Systems, methods, and devices for combined credit card and stored value transaction accounts

• US 7,870,071 B2
• Filed: 09/08/2004
• Issued: 01/11/2011
• Est. Priority Date: 09/08/2004
• Status: Expired due to Fees

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Gupta, Ashish
• Primary Examiner(s): Kalinowski, Alexander
• Assistant Examiner(s): Ebersman, Bruce I
• Application Number:
  US10/711,290
• Publication Number:
  US 20060064372A1
• Time in Patent Office: 2,316 Days
• Field of Search: None
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 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 20/34 using cards, e.g. integrated circuit [IC] cards or magnetic cards
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

The present invention generally relates to a single transaction account identifier that can be used for in transactions with one of multiple transaction accounts. The method includes one or more of the following steps: establishing at least two transaction accounts, wherein the transaction accounts are respectively associated with transaction account identifiers; receiving, at a transaction processing system, a common account identifier; recognizing the common account identifier as being associated with more than one account; and determining, which of the at least two transaction accounts to access for processing the transaction. The determining step may be based on selection criteria and the selection criteria may be modified by a user. One of the first and second transaction account identifiers may be forwarded to the respective first and second transaction accounts based on the determining step; and the transaction may be processed via the selected transaction account.

Claims

1. A method comprising:

receiving, by a computer based system for facilitating use of a transaction account, a common account identifier,

wherein a common transaction account is associated with said common account identifier,

wherein said common transaction account is associated with a first transaction account and a second transaction account, wherein said first transaction account is associated with a first account identifier and a first authorizer, and

wherein said second transaction account is associated with a second account identifier and a second authorizer;

recognizing, by said computer based system, said common account identifier as being associated with more than one account;

determining, by said computer based system, based on selection criteria, one of said first transaction account and said second transaction account to access for processing a transaction, resulting in a selected transaction account,

wherein said selection criteria are defined by an owner of said common account, and

wherein said selection criteria further include said first transaction account being selected in response to a transaction being initiated with at least one of a first group of merchants and a first type of products, and said second transaction account being selecting in response to a transaction being initiated with at least one of a second group of merchants and a second type of products;

receiving, by said computer based system, at least one of a first biometric indicator and a second biometric indicator,

wherein said first biometric indicator is associated with said first transaction account and said second biometric indicator is associated with said second transaction account;

accessing, by said computer based system, said selected transaction account based on said selection criteria and at least one of said first biometric indicator and said second biometric indicator;

communicating, by said computer based system, an authorization request to at least one of said first authorizer and said second authorizer in response to said computer determining said transaction is processed by a respective at least one of said first transaction account and said second transaction account; and

processing, by said computer based system, said transaction via said selected transaction account.

2. The method of claim 1, further comprising sending, by said computer based system, a bill to an account holder associated with said common account identifier, wherein said bill includes bill reporting information that relates to both of said first and second transaction accounts.

3. The method of claim 1, comprising replacing, by said computer based system, said common account identifier with one of said first and second transaction account identifiers associated with said selected transaction account during at least one of said accessing and processing steps.

4. The method of claim 1, further comprising:

receiving, by said computer based system, a reconciliation file including said common account identifier;

recognizing, by said computer based system, said common account identifier as being associated with more than one account;

determining, by said computer based system, based on said selection criteria, at least one of said first and second transaction accounts to access for processing said transaction, resulting in a selected transaction account;

accessing, by said computer based system, said selected transaction account system based on said determining step; and

processing, by said computer based system, said reconciliation file via a system associated with said selected transaction account.

5. The method of claim 1, wherein a merchant is only provided with said common account identifier.

6. The method of claim 1, further comprising:

receiving, by said computer based system, an authorization from at least one of said first authorizer and said second authorizer; and

authorizing, by said computer based system, said transaction amount to said common account.

7. The method of claim 1, wherein said selection criteria is modifiable by a user of said first and second transaction accounts.

8. The method of claim 1, further comprising a settlement process comprising:

processing, by said computer based system, a request for payment to a merchant when said merchant submits a settlement record associated with said common account identifier;

recording, by said computer based system, transactions processed as settlement records in a settlement table; and

paying, by said computer based system, said merchant.

9. The method of claim 1, wherein said selection criteria further comprises, said first transaction account being selected in response to a transaction amount being within a first range of amounts, and said second transaction account being selected in response to said transaction amount being within a second range of amounts, said first range of amounts and said second range of amounts being non-overlapping.

10. The method of claim 1, further comprising:

overriding, by said computer based system, said selection criteria, in response to receiving at least one of said first biometric indicator and said second biometric indicator.

11. The method of claim 1, further comprising:

authorizing, by said computer based system, at least one of said first transaction account and said second transaction account based on at least one of said first biometric indicator and said second biometric indicator.

12. A computer based system for facilitating use of a transaction account comprising:

a network interface communicating with a memory;

said memory communicating with at least one processor;

said processor, when executing a computer program, is configured to;

receive a common account identifier, wherein a common transaction account is associated with said common account identifier, wherein said common transaction account is associated with a first transaction account and a second transaction account, wherein said first transaction account is associated with a first account identifier and a first authorizer, and wherein said second transaction account is associated with a second account identifier and a second authorizer;

determine, based on selection criteria, in substantially real time, one of said first and said second transaction accounts to access during a financial transaction, wherein said selection criteria further include said first transaction account being selected in response to a transaction being initiated with at least one of a first group of merchants and a first type of products, and said second transaction account being selecting in response to a transaction being initiated with at least one of a second group of merchants and a second type of products; and

receive at least one of a first biometric indicator and a second biometric indicator,

wherein said first biometric indicator is associated with said first transaction account and said second biometric indicator is associated with said second transaction account;

access said selected transaction account based on said selection criteria and at least one of said first biometric indicator and said second biometric indicator;

communicate an authorization request to at least one of said first authorizer and said second authorizer in response to said computer determining said transaction is processed by a respective at least one of said first transaction account and said second transaction account; and

process said transaction via said selected transaction account.

13. A tangible non-transitory computer-readable storage medium having computer-executable instructions stored thereon that, when executed by a computer based system for facilitating use of a transaction account, cause said computer based system to perform operations comprising:

receiving, by a computer based system, a common account identifier,

wherein a common transaction account is associated with said common account identifier, wherein said common transaction account is associated with a first transaction account and a second transaction account, wherein said first transaction account is associated with a first account identifier and a first authorizer, and

wherein said second transaction account is associated with a second account identifier and a second authorizer;

recognizing, by said computer based system, said common account identifier as being associated with more than one account;

determining, by said computer based system, based on selection criteria, one of said first transaction account and said second transaction account to access for processing a transaction, resulting in a selected transaction account,

wherein said selection criteria are defined by an owner of said common account, and

wherein said selection criteria further include said first transaction account being selected in response to a transaction being initiated with at least one of a first group of merchants and a first type of products, and said second transaction account being selecting in response to a transaction being initiated with at least one of a second group of merchants and a second type of products;

receiving, by said computer based system, at least one of a first biometric indicator and a second biometric indicator,

wherein said first biometric indicator is associated with said first transaction account and said second biometric indicator is associated with said second transaction account;

accessing, by said computer based system, said selected transaction account based on said selection criteria and at least one of said first biometric indicator and said second biometric indicator;

communicating, by said computer based system, an authorization request to at least one of said first authorizer and said second authorizer in response to said computer determining said transaction is processed by a respective at least one of said first transaction account and said second transaction account; and

processing, by said computer based system, said transaction via said selected transaction account.