality of financial transactions is received when a first merchant matches a parameter set by a first rule set of a pair of rule sets of one of a plurality of consumer-defined policies and an amount is greater than a limit set by the first rule set, wherein the one of the plurality of consumer-defined policies and corresponding pair of rule sets are defined by a consumer prior to the first financial transaction, wherein each of the first rule set of the set of rule sets and the second rule set of the set of rule sets comprises the parameter specifying a merchant a limit specifying a maximum amount and an identifier of a financial account used to perform each of the plurality of financial transactions, wherein the one of the plurality of consumer-defined policies is used to notify the consumer, of the existence of the first financial transaction violating the first rule set prior to completion of the first financial transaction, wherein the one of the plurality of consumer-defined policy policies is accessed based on a context of the first financial transaction, and wherein the first rule set is active and the second rule set is inactive prior to the first financial transaction, wherein the consumer sends a first approval response with approval of the first financial transaction using the wherein the first financial transaction is approved, at a point of sale based on the first approval response; wherein, in response to approving the first financial transaction that violates the first rule set, the first rule set is deactivated and the second rule set is activated based on a set of consumer-defined rules; wherein a second approval request for a second financial transaction of the plurality of financial transactions is received when a second merchant matches a parameter set by the second rule set of the pair of rule sets of the one of a plurality of consumer-defined policies and an amount is greater than a limit set by the second rule set, wherein the one of the plurality of consumer-defined policies is used to notify the consumer of the existence of the second financial transaction violating the second rule set prior to completion of the second financial transaction, wherein the one of the plurality of consumer-defined policies is accessed based on a context of the second financial transaction, and wherein the first rule set is active and the second rule set is inactive prior to the second financial transaction, wherein the consumer sends a second approval response with approval of the second financial transaction, and wherein the second financial transaction is approved at a point of sale based on the second approval response. - View Dependent Claims (10, 11)
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12. A system for approving a financial transaction, comprising:
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a consumer-defined policy data store comprising a plurality of consumer-defined policies, wherein each of the plurality of consumer-defined policies is defined by a consumer, wherein each of the plurality of consumer-defined policies comprises a pair of rule sets, each rule set comprising a parameter specifying a merchant a limit specifying a maximum amount, and an identifier of a financial account controlled by the consumer, and wherein each of the plurality of consumer-defined policies is configured to notify the consumer of the existence of one of the plurality of financial transactions prior to completion of the one of the plurality of financial transactions; and a consumer-defined policy module stored in memory configured to; receive first transaction information related to a first financial transaction of the plurality of financial transactions, wherein the first transaction information violates a first rule set of the pair of rule sets of one of the plurality of consumer-defined policies; access the one of the plurality of consumer-defined policies for the financial account based on a context of the first financial transaction, wherein the first rule set of the pair of rule sets is active and the second rule set of the pair of rule sets is inactive prior to the first financial transaction; trigger a first approval request based on a determination that a merchant of the first financial transaction matches the parameter set by the first rule set and that an amount of the first financial transaction is greater than a limit set by the first rule set; send the first approval request to a mobile device of the consumer; receive a first approval response based on the first approval request from the mobile device of the consumer; approve the first financial transaction based on the first approval response; in response to approving the first transaction that violates the first rule set, activate the second rule set of the set of rule sets and deactivate the first rule set of the set of rule sets based on a set of consumer-defined rules; receive second transaction information related to a second financial transaction of the plurality of financial transactions, wherein the second transaction information violates the second rule set of the pair of rule sets of the one of the plurality of consumer-defined policies; access the one of the plurality of consumer-defined policies for the financial account based on a context of the second financial transaction; trigger a second approval request based on a determination that a merchant of the second financial transaction matches the parameter set by the second rule set and that an amount of the second financial transaction is greater than a limit set by the second rule set; send the second approval request to a mobile device of the consumer; receive a second approval response based on the second approval request from the mobile device of the consumer; and approve the second financial transaction based on the second approval response. - View Dependent Claims (13, 14, 15, 16, 17, 18)
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19. A computer readable medium comprising computer readable program code embodied therein for causing a computer system to:
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receive a plurality of consumer-defined policy policies for a financial account, wherein the plurality of consumer-defined policies is defined by a consumer, wherein each of the consumer-defined policy comprises a pair of rule sets, each rule set comprising a parameter specifying a merchant a limit specifying a maximum amount and an identifier of the financial account, and wherein each of the consumer-defined policies is used to notify the consumer of the existence of one of a plurality of financial transactions prior to completion of the one of the plurality of financial transactions; receive first transaction information related to a first financial transaction of the plurality of financial transactions, wherein the first transaction information violates a first rule set of the pair of rule sets; and after receiving the one of the plurality of consumer-defined policies, wherein the first rule set of the pair of rule sets is active and a second rule set of the pair of rule sets is inactive; access the one of the plurality of consumer-defined policies for the financial account based on a context of the first financial transaction; trigger first approval request based on a determination that a merchant of the first financial transaction matches the parameter set by the first rule set and that an amount of the first financial transaction is greater than a limit set by the first rule set; send the first approval request to a mobile device of the consumer; receive a first approval response based on the first approval request from the mobile device of the consumer; and approve the first financial transaction based on the first approval response; in response to approving the first transaction that violates the first rule set, activate the second rule set and deactivating the first rule set based on a set of consumer-defined rules; receive, using the processor, second transaction information related to the second financial transaction, wherein the second transaction information violates the second rule set; after receiving the one of the plurality of consumer-defined policies, wherein the second rule set is active and wherein the first rule set is inactive, using the processor for; access the one of the plurality of consumer-defined policies for the financial account based on a context of the second financial transaction; trigger a second approval request based on a determination that the merchant matches the parameter set by the second rule set and that an amount of the second financial transaction is greater than the limit set by the second rule set; send the second approval request to the mobile device of the consumer; receive a second approval response based on the second approval request from the mobile device of the consumer; and approve the second financial transaction based on the second approval response. - View Dependent Claims (20, 21)
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Specification