Multiple account advanced payment card and method of routing card transactions

• US 7,860,789 B2
• Filed: 07/24/2002
• Issued: 12/28/2010
• Est. Priority Date: 07/24/2001
• Status: Active Grant

• 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: Fellner, Debra C., Knackstedt, Lee, Fox, Steven, Hirka, Jeffrey L.
• Primary Examiner(s): Patel; Jagdish N
• Assistant Examiner(s): Bartley; Kenneth
• Application Number:
  US10/201,589
• Publication Number:
  US 20030061157A1
• Time in Patent Office: 3,079 Days
• Field of Search: 705/38, 705/39, 705/40, 705/42, 705/65, 705/75, 705/41, 235/379, 235/492
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/34 using cards, e.g. integrated circuit [IC] cards or magnetic cards
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/3576 Multiple memory zones on card
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G07F 7/025 by means, e.g. cards, providing billing information at the time of purchase, e.g. identification of seller or purchaser, quantity of goods delivered or to be delivered
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A system of accessing through a financial processing network multiple accounts associated with a single financial card. Data is input to the financial network in addition to the transaction data and the account identification data that is read from the card. This additional data permits the proper account to be accessed. The data may be input at the point of sale as an account selection. In this instance, the selection may be used to route the transaction data through the financial processing network or may be used to read data regarding one of multiple accounts encoded on the card. The data may also be stored as conditional routing rules at transfer points in the financial processing network. In this instance, the transaction is routed to the proper account based on the stored rules.

Claims

1. A computer implemented method for accessing, through a financial processing chain, multiple accounts associated with a single financial card containing data regarding the multiple accounts comprising:

receiving, by at least one computer processor, selection information designating a selected account for use in a transaction involving the financial card;

receiving, by the at least one computer processor, transaction information regarding the transaction comprising account identification information from the financial card, the account identification information pertaining to the selected account and being obtained from the data regarding the multiple accounts stored upon a magnetic stripe and read from the financial card;

determining, by the at least one computer processor, that at least one account-selection rule exists for selecting a second account, the second account differing from the selected account, and the at least one account selection rule being pre-defined by a user of the financial card;

determining whether the transaction will be processed against the selected account or the second account by applying the at least one account selection rule, wherein upon the transaction being processed against the second account, the account information for the selected account is replaced by the second account information;

processing, by the at least one computer processor, a transaction request including (1) the account identification information, wherein the account identification information is based on one of the selected account or the second account and (2) the transaction information.

2. The method of claim 1 wherein said determination is based on at least one arbitration rule.

3. The method of claim 1 wherein the account-selection rule is established by an account holder.

4. A computer implemented method for accessing, through a financial processing chain, multiple accounts associated with a single financial card containing data regarding the multiple accounts comprising:

receiving, by at least one computer processor, selection information designating a first selected account to be accessed with respect to a transaction;

selecting, by the at least one computer processor, relevant account identification information based on the selection information;

receiving, by the at least one computer processor, transaction information regarding the transaction, comprising data pertaining to the first selected account from the financial card used in the transaction;

determining, by the at least one computer processor, that at least one account-selection rule exists for selecting a second account wherein the second account differs from the first selected account;

determining, by the at least one computer processor, whether the transaction will be processed against the first selected account or the second account, based on at least one arbitration rule, wherein upon the transaction being processed against the second account, the relevant account information for the first selected account is replaced by the second account information;

forming, by the at least one computer processor, a transaction request including (1) the relevant account identification information and (2) the transaction information; and

routing, by the at least one computer processor, the transaction request through the financial processing chain based on the account identification information to access the first selected account or the second account.

5. The method of claim 4, further comprising:

overriding the at least one arbitration rule, wherein the override is performed by a cardholder or a merchant associated with the transaction.

6. A computer implemented method for accessing, through a financial processing chain, multiple accounts associated with a single financial card comprising:

defining, by at least one computer processor, rules for routing types of transactions for which the financial card may be used based on input from a card issuing institution associated with the single financial card, and a cardholder of the single financial card, the rules defining the processing of a transaction involving the single financial card, the processing for the transaction being done against one of the multiple accounts associated with the single financial card;

defining an arbitration protocol for resolving conflicts between the rules;

receiving, by the at least one computer processor, transaction information regarding a transaction comprising identification information electronically read from the financial card during the transaction; and

processing the transaction request using the financial processing chain based on the rules for routing types of transactions.

7. The method according to claim 6 wherein the financial processing chain includes multiple processors including merchant processors, merchant acquires, card associations and member processors and wherein the step of routing includes routing the transaction request to a selected processor based on the rules.

8. The method according to claim 6 further comprising:

receiving the transaction request at a processor in the financial processing chain based on the step of processing;

selecting, by the at least one computer processor, account identification information at the processor based on the identification information and the rules;

forming, by the at least one computer processor, a second further transaction request at the processor, the second transaction request including the account identification information; and

further processing the second transaction request through the financial processing chain based on the account identification information to access the selected account.

9. The method of claim 6, wherein the arbitration rule presents an option for override of the arbitration rule by at least a cardholder.

10. A computer implemented method for accessing, through a financial processing chain, multiple accounts associated with a single financial card comprising:

receiving, by at least one computer processor, transaction information regarding a transaction comprising identification information electronically read from the financial card, from a magnetic stripe containing data related to the multiple accounts associated with the single financial card, during the transaction;

storing, by the at least one computer processor, the transaction request wherein the transaction is stored in a first account;

receiving, by the at least one computer processor, selection information associated with the transaction request regarding a selected account in which to post the transaction for billing purposes to a customer associated with the financial card wherein the selection information is received after the transaction has been processed and settled with respect to a merchant with which the transaction originated; and

accessing the selected account based on the selection information.